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Master in Economic Analysis

Graduate School of Economics and Political Science

Graduate Economics and Political Science School
Luisa Fuster
120 ECTS


☛  Places available: 20

Department of Economics, Unidad de Excelencia María de Maeztu


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    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 two 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 find 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.

    Grafica economica de flechas - Master in Economic Analysis

    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 32 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)
    • ☛ This department ranks 41st of the ranking of the University of Tilburg​ (2005-15)


    Link button to more information page of the master



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    ☛ More information about our Faculty


      Acces to admissions

      Application process



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


      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.

      Decisions are based on curriculum vitae and recommendation letters. We also require students proficiency in written and oral English. It is strongly recommended to provide either a iBT-TOEFL above 80 (usually above 95), a Cambridge Proficiency Certificate level A-C, Cambridge First Certificate level A or IELTS (British Council) 6.5. Students with a degree taught in English are exempt.

      Students are required to provide a proof of mastering quantitative analysis. We usually only consider students with a GRE above 80% in the quantitative part of the exam.

      Applications are evaluated in three rounds: see above. 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
      Declaration of having finished previous studies 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. Students who have completed their Bachelor’s degree and/or their Master’s Degree in English do not need to send TOEFL scores. For more information regarding TOEFL, please visit

      Language requirements

      You can check the language requirements of the generic language required to study for a Master at UC3M, depending on whether it is in Spanish, English or bilingual.

      Foreign students

      Once admitted to the Master, foreign students with university degree issued by a higher education institution belonging to an educational system outside the EEES must present, for enrollment, the diploma attesting to equivalent training that allows access to postgraduate studies, legalized by diplomatic procedures, or “The Hague Convention Apostille”. More information about Legalization of Documents.

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


      Program Price *

      Course 2018-2019


      • Reservation fee: 450€ (It will be paid once the student receives notification of admission to the master, and deducted from the first tuition payment)

      60 ECTS in the first year:

      • EU students: 2.843,4€ (47,39€/ECTS credit) Three especialities including
      • Non EU students: 5.044,2€ (84,07€/ECTS credit)


      ◢  More information about masters prices

      * Pending approval by the Community of Madrid for the course 18/19

      Additional information

      • You can register on the Master’s degree program when you have finished the application admission process and you have received your acceptance.
      • When performing the enrollment you can choose between Full-time enrollment or Part-time enrollment.
      • The email address which the University provides to the student upon enrollment will be used principally for communications with said student. For this reason, it is essential that it be actualized and periodically consulted.
      • Failure to make payment shall result in non-admission or termination of enrollment according to that established by the University. In case of annulment of registration because of failure to make payment, Universities can demand payment for previous enrollment in earlier academic years as a previous condition for enrollment.
        Universities shall not issue a diploma or certificate when a student has payments of any kind pending.

      General information for enrollment in official Master’s degrees

      Information about credits recognition


    A scholarship can be offered that includes the covering of the tuition fees and a determined monthly amount. The renewal of the scholarship for the second year of the master's degree is conditioned to the academic performance.

    Students admitted to the Ph.D. program in Economics will receive funding for the three years of the studies. In order to this, they must fulfil all the obligations of the program and follow the code of conduct of the University.

    General Information about grants and scholarships

    You can find more information about scholarships of UC3M and other agencies or entities.

    Financial aid/scholarships for graduate programs

    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.