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MASTER IN ECONOMICS AND FINANCE AT CEMFI

THE MASTER IN ECONOMICS AND FINANCE AT CEMFI is a 2-year full-time program intended to prepare students for a wide range of careers in the public and the private sectors. It also serves as the first two years of the PhD in Economics at CEMFI. This flexibility is very attractive to many students that initially are not sure whether they would like to follow a professional or an academic track. The program is taught in English.

Tuition fees

The tuition fee for the Master in Economics and Finance 2011-2013 is EUR 3,654 per year. This figure may be adjusted by a limited amount, following regulations of the Spanish education authorities.

Exemption from tuition and scholarships

CEMFI may grant students exemptions of the tuition fee and/or scholarships for living expenses amounting up to EUR 10,000 per year. Exemptions and scholarships are granted according to academic merit. Some of this support is funded by a set of sponsoring institutions. Applications for funding will not affect the student’s chances of being admitted in any way.

Applicants of the Master are encouraged to apply directly for external scholarships for graduate programs. These scholarships usually have very early application deadlines. Therefore, we highly recommend students to apply well in advance.

Some institutions awarding scholarships to Spanish and EU students are: Banco de España, Fundación la Caixa, Fundación Rafael del Pino, Generalitat de Catalunya, Gobierno Vasco, and the Spanish Ministry of Labour (Reina Sofía Scholarships).

After enrolling in the Master these students can also apply for a scholarship from the Spanish Ministry of Education.

Non-EU students (including Latin American students) should consult the Spanish Ministry of Foreign Affaires website for the MAEC-AECID scholarships.

Requirements

Applicants must have finished or be about to finish an undergraduate university degree. Final admission will be subject to having obtained the degree by September 2011. A good knowledge of English is required, since the Master is taught in this language.

Application

The application form should be filled out electronically. Applicants are recommended to read carefully the guidelines before proceeding.

Guidelines for application

Access to the application form

Once filled out, the online application form should be submitted, including files for:

• Official transcript of grades obtained in undergraduate studies.
• Official transcript of grades obtained in graduate studies (if applicable).
• Proof of knowledge of English language.
• GRE scores.
• Any other documents.
• Only files in PDF format may be uploaded. Each file should not be larger than 2 Mb.

Note: Applicants admitted to the Master will be asked to provide the corresponding original documents.

English language

Applicants whose native language is not English must provide recent proof of their command of the English language. This can be achieved through the Test of English as a Foreign Language (TOEFL). The preferred way for receiving this information is the direct mailing by ETS. CEMFI's institution code for direct mailing of the TOEFL score report is 7964. Alternative means of proof include the Cambridge Proficiency, Advanced or First Certificates, and the British Council IELTS.

Graduate Record Examination

Applicants are strongly encouraged to provide scores of the Graduate Record Examinations (GRE) General Test. Registration for the test may be carried out by mail or through the GRE web page (www.ets.org/gre). The preferred way for receiving this information is the direct mailing of the GRE score by ETS. CEMFI's institution code for direct mailing is 7046. Note that providing the scores in the application form is not a substitute for attaching an official score report or having it sent directly. Applicants who do not provide their GRE scores will not be considered for early admission.

Reference letters

In addition, two reference letters must be received by CEMFI, written by professors who have followed closely the applicant's studies. Upon submission of the online application, recommenders will receive an email message allowing them to submit their letters online. Applicants will receive confirmation of receipt of their reference letters.

Deadlines

These documents must reach CEMFI by 4 April 2011.
Need help? Please write to admissions@cemfi.es.

Selection process

A committee will be in charge of the admission process. The committee will take into account undergraduate grades, letters of reference, GRE results, knowledge of English, and any other information supplied by the candidate.

Applications arriving by 4 February 2011 will be considered for a first round of decisions. Further decisions may be made on a rolling basis thereafter.
Candidates within short-haul travel distance from Madrid may be asked to take an admission test on 29 April 2011 and have a personal interview on 30 April 2011. The test will be in English.

The final round of decisions will be made no later than 6 May 2011. Early application is strongly encouraged.

Timeline

Application period: 27 October 2010 to 5 April 2011.
Decisions period: 4 February 2011 to 6 May 2011.