60 months
Tuition fee
Apply date
Start date


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.


The 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. 

Programme structure

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.

Programme Structure


  • Courses. 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, student take elective courses, acquiring frontier knowledge in their chosen fields of specialization.
  • Workshops. The coursework is complemented with a series of workshops that are designed to aid students learn how to read and discuss research-oriented and policy-oriented papers in applied economics while acquiring presentation skills.
  • Master Thesis. During the spring term of the second year, students write a research paper (officially, the Master thesis) on their field of interest under the supervision of a faculty member. This paper constitutes the first step towards the PhD dissertation.

Key information


  • Full-time
    • 60 months

Start dates & application deadlines

More details

You can apply for funding until: 31 January 


On Campus

Academic requirements

GRE admission requirements GRE®

Other requirements

General requirements

  • 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 2022. 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)
  • Proof of English knowledge
  • Reference letters
  • Statement of purpose
  • Curriculum vitae
  • Academic transcripts.

Tuition Fee

Research stage (PhD in Economics and Finance - year 3, onwards)

  • Administrative fees: EUR 215.57/yr

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.


CEMFI offers 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 the chances of being admitted to the program.

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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