Master in Finance and Economics at University of Milan
Two-year English-taught finance master at the University of Milan with Financial Economics and Quantitative Finance curricula, an online admission test and a double degree option with UCLouvain and Namur.
Master
2 years
Milan
English
University of Milan
Finance and Economics (MEF) is a two-year, 120 ECTS master's degree (class LM-16-R) taught in English at the University of Milan. Entry needs a bachelor's with at least 6 credits in maths, 6 in statistics and 12 in economics, English at B2 and a pass in an online admission test. Full regional scholarship winners pay no second instalment, so it can be tuition-free for eligible students.
Entry requirements
Detailed entry requirements
Milan's Finance and Economics master asks for a bachelor's with at least 6 credits in mathematics, 6 in statistics and 12 in economics, English at B2 and a pass in an online admission test in English. The board then weighs your academic merit and how well your profile fits the programme. Reviewed 8 October 2026. [1]
Degree and credit requirements
You need strong undergraduate knowledge of mathematics, economics and statistics. Italian graduates in classes L-18 (business economics), L-33 (economics) and L-41 (statistics) can apply directly. Graduates of other degrees, including foreign degrees, can be admitted after a positive evaluation by the programme's teaching board or its admission committee, if they substantively meet the requirements. [2]
Applicants missing any of these minimums are not assessed at all: [2]
- At least 6 ECTS in mathematics (MAT/01 to 05, MAT/07 to 09, SECS-S/06).
- At least 6 ECTS in statistics (MAT/06, SECS-S/01 to 05, SECS-P/05).
- At least 12 ECTS in economics (SECS-P/01 to 03, SECS-P/06).
The credits must already be on your record when you submit the application. For 2026/27, applicants still finishing their bachelor's had to graduate by 31 December 2026. [1][2]
What this means for your transcript
Credits on a foreign transcript are not the same unit as Italian CFU, and the committee looks at the subjects behind them. As a guide, based on the rule above:
- Usually a fit: a BA or B.Sc. in Economics with maths and statistics papers, or a B.Sc. in Statistics or Mathematics that includes 12 credits of economics.
- Check carefully: a B.Com or BBA, where business mathematics and business statistics may count but you need 12 credits of economics such as micro, macro, public finance or applied economics, not only accounting or management; and a B.Tech or B.E., which covers maths and often statistics but rarely has 12 credits of economics.
- Often short: a BCA or a science degree without economics courses, and a BA without maths or statistics.
Meeting the minimums only lets the board assess you. You still need to pass the admission test, and the board looks at your average grade and your grades in maths, statistics and economics. [2]
English
English at CEFR B2 or higher is required for admission. You can show it with a B2 or higher certificate issued no more than three years before you apply, uploaded with the application, or by passing the University Language Centre (SLAM) entry test. If you do not take or pass the test, you must deliver an accepted certificate by the programme's deadline, or you are not admitted. [2] For 2026/27 that deadline was 31 August 2026, and medium of instruction letters were not accepted. [3]
On the university's list, B2 corresponds to IELTS 5.5 to 6.5, TOEFL iBT 72 to 94, PTE Academic 59 to 75 or Cambridge B2 First. [7]
Admission test and selection
Candidates take a written online admission test in English. Those who do not sit it or do not reach the minimum level are not evaluated further and cannot sit another test. Only Italian graduates with a final mark of 105/110 or higher are exempt. [2]
For 2026/27 the background knowledge test had 40 multiple-choice questions on mathematics and statistics, and economics and business or finance, in 60 minutes. The pass mark was 20 correct answers, with no penalty for wrong answers, and you had one attempt. [3]
Candidates who pass are assessed on academic merit (the quality of the degree, the average grade and grades in maths, statistics and economics) and on how well their profile fits the programme. The board can also hold an online interview in English. [2]
2026/27 deadlines
For 2026/27, non-EU candidates applying for a visa had to apply between 22 January and 30 April 2026. EU candidates could apply until 20 July 2026. Applications not completed by the same deadline were excluded. [1]
Visa applicants must sit the test at the first session after their deadline at the latest, or they are excluded. [2] For 2026/27 that session was on 13 May 2026, and a missed session could not be made up. [3] Enrolment ran from 5 May 2026 to 15 January 2027. [1] The 2027/28 admission notice sets the next dates.
Documents and non-EU steps
With a foreign degree you upload your degree certificate (in Italian, English, French, German or Spanish), a Diploma Supplement or a transcript showing courses, marks, ECTS and the grading system, and a passport or other valid ID. [1] You must also submit a detailed CV and a detailed study plan of your bachelor's with exams, grades, average and final mark, or you are excluded. [2]
Admitted non-EU visa applicants complete Universitaly pre-enrolment, which closed on 31 July 2026 for 2026/27. By 30 November 2026 they also had to provide a statement of comparability from an ENIC-NARIC centre such as CIMEA, or a declaration of value. [1]
Sources and verification
Checked by the ApplyAZ admissions team against the university's official documents listed below. Entry rules can change with each new call, and we re-check them before every application.
