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The mastery for understanding and mastering the world of finance
This specialization will provide you with the main financial skills, methodologies and tools you need to master in order to perform modern financial management. The program content focuses on topics such as corporate finance, capital markets, investment portfolios or banking. In addition, you will learn about the latest trends in financial innovation and fintech.
After completing the Executive Master in Finance (EMF), you will be able to make decisions that create value in companies and you will have the skills most in demand in the labor market in the coming years.
Our executive master's degrees have a modular and flexible format that adapts to your needs. You can choose to obtain a postgraduate degree by taking 9 months of the Finance specialization or obtain a master's degree by adding 4 more months of General Management, before or after the specialization. In addition, the contents are taught in a hybrid format, combining 50% face-to-face and 50% online.
Quantitative Methods
Critical Thinking and Decision Making
Module 1 (Costa Rica)
General Management (Leadership and Strategy)
Module 2 (online)
Financial Accounting and Value Creation
Economics and Environment
Module 3 (Costa Rica)
Digital Transformation
Sustainable Strategy
Module 4 (online)
Currency and Banking
Advanced Corporate Finance
Module 5 (Panama)
Currency and Banking
Advanced Corporate Finance
Module 6 (online)
Financial Derivatives
Company Valuation, Mergers & Acquisitions
Module 7 (Panama)
Financial Derivatives
Company Valuation, Mergers and Acquisitions
Module 8 (online)
Capital Markets
Fintech and Financial Innovation
Module 9 (online)
Investment Portfolios and Portfolio Management
International Corporate Finance
Module 10 (Costa Rica)
Investment Portfolios and Investment Portfolio Management
International Corporate Finance
*The pre-program is taken only once, either at the beginning of the master's or graduate program.
**The General Management modules must be completed at the end of the specialization if you wish to obtain the master's degree.
***Postgraduate modules are those that must be completed for the postgraduate degree only.
INCAE reserves the right to make changes to its programs.
INCAE is recognized by international rankings as the most prestigious business school in Latin America. We have international professors with extensive experience, with doctorates from the best universities. Our programs follow a comprehensive learning model for executives based on practical methodologies such as case analysis and business simulations. In addition, they allow students to network, expanding their network of contacts with entrepreneurs and leaders from around the world.
*150 for admission fee.
This master's degree is designed for professionals with more than 5 years of work experience in areas related to finance: financial executives, bankers, advisors, investors, etc. They can also be people interested in finance on a personal level. The minimum age to apply for the program is 30 years old, except in exceptional cases where the person has extensive professional experience.
| Costa Rica / Panama | |
| Total postgraduate investment | $ 16,500 |
| Total master's degree investment | $ 24,500 |
The investment includes tuition, teaching materials and meals during all on-site modules at the Costa Rica campus and the executive center in Panama. It does not include lodging or transportation. For accommodation options, please contact our Admissions Manager directly.
Ask about special benefits for companies whose executives are enrolled in this master's program.

We offer you different financing options, programs and scholarships to help you cover the cost of the master's degree.
"INCAE is a personal stamp, since as individuals and executives we can show the values left by the institution. Networking at such a high level has given me the opportunity to create ties for future business."












He specializes in the areas of Strategy and Entrepreneurial Studies and was Dean of INCAE Business School from 2001 to 2007. He is currently Academic Director of the Executive MBA (EMBA) and the Senior Management Program. He was a visiting professor at the University of Michigan, USA for 10 years, at Cotrugli Business School, Europe for 8 years and led the Steve Aronson Research Chair in Strategy and Agribusiness at INCAE for 12 years. He has taught in executive programs at the Business Schools of the Universities of Michigan, Chicago and Duke and In Company programs for Carlsberg, Coca Cola, Oracle, CEMEX, Citibank, Chiquita, among others.
He has more than 30 international academic publications, 60 case studies and four books, namely: The Future of Entrepreneurship in Latin America with J. Haar, Understanding Entrepreneurial Family Businesses in Uncertain Environments: Opportunities and Resources in Latin America with M. Nordqvist et.al., Desafíos Presentes y Futuros del Medio Ambiente y La Productividad en la Agroempresa Centroamericana and Evaluación de Proyectos en Impacto Ambiental.
