The CEMFI Graduate Program offers:
Academic-merit based scholarships and tuition waivers for students of all nationalities. Students enrolled in the program may also apply for research funds, financial support for conference participation, and financial support for academic visits.
Program Overview. The CEMFI PhD Program prepares students for successful careers in universities and academic centers as well as in central banks and public and private sector institutions. Our graduates have demonstrated to have the knowledge and skills necessary to undertake a successful career. They have published their work in some of the most prestigious and influential journals in Economics, including the American Economic Review, Econometrica and the Review of Economic Studies, and they have found jobs in leading academic and professional institutions. Recent placements include MIT Sloan, London School of Economics, University of Southern California, Bank of Italy, and Bank of Spain.
Our students enjoy a stimulating academic environment with accessible and supportive faculty. The program comprises two stages: stage one, coursework; and stage two, research. The coursework stage provides students with state of the art tools to successfully conduct research in an ample range of areas in Economics. The research stage fosters an international academic environment in which students grow to develop an independent and productive career. The typical duration of studies is five to six years. Students who successfully complete the two stages are awarded the degrees Master in Economics and Finance and PhD in Economics and Government. Official degrees of the CEMFI Graduate Program are awarded by the Universidad Internacional Menéndez Pelayo.
The quality of the CEMFI Graduate Program has been recognized with the recent award of the María de Maeztu Excellence Distinction. This highly selective distinction is awarded by Spain’s National Research Agency to “fund and accredit public research centers and units in any scientific area that demonstrate international scientific impact and leadership”.
For detailed information about CEMFI's PhD Program, as well as specific information about the application process, please visit