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About The Master

The Master in Quantitative Economic Analysis is an official UAM master’s degree that offers comprehensive, quality training geared towards professional and research practice in the field of quantitative economic analysis. The objective of the master’s program is to train professionals to be able to work at the Spanish or European public economic administration, international organizations and economic research departments. In addition, the master’s degree provides access to the PhD program in Economics and Business for those students who wish to pursue an academic and research career.


The program covers a gap in the current panorama, by combining the most classic training of a standard program in economic analysis with a strategic attention in the knowledge and application of the new paradigms of data analysis, related to the field of big data and the processes of machine learning applied to economic and financial problems. The program gives a remarkable importance to the quantitative approaches currently applied by most institutions focused on macro and microeconomic analysis.

The Master in Quantitative Economic Analysis is aimed primarily, but not only, at students with a Degree in Economics, Business Administration, Economics and Finance and other related fields. The design of the Master’s Degree can also be attractive for graduates from other areas with strong analytical content, such as Engineering, Physics or Mathematics, who want to develop their academic or professional careers in the field of economic analysis.

Upon completion of the master, students are expected to be able to work as quantitative economic analysts in the Spanish and European public administrations, in international organizations or in research departments of private firms and institutions. As an alternative, students wishing to pursue an academic career may access the doctoral program in Economics and Business.

The program has a markedly quantitative character, seeking to train professionals who are in high demand and who know how to operate with ease in the field of quantitative economic activity. The origin of the students, in many cases international, and the international profile of many of the professional internships that can be obtained, make the Master’s program a springboard to the labor market, not only in Spain but also internationally. All the  subjects are taught in English.

The students of the master may apply for a UAM scholarship that promotes research in master studies (400 €/month for 11 months and full exemption of tuition fees). The granting decision is based on applicants’ academic records. Successful students carry out research under the supervision of a university professor. All information about the call and requirements can be found here.


For more information about the Master you can contact us at:




The Master’s Academic Committee will be responsible, among other tasks, for the selection and admission process of applicants to the Master’s Degree, taking into account the following specific selection requirements:

To hold an official Spanish university degree in Economics, Business Administration, Economics and Finance or other related degrees with a solid grounding in Economic Theory, Econometrics and Mathematics, or a degree in Mathematics, Physics, Statistics or Engineering. Likewise, university graduates from foreign educational systems may be admitted without the need to have their degrees validated, as long as they accredit a level of training equivalent to the corresponding official Spanish university degrees and that they qualify, in the country issuing the degree, for access to postgraduate education.

To hold at least level B2 in English (recognized in the new Common European Framework for Languages) or equivalent. The table of equivalences used between the different types of certificates admitted can download here: Download

Admission criteria

From among those students that meet the above requirements, the Master’s Academic Commission will assess:

Academic record, especially the number of subjects passed with economic and/or quantitative content and the grade obtained.

Level of English.

Complementary training and/or professional experience in the required degrees.

The Academic Committee will also consider personal interviews when appropriate.


Academic transcript of grades for undergraduate studies. This certificate must be translated if it is not in Spanish or English.

Average grade statement (compulsory for students who do not belong to UAM). In the case of applicants with foreign qualifications, this can only be accredited with the official certificate of equivalence of average grades issued by the Spanish Ministerio de Educación y Formación Profesional.

Official certificate of at least level B2 in English (recognized in the new Common European Framework for Languages) or equivalent. An affidavit will not be valid.

Curriculum Vitae, indicating additional training and/or professional experience in the required qualifications.


The Program

To obtain the Master’s degree in Quantitative Economic Analysis, students must complete 60 ECTS credits distributed over three terms. They may take the Master’s degree on a full-time basis (preferably) or part-time (between 24 and 36 ECTS credits per academic year).


First Term

The first term (Michaelmas term) consists of five mandatory courses that provide the fundamentals of advanced theoretical and quantitative economic analysis, as well as advanced computational techniques in Python.

Classes: from 20 Sept to 29 Nov 2021.

Exams: from 30 Nov to 17 Dec.

Six mandatory courses:

Courses ECTS
Mathematical Methods in Economics 4
Advanced Macroeconomics: Numerical Methods 4
Microeconomics: Decision Theory 4
Economic Time Series 4
Introduction to Computational Economics 2
Introduction to Machine Learning in Economics and Finance 4

Second Term

The second term (Lent term) includes four compulsory and one optional subjects, covering topics directly related to economic theory, international finance, econometrics, big data analysis and complex networks.

