Length: 2 years (120 ECTS)
Approach: Research
Attendance: On Campus – English Language
Cost: Grants and fellowships
Important announcement about the master's policy in view of the global uncertainty brought about by the covid-19 pandemic
The Master in Economic Analysis guarantees that any enrolled student will have the possibility to complete each course and that we will attend to the different contingencies that may arise for each student. If for some reason the physical presence of some or all of the students in some of the classes is not possible, we will do anything it takes to ensure that teaching and evaluation can be conducted online while the contingency persists.
It is the responsibility of each student to have the appropriate equipment and internet connection to follow the online classes in case they cannot be physically present.

Do you have a strong academic record and a passion for research? Do you wish to develop your studies at the leading edge of knowledge in your field? Would you like to meet international experts in economics research?

If you answered yes, the PhDs Master’s in Economic Analysis is aimed at those students with high qualifications who are motivated to develop quality research in economics and are interested in pursuing PhD studies.

Aimed at research, this two-year program is undertaken entirely in English. The Master’s in Economic Analysis is structured into a series of compulsory courses in econometrics, microeconomics and macroeconomics during the first three semesters. In the last semester, students chose the three elective courses most adapted to their field of research to develop the Master's Thesis. To access the Doctoral Program in Economics at UC3M, students have to pass three exams that evaluate the knowledge acquired in the areas of microeconomics, econometrics and macroeconomics.

The Department of Economics offers a limited number of fellowships that include a monthly stipend, in addition to covering Tuition fees. The renewal of the grant is conditional on satisfactory academic performance on the part of the student.

A total of 95% of the graduates from the Master's degree program continue their doctoral studies at prestigious universities. The rest access the non-academic labor market in research centers, consultancies and international organizations.

The Master’s in Economic Analysis participates in the ENTER network (European Network for Training in Economic Research, a cooperative alliance of eight leading European Economics Departments with international Ph.D. programs: Universitat Autónoma de Barcelona, ​​Free University Brussels, University of Mannheim, Stockholm School of Economics - University of Stockholm, University of Tilburg, University of Toulouse, University College of London, and Universidad Carlos III de Madrid.


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.

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


Apply now

  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 quantitative 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.
For any other question, send an email a


Course 1 - Semester 1

Microeconomics I9CEnglish
Macroeconomics I9CEnglish
Econometrics I9CEnglish

Course 1 - Semester 2

Microeconomics II9CEnglish
Macroeconomics II9CEnglish
Econometrics II9CEnglish

Course 2 - Semester 1

Microeconomics III9CEnglish
Macroeconomics III9CEnglish
Econometrics III9CEnglish
Applied Economics9CEnglish

C - Compulsory
E - Elective
Graduate School of Economics and Political Science