FINANCE AND RISK MANAGEMENT
6 places available for non UE citizens, including 2 places reserved for Chinese citizens
Before enrolment the student must read the Code of Conduct, adopted by the Department of Economics and aimed at students, teachers and administrative staff
COURSE STRUCTURE DIAGRAM WITH CREDITS
- 8 CFU - OPTIONAL SUBJECTS
- 6 CFU - COMPULSORY SUBJECTS, CHARACTERISTIC OF THE CLASS
- 8 CFU - OPTIONAL SUBJECTS
Profile of the programme
The second cycle degree in Finance and Risk Management (FRIM) is designed to produce experts in the management of financial products and portfolios, in analysis and management of banking and financial risk and, more generally, of corporate economic risk, in management of financial institutions, and in analysis and management of insurance risk.
Graduates in Finance and Risk Management (FRIM):
- acquire thorough knowledge of mathematical calculation tools applied to the economy of financial products and markets, finance and insurance as well as specialized knowledge of company risk models employed by banking, financial and insurance analysts; in addition, they gain statistical knowledge that enables them to process data and estimate economic relationships;
- acquire the knowledge and understanding necessary to apply such methodologies and tools to the field of finance in terms of analysis of international scenarios, implementation of decision models in financial markets and in company management, and analysis and development of the management processes typical of the different categories of financial intermediaries;
- develop the capacity for independent judgement regarding issues of company financial management and risk management and the modelling of financial markets, thus being able to efficiently interpret and process the information and data acquired;
- develop the ability to communicate, both within companies and to a non-specialized public, information about the performance of financial markets, the use of alternative financial tools and banking and insurance risk management;
- acquire the ability to organize independently the life-long learning process now required by professions because of the changed economic context, to investigate issues connected with the use of specific financial tools or the functioning of specific markets, as well as the opportunity of going on to Doctorate and second-level Master’s courses on economic and business studies.
Possible career opportunities for graduates in Finance and Risk Management include:
- asset management companies, financial supervisory bodies and financial rating companies;
- technical offices and planning offices of organizations and companies in the financial system;
- consulting activities in the financial and insurance area, management of company risks and insurance processes;
- portfolio management, financial analysis services;
- financial management of industrial and business companies;
- the profession of Chartered Accountant after passing the state exam.
Operators in these different fields are constantly consulted in order to ensure that the course content corresponds to the professional profiles required by the market.
The curricular requisites for admittance correspond to the basic content of degree courses in class L-18 (previously 270/04) or 17 (previously 509/99). In addition, specific knowledge of the themes regarding sector SECS-P/11 is required. In particular: graduates from class 17 (previously 509/99) or L-18 (previously 270/04) are required to have attained at least 20 credits in the SECS-P/11 sector.
Graduates in other classes are permitted to enrol for the course, as long as they have attained at least:
- 20 credits in sectors SECS-P/11 or SECS-P/09;
- 10 credits in sectors SECS-P/07 or SECS-P/08;
- 10 credits in sectors SECS-P/01, SECS-P/02, SECS-P/03, SECS-P/06 or SECS-P/12;
- 10 credits in the following sectors: SECS-S/01, SECS-S/03 or SECS-S/06.
Assessment of students’ personal preparation is performed by means of systems defined in the Academic Regulations for the Course.
Key learning outcomes
The Master’s Degree course in Finance and Risk Management was designed with the principal objective of training professionals expert in the management of financial products and portfolios, the analysis and management of banking and financial risk, and, more in general, of corporate economic risk, the management of financial institutions, and the analysis and management of insurance risk. Particular attention will be dedicated to management roles emerging in the sector of private pension, whose importance is increasing due to the planned reduction of public pension benefits. At the end of the course, Master’s Degree graduates will have mastered the principal themes in the financial area, in particular as regards financial markets and the formation of prices of financial and derivative instruments, the management of financial investments and the measurement and management of financial risk, management and legislation applied to financial intermediation, the management of capital value in financial intermediation, and the management of insurance risks. Master’s Degree graduates will have to be capable of applying this knowledge and these tools to practical work in markets and financial institutions. The professional skills acquired will be hallmarked by a combination of techniques from the major subject areas (corporate, mathematical-statistical, economics and juridical), including the international dimension.The academic syllabus is organized taking into account the fact that some roles in finance and risk management require considerable managerial knowledge, while in other roles it is necessary to be able to use quantitative analytical tools, in particular those supplied by mathematical finance.
