The Master lasts for two academic years (120 ECTS). Each academic year is divided into three ten-week terms.

• Courses take place during the first five terms, with three courses per term. Starting in the third term, all courses are elective, which gives students a high degree of flexibility in choosing their preferred areas and in deciding their own degree of specialization. The sixth term is fully devoted to research work on a Master Thesis.

• The Master comprises 34 courses. The two preliminary courses take place in September, right before the beginning of the first term. In the first two terms all courses are mandatory (obligatoria). The 24 courses in Module II are all elective (optativa), with the students having to choose nine courses in that module, three in each of the last three terms. Two of the courses are workshops, in which students present and discuss applied and policy papers.

• The first workshop takes place in the second and third terms, and the second one in the fourth and fifth terms.

• The sixth term is fully devoted to research work conducive to a Master thesis.

• The set of training opportunities at the master is completed with a series of  invited lectures short courses, and several series of research seminars organized throughout the academic year.

• In the summer between the first and the second year students are offered either a summer internship at a private or public institution or to collaborate as a research assistant in a faculty member's

• The Master Thesis is an original research piece in the field chosen by the student. Each student is assigned an adviser who helps him or her in identifying a suitable research topic and oversees the whole process. The Master Thesis defense takes place in a public session.

AF1.- Theoretical classes

AF2.- Practical classes

AF3.- Oral presentations

AF4.- Tutorials

AF5.- Study of theoretical course content

AF6.- Solving practical exercises

AF7.- In-class preparation of presentations

AF8.- Research project

AF9.- Study of relevant economic literature

MD1.- Theoretical classes

MD2.- Exercises

MD3.- Writing essays

MD4.- In-class discussion of projects presented by students

SE1.- Exercises

SE2.- Presentations

SE3.- Evaluation of End of Master's Project

SE4.- Exams

The Master's Degree in Economics and Finance began to be offered during the 2006-2007 academic year, by virtue of the agreement signed between the Menéndez Pelayo International University (UIMP) and the Fundación Centro de Estudios Monetarios y Financieros (CEMFI).

This degree is a continuation of the postgraduate studies program that the CEMFI had been offering since 1987. Since the 2007-2009 edition the Master's has been offered completely in English. The Master's was positively verified by the Spanish Ministry of Education in 2009 and the studies program was modified in 2012 to adjust to the change demanded by graduates.

The Master's responds to the large demand for highly qualified professionals in economics and finance, derived from the impetus of modernization in the Spanish economy and the growing levels of specialized training demanded by public and private institutions, both in Spain and around the world.

In accordance with this high demand, the number of applications is usually high in relation to the number of students who can be accepted which depends on available resources. During the 2013-2014 academic year there were 276 applications and 24 students enrolled, in other words 9% of applicants. The universities students are coming from has also notably diversified as during the two course of said academic year, students came from twelve different countries belonging to the following areas: 45% from Spain, 14% from Europe excluding Spain, 25% from Asia, 14% from Latin America and 2% from the rest of the world.

The most notable aspect of the Master's is the combination of an orientation towards applied topics and economic policy with a large emphasis on analytical and quantitative focuses which requires solid knowledge of economic theory and relevant economic, econometric and computational techniques. This focus, along with the possibility of selecting elective lessons which best respond to student preferences, has given graduates excellent professional opportunities and allowed them to fill relevant technical or managerial positions in the public sector, private sector or at universities. At the same time, we must point out that the demand for graduates from the Master's has increased significantly over the last few years which shows the wide range of job offers and the rapid placement for all of them.

Graduates from the Master's Degree in Economics and Finance have gone on to professional careers in the public and private sectors, both financial and non-financial, as well as academic careers, pursuing doctorates in the UIMP-CEMFI Doctoral Program in Economics or other doctoral programs, often in the best economics departments in the world.

The breakdown for graduates in 2012 and 2013 is as follows: 51% in doctoral programs, 16% in non-profit public institutions, 13% in consulting companies, 11% in private financial companies and 7% in other areas.

