Doctoral Program
Presentation
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The program follows the international doctoral model and can also be viewed as an integrated path toward the PhD. Students begin with a rigorous coursework stage -equivalent to a master’s degree- and, upon meeting program requirements, may progress to the research stage, which culminates in the PhD. This structure provides students with a strong foundation for advanced research and academic excellence.
The program prepares students for successful careers in academia and research institutions, as well as in central banks and public and private sector organizations. A long record of successful placements, together with the career trajectories of our alumni, demonstrates the program’s strong academic and professional outcomes. This excellence has been formally recognized through the award of the María de Maeztu Excellence Distinction, a highly selective designation granted by Spain’s National Research Agency to research centers that demonstrate international scientific leadership, impact, and active engagement with society and the business community.
Students benefit from a stimulating and supportive academic environment, with close interaction with accessible faculty. The program is structured in two stages: coursework and research. During the coursework stage, students acquire state-of-the-art analytical and methodological tools needed to conduct original research across a broad range of fields in economics. The research stage emphasizes independent scholarship within an international and collaborative academic environment, preparing students for productive research careers.
The typical time to completion is two years for the master’s stage and an additional three to four years for the PhD. Students who successfully complete both stages are awarded the Master in Economics and Finance and the PhD in Economics and Government. The official degrees are awarded by the Universidad Internacional Menéndez Pelayo.
"CEMFI has shaped the scholar I have become. When I knew little, its program guided me. When I sought to learn, its faculty inspired me. When I needed support, my advisors stood by me. When I was uncertain, my peers shared the path. It was everything—necessary and sufficient."
Kazuharu Yanagimoto, Kobe University
CEMFI PhD 2025
"My experience at CEMFI was transformative. The world-class program, exceptional professors, and diverse classmates created an enriching environment. The rich curriculum taught me to be critical and equipped me with essential tools for economic research. I value the global friendships and academic growth I gained."
Micole De Vera, Banco de España
CEMFI PhD 2023
"My time at CEMFI helped me grow both as a researcher and as a person. The training was intense, but the sense of community among classmates and professors made every challenge worth it. The support I received for research visits, conferences, and the job market was exceptional. If you’re considering a PhD, I can’t recommend CEMFI enough."
Giorgio Pietrabissa, LSE Geography
CEMFI PhD 2024
"The six years at CEMFI changed my perspective on life. I grew up to be a fully confident and independent researcher. CEMFI gives students the feeling that each of us is a significant part of it, and such a high sense of community is really rare."
Jin Huang, NYU Shanghai
CEMFI PhD 2017
"I got the opportunity to interact with outstanding and devoted faculty as well as excellent fellow students from which I learned so much. I am grateful to the dedicated group of people who have contributed to my professional development and made CEMFI a leading academic institution."
Maximiliano San Millan, Banco Central de Chile
CEMFI PhD 2023
"I found professors who were not only leading researchers in their fields, but also warm and accessible, with whom it was possible to openly discuss any progress in my own research. I benefited a lot from this close supervision during my PhD."
Hernan Ruffo, Universidad Torcuato Di Tella
CEMFI PhD 2011
"The academic environment at CEMFI is remarkable: it is highly stimulating and extremely collegial. I always felt fully supported by my peers in the program, staff and members of faculty. Their dedication to students' personal growth opened up an incredibly rewarding career path for me."
Andreas Stegmann, University of Warwick
CEMFI PhD 2019
"A time of tremendous intellectual and personal growth thanks to the combination of three things: the high quality of the curriculum, the guidance and encouragement of the faculty to produce frontier research, and the quality of my classmates. CEMFI is the place for those who want to thrive in their future academic careers!"
Elena Manresa, Princeton University
CEMFI PhD 2014
"At CEMFI, I found an academic environment that was challenging and highly supportive to help achieve my goals. Pursuing a PhD is a long and enduring journey. It is encouraging to know that faculty, staff and peers do not want to leave you behind."
