Japan-IMF Scholarship Program

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The Japan-IMF Scholarship Program for Advanced Studies (JISP) is a two-year program to help Japanese nationals obtaining Ph.D. degrees in economics and preparing them to work as economists at the International Monetary Fund (IMF).
The scholarship is funded by the government of Japan and administered by the IMF's Capacity Development (ICD) with assistance from the Institute of International Education (IIE).
Up to four scholarships are awarded annually on a competitive basis to students with a record of high academic achievement.
All JISP scholars are required to apply to the IMF's Economist Program (EP) upon completion of their doctoral studies and to accept an EP position if offered. Scholars who do not comply with this condition may be asked to repay the scholarship cost.
The IMF will not be able to accommodate all JISP scholars who apply for employment at the Fund since there are many applicants for each available position and the selection process is very competitive.

Eligible applicants must be:
- A Japanese citizen.
- Able to obtain a Ph.D. before age 34.
- Studying at, or applying to, a Ph.D. program in Economics at a university outside of Japan with a strong doctoral program in Economics (eligible fields include Macroeconomics, Public Economics, Monetary Economics, International Economics (International Finance & Trade), Finance, Development Economics, or Labor Economics).
- Normally entering the 1st, 2nd or 3rd year of the Ph.D. program.
Scholars must:
- Continue an approved course of study and maintain high academic standards, passing all mandatory and qualifying examinations.
- Remain a full-time graduate student in a Ph.D. program in macroeconomics for the duration of the two-year scholarship; maintain high academic performance (minimum average of B); and pass all required qualifying exams.
- Complete a 10–13 week paid summer internship at the IMF in the year before obtaining their doctorate.
- Apply to the IMF's Economist Program during the last year of Ph.D. or later and accept IMF employment offer if one is extended. Applicants must be under the age of 34 at the time of joining the IMF EP program.
Scholars who do not comply with the above conditions may be required to repay the JISP award.
No exceptions can be made regarding the scholar's nationality, university location, or field of study.

The JISP covers reasonable expenses for two years of graduate study including:
- Full university tuition and fees;
- Medical insurance;
- Monthly living allowance;
- Selected travel expenses; and
- Paid summer internship.
To cover the remaining years of study, JISP scholars are expected to secure another source of funding, usually through Research or Teaching Assistantship at their university.

The application must be completed in English and include:
- A personal statement focusing on the applicant's background, career goals, and interest in working as an IMF economist;
- A complete university transcript for the applicant's prior studies and, if already a graduate student, a current university transcript;
- GRE and TOEFL or IELTS scores;
- A copy of one application to a Ph.D. program;
- Two reference letters; and
- Macroeconomic essays.
The deadline for receipt of scholarship applications is November 30, 2026.
Scholarships are awarded in the spring, for studies starting in the fall of that same year.
Candidates must apply directly to universities for admission.
Selected scholars must attend an orientation program at the IMF in Washington D.C., shortly before they begin studies at their respective university.

Scholars usually complete the majority of the course work in the first two years of Ph.D., with the remainder of their studies devoted to researching and writing a dissertation.
Dissertation subjects should focus on macroeconomics and topics relevant to the work of the IMF, such as: public finance, monetary economics, international economics, poverty issues, political economy, or econometrics.
JISP scholars are required to complete a 10-13 week paid summer internship at the IMF in the year before obtaining their doctorate. JISP interns work in one of the IMF departments on a wide range of topical and regional assignments.

Potential Japanese applicants interested in pursuing a career with the IMF are encouraged to apply to the RAP before seeking the Japan-IMF Scholarship. The paid RAP position provides research experience and training opportunities, strengthening applicants’ profiles for future Ph.D. studies and career opportunities.
During the RAP assignment, applicants undergo evaluation and interviews. Following this, they may receive a conditional Japan-IMF Scholarship offer if they:
- Secure admission to a reputable Ph.D. program.
- Express intent and commitment to apply for a position in the IMF’s Economist Program (EP) after their Ph.D. and are willing to accept if selected.
- Meet the age requirement for entry into the EP, which is below 34 years old.
Once approved for the Japan-IMF Scholarship, applicants can indicate the secured funding assurance on their Ph.D. applications.
Japanese applicants seeking a predoc program with Ph.D. funding should:
- Submit an application to the RAP.
- Express their interest by emailing the Japan-IMF Scholarship (japanimfscholarship@imf.org).

Six JISP scholars joined the Fund as summer interns in 2019.
Selected scholar takeaways and experiences during the internship emphasize:
- Exposure to IMF’s integration of new technologies and collaboration between data scientists and economists.
- The importance of considering policymakers’ points of view in research.
- Opportunities to work on challenging research with experienced advisors and access to IMF’s cumulated knowledge and databases.
- Direct experience applying graduate training in economics to actual economic policy formation.
Additional testimonials highlight:
- Networking with talented practitioners and exposure to policy-relevant regional and sectoral analyses.
- Learning that policy work requires country-specific historical and institutional knowledge rather than “one-fits-for-all” solutions.
- Insights into crisis management and policymaking through work related to events such as the Greek debt crisis.