Frequently Asked Questions

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

1. Program

Yes, it is. In 2006, CEMFI signed a degree agreement with the Universidad Internacional Menéndez Pelayo (UIMP). By this agreement, students of our Master in Economics and Finance and our PhD in Economics are awarded official Master and PhD degrees upon successful completion of their studies. In most countries, the distinction between official and non-official degrees is immaterial as the quality of a degree is guaranteed by the granting institution itself. In Spain and in several other European countries, the State may review the quality of the program, in which case it is designated to be an official degree.


It takes two years to complete the degree.

The program starts in September, without exceptions. For the exact dates, please see the Academic Calendar in the following link.

We only accept students who have a full-time status.

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 Courses Section at the following link.

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

Yes, it does. CEMFI students may apply for the internship program. This program covers a wide range of interests, from professional internships to research-oriented internships at CEMFI. Students seeking a professional internship may do it at a financial company, a consulting firm, a government institution, or an international agency. Recent external internships have been organized at AFI, Bank of Spain, BBVA, Compass Lexecon, RBB Economics, and The Brattle Group.


2. Tuition fees, scholarships and tuition waivers

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

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. Typically, external fellowships have early application deadlines. For more information, please visit the Tuition Waivers and Scholarships Section in the following link.


Your chances of being admitted do not depend on whether you apply for a scholarship or not.


The code is P04K.

The criterion is academic merit. CEMFI's financial aid offers are independent of the student's country of origin. To be eligible, your complete application must be received by 31 January 2024. For more information, please visit the Tuition Waivers and Scholarships Section in the following link.

You must select the appropriate checkbox in the application form and submit the complete application by 31 January 2024. Applications received after this date will not be eligible.


3. Admissions

No, there is not.

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

Admissions are open from 15 November 2023 until 31 May 2024. Early applications are strongly encouraged.


The application deadline is 31 May 2024. However, if you are applying for financial aid, then the deadline is 31 January 2024 (applications received after this date will not be eligible). Deadlines apply to complete applications. The Admissions Committee will not consider incomplete applications.


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

In case there is an unexpected delay in receiving the reference letters from referees, we will consider the application complete if the letters have been requested before submission deadline. Similarly, we may accept an application as complete if the official GRE/TOEFL score from ETS arrives later than the deadline, as long as the exam was taken before submission deadline. Keep in mind the Admission Committee will not review your application until we receive all the requirements. The application deadline to be eligible for scholarship is 31 January 2024.

If you have submitted your application by 31 January 2024, you can expect a decision by 28 February 2024 at the latest. If you have submitted an application after this date, you can expect a decision by 15 June 2024, at the latest.


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

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


On preannounced dates, existing Master students who are interested in pursuing a PhD at CEMFI can apply for transfer to the PhD program. Admission decisions are based on academic merit.


Cemfi recognizes the positive value of diversity and particularly encourages applications from women and candidates with underrepresented demographics regarding disability, gender identity, race, religion, sexual orientation, socioeconomic background, or other characteristics.


4. Admission requirements

For complete information, visit the Requirements Section in the following link. In brief, the compulsory requirements are: undergraduate degree by the time you join the program (if you have not yet completed your undergraduate studies, you can postpone submitting your diploma until you effectively join the program in September 2024), 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 criteria).

Given our program’s quantitative and analytical content, undergraduate degrees in Economics, Business Administration, Mathematics, Engineering, Physics, etc. are best suited.


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


5. Proof of English knowledge

We accept one of the following three exams: the TOEFL iBT (minimum score of 100), the IELTS (minimum score of 7), or Cambridge Assessment English (either the Advance or the Proficiency certificate). CEMFI's institutional code for the TOEFL 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.


CEMFI's code is 7964.

Yes, you can. Submitting a pdf of the complete test taker score report suffices. You may send a physical copy from ETS but this is optional.


6. GRE test scores

Yes, you do. We accept both, the onsite and the at-home test.


There is no specific cutoff grade for the GRE. However, as admissions to our program are highly competitive, most of our students have very high GRE scores, particularly on the quantitative reasoning measure. The Admissions Committee assesses applications based on prior academic background and GRE scores, command of the English language, reference letters, and statement of purpose.


Our GRE code is 7046.

You may submit your application at an earlier date. If you do so, you need to indicate your test date on the application form. This date must be before the submission deadline for the application to be considered complete. Remember to send us at the pdf test taker score report when the results are posted. Due to common delays in receiving the scores, we strongly recommend scheduling your test ASAP.


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

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 writers’ contact details.

The letters are confidential and can only be uploaded by your letter writers. CEMFI will contact your letter writers on your behalf requesting that they upload their letter to our system.


You may submit the letter writers’ information in the online application platform while you complete the rest of your application, so that CEMFI can request the reference letters immediately. If you wish to do so, complete the following steps:

  • Fill in the letter writers’ information.
  • Click “Save application” button, it will log you out.
  • Log back into the application form.
  • Click on the “Send now” button next to the letter writers’ info.

Note that your application will be considered complete if the reference letters request is sent before the submission deadline. However, we strongly recommend sending the request ASAP.

Yes, we will. You will receive an email from us once the letters have been received.


Please select the option Master in Economics and Finance.

8. Online application platform

Please access here the online platform’s password/username recovery options.


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. If any part of the required information is missing, you will not be able 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.
  • Submitted applications cannot be modified.
  • Upload documents only when you are ready to submit your application. Leaving the online platform after some documents have been attached may result in loss of data.

9. Placement

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


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


You can visit here for more information.

10. Practical Information for Incoming Students

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 that dates back to 1887. You can learn more about CEMFI's location here.

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.

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 if you need a place to stay while looking for accommodation. We also have a list of rental agencies with English-speaking staff. If you would like 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.