1 Postgraduate Program Official University Degree MEF Master/120 ECTS PhD Program Madrid Postgraduate Program Master in Economics and Finance PhD in Economics
2 Summary Master Objectives / 2 Structure / 2 Courses / 2 Director / 4 Faculty / 4 Admission Requirements / 4 Evaluation and Conditions for Continuing in the Program / 5 Award of Degree / 5 Schedule / 5 Application and Tuition Fees / 5 CEMFI Grants / 6 UIMP Grants / 6 PhD Program Contents / 6 Objectives / 6 Director / 6 Faculty / 7 Admission / 7 Award of Degree / 7 Application and Tuition Fees / 7 Grants / 8
3 MEF Master in Economics and Finance PhD in Economics Official University Degree Postgraduate Program September-June Location CEMFI Casado del Alisal, Madrid, Spain Universidad Internacional Menéndez Pelayo (UIMP) and the Centro de Estudios Monetarios y Financieros (CEMFI) have an affiliation agreement whereby CEMFI offers a Graduate Program in Economics and Finance 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 program, which also serves as the first two years of the PhD in Economics. The Master combines rigorous training in advanced techniques of economic analysis with a special attention to applied and policy issues. 1 / UIMP The PhD in Economics aims at training researchers who are able to make significant contributions to scientific knowledge in this area. The dissertation work period lasts for at least two academic years.
4 Objectives > The objective of the Master Program is to prepare students for highly-qualified positions in a wide range of jobs in the public and private sectors, and to provide them with a research foundation enabling them to pursue the PhD degree. > Our Master students acquire the quantitative tools and the research skills to work as economists in business, finance, government, and academia. They obtain very good jobs in areas such as portfolio and risk management, macroeconomic forecasting, policy evaluation, or microeconomic consultancy. The Master provides a strong signal of quality, regularly confirmed by the market. > CEMFI runs an experienced and efficient job placement service, devoting its best efforts to help graduates find jobs suited to their preferences. Students receive information on a variety of offers and are supported throughout their search process. Structure > 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 (M). The 24 courses in Module II are all elective (E), 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. > In the summer between the first and the second year, subject to attaining a minimal academic performance, 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 project. > 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. Courses 2 / UIMP Preliminar Module (3 ECTS) Preliminary Mathematics (2 ECTS/M) Preliminary Statistics (1 ECTS/M)
5 Module I: Core Courses (36 ECTS) First term (18 ECTS) Mathematics (6 ECTS/M) Microeconomics (6 ECTS/M) Statistical Methods in Econometrics (6 ECTS/M) Second term (18 ECTS) Uncertainty and Information (6 ECTS/M) Macroeconomics I (6 ECTS/M) Econometrics (6 ECTS/M) Module II: Elective Courses (54 ECTS) Third term (36 ECTS offered, 18 ECTS to be chosen) Industrial Economics (6 ECTS/E) Public Economics (6 ECTS/E) Macroeconomics II (6 ECTS/E) Time Series Econometrics (6 ECTS/E) Asset Pricing I (6 ECTS/E) Corporate Finance (6 ECTS/E) Fourth term (48 ECTS offered, 18 ECTS to be chosen) Labor Economics (6 ECTS/E) International Economics (6 ECTS/E) Macroeconometrics (6 ECTS/E) Microeconometrics (6 ECTS/E) Financial Econometrics (6 ECTS/E) Asset Pricing II (6 ECTS/E) Banking (6 ECTS/E) Topics in Microeconomics (6 ECTS/E) Fifth term (60 ECTS offered, 18 ECTS to be chosen) Development Economics (6 ECTS/E) Regulation and Competition Policy (6 ECTS/E) Urban Economics (6 ECTS/E) Economic Forecasting (6 ECTS/E) Quantitative Macroeconomics (6 ECTS/E) Topics in Macroeconomics (6 ECTS/E) Topics in Empirical Economics (6 ECTS/E) Topics in Econometrics (6 ECTS/E) Risk Management (6 ECTS/E) Topics in Finance (6 ECTS/E) Module III: Introduction to Research (27 ECTS) Applied Economics Workshop (3 ECTS/M) Economic Policy Workshop (2 ECTS/M) Master Thesis (22 ECTS/M) 3 / UIMP
6 Director Director of the Master program Rafael Repullo Professor PhD, London School of Economics Faculty CEMFI has 16 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. Faculty member PhD degree Dante Amengual Princeton University Manuel Arellano London School of Economics Samuel Bentolila Massachusetts Institute of Technology Stéphane Bonhomme Université Paris 1 Guillermo Caruana Boston University Rosario Crinò University of Milan David Dorn University of St. Gallen Gerard Llobet University of Rochester Mónica Martínez-Bravo Massachusetts Institute of Technology Claudio Michelacci London School of Economics Pedro Mira University of Minnesota Josep Pijoan-Mas University College London Diego Puga London School of Economics Rafael Repullo London School of Economics Enrique Sentana London School of Economics Javier Suárez University Carlos III of Madrid Admission Requirements Admission to the Master program requires an undergraduate university degree, with a special preference for degrees in Economics, Business Administration, Engineering, Mathematics, or Physics. Applicants should either have finished or be about to finish their undergraduate degree. 4 / UIMP A high level of English is required, since the Master is taught in English and the Master Thesis defence is carried out in English.
