Course(s) Offered: Economics, Finance
Course Level: Masters, PhD
Country to Study in: Spain
The Centro De Estudios Monetarios Y Financieros (Center for Monetary and Financial Studies -- CEMFI) offers Master and PhD programs to Spanish, EU and non-EU students. CEMFI Master and PhD are very demanding and prestigious academic programs.
The Master and PhD programs are both taught in English, and lead to official degrees of Master in Economics and Finance and PhD in Economics and Government by Universidad Internacional Menéndez Pelayo (UIMP).
CEMFI grants Master students tuition waivers and/or scholarships for living expenses. All students enrolled in the PhD program are fully funded, either by an internal or an external scholarship. These highly competitive scholarships are based on academic merit independently of nationality.
Applicants must have completed an undergraduate university degree by the time they join the Master. In addition, they must provide:
a) Proof of academic performance
Applicants must submit the following materials:
- Official transcript from undergraduate degree and average GPA (score computed out of a 4.0 scale).
- GRE Scores (received directly from ETS). CEMFI's institutional code for GRE results is 7046.
Applicants must submit the following materials:
- TOEFL or IELTS Scores (received directly from ETS or British Council respectively). CEMFI's institutional code for TOEFL results is 7964.
In the PhD track a TOEFL with a minimal score of 100 or an IELTS with a minimal score of 7 is required.
c) Two reference letters (from at least two professors who have followed your university studies).
d) Statement of purpose (approximately 500 words explaining your motivation and goals for undertaking the Master or PhD track. Also comment on how the program connects with your background, and with the overall orientation of your academic and professional careers).
e) Curriculum vitae
CEMFI aims at selecting students with the highest academic and professional potential. No single element is decisive, but the following weights give an indication of the relative importance of the factors under consideration: prior academic background and GRE scores (50%), command of the English language (20%), reference letters (20%), and statement of purpose (10%).
Citizens of ANY country
Center for Monetary and Financial Studies (CEMFI); Madrid; Spain
Fields of study
Prospective students can apply to either the Master track or the PhD track. The Master track is suitable for applicants who want to study the Master as their final degree or who are unsure of wanting to pursue a PhD at CEMFI. Students intending to pursue doctoral studies at CEMFI are encouraged to apply to the PhD track.
Coursework in the first two years of the PhD track is the same as in the Master track. The main difference between the two tracks is that students admitted into the PhD track who are in good academic standing will be guaranteed continuation into the PhD program, while students accepted in the Master track will have to submit a new application if they want to proceed to the PhD.
Number of awards
CEMFI Master is a 2 year program, while the PhD is a 3 year program
CEMFI offers prospective Master students the opportunity to apply for tuition waivers and/or scholarships for living expenses. All funding decisions are based on academic merit. Students accepted into the PhD track will generally be offered tuition waivers and scholarships for living expenses during the two years of coursework (Master stage). Subject to adequate performance, this funding will be extended during their PhD dissertation stage.
Method of Application
You must apply for admission into the program(s) at CEMFI and indicate that you need funding. Applications for funding will not affect your chances of being admitted into the CEMFI programs. If you would like to apply for funding you must submit your application by the date indicated below. Applications received after that date will not qualify for financial aid. To submit your application you must fill in the online application. Please see the How to apply page.
It is important to carefully read the Instructions for Application before starting your application, and also to visit the official website (link to it is below) for complete information on how to apply.
The application period opens on 15 November 2015 and closes on 31 May 2016. However, in order to be eligible for funding CEMFI must receive your application by 15 February 2016.
CEMFI strongly recommends prospective candidates to apply early to maximize their chances of acceptance. In order to be eligible for funding, your application must be submitted by 15 February 2016. After this deadline applications are reviewed on a rolling basis.
Applicants who submitted their application by the first deadline can expect to obtain a decision from the admissions committee by 1 April 2016, at the latest. Applicants who submitted their application after 15 February 2016 will obtain a decision from the admissions committee by 15 June 2016, at the latest.
CEMFI (Center for Monetary and Financial Studies) is an institution devoted to teaching and research in Economics. It was started in 1987, becoming the foundation of the Bank of Spain in 1991. It is located in Madrid. CEMFI runs two graduate programs, a Master in Economics and Finance and a PhD in Economics. Both are taught in English. The official degrees are granted by Universidad Internacional Menéndez Pelayo (Menéndez Pelayo International University -- UIMP). CEMFI also offers a Summer School in Economics and Finance for practitioners and young university professors.
Application Deadline: 15 February
Open to International Applicants: Yes
More Scholarship Information and Application
Related: Scholarships in Spain for International Students