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The Center for Monetary and Financial Studies (CEMFI) is an institution, established by the Bank of Spain in 1987. Its main purpose is to provide graduate education and research in economics. CEMFI makes available a high-quality Graduate Program, leading to the official degrees of Master in Economics and Finance and PhD in Economics. The Master in Economics and Finance is a two-year full-time program, which aims to prepare students for a wide variety of public and private careers. It also serves as the first two years of the PhD in Economics at CEMFI. With regard to this, The PhD in Economics at CEMFI consists of two years of graduate course work and research training in the Master in Economics and Finance, followed by three years of full-time PhD dissertation work. The purpose of the program is to shape researchers, who can make significant contributions to scientific knowledge in economics. The program received the Quality Distinction (“Mención de Calidad”) of the Spanish Ministry of Education for the academic years 2007-2008 to 2010-2011. Finally, CEMFI also organizes a Summer school, which mission is to provide established practitioners and academics from all over the world with an opportunity to update their training.

Study Program Details
Diploma in Banking Supervision
The Diploma in Banking supervision is a full-time program and lasts for one-term. The program is exclusively designed for new supervisors who join the Bank of Spain. Participants will gain the up-to date knowledge and practical tools needed to develop a career in the Bank and the Single Supervisory Mechanism of the European Central Bank. This Diploma is only available to people that have passed the first part of the public test for position of supervisor, of the Bank of Spain. The program is conducted in both English and Spanish, about one third will be taught in English. The courses that make up the program are as follows: economics of banking, corporate finance and company valuation, banking risk, business and banking law, economic analysis, quantitative methods and banking supervision.
Level: Professional Development     Location: Madrid     Language of instruction: English, Spanish  
Master in Economics and Finance
CEMFI’s Master in Economics and Finance program equips students with a rock-solid foundation in Economics. Students benefit from a vigorous, cohesive and exciting academic setting in which they are able to lay the groundwork for a productive career. The Master in Economics and Finance is a two-year degree (120 ECTS). The program is divided into workshops, coursework, and writing of a Master thesis. The program is structured around coursework, participation in workshops, and the writing of a Master’s thesis. The academic year is structured into trimester terms. The covered in the programs are mathematics, statistics, microeconomics, macroeconomics and econometrics. Students will also take elective courses that complement their chosen field of specialization. The workshops are designed to help students learn how to read and discuss research and policy papers in applied economics. Students will also learn presentation skills. During the second year, students write a Master thesis on their field of interest. This is completed under the supervision of a faculty member.
Level: Undergraduate Bachelors     Location: Madrid     Language of instruction: English  
PhD in Economics
The PhD in Economics program prepares students for successful careers in universities, academic centres, banks, public sector institutions or private sector institutions. Students enjoy an invigorating academic environment with approachable and encouraging faculty. The program is made up of a mixture of coursework and research. The typical period of study is five to six years. Reward for successfully completing the two stages are the degrees Master in Economics and Finance and PhD in Economics and Government. The first two years constitute the coursework stage. It is structured into coursework, workshops and the writing of a short thesis. During the summer of the first year, students can enrol in CEMFI’s research internship program. The research internship program covers a varied range of interests and fields in Economics. The research stage is subject to adequate performance in the first two years. With supervision from faculty staff, PhD students work towards their dissertation. The research stage supports the student in the move to becoming an independent researcher. Students participate in seminars, workshops, summer school courses, and conferences.
Level: Doctorate     Location: Madrid     Language of instruction: English  

Language of instruction


Type of school

Private University


+34 914 290 551


C/ Casado del Alisal, 5, Madrid, Spain, 28014

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