7 The admissions committee will take into account the following information: > Undergraduate grades, especially in subjects that are relevant to the contents of the Master and the scores on the Graduate Record Examination (GRE) General Test. > Letters of reference written by professors who have followed the applicant s studies closely. > Scores on the Test of English as a Foreign Language (TOEFL), for applicants whose native language is not English. > The statement of purpose and any other additional information supplied by the candidate. Evaluation and Conditions for Continuing in the Program Evaluation is continuous, via course exams. A minimum grade point average requirement applies beginning in the third term of the Master. Award of Degree Upon successful completion of the Master program the students will receive the Official Master Degree in Economics and Finance, issued by the Chancellor of the UIMP. Schedule The academic year begins in mid-september and finishes at the end of June. Lectures take place in both the morning and the afternoon. Application and Tuition Fees Applications should be filled out electronically at: Applications arriving by early February will be considered for a first round of admission 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 and have a personal interview. The final round of decisions will be made in early May. Early application is strongly encouraged. Maximum number of students: 30 Application period: Late October to early April Tuition fee: Students should pay at CEMFI the tuition fee Students should pay at UIMP the following fees: > Administrative fee, in the first registration > Office expenses, per year > School insurance (under 28 years old), per year 5 / UIMP
8 Other charges: > Personal academic certification > Issuance of Master s Degree Tuition fee and administrative fees are published every year on the website of the UIMP, upon approval by the Ministry of Education, Culture and Sport. CEMFI Grants CEMFI may grant Master s students exemptions from the registration fees and/or scholarships for living expenses. These are granted according to academic merit. UIMP Grants UIMP offers grants for students admitted to university Master s programs according to academic merit. The requirements and applications forms are available on PhD in Economics Contents The PhD program in Economics is organized in two stages: > Master in Economics and Finance (120 ECTS), which lasts for two years. > PhD in Economics: Research on the PhD dissertation, which usually lasts for three years, and defense of the dissertation before a committee. Objectives > Students interested in furthering their research training, either because they aim at a professional career with a strong research content or because they would like to pursue an academic career, will continue to develop their research skills for another three years and complete the PhD program. The objective of the PhD program is to train researchers to make significant contributions to scientific knowledge in Economics. Our PhDs have published chapters from their dissertations in top academic journals and we have an excellent placement record in the PhD job market. Director 6 / UIMP Director of the PhD program Manuel Arellano Professor PhD, London School of Economics
9 Faculty During their first year of the PhD program, students are expected to define their thesis project and to match with an advisor, through meetings with CEMFI Faculty. Each PhD student is assigned a thesis committee formed by his/her supervisor and two other faculty members who provide advice and follow the student s progress during the thesis period. The PhD in Economics is organized around dissertation work. PhD students participate regularly in a dissertation workshop in which they present their own research and a reading group in which they present existing research in their area. CEMFI organizes visits of its PhD students to leading academic institutions for a period of at least one term. It also promotes their participation in major international congresses and specialized conferences. Admission Admission to the PhD in Economics takes place through the Master in Economics and Finance. Students with a grade point average greater than 80 (out of 100) will be automatically admitted, but this is not a necessary condition for admission. Satisfactory progress in the Master Thesis will be an additional consideration in all other situations. Application requires sending a formal letter to the Director of the PhD program, together with a statement of purpose. Admission will be decided by the CEMFI Admissions Committee. Award of Degree Upon completion of a PhD thesis and its successful public defence before a committee of PhDs, the students will be awarded the official PhD degree, issued by the Chancellor of the UIMP. Application and Tuition Fees Second-year Master students interested in the PhD may apply from 15 October to 15 June. Admission offers are made from the first date until the end of the academic year. Tuition fee: Students should pay at CEMFI the tuition fee. Students should pay at UIMP the following fees: > Administrative fee, in the first registration > Office expenses, per year > School insurance (under 28 years old), per year > Academic fee, per year Other charges: > Thesis defense > Issuance of PhD Degree Tuition fee and administrative fees are published every year on the website of the UIMP, upon approval by the Ministry of Education, Culture and Sport. 7 / UIMP
10 Calendar of expiry of doctoral programs regulated by RD 1393/2007 > Deadline for submission and defense of PhD thesis: January 29, 2016 > Last academic year to allow admission of new PhD students: Academic year > Expiry date for doctoral programs regulated by RD 1393/2007: September 30, 2017 Grants 8 / UIMP PhD students are normally fully funded, by either an internal or an external scholarship, so that they can devote themselves to research full time.
12 MEF Master in Economics And Finance PhD in Economics MINISTERIO DE EDUCACIÓN, CULTURA Y DEPORTE Information CEMFI Casado del Alisal, Madrid Secretaría de Estudiantes UIMP Isaac Peral, Madrid /620 : P01Y
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