President and founder of Brenes, Artavia Consultores y Asociados S.A.(www.bacyasociados.com). Among other companies he has consulted in business and corporate strategy, mergers and acquisitions and family businesses in: Kraft CA, Holcim CR, Tetra Pak C&C, Panama Canal Authority, Grupo Britt NV, Grupo Monge, Interbank Peru, Bantrab Guatemala, Fertica Panama, Hospital Clinica Biblica, Televisora de Costa Rica S.A., MercaSid, Grupo Rica, Distribuidora Pedro Oller, Grupo De Sola, among others. Former Minister of Science and Technology and Minister of Agriculture and Livestock of the Government of Costa Rica.
He is Professor of Strategy and Entrepreneurship in the Master's programs and former Dean of the Faculty and Master's programs at INCAE. For 10 years he was Visiting Professor in Entrepreneurial Strategy and International Business at the University of Michigan Business School, Ann Arbor, has been Director of Doctoral Dissertations at HEC, Business School, Paris and has lectured in residential and executive programs at the Business Schools of the Universities of Michigan, Chicago and Duke.
For the past eight years he has been a visiting professor at Cotrugli Business School, Europe. He has taught "In Company" programs, among other companies, for Alstom Group, Roche, Carlsberg, Coca Cola, BASF, Oracle, Novartis, CEMEX, COFIA-AFP - Citibank, Sanofi, Millicom (TIGO) and Chiquita.
Professor Brenes is currently the Director of the Executive MBA (EMBA), Director of the Senior Management Program (PAG) at INCAE and holder of the Steve Aronson Chair in Strategy and Agribusiness. The Chair was created thanks to a significant donation from Mr. Steve Aronson, founder of the Britt Group N.V.
Professor Brenes has a number of international publications including the edition of two books, "The Future of Entrepreneurship in Latin America" with J. Haar and "Understanding Entrepreneurial Family Businesses in Uncertain Environments: Opportunities and Resources in Latin America" with M. Nordqvist et al, the first in second edition 2016 and the second from 2012. Other recent publications include "Learning to become a high reliability organization in the food retail business", "Assesing agri-business firms' performances: Organizational and marketing business models of high/low sales and ROE outcomes", Strategy and innovation in emerging economies after the end of the commodity boom-insights from Latin America" and "Hospital Clinica Biblica in 2013" published in the Journal of Business Research, 2016. Additionally, Professor Brenes has 12 articles published in internationally prestigious academic journals, more than 50 case studies and two other books entitled "Desafíos Presentes y Futuros del Medio Ambiente y la Productividad en la Agroempresa Centroamericana" (Present and Future Challenges of the Environment and Productivity in Central American Agribusiness) and "Evaluación de Proyectos en Impacto Ambiental" (Project Evaluation in Environmental Impact).
In addition to his academic work, Dr. Brenes is founder of the consulting firm bac&asociados S.A. His work in the area of consulting is focused on business and corporate strategy, mergers and acquisitions and the management of family businesses. Some of the organizations for which he has collaborated include: Banco Davivienda, Kraft CA, Holcim CR, Tetrapak CA&C, Chiquita CA, Panama Canal Authority, Grupo Britt NV, Grupo Monge, Grupo Cuesta de Moras, Hospital Clínica Bíblica, Televisora de Costa Rica S.A., Distribuidora Pedro Oller, Grupo De Sola, Alimentos Pro Salud (Sardimar), Industrias Borja, Banco Popular y de Desarrollo Comunal (CR), Banco de Costa Rica, Interbank Perú, Banco Salvadoreño, Banco del Pacífico, POPS, Cemento Panamá and Bolsa de Valores de Guayaquil. Additionally, he is a member of the Board of Directors of different companies in the fields of health, services to oil companies, construction, retail and agribusiness.
During the period from May 1998 to June 2000, he served as Minister of Science and Technology and Minister of Agriculture and Livestock of the Government of Costa Rica and, as such, was also Chairman of the Board of Directors of public companies in the areas of production, irrigation and drainage and marketing of agricultural, agro-industrial and fishing products.
