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.

Top 3 reasons to study here

  • CEMFI stands on a faculty of seventeen professors who are active and internationally renowned researchers in their fields of specialization.
  • Excellence in education is one of CEMFI’s hallmarks.
  • The work of our faculty is complemented by the contribution of regular and occasional academic visitors, and by the support of our qualified administration.



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


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 and PhD in Economics. In addition, we organize a Summer School every year offering intensive courses for those who want to receive a first-hand update of their training from professors with recognized research proficiency in the corresponding fields of study.


  • 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.

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!


Student services

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

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.

Housing services

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. 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.

Library services

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.

ICT services

CEMFI has a computer lab that Summer School participants can access.

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.


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

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Other Degrees

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