Frequently asked questions

This section is arranged as a series of questions and answers. Click on the questions to see the answers.

    1. Program

  • Are CEMFIís Master and PhD degrees official?

    Yes, they are. Both the Master in Economics and Finance and the PhD in Economics and Government are official degrees. This means that they have been positively reviewed and approved by the Spanish government. Please visit the Degrees Section in the following link.

    How long does it take to complete the degrees?

    Typically, it takes two years to complete the Masterís degree and three years to complete the PhD. Of course, students pursuing a PhD will have to first complete the two years of Master degree and then earn the PhD in the following three. The maximum number of years to complete the PhD is five years (i.e., five years in addition to the two years of the Masterís degree).

    Can I start in January?

    The programs start in September, without exceptions. For the exacts dates, please see the 2017-2018 Academic Calendar in the following link.

    Can I enroll as a part-time student?

    We only accept students who have a full time status.

    Will I be taking any elective courses?

    Yes, you will. The spring term of the first year and the fall and winter terms of the second year are devoted to taking elective courses. You will be choosing electives from a wide range of fields of specialization. For more information on current offerings, please visit the Courses Section in the following link

    Can I do an internship while enrolled in CEMFIís Master in Economics and Finance?

    Yes, but only in the summer of the first year, after you have completed your coursework.

    Does CEMFI organize internships?

    Yes, it does. CEMFI students may apply for CEMFI's internship program. This program covers a wide range of interests, from professional internships to internships that are research oriented. Students admitted to the PhD track are guaranteed a research-oriented summer internship at CEMFI. Students seeking a professional internship may do an internship at a financial company, a consulting firm, a government institution, or an international agency. Recent internships include Bank of Spain, Banco Santander, BBVA, Compass Lexecon, Oliver Wyman, Institute for Fiscal Studies (London), and the Interamerican Development Bank.

    I have earned a Masterís degree from another institution. Can I skip the Master stage and just apply for the PhD Program?

    Typically, our PhD students earn their Master degree with us. Students who hold an equivalent degree from another institution and can prove excellent knowledge and research abilities in Economics, may apply for direct access to the PhD Program. To apply, please select the PhD track in the application form and explain, in point 9 of the application form, that you wish to apply for direct access to the PhD program.

    2. Tuition fees, scholarships and tuition waivers

    What are CEMFIís tuition and administrative fees?

    Please visit the Tuition and Administrative Fees in the following link.

    Does CEMFI offer scholarships and/or tuition waivers?

    Yes, CEMFI does offer a limited number of scholarships and/or tuition waivers to students of all nationalities on an academic merit basis. Because of their limited availability, we encourage students to apply for external funding. Note that, typically, external fellowships have early application deadlines. For more information, please visit the Tuition Waivers and Scholarships Section in the following link.

    I am applying for an external scholarship, could you please send me the code of CEMFIís Master in Economics and Finance?

    The code is P01Y.

    What is the criterion for being accepted with financial aid?

    The criterion is academic merit. CEMFIís financial aid offers are independent of the studentís country of origin. To be eligible, your complete application must be received by 14 February 2017. For more information, please visit the Tuition Waivers and Scholarships Section in the following link.

    How can I apply for financial aid?

    You must select the appropriate checkbox in the application form and submit the complete application by 14 February 2017. Applications received after this date will not be eligible.

    3. Applications

    Is there an application fee?

    No, there is not.

    Can I apply online?

    Yes, you can. Indeed, we only accept online applications.

    When should I apply?

    Admissions are open from 14 November 2016 until 28 April 2017. Early applications are strongly encouraged.

    What is the application deadline?

    The application deadline is 28 April 2017. Note, however, that if you are applying for CEMFIís financial aid, then the deadline is 14 February 2017 (applications received after this date will not be eligible). Deadlines apply to complete applications. The Admissions Committee will not consider incomplete applications.

    When is an application complete? Do the deadlines apply to complete applications?

    To apply, you must submit the online application form and send all the required documentation. Deadlines apply to complete applications. An application is only considered complete when all the required documentation and information have been received.

    When should I expect to receive a decision?

    If you have submitted your application by 14 February 2017, you will receive a decision no later than 1 April 2017. If you have submitted an application after this date, you will receive a decision no later than 15 May 2017.

    What happens if I withdraw an accepted offer?

    Accepting an offer is a binding commitment. If, because of unforeseen exceptional circumstances, you have to withdraw your acceptance, please let us know as soon as possible. This may allow us to extend your offer to another candidate.

    Can I get early feedback on my chances of being admitted?

    We are afraid we cannot offer early feedback. The Admissions Committee will evaluate your application following the announced calendar.

    Should I apply for the Master track or the PhD track?

    The Master in Economics and Finance has two tracks, the Master track and PhD track. When submitting your application, you will be asked to select one of the two tracks. Which one should I select? If you are only seeking a Masterís degree or want to pursue a PhD elsewhere or are unsure about your future path, your track is the Master track. If, instead, you want to pursue a PhD at CEMFI, you should select the PhD track. What is the difference between the two tracks? While they share the coursework, only students admitted to the PhD track, and who remain in good academic standing, are guaranteed continuation into the CEMFI 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. All PhD track applications that are not evaluated positively by the Admissions Committee are automatically reevaluated as Master track applications.

