Center for Monetary and Financial Studies(CEMFI)

The Center for Monetary and Financial Studies (CEMFI) is a graduate school of economics and finance in Madrid, founded in 1987 by the Bank of Spain. It is a specialist institute rather than a multi-faculty university: a small faculty of research economists training master's and doctoral students in one field. Teaching and offices are in central Madrid, with close ties to the Bank of Spain's research departments.

The academic program is economics, with emphasis on microeconometrics, macroeconomics, and finance. There are no separate professional schools. Students take a common core then field courses, and they attend research seminars that also draw Bank of Spain staff and visiting academic economists. Library and computing resources are those of a research institute, not a general campus.

CEMFI admits on the order of two dozen master's students a year and a smaller doctoral group, with a high share of international students from Europe and Latin America. The faculty is a few dozen economists. Alumni work in central banks, competition authorities, and university economics departments.

Graduate study is a two-year Master in Economics and Finance with heavy coursework, followed for some students by a PhD with a dissertation under faculty supervision. The calendar is the European academic year of taught terms then research. Funding is typically a full grant or stipend for admitted students, reflecting the Bank of Spain origin. Daily life is that of a small cohort in Madrid, using the city's universities and the Bank for seminars rather than a residential campus.

In the Grad School Navigator directory, Center for Monetary and Financial Studies(CEMFI) lists 2 graduate programs in economics: 1 master's program and 1 doctoral program.