• Application Deadline
  • 24 months
The Master in Business and Finance at Carlos III University of Madrid is very demanding as it provides students with the statistical-econometric tools, skills, as well as the empirical and theoretical knowledge needed to produce top-level research that is publishable in top academic journals and pursue a PhD and careers in research and teaching.


The Business and Finance programme at Carlos III University of Madrid is offered by the Business Administration department whose outstanding faculty and commitment to quality instruction and first-class research are a guarantee for incoming students from all over the world.


The two-year Master provides a thorough preparation for the PhD and as such it is considered as the first part of the Doctoral program in Business and Finance. The program consists of this Master, followed by three years of thesis writing (to obtain a Phd in Business and Finance). The Business Administration department is committed to offer financial aid to the best students (over 80% of incoming masters students and 100% of those that pass the Master and continue to the PhD receive support, in the form of tuition waivers and a monthly stipend). In the first year students develop the basic skills and knowledge, while in the second year, the program provides great flexibility to adapt the coursework to your particular research interest.

The program is 100% in English and open to talented and committed students from all over the world without distinctions of race, gender, or religion: more than 80% of our students are from outside Spain.

Career opportunities

Students from the Master and PhD programs have found employment in:

  • Academic positions at universities: University College London, Copenhagen Business School, Erasmus University, Max Planck Institute, Universidade Nova de Lisboa, Lancaster University, ITAM, IESE, Instituto de Empresa, Universidad de Navarra, and Universidad Autónoma de Barcelona, as well as in Jinan University, Central University of Finance and Economics, Xiamen University, and  Zhongnan University of Economics and Law
  • Research institutions and regulators: Spanish stock market regulator (CNMV), Portuguese stock market regulator (CMVM)
  • Private companies: Goldman Sachs, KPMG, CommerzBank or Repsol YPF.

Programme Structure

Courses include:
  • Statistics for Economics and Business
  • Economics for Business
  • Strategic Management
  • Quantitative Methods
  • Financial Economics
  • Accounting
  • Corporate Finance
  • Organization Theory
  • Marketing

Detailed Programme Facts

English Language Requirements

You only need to take one of these language tests:

  • Minimum required score:


    The TOEFL iBT ® measures your English-language abilities in an academic setting. The test has four sections (reading, listening, speaking, and writing), each with a score range of 0-30, for a total score range of 0-120. Read more about TOEFL iBT ®.

    Schedule TOEFL®
  • Minimum required score:


    The IELTS – or the International English Language Test System – tests your English-language abilities (writing, listening, speaking, and reading) on a scale of 1.00–9.00. The minimum IELTS score requirement refers to which Overall Band Score you received, which is your combined average score. Read more about IELTS.

    Schedule IELTS

Academic Requirements

In general, admission requirements to the program entail possession of a bachelor's degree, or equivalent, with quantitative training in the fields of economics or business administration. Graduates with from programs with strong quantitative requirements (statistics, mathematics, engineering ...) will also be considered.

Access is also open, under the same requirements, to students in possession of a degree obtained under foreign educational systems, once the University verifies that the degree is equivalent to an official Spanish bachelor's degree that gives access to the Master program.

Tuition Fee

  • International

    5045 EUR/year
    Tuition Fee
    Based on the original amount of 5045 EUR per year and a duration of 24 months.
  • National

    2702 EUR/year
    Tuition Fee
    Based on the original amount of 2702 EUR per year and a duration of 24 months.
We've labeled the tuition fee that applies to you because we think you are from and prefer over other currencies.
  • Spanish/EU students: 45,02 €/ECTS credit
  • Non-EU: 84,07 €/ECTS  credit

Living costs for Madrid

  • 745 - 1260 EUR/month
    Living Costs

The living costs include the total expenses per month, covering accommodation, public transportation, utilities (electricity, internet), books and groceries.


Universidad Carlos III de Madrid announces a call for financial aid/grants to study University Master’s degrees, earmarked for recruitment of students with proven academic excellence and a research profile.  Studying  in a Master’s program requires committed and active participants who are passionate about their academic and professional performance

On the one hand, the UC3M offers two types of grants for the study of the University Master's Degree:

  • Financial aid/scholarships for tuition
  • Full scholarships

The offer is completed with other grants and scholarships that are convened by other important national and international organizations such as the MECD, the Carolina Foundation, ICETEXT or the Community of Madrid

StudyPortals Tip: Students can search online for independent or external scholarships that can help fund their studies. Check the scholarships to see whether you are eligible to apply. Many scholarships are either merit-based or needs-based.

The Global Study Awards: get funded with up to £10,000 to study abroad

Together with the ISIC Association and British Council IELTS, Studyportals offers you the chance to receive up to £10000 to expand your horizon and study abroad. We want to ultimately encourage you to study abroad in order to experience and explore new countries, cultures and languages.