The Master's Degree lasts two academic years (120 ECTS).

- Each academic year is divided into a first short period in September (dedicated intensively to the Mathematics course in the first year, and to the Research Workshop in the second year), and three terms of ten weeks from October to June.

- Of the six terms of the Master's program, the first five are devoted to theoretical and practical classes. The subjects in the first two terms are common to all students (Module I), while in the following terms each student can choose from a variety of elective courses (Module II).

- Module III of the program consists of two seminars and the completion of the Master's Thesis. The first seminar takes place during the first and second term. In this seminar students become familiar with the presentation and discussion of applied economics articles and economic policy issues.

- The Research Workshop takes place during the second year and lays the foundations of how to develop rigorous research work in an autonomous way. This workshop prepares students for the elaboration of their Master's thesis.

- The Master's thesis is an original research work on a topic chosen by each student and developed under the guidance of a professor with research experience in the chosen field of study. The entire sixth term is reserved for this purpose.

- The students' education is complemented by numerous conferences (LINK) and research seminars (LINK) with guest speakers that are organized throughout the academic year.

- During the summer between the first and second year of the Master's program, students have the option to carry out internships in financial firms, non-financial institutions and public bodies, or collaborate as research assistants on a project of one of our professors.

AF1.- Theory classes

AF2.- Practical classes

AF3.- Oral presentations

AF4.- Tutorials

AF5.- Studying the theoretical content of the course

AF6.- Problem set solving

AF7.- Preparation of class presentations

AF8.- Research work

AF9.- Study of relevant economic literature.

MD1.- Theoretical classes

MD2.- Problem sets

MD3.- Essay writing

MD4.- Feedback of work presented by students

SE1.-Problem sets

SE2.- Presentations

SE3.- Evaluation of the Master´s thesis

SE4.- Exams

In the 2006-2007 academic year, by virtue of the agreement signed between the Menéndez Pelayo International University (UIMP) and the Center for Monetary and Financial Studies Foundation (CEMFI), the Master's Degree in Economics and Finance started to be offered.

This official degree is a continuation of the Postgraduate Studies Program that CEMFI had been offering since 1987. From the 2007-2009 edition, the Master's Degree has been taught entirely in English. The program was positively verified by the Ministry of Education in 2009 and the syllabus was amended in 2012 and 2022 to align it with the changes in demand of our graduates.

The Master's Degree is a response to the great demand for highly qualified professionals in economics and finance, arising from the modernization drive in the Spanish economy, and the increasing levels of specialized training requested by public and private institutions, both in Spain and in the rest of the world.

In line with this great demand, the number of applications is high relative to the number of students that can be admitted, depending on the resources available (more than 20 applications per student). The diversity of applications, and of students eventually accepted, is very wide, both in terms of geography and academic background. The student body is highly international, with representation from almost every continent on a consistent basis.

The most outstanding aspect of the Master’s program is the combined focus on applied topics and economic policy, with a particular emphasis on analytical and quantitative approaches requiring solid knowledge in economic theory, and relevant economic, econometric, and computational techniques. Alongside the chance to select elective subjects that better meet student preferences, this focus has enabled graduates to enjoy excellent professional opportunities and take up important technical and managerial positions in the public and private sector, as well as at universities. All this ends with a wide range of job offers, a good match between these and the studies, and a rapid placement of students in the professional and academic market. For more information on these topics, please visit Cemfi’s website at (LINK).

G1 - Demonstrate solid knowledge of economic theory, and the relevant economic, econometric and computational techniques.

G2 - Know how to apply the knowledge acquired and be able to use problem-solving abilities in new or relatively unknown settings within wider or multidisciplinary contexts related to economics and finance.

G3 - Integrate knowledge and tackle the complexity involved with making judgements based on incomplete or limited information, and which includes reflections on the social and ethical responsibilities tied to the application of one's knowledge and judgement.

G4 - Critically analyse, assess and summarise new and complex ideas related to empirical theories and methodologies in the field of economics.

G5 - Design and carry out an advanced academic research project, formulating reasonable hypotheses in the field of economics.

G6 - Give clear and unambiguous oral presentations of scientific and technical work on economics to specialised and non-specialised audiences.

G7 - Produce suitable written compositions, as well as work projects or scientific articles.

G8 - Organise and plan one’s own work, fostering initiative and an entrepreneurial spirit.

G9 - Become part of work groups dedicated to economic research projects.

