Consortia that offer a common, transnational programme of studies at master's level (60, 90 or 120 ECTS credits) which students can undertake at at least two of the participating universities are entitled to apply for flat-rate EU funding (for travel and accommodation costs for students and teaching staff and administrative costs) under the “Erasmus Mundus Joint Master Degree” (EMJMD) Erasmus Plus action programme.

At least 75% of the EMJMD grants for students must be reserved for citizens of third countries. The programme must be offered for at least four consecutive academic years. Graduates must be awarded a joint or multiple degree. The entire contents must be recorded in the diploma supplement.