The list of entities offering employment includes the American Chamber of Commerce in Beijing, Banco de Crédito de Perú, Banco Sabadell, Banco Santander, BBVA, Compass Lexecon, NERA and The Brattle Group. Central banks include: Banco Central de Reserva del Perú, Banco Central del Uruguay, Banco Mundial and Bank of England.

Finally, some of the universities which students have studied at for doctoral programs include: Boston University, New York University, Northwestern University, Paris School of Economics, Stanford Graduate School of Business, University College London, University of California, Berkeley, University of Maryland, University of Minnesota and Wharton School of the University of Pennsylvania.

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

G2 - Apply acquired knowledge and ability to problem solve in new or unfamiliar environments within wider or multidisciplinary contexts related to the study of economics and finance.

G3 - Integrate knowledge and face the complexity of forming judgments from limited or incomplete information which includes reflections on social or ethical responsibility tied to applying economic knowledge and judgement.

G4 - Critically analyze, evaluate and synthesize new and complex ideas in relation to empirical theories and methodologies in the area of economics.

G5 - Design and complete a research project at a high academic level, forming a reasonable hypothesis, in the area of economics.

G6 - Orally present scientific and technical projects in economics to specialized and non-specialized publics, in a clear and unambiguous way.

G7 - Adequately complete written compositions and projects or scientific articles.

G8 - Organize and plan their own work, fostering initiative and entrepreneurial spirit.

G9 - Integrate in work groups dedicated to economic research projects.

G10 - Show the sufficient ability for study, synthesis and autonomy in order to, once having completed the Master's, complete a doctoral thesis in the area of economics.

EP1 - Know the main mathematical methods used in economics at the graduate level.

EP2 - Know the main statistic methods used in economics at the graduate level.

ET1 - Have a rigorous and complete familiarization with the main mathematical methods used in economics.

ET2 - Have a deep familiarization with the behavior of basic microeconomic agents, consumers and producers, and the main results of the general competitive equilibrium theory. Possess the basic knowledge of the games theory with complete information.

ET3 - Be familiar with the main models of modern information economics, based on selection in conditions of uncertainty and the games theory with incomplete information.

ET4 - Have basic macroeconomics knowledge through analyzing the structure and implications of the main reference models.

ET5 - Have the necessary statistic knowledge to be able to follow econometrics courses and the topics with statistic content for other courses in the Master's with regard to the basic concepts of the theory of probability, inference and asymptotic theory, especially referring to regression models.

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

EO1 - Be familiar with company theory and the main models of industrial economics and their main applications.

EO2 - Be familiar with the main models of job markets and available empirical evidence.

EO3 - Master the analytical tools presented in the industrial economics course to analyze market failures and the corresponding regulation policies and fostering of competition.

EO4 - Be familiar with the main models and empirical evidence for economic development, especially related to agriculture and market and institutional failures.

EO5 - Be familiar with the optimal imposition theory and the models and empirical results of the effects taxes have on the behavior of homes and businesses, as well as the theory of public expense and wellness programs.

EO6 - Be familiar with the economic theory of the functioning of land markets and housing markets, local government and space development.

EO7 - Be familiar with the theories and advanced models of modern macroeconomics.

EO8 - Be familiar with the main open economics models, especially with regard to the interaction between fiscal and monetary policies and foreign exchange policy.

EO9 - Be familiar with the main macroeconomic phenomena, their measurement through national and international statistic sources and their prediction using advanced statistical techniques.

EO10 – Evaluate the impact of different economic policies on the main economic aggregates and on the distribution of equity and wealth using modern quantitative macroeconomics techniques.

EO11 - Be familiar with the methods of modern applied econometrics, particularly auto-regressive models and models of general dynamic equilibrium, paying special attention to methods of Bayesian econometrics.

EO12 - Be familiar with the appropriate econometrics models to describe and predict different economic time series as well as to analyze the relationships between them which are suggested by economic theory.