Jorge de la Roca, University of Southern California
CEMFI PhD 2012
"It has changed the way I think, the way I ask and answer questions about the world around me and, of course, it has put me in a career path that would have been unthinkable had I not been part of this institution."
Felipe Carozzi, London School of Economics
CEMFI PhD 2015
"CEMFI actively pursues the excellence of its academic program and the strength of its open, increasingly diverse, community. These elements (and the wisdom of my advisers) were key in making my doctoral studies a highly fulfilling experience in every dimension."
Martín (Tincho) Almuzara, Federal Reserve Bank of New York
CEMFI PhD 2020
"CEMFI provided me with rigorous training in modern economic research within a uniquely supportive academic community. The faculty and staff are deeply dedicated and generous with their time, creating an environment that is both intellectually stimulating and personally enriching."
Yongkun Yin, Shandong University
CEMFI PhD 2023
"At CEMFI, it is not only about learning state-of-the-art economics but also about the great professors, researchers, and peers you get to know. It’s about being part of a community that you will remain connected to even as you advance in your professional or academic career."
Tatiana Rosá, Pontificia Universidad Católica de Chile
CEMFI PhD 2020
"CEMFI's community is defined by a shared commitment to academic excellence. As a PhD student, I found the environment stimulating and supportive, providing everything I needed to become a research economist. The interaction with faculty and students, together with life in Madrid, made the experience unique and unforgettable"
Tomás Budí, EUI, Banco de España
CEMFI PhD 2024
"Never stop learning. That is the best way to define what you will find at CEMFI. If you love economics, you will enjoy every single day you spend there."
Manuel García Santana, Universitat Pompeu Fabra
CEMFI PhD 2012
"Reputed and very engaged faculty, perfect size, student-professor proximity, passion for Economics, privileged location, awesome city, a great push for a career in academia or the private sector. I cannot think of a better place for undertaking graduate education in Economics."
Joan Llull, IAE-CSIC and Barcelona School of Economics
CEMFI PhD 2011
"The community at CEMFI made me feel supported and motivated during my entire PhD journey. The environment fostered by the faculty, staff, and students makes it a truly unique place. I found exceptional mentors who shaped my career path."
Daniela Solá, Universidad Carlos III de Madrid
CEMFI PhD 2023
"CEMFI is a special place. Its distinctive mix of rigor and warmth fosters what I see as the CEMFI identity: intellectual curiosity, care for substance, and a genuine sense of community. I could not have wished for a better place for my PhD"
Víctor Sancibrian, Bocconi University
CEMFI PhD 2025
"CEMFI has shaped the scholar I have become. When I knew little, its program guided me. When I sought to learn, its faculty inspired me. When I needed support, my advisors stood by me. When I was uncertain, my peers shared the path. It was everything—necessary and sufficient."
Kazuharu Yanagimoto, Kobe University
CEMFI PhD 2025
"During my PhD at CEMFI, I benefited from close and dedicated supervision, regular opportunities to present and discuss my work in reading groups with engaged faculty and peers, and exposure to outstanding external speakers and visitors. I am grateful for the vibrant academic environment and excellent resources that made CEMFI an ideal place to grow as an economic researcher."
Javier García-Brazales, University of Exeter
CEMFI PhD 2022
"CEMFI is an exceptional place to study economics, providing a stimulating and supportive environment. I spent five wonderful years there, and I am deeply grateful to the dedicated faculty and staff for their unwavering commitment to my growth."
QianQian Shang, Shangdong University
CEMFI PhD 2023
"Cemfi offers an extremely stimulating academic environment fostering the interaction between first-rate faculty and motivated students. It provided me with a solid training in quantitative economics and critical thinking."
Jesus Bueren Calabuig, Católica-Lisbon
CEMFI PhD 2018
"Perhaps the most unique feature of CEMFI’s Ph.D. program is the close contact with faculty members and visiting researchers, who hail from some of the best universities in the world. The connections I made during my doctoral studies still benefit me in my professional development today."
Jan Bietenbeck, Lund University
CEMFI PhD 2015
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