CEMFI is a leading institution in research and graduate education in economics and finance. CEMFI has an active and stimulating academic environment. Our faculty is a group of 18 internationally-recognized scholars who have made frontier contributions to their fields of expertise. 

PhD Programmes

Business & Management (1)
Natural Sciences & Mathematics (1)
Social Sciences (1)



CEMFI was founded by the Bank of Spain in 1987 and, since 1991, it is a non-profit foundation.


  • CEMFI’s graduate education rests on the commitment to provide students with rigorous training in economics and finance. Its offerings include a Master in Economics and Finance and a PhD in Economics. 
  • Our placements, and the careers paths of our graduates, are the best endorsement of the value added of our programs. Complementing our graduate offerings, we also organize a Summer School in Economics, which provides specialized frontier training to practitioners, academics, and graduate students, and a Master in Banking Supervision, which we organize in cooperation with the Bank of Spain.


Research in the field of economics is one of CEMFI’s foundational goals. The research profile of its faculty, as well as the research activities of PhD students, staff researchers, and visitors is clear proof of our research orientation.

Among our faculty, we find a former President, two Executive Vice-Presidents, and three Fellows of the Econometric Society. We also find a former President and three Fellows of the European Economic Association, 12 Research Fellows and two Program Directors of the Centre for Economic Policy Research, and five Presidents of the Spanish Economic Association. Our faculty members have also received prestigious prizes and awards.


Housing services

Typically, students rent apartments, sharing them with their classmates or with incumbent students. To aid in the search process, we have a list of inexpensive hostels in case you need a place to stay while looking for accommodation. We also have a list of rental agencies with English-speaking staff. If you would like to contact incumbent students or future classmates to ask for apartment availability, do let us know and we will help you get in touch with them.

Other programmes from this university


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