EO13 - Be familiar with appropriate econometric techniques to model the behavior of individual economic agents, at the theoretical and applied level, in order to understand the interaction between models, data and methods.

EO14 - Possess knowledge about the interaction between theoretical models, data and econometric methods which characterize applied work, analyzing articles which are representative of different ways to complete empirical work in micro and macroeconomics.

EO15 – Thoroughly know the methods used to estimate financial market models.

EO16 - Be familiar with the main models for evaluating risk and their application to different financial instruments.

EO17 - Mastering advanced methods for evaluating assets, both for fixed and variable and derivative income, especially those methods based on evaluation by arbitration, stochastic calculation and the measurement of probability.

EO18 - Be familiar with the analysis of funding decisions of companies and other aspects related to capital markets, especially theories based on information problems.

EO19 - Be familiar with the most characteristic aspects, both for micro and macroeconomics, for the functioning and regulation of banking activity from the perspective of the modern theories for financial brokerage.

EO20 - Master the analysis of risk for interest rates, exchange rates and those which originate from an equity profile, using derivatives for their coverage.

EI1 - Possess knowledge about the interaction between theoretical models, data and econometric methods which characterize applied work, analyzing different ways to complete empirical work in micro and macroeconomics.

EI2 - Be familiar with some of the main problems which currently exist in economic policy, using economic analysis instruments and discussing their applicability in specific economies.

EI3 - Pose and complete original research about an economic topic and write an End of Master's Project based on this research.

Admission to the Master program requires an undergraduate university degree, with a special preference for degrees in Economics, Business Administration, Engineering, Mathematics, or Physics.

The objective of the Master Program is to provide students with a research foundation enabling them to pursue a PhD degree and to prepare them for highly-qualified positions in a wide range of jobs in the public and private sectors.

Our Master students acquire the quantitative tools and the research skills to work as economists in academia, as well as in business, finance, and government. Upon finishing the Master, most students pursue a PhD degree. Their preferred and growing choice is to continue their doctoral studies at CEMFI. Some of our graduates alternatively choose to continue their studies at other institutions, taking advantage of the excellent reputation of our Master.

CEMFI also devotes its best efforts to help those graduates who take the Master as their final degree to find jobs suited to their preferences in first-rate firms and institutions seeking high profile economists. Our placement office provides information on job vacancies that are appropriate for our students and supports job seekers throughout their search process.

Access with an official university degree from Spain or the European Higher Education Area (EHEA): Admission to the Master's Degree in Economics and Finance requires an official university degree from Spain or another higher education institution belonging to another Member State of the EHEA which grants access to study a Master's Degree in the country of origin.

Special preference will be given to degrees in Economics, Business Administration, Engineering, Mathematics, or Physics. Applicants should either have finished or be about to finish their undergraduate degree.

Access with a university degree from outside the EHEA: Students with degrees from education systems outside the EHEA can be accepted without requiring official recognition of their degrees by accrediting that the level of studies is the equivalent to that of official university degrees in Spain and that the degree allows access to postgraduate studies in the country of origin. Access for these students depends on a favorable decision from the Rector. The decision by the Rector will never imply official recognition of the degree the student possesses nor its recognition for purposes other than to study the Master's Degree.

To submit your application you must fill in the On-line Application, which you can find at CEMFI.

Special educational needs

Universal accessibility will be guaranteed and the necessary resources and support will be monitored for those students with disabilities in order to assure the correct completion of the Master's. We ask that these students indicate their specific needs when enrolling.

In this link you can consult the UIMP Protocol for the attention of students with specific educational needs.

The admissions committee will take into account the following information:

a) Undergraduate grades and the scores in the Graduate Record Examination (GRE) General Test (50%).

b) Two reference letters written by professors who have followed the applicant's studies closely (20%).

c) Scores of the Test of English as a Foreign Language (TOEFL) or the British Council International English Language Testing System (IELTS), for applicants whose native language is not English (20%). Admission to the Master requires being fluent in English because the program is taught in this language.

d) The statement of purpose, a curriculum vitae, and any other additional information supplied by the candidate (10%).

