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Economics, Ph.D.

  • Application Deadline
  • 60 months
Madrid, Spain
The Economics program offered at CEMFI prepares students for successful careers in universities and academic centers as well as in central banks and public and private sector institutions. Many years of successful placements, as well as the career paths of our graduates, speak to the value added of our PhD program.
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Our students enjoy a stimulating academic environment with accessible and supportive faculty. The Economics program offered at CEMFI comprises two stages: stage one, coursework; and stage two, research. 

The coursework stage provides students with state of the art tools to successfully conduct research in an ample range of areas in Economics. The research stage fosters an international and interactive academic environment in which students grow to develop an independent and productive career. 

Key facts:

The typical duration of studies is five to six years. Students who successfully complete the two stages are awarded the degrees Master in Economics and Finance and PhD in Economics and Government. The Universidad Internacional Menéndez Pelayo awards the official degrees of the CEMFI Graduate Program.

Detailed Programme Facts

  • More details:
    • Deadline for scholarship: February 17
  • Programme intensity Full-time
    • Full-time duration 60 months
    • Duration description

      The typical duration of studies is five to six years.

  • Languages
    • English
  • Delivery mode
    On Campus

Programme Structure


  • PhD workshop: Students present their work before faculty and fellow students. Students develop effective presentation skills while receiving feedback from the entire faculty. To see the schedule of last year’s PhD workshops, please visit here.
  • Reading groupsStudents present frontier papers in their field of interest as well as their own early work before faculty and fellows students. There are a total of five reading groups, in the areas of applied economics, banking and finance, econometrics, macroeconomics, and microeconomics.
  • Short courses: These are short (tipically, one week) courses that are specifically designed for students in the research stage. These specialized courses are taught by leading international scholars in the field.

English Language Requirements

  • Minimum required score:


    The TOEFL iBT ® measures your English-language abilities in an academic setting. The test has four sections (reading, listening, speaking, and writing), each with a score range of 0-30, for a total score range of 0-120.

  • Minimum required score:


    The IELTS – or the International English Language Test System – tests your English-language abilities (writing, listening, speaking, and reading) on a scale of 1.00–9.00. The minimum IELTS score requirement refers to which Overall Band Score you received, which is your combined average score. Read more about IELTS.

    Get a free IELTS practice test

Academic Requirements

  • This programme accepts GRE® scores. However, it does not provide a recommended score range.

    Schedule GRE®

    The GRE® General Test is a widely administered admissions test that measures the skills needed in today's graduate and business school programs worldwide. The GRE® General Test contains three sections - Verbal Reasoning, Quantitative Reasoning, and Analytical Writing. Three scores are reported: a Verbal Reasoning score on a 130 - 170 score scale in one-point increments, a Quantitative Reasoning score on a 130 - 170 score scale in one-point increments, and an Analytical Writing score on a 0 - 6 score scale in half-point increments.

General Requirements

  • Undergraduate degree
  • Graduate degree. In a related discipline (if applicable)
  • Reference letters. (At least) two confidential reference letters
  • Statement of purpose
  • Curriculum vitae
  • Academic transcripts

Tuition Fee

  • International

    215 EUR/year
    Tuition Fee
    Based on the original amount of 215 EUR per year and a duration of 60 months.
  • EU/EEA

    215 EUR/year
    Tuition Fee
    Based on the original amount of 215 EUR per year and a duration of 60 months.
We've labeled the tuition fee that applies to you because we think you are from and prefer over other currencies.

Living costs for Madrid

  • 745 - 1260 EUR/month
    Living Costs

The living costs include the total expenses per month, covering accommodation, public transportation, utilities (electricity, internet), books and groceries.


Studyportals Tip: Students can search online for independent or external scholarships that can help fund their studies. Check the scholarships to see whether you are eligible to apply. Many scholarships are either merit-based or needs-based.


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