With regard to the corporate area, the academic course comprises the following themes: financial analysis, corporate financial risk management, risk management and insurance, financial statements for financial intermediaries, and the relevant accounting principles, marketing and business strategies for financial services, applied finance, risk management and value creation in banks and investment banking, and real estate finance. As regards quantitative analysis, the following foundation areas are studied: risk management tools, techniques in insurance and life insurance, quantitative finance, computational and statistical methods applied to finance, asset-liability management (the latter is studied in an integrated approach, with mathematical and corporate methodologies). It is important to note that the study of subjects characteristic of the sectors SECS-P/11 and SECS-S/06 is approached from an integrated viewpoint, so that Master’s degree students possess knowledge of the most important linguistic areas for finance and risk management. As regards the Economics area, the course includes the study of macro-financial analytical and forecasting methodologies, along with the history of financial markets in order to extend the students’ cultural profile. Lastly, students learn concepts regarding law as applied to financial markets.The degree to which the course’s academic content corresponds to real necessities is constantly assessed with regard to scientific progress in the sectors of finance and risk management (and this is assured by the fact that the professors involved in teaching conduct their own research in these sectors), and by means of interaction with operators working on the market. The latter will specifically be invited to play an active part in academic activities, by means of seminars, personal experience descriptions, and case studies.
Potential employment opportunities for Master’s Degree graduates in Finance and Risk Management include: savings management companies, supervisory authorities for the financial sector, financial rating companies; technical offices and planning offices in organizations and companies in the financial sector; consultancy in finance and life insurance, risk management in the corporate and insurance sectors; portfolio management, financial analysis services; and the financial management of industrial and commercial companies.
There are constant contacts with professionals in these fields in order to verify the correspondence between the course syllabus and the professional profile required by the market.
Knowledge and understanding
At the end of the course, Master’s Degree graduates in Finance and Risk Management will have acquired specialist and interdisciplinary knowledge in the field of risk management, and in particular financial and insurance risk. They will have developed a profound mastery of theoretical concepts and practical tools in the subject areas of economics for financial intermediaries and mathematics as applied to finance. More specifically, Master’s Degree graduates:
- understand and are capable of applying mathematical calculation tools to the economics of financial products and markets, and to the areas of finance and insurance in general;
- learn specialist knowledge of corporate risk analysis models utilized by operators in banking, finance and insurance;
- progressively improve their knowledge of themes in economics, acquiring skills in the instruments necessary for analytical processes in financial markets, and for assessing financial forecasts;
- acquire juridical knowledge in the area of financial contracts;
- are capable of defining the decision models typical of players on financial markets;
- are capable of contributing to the determination of management processes typical of the various categories of financial intermediation;
- can contribute to the assessment of company financial structures, and to activities concerning relations with supervisory authorities and the organizations responsible for the regulation of intermediaries and markets.
The academic process comprises frontal lessons, the discussion of case studies, exercises, and meetings with operators from the financial sector, which will enable Master’s Degree students to acquire the knowledge required, and to apply it to the practical reality of financial markets and institutions.
Assessment of the level of learning reached during the course will be performed principally by means of written examinations and oral tests, and possibly by participation in work groups, as well as during discussion of the dissertation.
