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Master in Economic Analysis

Graduate School of Economics and Political Science

Graduate Economics and Political Science School
Prof. Jesús Fernández-Huertas Moraga
120 ECTS

 Opening December 1st 

☛  Places available: 20

Department of Economics, María de Maeztu award of excellence


For more information click on the link and contact us



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  • Inicio

    The Graduate Program in Economics consists of a two-year Master in Economic Analysis, followed by a three year PhD in Economics. The Master in Economic Analysis is aimed at equipping students with the necessary skills to do high quality economic research. After following a core curriculum during the first three semesters, students choose specialized courses during the last semester. The courses bring students to the research frontier and provide them with quantitative and analytical tools to analyze relevant economic problems.

    Students completing satisfactorily the required coursework of the Master in Economic Analysis and passing qualifying examinations in the three major fields (macroeconomics, microeconomics, and econometrics) are admitted to the PhD program.

    The master is intended for students with a competitive curriculum, solid quantitative skills and a strong motivation to engage in advanced economics research. Most of the students graduated in our program continue towards a PhD either in our department or somewhere else. A significant part of our graduates also finds positions in international organizations, research centers and consultant agencies.

    Our graduate program is a member of ENTER (European Network for Training in Economic Research), a cooperative venture of eight leading European Economic Departments with international PhD programs. Doctoral students can spend two semesters in one or two nodes of the network and ENTER also organizes an annual conference meeting of doctoral students.


    Alumnos de Economía celebrando que han ganado

    UC3M Econometrics team, formed by students of the Ph.D. in Economics, wins the “Econometric Game 2018”. In second position is the University of Harvard. UC3M and University of Copenhagen share the best result of 3 wins.

    reasons to study master in economic analysis


    • 75% of students are foreign born
    • ☛ About 95% graduates access to PhD programs in Economics
    • ☛ About 85% of first year students get full financial aid
    • ☛ Graduate Program in Economics ranked 32nd in world-wide, based on the placement of PhD students
    • ☛ UC3M Department of Economics ranks 2nd in Spain, 9th in the European Union and 52nd worlwide (Journal of the European Economic Association)
    • ☛ UC3M ranked 50th worldwide in the QS World University Rankings by Subject 2019: Economics & Econometrics.


    Link button to more information page of the master




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    ☛ More information about our Faculty


      AccesS to admissions

      Application process



      A Bachelor’s degree (not necessarily in Economics) and a strong background in quantitative methods are required.

      Access requirements to the Master in Economic Analysis are:

      • Have a degree or a foreign degree equivalent that empowers the country issuing the same for access to master's degree education that ensures the acquisition of a solid training in quantitative methods, although not necessarily in Economics.
      • Accredit solvency in the quantitative analysis. The most recognized evidence is the score on the GRE typed test. Applications below the 80th percentile are not usually considered in the quantitative section.*
      • Be supported by two professors of recognized prestige.
      • Accredit a level of knowledge of the English language equivalent to a C1 level according to the Common European Framework of Reference for Languages (CEFR).


      Admission criteria

      An admission committee formed by members of the department of Economics and faculty of the master studies the applications and make proposals to the direction of the master in economic analysis.

      1. The adaptation of the previous training to the objectives of the master's degree (university of origin and studies completed)*
      2. The applicant's academic record*
      3. The results achieved in the subjects with quantitative contents studied in their previous studies, and the result in GRE exams whose objective is to measure the capacity of quantitative analysis*
      4. The letters of recommendation presented
      5. The reasons given by the applicant to justify his interest in the program
      6. CV of the applicant

      * Criteria 1, 2 and 3 will have a minimum weight of 75%.

      Applications are evaluated in three rounds. Early applications are strongly encouraged and we cannot guarantee vacancies for last deadlines.



      If you have any further questions, or problems accessing the online application, please contact us at:

      Follow for more updated information about the Graduate Program


      Document name Notes/explanations
      Application form Personal information and academic data of the candidate
      Two reference letters The referrals should send the recommendation letters to
      Affidavit of previous studies and conditioned enrollment To be submitted only if you have not completed your bachelor's degree when applying for the masters program
      Official academic transcripts Please, ask the registrar at your own university.
      Official Degree (As soon as it is available) Please, ask the registrar at your own university.
      Curriculum vitae A specific format is not required.
      A brief statement of purpose Motivation letter is important in establishing your research agenda.
      GRE scores* Our code is 4197
      TOEFL scores or equivalent** Our code is 4197

       * Although no official cut-off is applied for the GRE scores, candidates must be above the 80th percentile in the quantitative section. For information about the tests, regional locations and costs, you can visit
      (not compulsory but highly recommended).

      ** Proof of English proficiency is the responsibility of each applicant. While there is no official cut-off, the following scores are desirable: minimum TOEFL score of 80 (although the average score of admitted students is between 85-90), level A-C in Cambridge Proficiency Certificate, level A in Cambridge First Certificate, or a score of 6.5 or higher on the IELTS of the British Council, or a minimum score of 180 in Linguaskill. Students who have completed their Bachelor’s degree and/or their Master’s Degree in English or credit an Erasmus stay of at least 1 semester in which they have completed courses in English, do not need to send TOEFL scores. For more information regarding TOEFL, please visit

      students with foreign university degrees

      Once admitted to the Master’s, students with university degrees issued by a higher education institution belonging to an educational system outside the EHEA, must provide, for enrolment, the diploma, legalized by diplomatic procedures or by means of The Hague Apostille. They must also submit the transcript of records, with the grade point average, duly legalized.