D. in Agricultural Economics with a major in International Trade and Marketing from the University of Florida (Gainesville) with the support of a Fulbright scholarship from the U.S. Government, and an MBA with honors in Business Administration from INCAE. Previously, he obtained a Grade in Industrial Engineering from the University of Costa Rica.


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He earned a Ph.D. in Finance and Development and an M.A. in International Economics from Ohio State University, as well as a B.S. in Civil Engineering from the University of Costa Rica, with Honors.
He is a Full Professor at INCAE Business School, in the areas of Currency, Banking and Finance, Financial Institutions and Capital Markets, Portfolio Management, Risk Assessment and Management.
He also holds a Stock Market Operator's License in the Equities Market, Options and Futures Market, and the Clearing House of the Madrid Stock Exchange, Spain, granted by the Spanish Stock Exchange and Markets Institute (BME).
His current responsibilities include:
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Prof. Camacho also held the following positions:
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Carla Fernández Corrales is the Senior Director of Executive Education & INCAE Online and is an Assistant Professor at INCAE Business School. She earned her Ph.D. in Business Administration with a concentration in Information Systems from the University of Illinois at Urbana-Champaign. In addition, she obtained a Grade in Industrial Engineering and an M.S. in Computer Science with honors, both from the University of Costa Rica. She was awarded a Fulbright scholarship from the U.S. Department of State.
Dr. Fernández Corrales' research focuses on the study of technology management and innovation using machine learning methods. Her teaching and consulting interests focus on the strategic use of information technologies, data science and agile methodologies.
As a consultant, lecturer and TEDx speaker, Professor Fernández Corrales stands out for her ability to communicate highly specialized knowledge about technology to non-technical audiences, establishing connections with the value proposition, strategy and risk analysis in organizations.
Passionate about innovation and the digital transformation of higher education, she has also served in various academic leadership positions, including Director of Educational Technologies (METICS) at the University of Costa Rica, Director of Learning Innovation at INCAE Executive Education and Academic Director of the MBA programs at INCAE Business School.


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D. in Management Decision Sciences from IE Business School and an MSc. in International Management from the same school. He is an Assistant Professor at INCAE Business School and focuses on Management Decision Sciences.
He is also an Adjunct Professor in the Operations and Technology area at IE Business School, and a member of the Decision Analysis Society (INFORMS), as well as co-editor of the Ask Das column in Decision Analysis Today.
His research focuses on the intersection of theoretical knowledge of decision making (related to mathematical models), and how it is actually done in practice (related to cognitive and social psychology), for application in managerial decisions.
Florian Federspiel is Assistant Professor at INCAE Business School and focuses on Management Decision Sciences.
Prior to joining INCAE Business School, he was a Visiting Scholar in the Operations and Information Management Group at Georgetown University McDonough School of Business in the USA and an Adjunct Professor in the area of Operations and Technology at IE Business School in Spain.
His research focuses on the intersection of theoretical knowledge of decision making (related to mathematical models), and how decisions are actually made in practice (related to cognitive and social psychology), always with the aim of identifying possible failures and interventions to combat such failures in managerial decisions.
He is a member of the Decision Analysis Society of the Institute for Operations Research and the Management Sciences (INFORMS), as well as editor of the Ask DAS column of Decision Analysis Today.


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Dr. Montiel is professor emeritus of INCAE Business School. He holds a Ph.D. from Harvard University, USA, as well as a master's degree from the Sloan School of Management of the Massachusetts Institute of Technology. He holds a Bachelor of Science degree in Industrial Engineering (cum laude). cum laude) from the University of Michigan.
With the support of the International Finance Corporation of the World Bank (WB), the United Nations Development Program (UNDP) and Harvard Business School, he led the founding of ProNicaragua, the country's main investment promotion agency.
He has been a director and advisor to private regional banks, insurance companies, commercial and industrial companies, foundations and non-profit organizations.
In the public sector, he was Minister of Finance and Public Credit of Nicaragua, as well as Governor of the Inter-American Development Bank (IDB), the Central American Bank for Economic Integration (CABEI) and President of the Superintendency of Banks of Nicaragua (SIBOIF).
In addition, he is the author of four books and more than 70 articles, cases and technical notes.
