Tuesday, 21 December 2010

Spain:CEMFI Master in Economics and Finance 2011-2013

he Master in Economics and Finance AT CEMFI is a 2-year full-time program intended to prepare students for a wide range of careers in the public and the private sectors. It also serves as the first two years of the PhD in Economics at CEMFI. This flexibility is very attractive to many students that initially are not sure whether they would like to follow a professional or an academic track. The program is taught in English.

The distinctive feature of the program is the combination of an orientation towards applied and policy issues with a strong emphasis on analytical and quantitative approaches to these issues. This requires a solid understanding of the relevant economic, econometric, and computational techniques. The faculty teaching the courses are all active researchers at the frontier of their area of expertise. About 25 students are enrolled each year, which allows for close interaction with CEMFI’s faculty.

The Master in Economics and Finance at CEMFI is an official degree granted by Universidad Internacional Menéndez Pelayo (UIMP) according to the regulations of the Spanish Ministerio de Educación.

Each academic year is divided into three 10-week terms. Courses are concentrated in the first five terms, with three courses per term. Each course comprises three hours of lectures and one and a half hours of problem set classes per week. The sixth term is fully devoted to research work on the Master thesis that students must submit at the end of the program. In addition, 2-week introductory courses in Mathematics and Statistics are taught in September of the first year.

The first two terms contain the core courses, while in the next three terms a wide range of elective courses are offered. The electives are grouped into four areas of specialization: Microeconomics, Macroeconomics, Econometrics, and Finance. The choice of electives does not have to be concentrated in one of these areas, so students can decide their own degree of specialization.

In the summer between the first and the second year students are offered a Summer internship at a financial institution, a consultancy firm, a public sector department, or collaborating as a research assistant for a project of a faculty member.

In addition, from the second to the fifth term there is a workshop in which students present and discuss applied economics papers and debate papers on economic policy issues. Throughout the year there is a series of invited lectures and several series of research seminars that students regularly attend.

Tuition fees

The tuition fee for the Master in Economics and Finance 2011-2013 is EUR 3,654 per year. This figure may be adjusted by a limited amount, following regulations of the Spanish education authorities.

Exemption from tuition and scholarships

CEMFI may grant students exemptions of the tuition fee and/or scholarships for living expenses amounting up to EUR 10,000 per year. Exemptions and scholarships are granted according to academic merit. Some of this support is funded by a set of sponsoring institutions. Applications for funding will not affect the student’s chances of being admitted in any way.

Applicants of the Master are encouraged to apply directly for external scholarships for graduate programs. These scholarships usually have very early application deadlines. Therefore, we highly recommend students to apply well in advance.

Some institutions awarding scholarships to Spanish and EU students are: Banco de España, Fundación la Caixa, Fundación Rafael del Pino, Generalitat de Catalunya,Gobierno Vasco, and the Spanish Ministry of Labour (Reina Sofía Scholarships).

After enrolling in the Master these students can also apply for a scholarship from the Spanish Ministry of Education.

Non-EU students (including Latin American students) should consult the Spanish Ministry of Foreign Affaires website for the MAEC-AECID scholarships.

Scholarships for Latin American students

The Fundación Carolina, in cooperation with the Fundación BBVA, has endowed four scholarships for Latin American students of the Master. The scholarships amount to EUR 1,200 per month for housing and subsistence, over 19 months, plus 2 additional months for those students who participate in a Summer internship program. The scholarships cover the cost of a roundtrip tourist-class ticket from the student’s country of residence and medical insurance (excluding prescriptions). They also cover the Master’s tuition.

The application is fully online, through the Fundación Carolina website.

Subsidized loans

The Spanish Ministry of Education subsidizes loans in a set of banking institutions, for which students of any nationality, with residence in Spain, who enrol in graduate studies may apply.


Applicants must have finished or be about to finish an undergraduate university degree. Final admission will be subject to having obtained the degree by September 2011. A good knowledge of English is required, since the Master is taught in this language.

These documents must reach CEMFI by 4 April 2011.
Need help? Please write to admissions@cemfi.es.
Selection process
A committee will be in charge of the admission process. The committee will take into account undergraduate grades, letters of reference, GRE results, knowledge of English, and any other information supplied by the candidate.
Applications arriving by 4 February 2011 will be considered for a first round of decisions. Further decisions may be made on a rolling basis thereafter.
Candidates within short-haul travel distance from Madrid may be asked to take an admission test on 29 April 2011 and have a personal interview on 30 April 2011. The test will be in English.
The final round of decisions will be made no later than 6 May 2011. Early application is strongly encouraged.
Application period: 27 October 2010 to 5 April 2011.
Decisions period: 4 February 2011 to 6 May 2011.
Further Details:http://www.cemfi.es/studies/master/program.asp?lang=en

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