- University of Milan. Admission notice for the Master's degree programme in Finance and Economics (MEF), class LM-16 R, academic year 2026/27. Reviewed 8 October 2026.
- University of Milan. Programme description (manifesto), Master's degree in Finance and Economics (MEF), students enrolling in 2026/27. Reviewed 8 October 2026.
- University of Milan, Finance and Economics programme website. Application and background knowledge test, academic year 2026/27, and laboratories. Reviewed 8 October 2026.
- University of Milan, Finance and Economics (MEF) course page: language of instruction, access, departments and 2026/27 admission dates. Reviewed 8 October 2026.
- University of Milan. Regulation on tuition and fees, academic year 2026/27, with the annex on country groups. Reviewed 8 October 2026.
- University of Milan. Fees for academic year 2026/27. Reviewed 8 October 2026.
- University of Milan. Accepted English language certificates, list updated June 2025. Reviewed 8 October 2026.
About the programme
Finance and Economics (MEF) is a two-year master's degree in class LM-16-R (finance), taught fully in English in Milan by the Department of Economics, Management and Quantitative Methods with the Department of International, Legal, Historical and Political Studies. It is worth 120 ECTS and has open access, subject to entry requirements and an admission test. [2][4]
The programme gives advanced training in quantitative methods and tools to interpret and analyse economic and financial phenomena, so that graduates can work in financial markets or international economic institutions. It suits economics, statistics or business graduates with a solid grounding in mathematics.
What you will study
The first year, common to all students, covers portfolio theory, mathematics and statistics for finance, micro and macroeconomics, econometrics and data mining. In the second year you follow Financial Economics or Quantitative Finance. Units in the 2026/27 study plan include:
- Financial Investments (Portfolio Theory and Management)
- Mathematical Methods for Finance
- Statistical Methods for Finance
- Econometrics
- Data Mining and Computational Statistics
- Financial Economics, and Financial Markets and Financial Crises: A Historical Approach
- Macro and Econometrics for Finance, and Corporate Finance and Valuation (Financial Economics)
- Risk Management, and Numerical Methods for Finance and Portfolio Optimization (Quantitative Finance)
How the programme is taught
Teaching is organised in trimesters. Students earn 3 ECTS through an internship of at least 100 hours or a laboratory; labs offered in 2025/26 included the Laboratory of Bank Loan Pricing and the Advanced Laboratory in Financial Risk Management. The degree ends with an 18 ECTS dissertation, defended in public. [2][3] Students in the Financial Economics curriculum can apply for a double degree with UCLouvain and the Université de Namur in Belgium, and Erasmus study or traineeship periods of up to 12 months are recognised. [2]
Career paths
The university names three professional profiles:
- Consultant and financial adviser in banks, investment firms, investment funds and private consultancy
- Operator and analyst of financial markets, including brokerage and regulatory compliance
- Researcher in finance and economics at universities, research centres, research departments of banks and firms, and international institutions
Fees and scholarships
Finance and Economics is in fee Area B. [5] For students enrolling in 2026/27 whose family income and assets are abroad, fees are set by country group, and Group A includes countries like India, Pakistan and Nigeria. [5][6] Lombardy's regional DSU scholarship is run by the university; full winners skip the second instalment, so this programme can be tuition-free for eligible students. [5]
How to apply from outside the EU
Visa applicants must sit the compulsory online admission test at the first session after their deadline at the latest, which for 2026/27 was 13 May 2026. [2][3] The test covers mathematics and statistics, and economics and business or finance, and a missed session cannot be made up. [3] We apply on apply.unimi.it in the non-EU visa applicant category before the deadline; for 2026/27 visa applicants applied between 22 January and 30 April 2026. The 2027/28 admission notice sets the next dates. [1]
If you are admitted, we submit your Universitaly pre-enrolment (by 31 July 2026 for 2026/27), and you apply for your study visa. You also provide a statement of comparability from an ENIC-NARIC centre such as CIMEA or a declaration of value (by 30 November 2026 for that year). [1]
How ApplyAZ helps
ApplyAZ is an Italy-based consultancy that works only with public universities. We can include this programme in a shortlist of 20 to 30 English-taught programmes that fit your profile, so your plan never rests on a single application.
For eligible students who start with us, a named person owns each stage, from A to Z:
- We check your transcript against Milan's entry rules for this programme.
- We write your CV and a tailored statement of purpose.
- We prepare and submit your online application on the international platform, supporting documents and Universitaly pre-enrolment.