At INCAE he served as Dean and has been a professor in the areas of Banking and Finance.
Professor Montiel served as Dean of INCAE and as Academic Director of both the Executive Master in Management and the Global Executive MBA. As a professor, he was in charge of several courses in Banking and Finance including the Financial Innovations and Fintechs course in the Master in Finance and the Corporate Finance course in the Executive Master in Management.
He was a researcher at Harvard University, as well as a teaching assistant for the Financial Institutions course and the Investment Management course at the Harvard Business School MBA Program, where he obtained his PhD specializing in Financial Institutions and Markets.
Dr. Montiel was the founder of ProNicaragua, an investment promotion agency established in 2002 with the support of the International Finance Association (IFC) of the World Bank, UNDP and Harvard Business School. ProNicaragua received the 2006 WAIPA Award from the World Association of Investment Promotion Agencies as the best in Latin America and one of the top five in the world out of more than 100 investment promotion agencies operating at the time.
Professor Montiel was also founder and president of Cambridge Consulting, advising numerous companies and financial institutions in more than a dozen countries in Latin America and Europe. He has served on the boards of commercial and industrial companies, banks, insurance companies, foundations and non-profit organizations.


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Professor Camelia Ilie Cardoza is a leader with more than 30 years of experience in strategy, innovation, and financial management in organizations in Europe, Latin America, and the United States of America. Before her appointment as President of INCAE Business School, a leading business school in Latin America, she was Dean of Strategy and Institutional Affairs, Dean of Executive Education and Strategic Innovation, Chair of the Leadership Center, and full-time professor at INCAE.
During the last decade, INCAE's Executive Education area has been positioned in the Top 25 of the Financial Times world ranking. Likewise, in alliance with Emeritus, she led the creation of INCAE Online, an online education start-up. Over 6,500 participants from 15 countries attend the programs of INCAE each year.
As a professor of Corporate Governance, she leads programs that help presidents, CEOs, and board members improve their governance systems and manage digital transformation and innovation. She has also taught programs and advised multinational corporations such as Banco Santander, PWC, Inter-American Development Bank, Bankinter, Telefónica, Iberia, Maersk, and Copa Airlines.
She was trained as an engineer and obtained a doctorate in business administration at the University of Comillas. She has worked at IE Business School and ESADE Business School in Spain. She was a research fellow at the Rockefeller Center for Latin American Studies at Harvard University and regularly writes in the column "Perspectives in time of change" in the Harvard Review for Latin America.
Dr. Ilie researches corporate governance, higher education, business school models, MBA programs, female entrepreneurship, and leadership. She was recognized as one of the 12 most influential women in business education by BlueSky Thinking. She received the Woman of the Decade award in Education and Leadership in Latin America from the Women's Economic Forum and is listed by Forbes magazine as the 100 most powerful women in Central America and the Caribbean.
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Click on the menu to see all the chapters of the Leadership Voices playlist.
The depth of aesthetics | TEDxPuraVida
Let's change our brains | TEDxPuraVidaSalon
Changing our World | TEDxPuraVida


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Urs Jäger is a strategist, researcher and teacher, specialist in strategic change management, leadership, business ethics, entrepreneurship and impact management with extensive experience in Europe and Latin America.
He is the Senior Director of Impact and Sustainability and Associate Professor at INCAE Business School, and Executive Director of VIVA Idea. He guides his work from approaches of action research methodology, sustainability, entrepreneurship and social innovation, with a focus on the inclusion of formal and informal markets, working in emerging countries.
He holds the VIVA Idea Schmidheiny Chair in Sustainability at INCAE Business School, in joint leadership with other colleagues. The Chair focuses on developing solutions that enable leaders to manage their impact and develops solutions based on an action research approach.
As executive director of VIVA Idea, an organization that is part of the VIVA Trust ecosystem of organizations that supports sustainable development throughout Latin America, he executes processes of action, accompaniment and training for leaders of companies, foundations, governments, non-governmental organizations and communities in managing impact. Impact management means the way in which leaders can make decisions and act to promote social progress. In this process, VIVA Idea collaborates with the Chair at INCAE Business School.
