The Master in Economics and Finance is a two-year (120 ECTS) program that provides students with rigorous, solid foundations in Economics and Finance together with state of the art tools. The program is demanding as it brings students to the frontier in tools and knowledge.

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

Courses. The academic year starts with an intensive math course taught in September. This is 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, students 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.


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 at CEMFI that are research oriented. 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.

Our official calendar for the academic year 2023-2024 is:

Math Camp (1st year only)   Winter Term
Lectures begin   1 September 2023   Lectures begin   8 January 2024
Lectures end   22 September 2023   Lectures end   15 March 2024
Exams   25 September 2023   Exams   22 March – 3 April 2024
Fall Term       Spring Term
Lectures begin (1st year)   25 September 2023   Lectures begin   8 April 2024
                           (2nd year)   18 September 2023   Lectures end   14 June 2024
Lectures end   1 December 2023   Exams   20 – 28 June 2024
Exams   12 – 21 December 2023        

Our official calendar for the academic year 2024-2025 is:

Math Camp (1st year only)   Winter Term
Lectures begin   2 September 2024   Lectures begin   7 January 2025
Lectures end   20 September 2024   Lectures end   14 March 2025
Exams   23 September 2024   Exams   20 – 28 March 2025
Fall Term       Spring Term
Lectures begin (1st year)   24 September 2024   Lectures begin   31 March 2025
                           (2nd year)   16 September 2024   Lectures end   13 June 2025
Lectures end   29 November 2024   Exams   19 – 30 June 2025
Exams   11 – 20 December 2024        

General Information

Students who successfully complete the requirements are awarded the degree:

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

Master in Economics and Finance


Tuition fees

National and EHEA students: EUR 3,300/yr
Foreign students not residing in the EHEA: EUR 6,600/yr


Administrative fees*

EUR 40.58 (yr 1)/EUR 7.78 (yr 2)

*Subject to minor variations.

We offer academic-merit based scholarships and tuition waivers to students of all nationalities. To be considered for funding, please select the appropriate checkbox in the application form. Please note that this selection will not affect your chances of being admitted.

Applicants to the CEMFI Graduate Program may also consider applying for external funding. Institutions awarding scholarships, 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. For Latin American students, the Fundación Carolina, in cooperation with BBVA, endows two scholarships that include a stipend of EUR 900 per month, for a total of 22 months, a round trip economy-class ticket from the student's country of residence, medical insurance (excluding prescriptions), and the program’s tuition fees. For Turkish students, the BBVA funds one scholarship that includes a stipend of EUR 1,250 per month for a total of 22 months, and the program's tuition fees.

Class attendance. Class attendance is mandatory. This includes class lectures and recitations.

Academic honesty. CEMFI is committed to the highest possible standards of academic honesty. Academic dishonesty includes, but is not limited to, cheating, plagiarism, and misrepresentation of a student's academic records or academic work. If academic dishonesty does take place, the student involved will receive an academic sanction that can entail the separation from the Program.

Disabilities. CEMFI is committed to providing accessible services, programs, and educational opportunities to all students. Students with qualifying disabilities may contact the director of the program who will guarantee that the policy procedures are implemented.

Diversity. 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.

Code of conduct. CEMFI has a Code of conduct for all members of its community. Students should be familiar with its contents and abide by them. It can be found here .