The Academic Committee for the Master's will be in charge of examining and evaluating admission applications and approving the accepted candidates according to the previously mentioned criteria. The Academic Committee will publish a list of accepted students each academic course on the UIMP web site.

On the first day of the course the Director of CEMFI will hold a meeting to inform students about how the Master's is organized, the academic calendar, the evaluation systems, tutorials and the available resources (library, computers, etc.).

During the first week of the course there will be an opening ceremony for the academic year in which a frontline invited researcher will give a conference which will be followed by a reception which will serve as the first contact between students in the first and second courses and between students and professors. Each student will also be assigned a tutor who is a professor from the CEMFI who will meet with the student at least once per trimester and always be available to help students regarding any topic that may come up of an academic or personal nature.

The CEMFI Student Secretary will help accepted students find housing in several ways. Specifically, students will be provided information about: reduced-rate hotels for the period spent searching for housing, specialized renting agencies who help clients in English, people who have rented apartments to CEMFI students in previous years and the email addresses for students in the first and second course who are interested in sharing a rented apartment. Students will also be provided with information about the cost of living in Madrid and about companies dedicated to teaching Spanish.

Guillermo Caruana Húder, Boston University

Isabel Redondo Ramos, Center for Monetarly and Financial Studies (CEMFI)

Contact E-mail: admissions@cemfi.es

CEMFI has 15 full-time professors who teach the Master courses and supervise the Master and PhD theses. They all hold PhD degrees and are active researchers in the forefront of their areas of expertise. Some of them are or have been Editors or Associate Editors of leading academic journals and members of the councils of learned societies, such as the Econometric Society, the European Economic Association, the Spanish Economic Association, or the Spanish Finance Association.

At CEMFI the faculty-student ratio is between four and five to one. Thus professors can devote plenty of attention to each student.

This is particularly important for the Master Thesis, where the faculty provides detailed guidance during the research process.

Coordinating Professors

Dante Amengual, Princeton University

Manuel Arellano, London School of Economics

Dmitry Arkhangelsky, Stanford Graduate School of Business

Samuel Bentolila, Massachusetts Institute of Technology

Guillermo Caruana, Boston University

Susanna Esteban Tavera, University of Rochester

Sebastián Fanelli, Massachusetts Institute of Technology

Nezih Guner, University of Rochester

Gerard Llobet, University of Rochester

Pedro Mira, University of Minnesota

Mónica Martínez-Bravo, Massachusetts Institute of Technology

Josep Pijoan-Mas, University College London

Diego Puga, London School of Economics

Rafael Repullo Labrador, London School of Economics

Enrique Sentana, London School of Economics

Javier Suárez Bernaldo de Quirós, University Carlos III of Madrid

Tom Zohar, Center for Monetary and Financial Studies (CEMFI)

Faculty member / PhD degree

Dante Amengual, Princeton University

Manuel Arellano, London School of Economics

Dmitry Arkhangelsky, Center for Monetary and Financial Studies (CEMFI)

Samuel Bentolila, Massachusetts Institute of Technology

Daniel Arribas-Biel, University of  Liverpool

Guillermo Caruana, Boston University

Susanna Esteban Tavera, University of Rochester

Sebastián Fanelli, Massachusetts Institute of Technology

Nezih Guner, University of Rochester

Gerard Llobet, University of Rochester

Mónica Martínez-Bravo, Center for Monetary and Financial Studies (CEMFI)

Pedro Mira, University of Minnesota

Juan Mateo Montenegro Zarama, Center for Monetary and Financial Studies (CEMFI)

Morten Overgaard Ravn, University Southampton

Josep Pijoan-Mas, University College London

Diego Puga, London School of Economics

Rafael Repullo Labrador, London School of Economics

Pau Roldán Blanco, Bank of Spain

Enrique Sentana, London School of Economics

Javier Suárez Bernaldo de Quirós, University Carlos III of Madrid

Tom Zohar, Center for Monetary and Financial Studies (CEMFI)