Urs Jäger's research focuses on collaborations between actors in unequal situations (such as indigenous peoples and multinational corporations), drivers of informal market development and governance practices that strengthen informal market development with a focus on social and economic progress. Together with his teams, he has developed action-research studies in Europe, Indonesia and more than ten countries in Latin America.
2013 to date: Associate Professor. INCAE Business School (Costa Rica)
2013 to date: Research Director. VIVA, in collaboration with INCAE Business School (Costa Rica).
2007 to date: Associate Professor (Privatdozent). University of St. Gallen (Switzerland).
2011 to 2012: Visiting Research Professor. INCAE Business School (Costa Rica)
2006 to 2011: Founding Co-Director. Center for Leadership and Values in Society (CLVS-HSG), University of St. Gallen. 2006: Visiting Scholar. Peter F. Drucker and Masatoshi Ito Graduate School of Management, Los Angeles (USA).
2003 to 2006: Assistant Professor. Institute of Management, University of St. Gallen.
2000 to 2003: Management Accountant/Financial Services Project Manager and Human Resource Consultant. Lufthansa Group (aviation company) (Frankfurt, Germany)
1999 to 2000: Research Associate. Institute for Leadership and Human Resources Management, University of St. Gallen.
1998 to 1999 : Portfolio Management Analyst. Investment banking firm (Zurich, Switzerland).
1998: Junior Consultant. Management Centre of St. Gallen (MZSG). (St.Gallen)
1997 to 1998: Project Member. Institute for Business Ethics, University of St. Gallen.
1997: Consultant. Consulting Group for Nonprofit-Organizations (BSU). (Stuttgart, Germany)
1996: Researcher. Institute of Work Psychology, Swiss Federal Institute of Technology (ETH) (Zürich, Switzerland).
1991 to 1992: Corporal. Swiss Military Service (Switzerland)


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Professor Mauricio Jenkins is a Full Professor at INCAE Business School. He holds a Ph.D. Grade in International Economics and Finance from Brandeis University. He also holds an M.A. in International Economics and Finance from Brandeis University, an M.B.A. with Distinction from INCAE Business School, and a B.S. in Civil Engineering from the University of Costa Rica. In 1994 the United States Government awarded him the prestigious Fulbright scholarship to pursue his doctoral studies.
As a member of the faculty of INCAE for over 25 years, Professor Jenkins has taught corporate finance, international finance and international business courses for MBA students in several countries in Latin America, Europe and the United States, as well as dozens of executive seminars on company valuation, portfolio management, treasury management, investment projects, international finance and financing structuring in more than a dozen countries.
Professor Jenkins is the Academic Director of the Executive MBA in Finance at INCAE, and was Director of the Institute's Senior Management Program for 10 years. He has also been a visiting professor at the European Business School, Rotterdam School of Management and Brandeis University, teaching courses in corporate finance and international finance at both universities.
Professor Jenkins has also served as a consultant to the Harvard Institute for International Development. Harvard Institute for International Development (HIID), the Central American Bank for Economic Integration, the Government of Costa Rica, the Panama Canal Authority, the National Bank of Costa Rica, as well as several business groups in the region. Professor Jenkins has also served on more than half a dozen Boards of Directors of leading companies and institutions in the region. His consulting activities have been mainly focused on the valuation of companies and the evaluation of investment projects, as well as the development of financial strategies for several companies and entities.
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Mauricio Jenkins holds a Ph.D. Grade in International Economics and Finance from Brandeis University. He also holds an M.A. in International Economics and Finance from Brandeis University, an M.B.A. with distinction from Incae, and a B.S. in Civil Engineering from the University of Costa Rica.
In 1994 the United States government awarded him the prestigious Fulbright scholarship for his doctoral studies. He is currently an Adjunct Professor at the Central American Institute of Business Administration (INCAE).
As a member of the Institute's faculty, Professor Jenkins has taught finance and international business courses for MBA students, as well as numerous executive seminars on business valuation, portfolio management, treasury management, investment projects and financing structuring in countries such as Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Venezuela.
In 2004, he was appointed Academic Director of the Senior Management Program, the longest running program at INCAE, and was also Academic Director of the Master of Medical Management Program, a master's program taught jointly by INCAE and Tulane University.
