The Universidad Carlos III de Madrid is a public university in Madrid, Spain. Its three campuses are located in the municipalities of Leganés, Colmenarejo and Getafe. It is a medium institution well-known for the quality of its teaching and academic research, its international orientation and its higher than average study workload. Its name refers to Charles III of Spain. The Universidad Carlos III de Madrid was founded in 1989 with the objective of providing an efficient, high quality public undergraduate and graduate education. The philosophy that has guided the university since its origins is one of creating responsible free-thinking people with a sensitivity to social problems and an involvement in the concept of progress based on freedom, justice and tolerance. The university consists of three schools: The undergraduate degrees in Business Administration, Economics and Law are ranked first, first and second respectively among those offered by public and private universities in Spain , and its Master and Ph.D. programs also rank top in the country. The Department of Economics is among the 50 best worldwide, and in the top 10 in Econometrics.