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CEMFI offers a high-quality graduate program leading to the official degrees of Master in Economics and Finance and PhD in Economics.

PhD Programmes

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



CEMFI is an institution created by the Bank of Spain in 1987 with the aim of developing graduate education and research in economics.


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.

Research activities are also reflected in the numerous seminars and academic conferences that we organized, in the participation in research projects and networks in conjunction with other institutions, and in the working papers that facilitate the diffusion of our research output prior to its publication in scientific journals or books.

Other programmes from this university