Professor Jenkins has also served as a consultant to the Harvard Institute for International Development (HIID), the Government of Costa Rica, and major business groups in the region.
His consulting activities have been mainly focused on business valuation and evaluation of investment projects, as well as the development of the financial strategies of several companies.
He currently serves on the Boards of Directors of two important Costa Rican business groups.


He is a Full Professor at INCAE Business School, where he teaches Industrial Organization, eBusiness and International Finance. He holds a master's degree and a doctorate from Harvard University.
He has conducted research on capital flows to emerging economies, sovereign debt renegotiation processes, particularly those of Ecuador and Argentina, privatization processes in Central America, company valuation methodologies and more recently on global investment strategies.
His article "La Deuda Externa del Ecuador" appeared in Cuadernos de Economía. His articles "Deregulating Telecommunications in Central America" and "Building Electricity Markets in Central America" were published in Larrain, F (2001): Economic Development in Central America, Harvard University Press. In the last issue of the Journal Incae he published "The consistent use of flows and rates in the valuation of companies and projects".
He has advised companies and organizations on risk management, regulation and investment strategies. He has also researched restructuring processes in the electricity and telecommunications industries in Central America, focusing on regulatory and financial aspects.
Articles
Raventós, P. (Pedro) (2020). Negative oil price?
Barbosa, F.; Raventós, P. (Pedro) (2017). Muon Capital Management (D): Convertible Arbitrage.
Barbosa, F.; Raventós, P. (Pedro) (2017). Muon Capital Management (A): An Analytical Outlook on Hedge Funds.
Barbosa, F.; Raventós, P. (Pedro) (2017). Muon Capital Management (C): Merger Arbitrage.
Barbosa, F.; Raventós, P. (Pedro) (2017). Muon Capital Management (B): The Carry Trade.
Raventós, P. (Pedro); Zolezzi, S. (2016). Cement in Central America: Global Players in a Local Industry: Teaching Guide.
Raventós, P. (Pedro); Zolezzi, S. (2015). Electronic tendering of pharmaceuticals and medical devices in Chile.
Raventós, P. (Pedro); Sauma, M. (2014). Capital Market Assumptions at ARPM.
Raventós, P. (Pedro); Ospina, J.M. (2013). Strategic management in Latin America: Introduction to a special section.
Raventós, P. (Pedro); Zolezzi, S. (2011). Sportsbooks and politicians: Place your bet: Teaching Note.
Raventós, P. (Pedro); Zolezzi, S. (2011). Sportsbooks and politicians: Place your bet!.
Raventós, P. (Pedro); Zolezzi, S. (2009). Electronic Procurement of Pharmaceuticals and Medical Devices in Chile: An Initial Empirical Investigation.
Raventós, P. (Pedro) (2007). Rate Flows for Valuation.
Raventós, P. (Pedro); Zolezzi, S. (2006). Sportsbooks Y Politicos: A Quien Le Apuesta? / Sportsbooks And Politicians: Make Your Bet!.
Raventós, P. (Pedro) (2006). Price Limits to Discourage Entry.
Raventós, P. (Pedro) (2006). The Internet Strategy of the Costa Rican Tourism Board.
Raventós, P. (Pedro) (2000). Ecuador's External Debt.
Raventós, P. (Pedro) (1992). Ecuador's External Debt.
Raventós, P. (Pedro) (1987). Special Tariff Regimes.
Raventós, P. (Pedro) (1987). Concepts Of National Accounting.
Raventós, P. (Pedro) (1987). Effective Protection: Questions For Discussion (R).
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In the area of Finance, he has researched the dynamics of capital flows to emerging economies and sovereign debt renegotiation processes, particularly in Ecuador and Argentina. He has also researched restructuring processes in the electricity and telecommunications industries in Central America, focusing on regulatory and financial aspects. Professor Raventós has advised companies and governments on regulatory and strategic issues.


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Dr. Arnoldo Rodriguez is an associate professor at INCAE in the areas of Financial Accounting, Managerial Accounting and Control. He earned his Ph.D. from the Carlson School of Management at the University of Minnesota. He is also a graduate of INCAE. Professor Rodriguez is the Director of the Master in Analytics, Innovation and Technology (MAIT) program at INCAE.