    4. Admission requirements

    What are the admission requirements?

    For complete information, visit the Requirements Section in the following link. In short, the compulsory requirements are: undergraduate degree by the time you join the CEMFI Graduate Program (if you have not yet completed your undergraduate studies, you can postpone submitting your degree until you effectively join the program in September 2017), GRE scores, Curriculum Vitae, statement of purpose, academic transcripts of all universities and colleges attended (including all previous graduate work if any), two reference letters and proof of English knowledge (unless you meet the waiver criterion).

    What undergraduate degree provides me with the best background to pursue your programs?

    Given the quantitative and analytical content of our programs, undergraduate degrees in Economics, Business Administration, Mathematics, Engineering, Physics, etc., are best suited.

    Do I need professional experience to apply for the Master Program?

    No. Professional experience is neither a prerequisite nor an important asset.

    5. Proof of english knowledge

    Do I need English test scores to apply? Which test should I take?

    Unless the waiver applies to you, you must submit the test scores of the TOEFL exam (Test of English as a Foreign Language) or the IELTS exam (British Council International English Language Testing System). If you are applying for the PhD track, you must have a minimum TOEFL score of 100 or a minimum IELTS score of 7. Nationals of an English speaking country or students who earned their undergraduate degree from an institution located in an English speaking country are waived of this requirement.

    What is CEMFIís TOEFL code?

    CEMFIís code is 7964.

    Do you accept Cambridge Certificates as proof of knowledge of English language?

    No, we do not. We only accept TOEFL and IELTS test scores.

    Do I have to wait until I have taken the TOEFL/IELTS exams to submit my application?

    You may submit your application at an earlier date. If you do so, please list on the application form the date of your test. When you receive your scores, email them to us at and we will update your application. Do not forget that your application will be not be complete until we have received all the required documentation and information. Deadlines apply to complete applications.

    ETS is sending my test scores. In the meantime, can I upload my ETS test scores report?

    Yes, you can. If you have the ETS test score report, you can upload it with your application. Once we receive the original from ETS, we will add it to your application.

    6. GRE test scores

    Do I need the GRE scores to apply?

    Yes, you do.

    What is CEMFIís GRE code?

    Our GRE code is 7046.

    Do I need to wait until I have the GRE test scores to submit my application?

    You may submit your application at an earlier date. If you do so, please list on the application form your test date. Once you receive the GRE test scores, email them to us at and we will update your application. Do not forget that your application will be not be complete until we have received all the required documentation and information. Deadlines apply to complete applications.

    When should I take the GRE exam?

    The sooner the better. Keep in mind that some countries have limited testing availability. Please check the ETS website for availability information.

    7. Letters of Recommendation

    Who can be a letter writer?

    Suitable letter writers are professors and/or supervisors who know you well and can attest to your intellectual ability, academic performance, relative strengths and weaknesses, work ethic, ability to work in teams, etc. When filling out the application form, you will be asked to specify your letter writersí contact details. Once your application has been submitted, CEMFI will contact them with instructions on how to upload their letters to CEMFIís online platform. We will send you a notification email once the letters have been received. Keep in mind that your application is not complete until (at least) two letters of recommendation have been received.

    Can I submit the letters on behalf of my letter writers?

    The letters are confidential and can only be uploaded by your letter writers. After submitting your application, CEMFI will contact your letter writers with instructions on how to upload their letters to our online platform.

    8. Online application platform

    How can I recover my username and/or password?

    Please access here the online platformís password/username recovery options.

    What can I do if I encounter technical difficulties with the online application platform?

    Here are common problems and their solutions.

    • - Use Chrome, Firefox, or Internet Explorer. Other browsers may not be fully supported.
    • - Do not use your browser's "back", "forward" and "refresh" buttons while completing the application form. This may result in loss of data and/or the system logging you out.
    • - Check that you have filled out all the required information. Missing required information will not allow you to submit the application form.
    • - Check that your Internet access has not been interrupted and/or is not too slow. This may result in loss of data.
    • - Keep in mind that submitted applications cannot be modified.
    • - Only upload documents when you are ready to submit your application. Leaving the online platform after some documents have been uploaded may result in loss of data.

    9. Placement

    Does CEMFI have a Placement Office?

    Yes, it does. Our Placement Office provides students with the information and training necessary to succeed in the global job market. This support ranges from listings of job vacancies and presentations of international institutions to direct and careful advice on how to prepare for the job market.

    Does CEMFI have an Alumni Association? Will it help me through my future professional career?

    Yes, CEMFI has an Alumni Association. One of its main roles is to keep an active job market board that former students can use all through their professional careers.

    Where can I learn more about placements?

    You can visit here.

    10. Practical Information for Incoming Students

    Where is CEMFI located?

    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 or download a pdf map here .

    Can I visit CEMFI?

    Our website will help you learn about us. Of course, if you would like to visit CEMFI and meet our staff, students, and faculty, you are more than welcome to do so. Please contact to schedule your visit.

    How can I find accommodation in Madrid?

    Typically, students rent apartments, sharing them with their classmates or with incumbent students. 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. If you want to contact incumbent students or future classmates to ask for apartment availability, do let us know.

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