  • Classes: from 10 January 2022 to 18 March 2022
  • Exams: from 21 March to 1 April 2022
Compulsory courses:
Macroeconomic Modeling4
Competition Economics4
An Introduction to Economic Big Data4


One optional course form:

Courses (Select one)ECTS
International Economics and Finance4
Quantitative Methods in Macroeconomic Analysis and Forecasting Business Cycles4
Social and Economic Networks4

Third Term

During the third term (Summer term), students will take the optional subjects of their selected itinerary. They can choose to do an internship in a first level company or public institution (professional track), or take two specialized optional subjects (research track).

  • Classes: from 4 April to 20 May 2022.
  • Exams: from 24 to 27 May 2022.

In both tracks

Master’s Thesis12

In Research track: (chose one from each bloc).

Bloc 1: Quantitative topics:ECTS
Stochastic Calculus and Quantitative Finance3
Impact Evaluation Methods3
Bloc 2: Economic topicsECTS
Topics in Economics3
Topics in Finance and Applied Economics3

In professional track:

Internship in a first level company or public institution6


you can download your course syllabus form here: Download


As a complementary training, the QuEA Master offers specialized seminars in topics in economics, finance, econometrics, big data and machine learning, given by professionals and academics specialized in these subjects.

These seminars are organized in parallel with the regular courses at no additional cost to the students.

Study visits abroad

Through the Erasmus and Erasmus+Prácticas schemes available at the UAM for postgraduate students, interested students may use part of their master to visit leading European universities in the field of quantitative economic analysis (for example, the Catholic University of Louvain, the University of Geneva, the University of Zurich etc.).

It is also possible for students to visit universities with which the UAM has signed international agreements. More information can be found here.

For instance, a number of former students of the Master of International Economics have attended courses at the University of Kiel and the Advanced Studies Program of the Kiel Institute for the World Economy.




In the third term, students can choose between taking two optional courses of the research itinerary or carry out internships (6 ECTS). The minimum duration of the internship is 120 hours, although the internship may be extended by up to 630 hours (yielding a maximum duration of 750 hours per academic course).

It will be possible to validate 6 credits of internships for those students who have already carried out a professional activity in the functional areas of economic analysis and quantitative analysis in companies and other public or private institutions that meets the academic and training requirements of the master’s degree. The Academic Committee of the master will assess each case and issue the corresponding report.

The tasks to be performed during the internships should include a training component in line with the Master’s objectives.


Through the Internship Office of the Faculty of Economics, this Master program will have direct access to an extensive database of institutions, including the Human Resources Departments of the main IBEX35 companies.

Priority will be given to internships offered by institutions such as Banco de España, BBVA Research,  Banco Santander, La Caixa Research, etc., as well as by departments of economic analysis, cabinets and other centres of economic policy (Ministerio de Economía, Ministerio de Hacienda, Comisión Nacional del Mercado de Valores (CNMV), ICEX, COFIDES, CESCE, etc.), and by planning and data analysis departments of international firms (e.g. Google, Amazon, Amadeus, McKinsey, Deloitte, Accenture, …). UAM also has on-going collaboration agreements with relevant companies such as Repsol, Toyota, etc.

Although all courses of the master are taught in English, since most of the internships are carried out at firms and institutions located in Spain, a minimum proficiency in Spanish will be required.

Through the Erasmus+prácticas program it is possible to carry out internships in countries of the European Union.

Work Office Team Company Internet  - RonaldCandonga / Pixabay


The search process for internships is carried out jointly between the students and the coordination of the Master, in collaboration with the Internship Office of the Faculty of Economic and Business Administration. Internships will usually take place from April (third term) or during the summer.

The coordinators of the master will inform students of the internship offers of which they have knowledge. Given the competitive nature of the internships, the signing of the internship contracts will depend on the institutions, which will be responsible for selecting the candidates from the pool of applicants, and therefore the internships cannot be guaranteed a priori. In some cases, the internships are paid.



Management team

Pilar Poncela
Master director

Full Professor of Econometrics.

International Institute of Forecasters, Director

Aránzazu de Juan Fernández
Academic Coordinator

Associate Professor of Econometrics.

Raquel Llorrente
Internship Coordinator

Associate Professor of Economics.

Federico Steinberg Wechsler
Institutional Relations Coordinador

Associate Professor of Economics

Senior Analyst at the Elcano Royal Institute

Special Adviser to the High Representative for Foreign and Security Policy and Vice-President of the European Commission Josep Borrell.


Faculty members from the departments of Economic Analysis: Economic Theory and Economic History and Economic Analysis: Quantitative Economics are in charge of most of the courses in the master’s program.

