Master in Economics and Finance
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 2022-2023 is:
Math Camp | Winter Term | ||||||
Lectures begin | 5 September 2022 | Lectures begin | 9 January 2023 | ||||
Lectures end | 23 September 2022 | Lectures end | 17 March 2023 | ||||
Exams | 26 September 2022 | Exams | 23 – 31 March 2023 | ||||
Fall Term | Spring Term | ||||||
Lectures begin | 26 September 2022 | Lectures begin | 10 April 2023 | ||||
Lectures end | 2 December 2022 | Lectures end | 16 June 2023 | ||||
Exams | 12 – 22 December 2021 | Exams | 22 – 30 June 2023 |
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 |
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 |
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Tuition fees |
National and EHEA students: EUR 3,300/yr |
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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 1,000 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.
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 .
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.
- Latest annual report on quality
- IQGS description
- Information on quality assessment at UIMP (in Spanish)
- Verification Report for the National Agency for Quality Assessment and Accreditation (ANECA) (in Spanish)
- Positive Verification by ANECA (in Spanish)
- Modification of the Curriculum Report by ANECA (in Spanish)
- Follow-up Report by ANECA (in Spanish)
- Publication in the Official State Gazette (BOE) (in Spanish)
- Positive Accreditation by ANECA (in Spanish)
- CEMFI Fellowship Rules and Regulations