CEMFI was created by the Bank of Spain in 1987 as a response to the perceived need of highly qualified specialists in economics both in the Bank and elsewhere in the Spanish economy. In 1991 CEMFI became an independent non-profit foundation, devoted to teaching and research in economics, with special reference to monetary and financial issues. For many years our Master in Economics and Finance was a private degree, and CEMFI PhD students defended their doctoral thesis at several Spanish universities, normally by virtue of arrangements set on case-by-case basis. In 2006 CEMFI signed an agreement with Universidad Internacional Menéndez Pelayo (UIMP) under which the studies of Master and PhD undertaken at CEMFI lead to official degrees, according to the regulations of the Spanish Ministry of Education.
  • 1 Masters
  • Private Institution Type

About

CEMFI is an institution created by the Bank of Spain and devoted to graduate education and research in Economics.

Study programs

CEMFI offers, jointly with Universidad Internacional Menéndez Pelayo (UIMP), a high-quality graduate program leading to the official degrees of:

  • Master in Economics and Finance: Two-year full-time program which prepares students for a wide range of academic and professional careers. International students comprise about two-thirds of the entering class. The majority of graduates go on to PhD studies either at CEMFI or at other first-rate academic institutions all over the world. The rest find jobs with financial corporations, consulting firms, and official institutions.
  • PhD in Economics: This program trains researchers to make independent, innovative, and significant contributions to scientific knowledge in Economics. After completing the Master, students work on a PhD dissertation during three or four years. Graduates are placed at first-rate universities and research centers, as well as nonacademic institutions.

In addition, we organize a Summer School offering intensive courses providing practitioners and academics with an opportunity to update their training in fields within CEMFI's range of expertise.

Faculty

CEMFI professors are active and internationally renowned researchers in their fields of specialization. Over the past five years their articles in scientific journals have been cited more than five times the worldwide average and they regularly publish in Economics top journals.

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.

CEMFI’s research excellence is evidenced by various facts:

  • The long list of papers published in top journals, including American Economic Review, Econometrica, the Journal of Political Economy, the Review of Economic Studies, the Quartely Journal of Economics, and the main top field journals.
  • CEMFI professors who are or have been managing editors, co-editors or associate editors in reputed journals such as the Review of Economic Studies, the Journal of the European Economic Association or the Journal of Applied Econometrics.
  • CEMFI professors who belong or have belonged to executive committees of scientific associations such as the Econometric Society or the European Economic Association, and take part in the organizing or scientific committees of major international congresses and conferences.

The high profile of the presenters, discussants and panellists who participate in our seminars and conferences is yet another indicator of the quality of our research environment.

Research

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.

CEMFI’s research excellence is evidenced by various facts:

  • The long list of papers published in top journals, including American Economic Review, Econometrica, the Journal of Political Economy, the Review of Economic Studies, the Quartely Journal of Economics, and the main top field journals.
  • CEMFI professors who are or have been managing editors, co-editors or associate editors in reputed journals such as the Review of Economic Studies, the Journal of the European Economic Association or the Journal of Applied Econometrics.
  • CEMFI professors who belong or have belonged to executive committees of scientific associations such as the Econometric Society or the European Economic Association, and take part in the organizing or scientific committees of major international congresses and conferences.

The high profile of the presenters, discussants and panellists who participate in our seminars and conferences is yet another indicator of the quality of our research environment.

Master's Programmes

Business & Management (1)
Social Sciences (1)

Many organisations offer scholarships or grants. Some of these might help you to study for a Master at CEMFI!

Services

Note: These services do not apply to the CEMFI Summer School.

Accommodation

CEMFI provides admitted students with a list of inexpensive hostels for short-term stays while looking for accommodation. We also provide information on rental agencies with English-speaking staff. Students usually rent apartments, typically sharing the rental among several classmates or with students from previous cohorts. We facilitate contact with owners who traditionally rent apartments to our students and provide incoming students with the email addresses of other CEMFI students, so that they can coordinate before arriving in Madrid.

CEMFI Summer School participants who need hotel accommodation in Madrid are advised to book their rooms well in advance due to the large amount of visitors the city receives at the end of the summer. For participants looking for low cost alternatives, there are a number of university halls of residence that allow for short stays during the summer at quite affordable prices. See the Summer School website for details.

Visa

Foreign students who need a visa have access to the services of a specialized law firm.

Counseling

Each student is assigned a tutor who provides academic and personal counseling. Specific faculty members coordinate the assignment of summer internships and master thesis supervision, as well as placement.

Libraries

CEMFI's library contains the most relevant books and journals and it provides electronic access (via JSTOR) to the complete series of the most relevant scientific journals in economics. CEMFI students can also visit the library of the Bank of Spain, which is specialized in economics and offers excellent coverage of publications devoted to monetary and banking topics.

Computing

There is a computer room and a cluster for intensive data computing. Students who request it are provided with their own portable computer. All computers have the specialized software needed for the program of study installed or have access through a server.

Student Life

Madrid is one of the world's most exciting capital cities, bustling with artistic and cultural events such as art shows, concerts and sports events.

CEMFI is located in a quiet but very central area, between the Retiro Park and the Prado Museum, in a beautiful listed building dating from 1887.

Accommodation

Students usually rent apartments, typically sharing the rental among several classmates or with students from previous cohorts. We facilitate contact with owners who traditionally rent apartments to our students.

Cost of living

In comparison to other cities in Spain, living in Madrid is not cheap, but it still compares well with other Western European capitals. CEMFI estimates the cost of living in Madrid from information provided annually by its own students. We estimate that students should reserve at least EUR 850 per month for living costs (i.e. EUR 8,500 for a 10-month academic year). Accommodation in an apartment shared with other students will typically account for between EUR 350 and EUR 500 of the monthly costs.

Transportation

Madrid has an excellent public transport system (tube, buses and suburban trains) and a relatively cheap and abundant taxi service. There are monthly public transport passes that, at affordable prices, allow for unlimited travelling in different modes of transportation within their zones of reference.

Accreditation

Degrees awarded:

Master Degree in Economics and Finance, awarded jointly with Universidad Internacional Menéndez Pelayo (UIMP).

PhD in Economics, awarded jointly with Universidad Internacional Menéndez Pelayo (UIMP).

Both degrees have been recognized by the Spanish Education authorities within the framework of the Bologna Process.

The Global Study Awards

Together with the ISIC Association and British Council IELTS, StudyPortals offers you the chance to receive up to £10000 to expand your horizon and study abroad. We want to ultimately encourage you to study abroad in order to experience and explore new countries, cultures and languages.

Other Degrees

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