Master in Economics and Finance
This information refers to the 2024-2025 admissions process.
Application process. To apply, you must submit an online application form, available here, and upload the required documents. Below you will find a detailed description of the application process.
Calendar. Applications are open from 15 November 2023 until 31 May 2024. Early applications are strongly encouraged. The deadline to be eligible for funding is 31 January 2024.
Funding. We offer scholarships and/or tuition waivers on an academic-merit basis to students of all nationalities. To apply for funding, please select the appropriate checkbox on the application form. Note that, to be eligible, your complete application must be received by 31 January 2024.
Admission criteria. We select students with the highest potential. No single factor is decisive, but you may infer the relative importance of the different factors from the following weights: prior academic background and GRE scores (50%) command of the English language (20%), reference letters (20%), and statement of purpose (10%).
When to expect admission decisions. If you have submitted your application by 31 January 2024, you can expect to receive a decision no later than 28 February 2024. If you have submitted an application after this date, you can expect a decision no later than 15 June 2024.
Undergraduate degree. Degree in a related discipline such as economics, business, mathematics, physics, engineering, etc. If you have not yet completed your undergraduate studies, you can postpone submitting your diploma until you effectively join the program in September 2024. Please note that having successfully completed your undergraduate studies is compulsory to enroll.
Graduate degree. Degree in a related discipline (if applicable).
Graduate record examination (GRE). CEMFI's ETS institutional code for the GRE is 7046. You can submit the complete pdf of the test taker score report, sending a physical copy is optional. If you are still awaiting the test scores, you may submit your application indicating the date you took the test for it to be considered complete. Due to common delays in receiving the scores, we strongly recommend scheduling your test ASAP.
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. You can submit the complete pdf of the test taker score report, sending a physical copy is optional. If you are still awaiting the test scores, you may submit your application indicating the date you took the test for it to be considered complete. Due to common delays in receiving the scores, we strongly recommend scheduling your test ASAP. 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.
Reference letters. You will need (at least) two confidential reference letters from faculty who know you well as a student. In the application form, you will be asked to fill out two (or more) letter writers' names and contact details. Once you have submitted this information (which can be done before you have completed the entire application), we will contact your letter writers on your behalf to request them to upload their letters to our online platform.
Statement of purpose. In 500 words approximately, explain your motivation to apply to CEMFI. Also include a description of your final goals and explain how our graduate program relates to your background.
Curriculum vitae. List your personal and academic data, as well as other merits you may wish to include.
Academic transcripts. Include the transcripts of all the universities and colleges attended. If applicable, you must also include transcripts of all your graduate work.
For further questions about the program and the application process, please visit the Frequently Asked Questions section. This section provides detailed answers to common questions. You can also contact us here.
Location. 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.
Accommodation. Typically, students rent apartments, sharing them with their classmates or with incumbent students. To aid in the search process, there are multiple listings of inexpensive hostels if you need a place to stay while looking for accommodation. Similarly, there are also listings of rental agencies with English-speaking staff. Lastly, if you want to contact incumbent students or future classmates to ask for apartment availability, let us know and we will help you to get in touch with them.
Cost of living in Madrid. The cost of living in Madrid is comparable to the cost of living in many European capitals. Based on the information provided by incumbent students, living expenses total about EUR 950 per month. These expenses include accommodation in a shared apartment, which are in the range €450-€600.
Transportation. Madrid has an excellent public transport system (subway , buses and suburban trains ). There are monthly public transport passes that, at affordable prices, allow unlimited travel in different modes of transportation within the delimited zones. When travelling from the airport to downtown Madrid, you can take a taxi for a 30 euros flat fee. You can also use the subway or the local trains .
We will hold two informational meetings on Zoom regarding our graduate programs on November 24 and January 11. During the meetings, we will provide details about the programs, their academic structure, student placement, and, specifically, the admissions process. If you are interested in attending, please sign up on here to stay informed.