Master Stage

CEMFI’s Master in Economics and Finance is a two year (120 ECTS) official Master degree. It prepares students for leading positions in the global job market and also provides them with the training necessary to successfully pursue a PhD.

  • Structure

    The program is structured around coursework, participation in workshops, and the writing of a Master‘s thesis.

    Courses. The academic year is organized in trimester terms. The first term begins with two introductory courses in Mathematics and Statistics that are followed, in the fall and winter terms, by core courses in microeconomics, macroeconomics, and econometrics. In the spring term, and during the fall and winter terms of the second year, student take elective courses, acquiring frontier knowledge in their chosen fields of specialization. For details on this year’s course offerings, you may visit here.

    Workshops. Coursework is complemented with a series of workshops. These workshops are designed to aid students learn how to read and discuss research oriented and policy oriented papers in applied economics. Students also acquire presentation skills.

    Master thesis. During the Spring term of the second year, students write a Master thesis on their field of interest under the supervision of a faculty member. For PhD track students, the Master thesis constitutes the first step towards the PhD dissertation.

  • Internships

    In the summer of the first year, students may apply to the 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. Professional internships include financial companies, consulting firms, government institutions, and international agencies. Recent internships include Bank of Spain, Banco Santander, BBVA, Compass Lexecon, Oliver Wyman, Institute for Fiscal Studies (London), and the Interamerican Development Bank.

  • Academic Calendar 2017-2018

    Our official calendar for the academic year 2017-2018 is described in the following table:

    Introductory Courses   Winter Term
    Lectures begin   11 September 2017   Lectures begin   8 January 2018
    Lectures end   22 September 2017   Lectures end   16 March 2018
    Exams   22 September 2017   Exams   20 March – 2 April 2018
    Fall Term       Spring Term
    Lectures begin   25 September 2017   Lectures begin   9 April 2018
    Lectures end   1 December 2017   Lectures end   15 June 2018
    Exams   11–21 December 2017   Exams   19–28 June 2018

PhD Stage

After successfully completing the Master’s degree, admitted students enroll in CEMFI's PhD Program (which, typically, occurs at the beginning of year 3). Under the supervision of CEMFI faculty members, PhD students work on their dissertation, making innovative contributions to the field of economics. The PhD Program is designed to support the student in the transition to becoming an independent researcher. Students constitute an integral part of CEMFI’s research community and participate in all seminars, workshops, summer school courses, and conferences. The program also has activities—a PhD workshop, a reading group and short PhD courses—that are specifically designed to develop research skills and create an environment conducive to finding research topics.

  • PhD workshop, reading group and short PhD courses

    PhD workshop. Students present their work before faculty and fellow students. Students develop effective presentation skills while receiving feedback from the entire CEMFI faculty. To see the schedule of PhD workshops from previous years, please visit here.

    Reading group. Students present frontier papers in their field of interest before faculty and fellow students. Papers are read in advance by all participants and are subject to general discussion during the presentation.

    Short PhD courses. CEMFI course offerings are complemented with short (one week) courses that are specifically designed for the PhD students. These specialized courses are taught by leading international scholars in the field.

  • Research and teaching assistantships

    While studying at CEMFI, PhD students can apply to be research and/or teaching assistants. Research assistantships allow students to closely interact with faculty members in research projects. Teaching assistantships are an opportunity to enhance presentation and communication skills.

  • Financial support for conference participation

    CEMFI encourages PhD students to present their work at major international conferences as well as at specialized workshops with significant relevance to the student’s field of study. With this aim, CEMFI has a financial support program the covers the student’s registration, travel, and accommodation expenses.

  • Financial support for academic visits

    CEMFI encourages PhD students to be part of the international network of economists and interact with leading experts in their field. With this aim, CEMFI has a financial support program that covers the student’s expenses while visiting other institutions. Our PhD students have visited many renowned institutions, including Carnegie Mellon University, University of Chicago, Harvard University, London Business School, London School of Economics, University of Minnesota, MIT, Northwestern University, University of Pennsylvania, Stanford University, University College London, and University of Wisconsin-Madison.

General Graduate Program information

  • Degrees

    Master in Economics and Finance
    Awarded by Universidad Internacional Menéndez Pelayo (UIMP)
    Official degree
    120 ECTS

    PhD in Economics and Government
    Awarded by Universidad Internacional Menéndez Pelayo (UIMP)
    Official degree

  • Tuition fees 2016-2017

    Master in Economics and Finance (Master/PhD tracks)*


    Tuition fees

    EUR 5,820/yr


    Administrative fees

    EUR 36.73 (yr 1)/EUR 7.13 (yr 2)


    PhD in Economics and Government (yr 3 onwards)*


    Tuition fees

    EUR 2,910/yr


    Administrative fees

    EUR 215.57/yr

    *Fees are subject to minor yearly adjustments as dictated by the Spanish Ministry of Education.

  • Tuition waivers and scholarships

    The CEMFI Graduate Program offers scholarships and/or tuition waivers on an academic merit basis to students of all nationalities. Some of these scholarships are sponsored by Banco Bilbao Vizcaya Argentaria , Banco Sabadell , and Banco Santander . To be considered for funding, please select the appropriate checkbox in the application form. Please note that this selection will not affect the chances of being admitted to the program.

    CEMFI Master students may also apply for funding from external sources or institutions. Institutions awarding scholarships to Spanish and European Union (EU), and in some cases also to non-EU students, include: Banco de España , Fundación Rafael del Pino , the Government of the Basque Country , Spanish Ministry of Education and the Spanish Ministry of Foreign Affairs . The Fundación Carolina , in cooperation with BBVA, endows two scholarships for Latin American students of our Master. The scholarships amount to EUR 1,000 per month for housing and subsistence, for 20 months. The scholarships also cover the cost of a yearly roundtrip economy-class ticket from the student's country of residence, medical insurance (excluding prescriptions), and the Master program's tuition fee.

    Currently, all students enrolled in the PhD program are recipients of a full scholarship. These are either offered by CEMFI or by other external institutions. These include Obra Social La Caixa , Fundación Ramón Areces , Spanish Ministry of Economy, Industry and Competitiveness and the Spanish Ministry of Education, Culture and Sports .

  • Accreditation reports and brochures

    As part of our commitment to high-quality academic standards, CEMFI has an Internal Quality Guarantee System (IQGS) that continuously assesses the quality of our graduate program. Below you can access the 2015-2016 quality assessment report as well as other related documentation.




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