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.

"It was a great opportunity to get to know the different options that economists have in the private sector, especially in sectors which are not easy to access only with the Bachelor Degree, such as Economic Consulting. Great opportunity to have an inside view on how economic consulting firms work."

Miguel Blanco Cocho, Compass Lexecon
Class of 2020

"At the ECB I learned about the current debates in banking regulation. Back at CEMFI, with the excellent expertise of the faculty, I defined my research agenda around these topics."

Siema Hashemi Reskety, ECB
Class of 2020

"My graduate internship at Brattle Group was remarkable. During my stay in the company, I aided the arbitration practice and experienced how the concepts we learnt in the CEMFI classroom apply to the private sector. Moreover, the internship introduced me to the energy sector, which later became my main research area as a PhD student."

Pello López de Munain Aspuru, Battle Group
Class of 2020

"I believe that the summer internship was an enriching experience for me, and I think so mainly for two reasons: First, I significantly improved my coding skills as I spent most of my time writing code (in my case, I learned Python and MATLAB). Second, I enjoyed being part of a research project conformed by people who take their job seriously and commit themselves to high academic standards."

Juan Martin Farias, CEMFI
Class of 2020

"Working as a Research Assistant in the middle of the Master gave me the opportunity to experience first-hand research at the forefront of the discipline. It has been a fundamental determinant in my later decision to pursue a PhD in economics and to make research my career. Fare della ricerca la mia carriera"

Giorgio Pietrabissa, CEMFI
Class of 2020

"My assessment of the internship is extremely positive. I had the opportunity to experience first-hand the development of a research project. In particular, I could appreciate the extensive work needed to bring together data from different sources and funnel the acquired information into the attempt to answer a specific research question. The interaction with Nezih Guner was enriching and smooth."

Michele Federle, CEMFI
Class of 2022

"The Internship Program sets CEMFI's Master's apart from comparable degrees. It has been a key stage in my own experience at CEMFI; facilitating a smooth transition to research, providing early exposure to frontier topics, and forming relationships that later led to supervision and collaboration opportunities."

Víctor Sancibrián, CEMFI
Class of 2021

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

Our official calendar for the academic year 2025-2026 is:

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

*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 one scholarship that includes 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. To apply for the BBVA-funded fellowship for Turkish students, please indicate your interest on CEMFI's application form.

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

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