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 is organized in trimester terms. The first term begins with two introductory courses in quantitative methods that are 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 2020-2021 academic year is:

Introductory Courses   Winter Term
Lectures begin   7 September 2020   Lectures begin   11 January 2021
Lectures end   24 September 2020   Lectures end   19 March 2021
Exams   24 September 2020   Exams   5–9 April 2021
Fall Term       Spring Term
Lectures begin   29 September 2020   Lectures begin   12 April 2021
Lectures end   4 December 2020   Lectures end   18 June 2021
Exams   11–22 December 2020   Exams   24–30 June 2021

Our official calendar for the academic year 2021-2022 is:

Introductory Courses   Winter Term
Lectures begin   6 September 2021   Lectures begin   10 January 2022
Lectures end   23 September 2021   Lectures end   18 March 2022
Exams   23 September 2021   Exams   24 March – 1 April 2022
Fall Term       Spring Term
Lectures begin   27 September 2021   Lectures begin   4 April 2022
Lectures end   3 December 2021   Lectures end   17 June 2022
Exams   13–22 December 2021   Spring break   11–17 April 2022
        Exams   23–30 June 2022

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

EUR 6,600/yr


Administrative fees

EUR 38.16 (yr 1)/EUR 7.36 (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 20 months, a yearly 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.

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 .