Important deadlines.

14 November 2016: Applications open
14 February 2017: Deadline to be eligible for funding
28 April 2017: Applications close

Application process. To apply, you must submit an online application form, available here, and upload the required documents. Below you will find a detailed description of the application process. The application and funding deadlines apply to complete applications. An application is complete when all the required documents have been received.

Calendar. Applications are open from 14 November 2016 until 28 April 2017. Early applications are strongly encouraged. The deadline to be eligible for funding is 14 February 2017.

Funding. We offer scholarships and/or tuition waivers on an academic merit basis to students of all nationalities. To apply for funding, please select the appropriate checkbox on the application form. Note that, to be eligible, your complete application must be received by 14 February 2017.

Track selection. When submitting the application, you will be asked to specify whether you are applying for the Master track or the PhD track. If you are only seeking a Master’s degree or want to pursue a PhD elsewhere or are unsure about your future path, you should select the Master track. If, instead, you want to pursue a PhD at CEMFI, then select the PhD track. What is the difference between the two tracks? While they share the coursework, only students admitted to the PhD track, who remain in good academic standing, are guaranteed continuation into CEMFI's PhD Program. Master track students may also seek admission to the PhD Program but must submit a new application. Admission requirements for the PhD track are more demanding. Note, however, that all PhD track applications that are not evaluated positively by the Admissions Committee will be automatically reevaluated as Master track applications.

Admission criteria. We select students with the highest potential. No single factor is decisive, but you may infer the relative importance of the different factors from the following weights: prior academic background and GRE scores (50%) command of the English language (20%), reference letters (20%), and statement of purpose (10%).

When to expect admission decisions. If you have submitted your application by 14 February 2017, you can expect to receive a decision no later than 1 April 2017. If you have submitted an application after this date, you can expect to receive a decision no later than 15 May 2017.

  • Requirements

    Undergraduate degree. Degree in a related discipline such as economics, business, mathematics, physics, engineering, etc. If you have not yet completed your undergraduate studies, you can postpone submitting your degree until you effectively join the program in September 2017. Please note that having successfully completed your undergraduate studies is compulsory to enroll.

    Graduate degree. Degree in a related discipline (if applicable).

    Graduate record examination (GRE). You will need to submit your GRE scores. Although we encourage early submission of the GRE scores, you may submit your application first and add the GRE scores later on. Note, however, that the deadlines described above apply to completed applications. In particular, to be eligible for funding, your complete application (including GRE scores as well as all the other required documents) must be received by 14 February 2017. CEMFI's ETS institutional code is 7046.

    Proof of english knowledge. You will need your score in one of the following two exams: the TOEFL (Test of English as a Foreign Language) or the IELTS (British Council International English Language Testing System). Although we encourage early submission of english scores, you may submit your application first and add the scores later on. As with the other requirements, an application will not be complete until this score has been submitted. CEMFI's institutional code for who have earned their direct mailing of the TOEFL score is 7964. Nationals of an English speaking country or students who earned their undergraduate degree from an institution located in an English speaking country are exempted from this requirement. If you are unsure whether this waiver applies to you, please contact us here. If you are applying for the PhD track, please note that you must have a minimum TOEFL score of 100 or a minimum IELTS score of 7.

    Reference letters. You will need (at least) two confidential reference letters from faculty who know you well as a student. You will be required to submit the name and contact details of the two (or more) letter writers. Once you have submitted your application, we will contact your references directly to request that they upload their letters to our online platform. Please note that to be eligible for funding, the complete application (including the two letters) must be received by 14 February 2017.

    Statement of purpose. In 500 words approximately, explain your motivation to apply for our graduate program. Also include a description of what your final goals are and explain how our graduate program relates to your background.

    Curriculum vitae. List your personal and academic data, as well as other merits you may wish to include.

    Academic transcripts. Include the transcripts of all the universities and colleges attended. If applicable, you must also include transcripts of all your graduate work.

    For further questions about applications and the program, please visit the Frequently Asked Questions section. This section provides detailed answers to common questions. You can also contact us here.

  • Practical Information for Incoming Students

    Location. CEMFI is located in a quiet but very central area of Madrid, between the Retiro Park and the Prado Museum, in a beautiful historical building dating from 1887. You can learn more about CEMFI's location here and download a pdf map here .

    Accommodation. Typically, students rent apartments, sharing them with their classmates or with incumbent students. To aid in the search process, we have a list of inexpensive hostels in case you need a place to stay while looking for accommodation. We also have a list of rental agencies with English-speaking staff. Lastly, if you want to contact incumbent students or future classmates to ask for apartment availability, let us know and we will help you get in touch with them.

    Cost of living in Madrid. The cost of living in Madrid is comparable to the cost of living in many European capitals. Based on the information provided by incumbent students, living expenses total about EUR 850 per month (i.e. EUR 8,500 for a 10-month academic year). These expenses include accommodation in a shared apartment, which amounts to EUR 350 - EUR 500.

    Transportation. Madrid has an excellent public transport system (subway , buses and suburban trains ). There are monthly public transport passes that, at affordable prices, allow unlimited travel in different modes of transportation within their zones of reference. When travelling from the airport to downtown Madrid, you can take a taxi for a 30€ flat fee. You can also use the subway or the local trains .


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