They hold PhD degrees and have extensive teaching and research experience in different areas of economic analysis (macroeconomics, microeconomics, industrial organization, game theory, international trade, labour economics, environmental economics, health economics, experimental economics, etc.) and quantitative economics (dynamic analysis, network theory, machine learning, time series, microeconometrics, macroeconometrics, financial econometrics, Bayesian econometrics, etc.). They stand out for their strong commitment to quality teaching and research.

Many of the faculty members have obtained their PhD degrees or have been post-doctoral scholars in prestigious international universities such as the University of California at Berkeley, Columbia University, New York University, University of Miami, Arizona State University, London School of Economics and Political Science, Lancaster University, Duke University, The University of Chicago, Johannes Gutenberg Universität, Tilburg University, Kiel University, European University Institute, etc., as well as other universities and foreign institutions (European Central Bank, European Commission, etc.).

Syllabi are approved for each academic year by each department:

Department of Economic Analysis: Economic Theory and History

Department of Economic Analysis: Quantitative Economics

Carmen Arguedas Tomás
Associate professor of Economics – Department of Economic Theory

Ph.D. in Economics

Fields: theoretical analysis of information problems and incentives linked to the design and implementation of environmental policies

Beatriz de Blas Pérez
Associate Professor of Economics – Department of Economic Theory

Ph.D. in Economics

Fields: macroeconomic fluctuations, monetary economics and interactions between real and financial sectors under financial frictions

Sara Cuenda Cuenda
Lecturer in Mathematics – Department of Quantitative Economics

Ph.D. in Complex System’ Physics

B.A. in Physics

Fields: programming, computer simulation, stochastic modeling, machine learning techniques, model analysis and theoretical approximations

Aránzazu de Juan Fernández
Associate Professor of Econometrics – Department of Quantitative Economics

Ph.D. in Economics

Fields: Time Series, Econometrics, Climate Change Econometrics, Business Cycles



Diego E. Fresoli
Ph.D. Assistant Professor – Department of Quantitative Economics

Ph.D. in Economics

Fields: Multivariate time series. Econometrics. Bootstrap and forecasting.

Fernando García-Belenguer Campos
Lecturer in Economics – Department of Economic Theory

Ph.D. in Economics

Fields: DSGE models, Youth Unemployment, Labour Market Institutions and Education Systems, Models of Endogenous Economic Growth

Antonio García Ferrer
Full Professor of Econometrics – Department of Quantitative Economics

Ph.D. in Economics

Fields: Econometrics, time series, forecasting, business cycles

Carlos Llano Verduras
Associate professor of Economics – Department of Economic Theory

Ph.D. in Economics

Fields: International Economics, International, Development and European integration

Marta Llorente Comí
Lecturer in Mathematics – Department of Quantitative Economics

Ph.D. in Mathematics

Susana López González
Lecturer in Mathematics – Department of Quantitative Economics

Ph.D. in Economics

B.A. in Mathematics

Fields: Finances. Cooperative Game Theory


Antonio Martín Arroyo
Associate Professor of Econometrics – Department of Quantitative Economics

Ph.D. in Economics

Fields: Finance, Time-series econometrics

Félix Muñoz Pérez
Associate Professor of Economics – Department of Economic Theory

Ph.D. in Economics

Fields: Evolutionary Economics, Economics and Complexity; Endogenous Growth; Institutions and Economic Change; Economics and Ethics

Pilar Poncela Blanco
Full professor of Econometrics – Department of Quantitative Economics

Ph.D. in Economics

Industrial Engineering

Fields: forecasting, time series analysis, dynamic factor models, business cycle analysis, combination of forecasts.

Martha Saboyá Vaquero
Lecturer in Mathematics – Department of Quantitative Economics
Rocío Sánchez Mangas
Associate Professor of Econometrics – Department of Quantitative Economics

Ph.D. in Economics

Fields: Microeconometrics, Impact evaluation methods

Nuria Suárez Suárez
Lecturer in Finance – Department of Finance

Ph.D. in Finance

Fields: Banking; Corporate Finance; Corporate Governance; FinTech

Federico Steinberg Wechsler
Associate Professor of Economics – Department of Economic Theory

Ph.D. in Economics

Fields: International political economy with a strong background and interest in international trade, finance, development and European economic and monetary union

Eugenio Zucchelli
Tomás y Valiente Researcher – Department of Economic Theory

Ph.D. in Economics

Fields: Health Economics, Human Capital, Applied Microeconometrics.