He also serves as a consultant to companies in Latin America and has been a guest lecturer at the University of Minnesota, Webster University in St. Louis, and has lectured and taught at universities throughout Latin America. His main academic interests focus on the topics of Value Creation, Risk Management and Accounting Systems Analysis and how companies structure and manage these topics in the age of analytics.
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He currently serves as an assistant professor at INCAE in the following courses: Financial and Managerial Accounting, Control and Budgeting and Applied Research.
He also conducts refresher seminars in the area of Executive Training, and is Director of the Research Center at INCAE.
Among his other activities, Prof. Rodriguez is a consultant to companies in the Central American region, a member of the American Accounting Association and an advisor to the Costa Rican Government in the areas of fraud and manipulation of accounting figures.


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Alberto Trejos received his Ph.D. in economics from the University of Pennsylvania. As an academic, he has been a faculty member at Northwestern University and INCAE, where he also served as Dean and as director of the Latin American Center for Competitiveness and Sustainable Development. He has been a visiting scholar at the University of Michigan, the Institut d'Anàlisi Econòmica de Barcelona, the University of California and the Federal Reserve Bank of the United States. He has published extensively in both academic journals and practitioner media, especially in monetary theory, macroeconomics, international trade and development.
He is currently the president of Grupo Cuestamoras, and for two decades has been part of the governance (in Costa Rica and regionally) of the financial group BAC-Credomatic. He is a partner of the consulting firms CEFSA and DRP, and has provided his services to governments, international organizations and companies in 60 countries, mainly in the Americas, Europe and Africa.
In Costa Rica he was minister of foreign trade, a position from which he led the negotiation of CAFTA. He was one of the original members of the Financial System Supervisory Council and, for almost a decade, president of CINDE, the agency for attracting foreign direct investment. He participated in the design and negotiation of the Worker Protection Law, which constituted the integral reform of the pension system.
He has been a founding director of the Brenthurst Foundation in South Africa, the Democracy Lab and the advisory board of the New York University School of Public Health. He also chaired the Arias Foundation for Peace and Democracy. He has been a judge in international disputes before the World Trade Organization.
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Alberto Trejos received his Ph.D. in economics with honors from the University of Pennsylvania in 1994. He has been a faculty member at Northwestern University, and a visiting professor at the University of Michigan and the Institut d Analisi Economica de Barcelona.
At INCAE he has served as dean and director of his think-tank, the Latin American Center for Competitiveness and Sustainable Development. His academic work focuses on monetary economics, macroeconomics, international economics and development.
In public policy, he served as Costa Rica's Minister of Foreign Trade, during which time he led the negotiation of CAFTA. He has also been president of CINDE, the investment attraction office, and a member of the National Council of Supervision of the Financial System. He participated in the design and negotiation of the pension system reform.
In private practice, he is a partner at CEFSA, the leading macroeconomic consulting firm in his country. He is a member of the board of directors of several important companies in Costa Rica, including the bank BAC San José, Corporación Cuestamoras, the newspaper El Financiero and the distributor DIPO.
Internationally, he has been a consultant and expert for governments, international organizations and companies in 50 countries in Latin America, Europe and Africa. He is a director of the Brenthurst Foundation in South Africa. He directs the International Council on the Economy for the President of Malawi, and is a member of the Board of International Advisors for the President of Mozambique.
1 week per month, from 8:00 a.m. to 6:00 p.m.
In Costa Rica, province of Alajuela in our campus Walter Kissling Gam. And in Panama in Costa del Este.
Have a university degree, be at least 30 years old and have 7 years of work experience with at least 5 years in leadership positions where you have: personnel in charge, budgets under your responsibility or payroll. Exceptions to the minimum age requirement apply if there is an outstanding professional career.
It is not a mandatory requirement, however, it is important to have basic reading comprehension. In cases where the material is in English or a teacher is not a Spanish speaker, simultaneous translation is available.
Contact our admissions team and schedule a consultation to resolve your doubts or receive assistance during enrollment.

Select the INCAE program you would like to attend and complete the online application process.