CEMFI Merit Scholarships and Tuition Waivers (fur alle Nationalitaten)

Benefit

You get a cash scholarship and/or a waiver of your tuition fees for the two-year Master in Economics and Finance at CEMFI in Madrid. The monthly cash amount is not published. The tuition waiver covers the full fees: 3,300 EUR per year for students from the EU and the European Higher Education Area, and 6,600 EUR per year for students from outside it. An award can combine both and runs for the full two-year Master (120 ECTS credits). CEMFI, a graduate school in economics, funds these awards itself. Your Master degree is issued officially through the Universidad Internacional Menéndez Pelayo (UIMP). Only a limited number of awards is available.

Eligibility

• Programme: You are applying to, or already admitted to, CEMFI's two-year Master in Economics and Finance in Madrid. The scholarship is only for this programme.
• Degree: You have, or will have by September, a bachelor's degree in a related subject such as economics, business, mathematics, physics or engineering.
• Enrolment: You study full time.
• Tests: You submit GRE scores. You also prove your English (TOEFL iBT at least 100, IELTS at least 7, or a Cambridge Advanced/Proficiency certificate) unless you are a native speaker or studied in English.
• Nationality: Any nationality can apply.
• Selection basis: Awards go purely on academic merit. A committee of at least three faculty members judges your grades, GRE, references and motivation letter.

How to apply

You apply online through the CEMFI portal. There is no application fee. Tick the funding checkbox on the form. This does not affect your admission chances. Your complete application must arrive by 31 January 2026 to be considered for funding, and you get a decision by 6 March 2026. There is no interview; the committee decides on your documents alone.

How realistic are your chances?

Only a limited number of awards exists, and admission to CEMFI's Master is selective, so the competition is real. Because selection rests entirely on academic merit, high grades in a quantitative subject plus strong GRE and English scores are what set you apart. Apply well before the 31 January funding deadline, as awards are decided on that first round.