      More information about Legalization of Foreign Documents.

      If needed, documents must be accompanied by an official sworn translation into Spanish.


      FEES *

      2021-2022 Academic year


      Reservation fee: €450 

      • it will be paid once the student receives notification of admission to the master’s, and deducted from the first tuition payment
      • the reservation fee will only be refunded if the master program is cancelled

      60 ECTS in the first academic year:

      • EU students: €2,701.2 (€45.02/ECTS credit)
      • Non EU students: €5,044.2 (€84.07/ECTS credit)


      ✎│Programme’s fees

      NOTE: The enrolment fees do not include the cost of issuing the master’s degree certificate.


      * Pending approval by the Community of Madrid for the academic year 21/22

      Additional information

      • You may enrol on the master’s degree after completing the admission process and receiving formal confirmation of your acceptance.
      • Information about Full-time enrollment.
      • The email address provided upon enrolment will be used for formal communications; students are therefore kindly requested to check their mail regularly.
      • Pursuant to the regulations of the Universidad Carlos III de Madrid, a student failing to pay any part of the fees will not be admitted and the process will be terminated. In cases of cancellation of enrolment due to non-payment, the University may demand the payment of the pending amounts for enrolment in previous academic courses as a prior condition of enrolment.
        No diploma or certificate will be issued if a student has any outstanding payments.

      ✎│Enrolment master’s programmes

      ✎│ECTS credits recognition


    General information on grants and scholarships

    For more information on specific grants of interest awarded by UC3M and by other agencies or organisations.

    🎓 Grants to study a University Master’s

    Job Market

    The Department of Economics supports PhD graduates in their job market search. Please, see the recent placement of our PhD graduates here.

  • FAQ

    1. Where can I get further information?

    For further information please check our information page about our graduate program and the current Student’s Guide . If you have any further questions you can contact us by our form, although we appreciate that you first check the information available in our webpages first.


    2. Who HAS to send the letters of presentation?

    Letters of presentation must be sent by the referees to, using the electronic format that can be downloaded at tap “Admission”. Letters sent directly by candidates will NOT be accepted.

    Referees will get a confirmation email within approximately one week after receiving their letters of presentation. They can thus inform you of whether their letter of presentation arrived safetely.

    Unless otherwise specified, no other document will be sent by email. Applicants will upload their documents onto the Application Platform.


    3. Which documents do I have to translate and legalize?

    Legalized documents are only required after a formal offered has been made and a prerequisite to register. The particular requirements depend on the country where you got your Bachelor’s degree:

    If the student has a European Bacherlor’s degree, or belonging to the EHEA, there are two possible options:

    • Certified copy of your Bachelor’s degree and Transcripts together with a certified OFFICIAL translation of both documents into Spanish.
    • SET (suplemento europeo al título) or Diploma Supplement. Student may provide a copy of the Diploma and a copy of the Diiploma Supplement (both copies must be certified at the Registrar’s office here on campus, or at any Spanish Embassy). If the Diploma Supplement is provided, you do not need to legalize, nor translate them. THIS IS THE EASIEST OPTION FOR STUDENTS.

    Students from outside the European Union, have to provide:

    • All the documents must be legalized and translatied when admitted to the Master.
    • Certified copy of your Bachelor’s degree and Transcripts together with a certified OFFICIAL translation of both documents into Spanish. Letter from your previous University certifying that you would be eligible in that University for postgraduate studies.

    More information about Legalization of Documents  and official sworn translation into Spanish.


    4. Financial Aid / Funding

    In order to apply for Financial Aid you will just have to select the corresponding option within the Application form. No other document concerning financial aid will be requested during these first steps. If you are finally admitted, you will be contacted for further documents.

    5. Are GRE and TOEFL equivalent?

    Absolutely NOT. Although both exams are taken in English, TOEFL measures only language skills, whereas GRE also includes quantitative reasoning.


    6. Is GRE mandatory requirement to apply?

    GRE is not mandatory, but strongly recommended. As part of the evaluation process for the applications, GRE score provides additional information about quantitvative skills of the applicants.


    7. Who does not need to submit the TOEFL score?

    Students who have taken their Bachelor’s degree and/or their Master Program in English or anyone who can provide any other OFFICIAL evidence of their knowledge of English.


    8. When will I receive news of my admission?

    All the applicants will receive an informative email in 20 days after the last deadline (20th June). Successful applicants usually receive offers within 20 days after their corresponding deadline.

    Unsuccessful applicants in one round will be considered automatically for the next round.


    9. Why are there two application deadlines?

    We make admission offers in the 25 days after each of the corresponding deadlines. Students who do not receive an offer and whose application is not explicitly rejected are automatically considered in the next application deadline. Students are strongly encouraged to apply early as we do not commit to keep available places in later deadlines.


    10. Will I receive financial aid if accepted?

    We usually admit students with financial aid in the form of a tuition waiver and a monthly stipend of 900€ gross. Continuing financial aid is subject to satisfactory academic progress.


    11. When taking the TOEFL and GRE, what is the UC3M code?

    When you take the TOEFL and GRE exam you may specify the university where you want your results to be sent. For that purpose, you have to inform both the University code (4197, Universidad Carlos III de Madrid) and the Department code (84, Economics). In any case, in order to avoid any possible delay receiving the results by postal mail, we strongly advise you to also upload a scanned copy of your results on the application system.