- We help you declare your family income for reduced fees and file your University of Milan DSU scholarship application at the right time and in the right format.
- We prepare your visa file.
With operations in all 20 Italian regions, we follow each region's scholarship rules and deadlines as they change. The university decides admission, the region decides the scholarship and the consulate decides the visa, so no one can promise an outcome. You pay in milestones, and every service you pay for is either delivered or its fee is refunded (terms apply).
Programmes at Italian public universities can be tuition-free for eligible students. Check if you are eligible and book a one-to-one consultation session with one of our Italy experts, or see how ApplyAZ works.
Questions and answers
What bachelor's degree do I need for Finance and Economics at Milan?
A bachelor's with at least 6 credits in mathematics, 6 in statistics and 12 in economics, already on your record when you apply. Italian graduates in economics, business economics or statistics can apply directly; other degrees, including foreign ones, are evaluated by the admission committee. [2]
Is there an entrance exam?
Yes. For 2026/27 it was an online multiple-choice test in English: 40 questions on maths, statistics, economics and business or finance in 60 minutes, with a pass mark of 20 and one attempt. Only Italian graduates with 105/110 or more are exempt. [2][3]
What English level is required? Do I need IELTS?
English at B2 or higher. You can upload an accepted certificate issued within three years, such as IELTS 5.5 or above, or take the university's English entry test. For 2026/27, medium of instruction letters were not accepted. [2][3][7]
When is the deadline for non-EU students?
For 2026/27, non-EU candidates applying for a visa had to apply between 22 January and 30 April 2026, sit the admission test on 13 May 2026 and complete Universitaly pre-enrolment by 31 July 2026. The 2027/28 admission notice sets the next dates. [1][3]
Can I apply before I graduate?
Yes, but the 6 maths, 6 statistics and 12 economics credits must already be on your record when you submit the application. For 2026/27, you also had to graduate by 31 December 2026. [1][2]
I have a B.Com, BBA or B.Tech. Can I apply?
Possibly. A B.Com or BBA often covers business maths and statistics but needs 12 credits of economics such as micro, macro or public finance. A B.Tech covers maths but rarely has 12 economics credits, and if a minimum is missing the committee will not assess you. [2]
Which curricula can I choose?
After a common first year you choose Financial Economics or Quantitative Finance. Financial Economics students can also apply for a double degree with UCLouvain and the Université de Namur in Belgium. [2]
How are the fees set?
For students enrolling in 2026/27 with family income abroad, fees were set by country group, and Group A includes India, Pakistan, Bangladesh and Sri Lanka. Full DSU scholarship winners pay no second instalment, so the programme can be tuition-free for eligible students. [5][6]
Can someone handle my whole application to Finance and Economics at Milan?
Yes. ApplyAZ, an Italy-based consultancy that works only with public universities, checks your transcript against Milan's rules for this programme, handles the application and Universitaly pre-enrolment, helps you file the University of Milan DSU scholarship application at the right time and in the right format, and prepares your visa file, for eligible students. Start by checking your eligibility.
I'm applying from India. What is the route into Finance and Economics?
A recognised Indian bachelor's in economics, statistics or mathematics, or a B.Com or BBA with enough economics, can meet the rule if it shows at least 6 credits in maths, 6 in statistics and 12 in economics. You also need English at B2. The steps are the online application, the online admission test, admission and Universitaly pre-enrolment. [2] Indian students apply for the type D study visa at the Italian embassy or consulate that covers their state, such as New Delhi, Mumbai or Bengaluru.
Is the route different from Pakistan, Bangladesh or Sri Lanka?
No. The academic rules for Finance and Economics are the same whatever your nationality. Applicants from Pakistan, Bangladesh and Sri Lanka follow the same steps as India: online application, the online admission test, admission and Universitaly pre-enrolment, then a type D study visa from the Italian mission for their country of residence. Read our guide for students in Dhaka.
I live in the UAE, Saudi Arabia, Qatar, Kuwait, Oman or Bahrain. Where do I apply for the visa?
At the Italian embassy or consulate responsible for the country where you legally live, after Universitaly pre-enrolment. The academic rules for Finance and Economics are the same whatever your nationality, and Gulf residents follow the same steps: online application, the online admission test, admission and Universitaly pre-enrolment. Read our guides for Dubai, Riyadh and Doha.
I studied or live in London, New York, Toronto, Vancouver, Singapore or Kuala Lumpur. What is the route?
The academic rules for Finance and Economics are the same whatever your nationality, and your degree is assessed like any other foreign qualification. Non-EU applicants who live abroad follow the same route: online application, the online admission test, admission and Universitaly pre-enrolment, then a type D study visa from the Italian mission for where they live. Read our guides for students in London, New York, Toronto, Vancouver, Singapore and Kuala Lumpur.
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