The Master in Economics and Finance at CEMFI

The Master in Economics and Finance at CEMFI


Scholarship / Financial aid: exemptions of the tuition fee and/or scholarships of up to EUR 10,000 per year

Date: 2-year full-time program

Deadline: 4 April 2011

Open to: graduate applicants or which are about to finish an undergraduate university degree

Announcement follows

THE MASTER IN ECONOMICS AND FINANCE AT CEMFI is a 2-year full-time program intended to prepare students for a wide range of careers in the public and the private sectors. It also serves as the first two years of the PhD in Economics at CEMFI. This flexibility is very attractive to many students that initially are not sure whether they would like to follow a professional or an academic track. The program is taught in English.

The distinctive feature of the program is the combination of an orientation towards applied and policy issues with a strong emphasis on analytical and quantitative approaches to these issues. This requires a solid understanding of the relevant economic, econometric, and computational techniques. The faculty teaching the courses are all active researchers at the frontier of their area of expertise. About 25 students are enrolled each year, which allows for close interaction with CEMFI’s faculty.

The Master in Economics and Finance at CEMFI is an official degree granted by Universidad Internacional Menéndez Pelayo (UIMP) according to the regulations of the Spanish Ministerio de Educación.

Each academic year is divided into three 10-week terms. Courses are concentrated in the first five terms, with three courses per term. Each course comprises three hours of lectures and one and a half hours of problem set classes per week. The sixth term is fully devoted to research work on the Master thesis that students must submit at the end of the program. In addition, a 2-week introductory course of Mathematics is taught in September of the first year.

The first two terms contain the core courses, while in the next three terms a wide range of elective courses are offered. The electives are grouped into four areas of specialization: Microeconomics, Macroeconomics, Econometrics, and Finance. The choice of electives does not have to be concentrated in one of these areas, so students can decide their own degree of specialization.

In the summer between the first and the second year students are offered a Summer internship at a financial institution, a consultancy firm, a public sector department, or collaborating as a research assistant for a project of a faculty member.

In addition, from the second to the fifth term there is a workshop in which students present and discuss applied economics papers and debate papers on economic policy issues. Throughout the year there is a series of invited lectures and several series of research seminars that students regularly attend.

Tuition fees

The tuition fee for the Master in Economics and Finance 2011-2013 is EUR 3,654 per year. This figure may be adjusted by a limited amount, following regulations of the Spanish education authorities.

Exemption from tuition and scholarships

CEMFI may grant students exemptions of the tuition fee and/or scholarships for living expenses amounting up to EUR 10,000 per year. Exemptions and scholarships are granted according to academic merit. Some of this support is funded by a set of sponsoring institutions. Applications for funding will not affect the student’s chances of being admitted in any way.

Applicants of the Master are encouraged to apply directly for external scholarships for graduate programs. These scholarships usually have very early application deadlines. Therefore, we highly recommend students to apply well in advance.

Some institutions awarding scholarships to Spanish and EU students are: Banco de España, Fundación la Caixa, Fundación Rafael del Pino, Generalitat de Catalunya, Gobierno Vasco, and the Spanish Ministry of Labour (Reina Sofía Scholarships).

After enrolling in the Master these students can also apply for a scholarship from the Spanish Ministry of Education.

Non-EU students (including Latin American students) should consult the Spanish Ministry of Foreign Affaires website for the MAEC-AECID scholarships.

Scholarships for Latin American students

In previous years, special scholarships have been available for Latin American students of the Master. Candidates who wish to apply for one of them should indicate so in their application form. In case these scholarships are endowed, however, application for them will be carried out directly with the granting institution.

Subsidized loans

The Spanish Ministry of Education subsidizes loans in a set of banking institutions, for which students of any nationality, with residence in Spain, who enrol in graduate studies may apply.


Applicants must have finished or be about to finish an undergraduate university degree. Final admission will be subject to having obtained the degree by September 2011. A good knowledge of English is required, since the Master is taught in this language.


The application form should be filled out electronically. Applicants are recommended to read carefully the guidelines before proceeding.

Guidelines for application

Access to the application form

Once filled out, the online application form should be submitted, including files for:

* Official transcript of grades obtained in undergraduate studies.
* Official transcript of grades obtained in graduate studies (if applicable).
* Proof of knowledge of English language.
* GRE scores.
* Any other documents.

Only files in PDF format may be uploaded. Each file should not be larger than 2 Mb.

Note: Applicants admitted to the Master will be asked to provide the corresponding original documents.

English language

Applicants whose native language is not English must provide recent proof of their command of the English language. This can be achieved through the Test of English as a Foreign Language (TOEFL). The preferred way for receiving this information is the direct mailing by ETS. CEMFI’s institution code for direct mailing of the TOEFL score report is 7964. Alternative means of proof include the Cambridge Proficiency, Advanced or First Certificates, and the British Council IELTS.


These documents must reach CEMFI by 4 April 2011.

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