G10 - Demonstrate sufficient independence, and study and summary skills so that after the master’s programme, students are able to undertake a PhD in the field of economics.

EP1 - Be aware of the main mathematical methods used in economics at graduate level.

EP2 - Be aware of the main statistical methods used in economics at graduate level.

ET1 - Rigorous and full knowledge of the main mathematical methods used in economics.

ET2 - Have an in-depth knowledge of how fundamental microeconomic actors, consumers and producers behave, and the main results of the concept of general competitive equilibrium. Possess basic knowledge in game theory with complete information.

ET3 - Be aware of the main modern information economy models, based on analysis of choices in situations of uncertainty and game theory with incomplete information.

ET4 - Have basic knowledge of macroeconomics through structure analysis and what the main reference models imply.

ET5 - Possess the necessary statistical knowledge to be able to follow econometrics courses and topics with statistical content from other courses on the programme, with regard to the basic concepts of probability theory, inference and asymptotic theory, with particular reference to regression models.

ET6 - Know the main estimation and inference models and methods used in econometrics, both for time series, and cross-cutting and panel data.

EO1 - Be aware of the theory of the firm and the main industrial economics models, as well as their main applications.

EO2 - Be aware of the main job market models and available empirical evidence.

EO3 - Master the analytical tools explained on the course in industrial economics, in order to analyse market failures and the corresponding competition regulation and promotion policies.

EO4 - Be aware of the main models and empirical evidence about economic development, specifically with regard to agriculture, and market and institutional failures.

EO5 - Be aware of the theory of optimal taxation, and empirical models and results regarding the effects of taxation on how households and businesses behave, as well as public spending theory and welfare programmes.

EO6 - Be aware of the economic theory on how land and housing markets, local governmental and territorial development operate.

EO7 - Be aware of advanced theories and models on modern macroeconomics.

EO8 - Be aware of the main open economy models, specifically relating to the interaction between fiscal and monetary policies, and exchange rate policy.

EO9 - Be familiar with the main macroeconomic phenomena, how they are measured through national and international statistical resources, and forecasting through advanced statistical techniques.

EO10 - Use modern macroeconomic quantitative techniques to assess the impact of different economic policies on the principal macroeconomic aggregates, and income and wealth distribution.

EO11 - Be aware of modern applied econometric methods, specifically autoregressive and dynamic general equilibrium models, with a particular focus on Bayesian econometric models.

EO12 - Be aware of the appropriate econometric models to describe and forecast different economic time series, as well as analyse the relationships between them suggested by economic theory.

EO13 - Be aware of the suitable econometric techniques to model behaviour of individual economic agents at theoretical and applied level, with a view to understanding the interaction between models, data and methods.

EO14 - Possess knowledge regarding the interaction between theoretical models, data and econometric methods outlined by applied work, analysing representative articles on different ways to approach empirical work in micro- and macroeconomics.

EO15 - Possess in-depth knowledge on the methods used in estimating models for financial markets.

EO16 - Be aware of the main risk assessment models and their use in different financial instruments.

EO17 - Master advanced asset valuation models for both fixed income and equity, and derivatives, with a particular focus on methods based on arbitrage valuation, stochastic calculus and changing probability measures.

EO18 - Be familiar with analysing business finance decisions and other aspects of their relationship with capital markets, especially information problem-based theories.

EO19 - Be aware of the most characteristic features of micro- and macroeconomics, and the operation and regulation of banking activities from a perspective of modern financial intermediation theories.

EO20 - Master interest rate and exchange rate risk analysis, and well as those risks arising from an equity portfolio, using derivative assets for hedging.

EI1 - Be aware of the interaction between theoretical models, data and econometric methods outlined by applied work, analysing different ways to approach empirical work in micro- and macroeconomics with specific applications.

EI2 - Be aware of some of the current major problems in economic policy, using economic analysis instruments and debating their applicability to specific economies.

EI3 - Formulate and develop original research on an economic topic, and write a final master’s thesis based on this research.

The Master's Degree in Economics and Finance is especially aimed at graduates in Economics, Business Administration, Engineering, Mathematics or Physics.

The main objective of the Master's Program is to prepare high-level specialists in economics and finance, who can either enter highly qualified jobs in a wide range of economic sectors or continue their postgraduate studies in order to obtain a PhD degree.

