CEMFI Master Scholarship in Economics and Finance, Spain

Deadline: First round 1 February 2012, second round 15 April 2012
Open to: Applicants must have finished or be about to finish an undergraduate university degree as well as good level of English
Scholarship: Exemptions of the tuition fee and/or scholarships for living expenses amounting up to EUR 10,000 per year.


THE MASTER IN ECONOMICS AND FINANCE AT CEMFI is a 2-year full-time program intended to prepare students for a wide range of careers in the public and the private sectors. It also serves as the first two years of the PhD in Economics at CEMFI. This flexibility is very attractive to many students that initially are not sure whether they would like to follow a professional or an academic track. The program is taught in English.The distinctive feature of the program is the combination of an orientation towards applied and policy issues with a strong emphasis on analytical and quantitative approaches to these issues. This requires a solid understanding of the relevant economic, econometric, and computational techniques. The faculty teaching the courses are all active researchers at the frontier of their area of expertise. About 25 students are enrolled each year, which allows for close interaction with CEMFI’s faculty.The Master in Economics and Finance at CEMFI is an official degree granted by Universidad Internacional Menéndez Pelayo (UIMP) according to the regulations of the Spanish Ministerio de Educación.Each academic year is divided into three 10-week terms. Courses are concentrated in the first five terms, with three courses per term. Each course comprises three hours of lectures and one and a half hours of problem set classes per week.The first two terms contain the core courses, while in the next three terms a wide range of elective courses are offered. The electives are grouped into four areas of specialization: Microeconomics, Macroeconomics, Econometrics, and Finance. The choice of electives does not have to be concentrated in one of these areas, so students can decide their own degree of specialization.Additionally, in each term there is a workshop in which students present and discuss applied economics papers and debate papers on economic policy issues.In the summer between the first and the second year students are offered a Summer internship at a financial institution, a consultancy firm, a public sector department, or collaborating as a research assistant for a project of a faculty member.The sixth term is fully devoted to research work on the Master thesis that students must submit at the end of the program. In addition, 2-week introductory courses in Mathematics and Statistics are taught in September of the first year.Throughout the year there is a series of invited lectures and several series of research seminars that students regularly attend.


Tuition fees
The tuition fee for the Master in Economics and Finance 2012-2014 is EUR 3,785 per year. This figure may be adjusted by a limited amount, following regulations of the Spanish education authorities.
Exemption from tuition and scholarships
CEMFI may grant students exemptions of the tuition fee and/or scholarships for living expenses amounting up to EUR 10,000 per year. Exemptions and scholarships are granted according to academic merit. Some of this support is funded by a set of sponsoring institutions. Applications for funding will not affect the student’s chances of being admitted in any way.
Applicants of the Master are encouraged to apply directly for external scholarships for graduate programs. These scholarships usually have very early application deadlines. Therefore, it is highly recommended students to apply well in advance.
Some institutions awarding scholarships to Spanish and EU students are: Banco de España, cajAstur, Fundación la Caixa, Fundación Rafael del Pino, Generalitat de Catalunya, Gobierno Vasco, and the Spanish Ministry of Labour (Reina Sofía Scholarships).
After enrolling in the Master these students can also apply for a scholarship from the Spanish Ministry of Education.
Non-EU students (including Latin American students) should consult the Spanish Ministry of Foreign Affaires website for the MAEC-AECID scholarships.
Scholarships for Latin American students
In preceding years, special scholarships have been available for Latin American students of the Master. In case these scholarships are endowed, an announcement will appear in our website. Applications for these grants would then be carried out directly at the website of the granting institution, not at CEMFI’s.
Subsidized loans
The Spanish Ministry of Education subsidizes loans in a set of banking institutions, for which students of any nationality, with residence in Spain, who enrol in graduate studies may apply.


Applicants must have finished or be about to finish an undergraduate university degree. Final admission will be subject to having obtained the degree by September 2012. Good English language skills are required, since the Master is taught in this language.

How to apply?

The application form should be filled out electronically and in English. Applicants are strongly recommended to carefully read the guidelines before proceeding. (to download the guidelines, please click here) In order to apply for this Master programme, please click here and register yourself. After the registration, you can continue with the application process.

Once filled out, the online application form should be submitted, including files for:

  • Official transcript of grades obtained in undergraduate studies.
  • Official transcript of grades obtained in graduate studies (if applicable).
  • Proof of English language skills.
  • GRE scores.
  • Statement of purpose.
  • Any other documents.

Note: Only files in PDF format may be uploaded. Only one file for each of the six types of documents may be uploaded. If you wish to submit several documents of a given type, please merge them into a single PDF file. You may upload a new version of a file that you had already uploaded, but keep in mind that it will replace the previous file. Each file should not be larger than 2Mb. Applicants admitted to the Master will be asked to provide the corresponding original documents at the time of registration.

English language
Applicants whose native language is not English must provide recent proof of their English language skills. This can be achieved through the Test of English as a Foreign Language (TOEFL). The preferred way for receiving this information is the direct mailing by ETS. CEMFI’s institution code for direct mailing of the TOEFL score report is 7964. Alternative means of proof include the Cambridge Proficiency or Advanced certificates, and the British Council IELTS. You may include the results from several tests, but make sure to merge them into a single PDF file.

Graduate Record Examination
Applicants are strongly encouraged to provide scores of the Graduate Record Examinations (GRE) General Test. Registration for the test may be carried out by mail or through the GRE web page (click here). The preferred way for receiving this information is the direct mailing of the GRE score by ETS. CEMFI’s institution code for direct mailing is 7046.  Note that providing the scores in the application form does not substitute for attaching an official score report or having it sent directly. Applicants who do not provide their GRE scores will not be considered for early admission.

Statement of purpose
This is a short text, of around 500-600 words, in which you may present your academic background and interests, and explain why you would like to attend CEMFI’s Master in Economics and Finance.

Reference letters
In addition, two reference letters must be received by CEMFI, written by professors who have followed closely the applicant’s studies. Upon submission of the online application, recommenders will receive an email message allowing them to submit their letters online. Applicants will receive confirmation of receipt of their reference letters.

Selection process
A committee will be in charge of the admission process. The committee will take into account undergraduate grades, letters of reference, GRE results, English language skills, and any other information supplied by the candidate. Applications arriving by 1 February 2012 will be considered for a first round of decisions. Further decisions will be made on a rolling basis thereafter. Candidates may be asked for an interview (in person or via Skype). Complete applications must be received by 15 April 2012 and decisions will be finalized no later than 15 May 2012. Early application is strongly encouraged.


Please see Frequently asked questions or write to admissions@cemfi.es.

The Official Website

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