Applying knowledge and understanding
As a result of the interdisciplinary approach of the course, and the considerable integration applied to the principal subject areas, above all the corporate and mathematical-statistical areas, Master’s Degree graduates in Finance and Risk Management are capable of applying knowledge and comprehension skills in various professional fields: banks, insurance companies, real estate intermediation companies, savings management companies, consultancy companies, and public administration. More specifically, graduates must have the skills necessary to solve operational problems regarding intermediaries and financial markets, and to suggest and support precisely-argued practical and theoretical strategies. Master’s Degree graduates therefore have to have attained the capability of applying the methods and tools that they have learned to the interpretation and management of the dynamics of modern finance, whether with regard to specific company contexts, or within macro-financial scenarios; and likewise to decision models characteristic of the financial markets and the strategic processes typical of the different types of financial intermediation.
Interaction with professionals from the financial sector (in meetings at seminars and/or during frontal lessons), and likewise the discussion of case studies, will give students the chance to verify their capacity for comprehension and for the application of their knowledge.
Tests consist of written examinations, oral examinations, exercises and problem-solving activities, comprising specific tasks in which students are expected to demonstrate their mastery of tools, methodology, and an independent critical stance.
Particular importance is assigned to the assessment of the final examination.
The course was designed with the intention of developing an interdisciplinary approach encouraging skills in critical reflection and the interpretation of economic and financial processes and scenarios, as well as the capacity for applying models to problems.
Independence of judgement must be demonstrated above all in the application of knowledge for the solution of practical problems. Master’s Degree graduates will have to develop skills at acquiring and interpreting data regarding intermediaries and the banking, financial and insurance markets. They will have to be able to use relevant and appropriate sources of information; they will have to be capable of formulating independent, precisely-argued judgements, developing critical interpretations by using the most appropriate analytical models.
The development of a capacity for independent judgement is principally nurtured by active participation in case history discussions and the presentation of project work. Master’s Degree graduates have the chance to assess their own knowledge and their capability of responding to the practical requirements of financial markets and intermediation – highly complex and multifaceted sectors – by means of contacts with the various operational sectors (provided by means of the preparation and discussion of case studies, and by meeting professionals from the market, and individuals working in diverse financial and supervisory institutions), by passing written or oral examinations, and taking the final examination. The final examination is particularly important in the assessment of the degree of independence in judgement developed by the student.
Master’s Degree graduates in Finance and Risk Management will be capable of constructing and developing a method of study and research enabling them to continue their studies independently, on subjects related to risk management and finance, as well as permitting them to constantly refine and update their knowledge, essential for maintaining a high-profile professional position in the world of work.
Master’s Degree graduates in Finance and Risk Management will be able to activate and motivate individual learning processes, enabling them to extend and develop the level and variety of their knowledge, and encourage their professional lifelong learning.
Attainment of results in this field is achieved during the course overall, but in particular through individual study, work on the preparation of individual products, and activities linked to the preparation of the final dissertation.
Assessment of the degree to which these results are attained is performed during the academic process, which requires the presentation of data and information acquired and processed individually, often at high levels of complexity. It is also performed by evaluating learning activities and the quality of the research and compilation of information performed during preparation of the dissertation.
With regard to communications skills, Master’s Degree graduates in Finance and Risk Management acquire knowledge and skills enabling them to:
- express their knowledge with clarity in professional contexts, with specialist and non-specialist counterparts, and in an international scenario if necessary;
- manage information and communications processes effectively, demonstrating satisfactory skills in the comprehension of concepts expressed by others.
Particular attention will be dedicated to skills of expression in the English language.
These results are achieved by means of a combination of methods, such as the lecture-hall presentation of group work, participation in group work studies, the analysis of case-history studies, and the study of papers and documentation in English. These methods will be complemented by the activities performed in the preparation and presentation of the final examination.
Assessment of the results achieved in this area will be performed principally by means of oral tests, lecture-hall presentation of work, and the presentation of the final dissertation. Knowledge of the English language, with specific reference to specialist vocabulary regarding financial themes, will be assessed to ascertain sufficiently advanced linguistic skills.
Final examination, if any
For the final examination, students are asked to prepare a paper, under supervision by a course professor, consisting of a detailed study of themes treated in the course subject areas, developed both from the theoretical/conceptual point of view, and by means of empirical observations.