Master's students acquire the quantitative tools and research skills needed to work as economists in private financial and non-financial firms, the public sector and academia. The Master's degree provides a strong signal on the quality of our graduates, which is regularly endorsed by the market. Our graduates obtain excellent jobs in areas such as portfolio and risk management, macroeconomic forecasting, consulting, policy evaluation, or as data analysts.

CEMFI has an experienced and efficient placement service, which puts in its best efforts to help graduates find jobs suited to their preferences. Students receive information on a variety of offers and support in their search process. This whole process results in good academic and professional career opportunities. For more information on these topics, please visit the Cemfi website (LINK).

Admission with an official degree from Spain or the European Higher Education Area (EHEA): admission to the Master’s Programme in Economics and Finance requires applicants to hold an official university degree from Spain or from a higher education institution in another EHEA state that enables them, in the qualification issuing country, to be admitted to university master’s programmes, with a particular preference for graduates in economics, business administration, engineering, mathematics or physics.

Admission with a non-EHEA university degree: candidates from non-EHEA education systems may be admitted without having to validate their qualifications, providing they accredit a training level equivalent to official Spanish university qualifications that allow them to be admitted to postgraduate training in the issuing country for their qualification. Admission of these students requires a favourable resolution issued by the Vice Chancellor.

The Vice Chancellor’s decision shall in no way imply validation of the previous qualification held by the candidate, nor its accreditation for other purposes except for taking the master’s programme.

Admission applications must be submitted through the ‘Online Pre-registration’ section on the CEMFI website.

Universal access shall be ensured, and students with disabilities shall have the necessary resources and support to be able to properly undertake the master’s programme. For this purpose, they shall be asked to indicate their specific needs during pre-registration.

Please see the following link for the UIMP Protocol for supporting students with specific educational needs due to disability.

The admission process will assess:

a) Academic training (50%): an analysis of candidates’ academic record is undertaken, as well as their results in the General Test for Graduate Record Examinations (GRE) run by the Educational Testing Service.

b) Reference letters (20%): at least two letters of reference are required from lecturers who have closely followed applicants’ university studies.

c) Knowledge of English (20%): since the master’s programme is taught in English, a sound knowledge of the language is required. Students whose first language is not English must provide recent accreditation of their skills. The most direct method is by submitting their mark in the Test of English as a Foreign Language (TOEFL), administered by the Educational Testing Service. Alternatively, they may submit Proficiency or Advanced certificates from the University of Cambridge, or the International English Language Testing System (IELTS) from the British Council.

d) Statement of objectives (10%): applicants must briefly set out their motivations and objectives (500-600 words) in taking the master’s programme, and explain the link it has to their previous training and the direction of their academic or professional career.

The Academic Commission for the Master’s Programme is the body charged with reviewing and assessing submitted applications and approving proposed candidates for admission, in line with the aforementioned criteria.

A meeting will be held on the first day of the course with the CEMFI director to inform students about how the master’s programme is organised, the academic calendar, assessment and tutorial systems, and available resources (library, computers, etc.).

An opening ceremony for the academic year will take place in the first week of the course, where a top-flight guest researcher will speak, followed by a reception to foster initial contact between first- and second-year students, and students and lecturers. A tutor will also be assigned to each student. Tutors will be CEMFI lecturers who meet students at least once a term and are always available for advice on any issue that may arise, be it academic or personal in nature.

The CEMFI Student Office supports admitted students in finding different types of accommodation. Specifically, it provides information on cut-price hotels to stay at whilst they search for longer term accommodation; specialised agencies in flat lets who can speak to clients in English; people who have rented flats to CEMFI students in recent years, and e-mail addresses for first- and second-year students who are interested in flat shares. It also provides students with information about the cost of living in Madrid and companies who offer Spanish courses.

Guillermo Caruana Húder, Full Profession in Economics, Boston University

Isabel Redondo Ramos, Academic Coordinator, (CEMFI)

Contact e-mail: master@cemfi.es

The CEMFI has 15 full-time lecturers who teach on the master’s programme, and supervise master’s and PhD theses. All hold PhDs and are active cutting-edge researchers in their respective specialised fields. Some are or have been editors at top academic journals and members of scientific associations, such as the Econometric Society, the European Economic Association, the Spanish Economics Association or the Spanish Finance Association.

The ratio of students to lecturers at the CEMFI varies between four and five. In this sense, lecturers are able to dedicate a large amount of time to each student. This is particularly important for master’s theses, where lecturers provide detailed guidance throughout the entire research process.