Master in Finance and Insurance at Sapienza University of Rome
Two-year LM-16 master at Sapienza in Rome whose English curriculum, Financial Risk and Data Analysis, covers stochastic processes, quantitative modelling, financial econometrics, AI in finance and banking regulation. Entry needs an economics degree or 72 set credits with 18 in maths and statistics, plus B2 English.
Master
2 years
Rome
Multiple
Sapienza University of Rome
Finance and Insurance is a two-year, 120 ECTS master's degree (class LM-16) at Sapienza University of Rome, with a Financial Risk and Data Analysis curriculum taught in English. Entry needs an economics or business bachelor's, or at least 72 credits in set subjects with 18 in statistics and maths, plus English at B2. Fees follow family income, so it can be tuition-free for eligible students.
Entry requirements
Detailed entry requirements
Sapienza's Finance and Insurance master asks for a bachelor's in economics or business (class L-18 or L-33) or at least 72 CFU in set subjects with 18 in statistics and mathematics, English at B2, a positive eligibility check and a personal knowledge assessment. Reviewed 8 October 2026. [1]
Degree and the 72-credit rule
You meet the degree requirement in one of two ways: [1]
- An Italian bachelor's in class L-18 or L-33 (business economics or economics), or the matching older classes.
- Any other degree with at least 72 CFU in the listed subject sectors: economics and business (including agricultural economics and economic history), law, statistics, mathematics, computer science, computer engineering, bioengineering, management engineering, physics and economic geography. These credits must cover at least three subject areas, with at least 18 CFU in the statistics and mathematics field.
What this means for your transcript
Italian CFU and the credits on a foreign transcript are not the same unit, and Sapienza looks at your subjects, not just your total. As a guide, based on the rule above:
- Usually a fit: a B.Com, BBA, or BA or B.Sc. in Economics that includes solid units in business mathematics, statistics or econometrics.
- Check carefully: a B.Com or BBA with little maths or statistics can fall short on the 18 credits in that field. A B.Sc. in Mathematics, Statistics or Physics, or a B.Tech in Computer Science, covers the quantitative credits but needs economics, business or law units to reach three subject areas.
- Often short: a BA in humanities or social sciences with few maths, statistics or economics units.
Missing credits can be made up by passing single examinations, under Sapienza's single-examination rules. [1]
English
English at CEFR level B2 or higher is part of the personal knowledge assessment. It is met by an official CEFR certificate or at least 3 ECTS earned for an English language proficiency qualification. [1]
It also counts as shown if you are a native English speaker, hold an International Baccalaureate, GCSE or equivalent, or hold a diploma or degree taught in English from an accredited institution in the EU, EEA or Schengen area, Australia, New Zealand, the United Kingdom, the United States and other countries on the university's list. Degrees from India, Pakistan, Bangladesh and Sri Lanka are not on this list. Without any of these, your English is checked by interview. The call does not list specific test scores such as IELTS or TOEFL. [1]
Eligibility check and personal knowledge assessment
There is no written entrance test. The eligibility check is requested on Sapienza's Infostud system (code 33439). If you meet the entry requirements, a non-selective personal knowledge assessment follows: an individual interview or a review of your academic record, with attention to exams in the core subject areas and to your English. [1]
You are exempt from the assessment if you hold an Italian L-18 or L-33 bachelor's (or the older L-17 and L-28 classes), or a degree in another class with a final mark of at least 90/110. You can enrol only after the Student Affairs Office confirms by email that both checks are positive. [1]
2026/27 deadlines
Eligibility checks opened on 2 July 2026. Non-EU applicants who need a student visa had one date: 15 September 2026. Other applicants can choose 15 October, 17 November or 17 December 2026, and 14 January 2027 is reserved for students who have graduated or are about to graduate at Sapienza. [1]
Applicants still finishing a degree could apply if they graduate by 19 December 2026 (other Italian or international universities) or 23 January 2027 (Sapienza). [1]
Non-EU applicants living abroad
Non-EU citizens who live abroad and apply for a student visa must hold a pre-acceptance letter to join the English-language curriculum. The Italian-taught curricula instead require Italian at B2. After a positive eligibility check or the pre-acceptance letter, applicants with a foreign qualification complete Sapienza's enrolment procedure for two-year master's degrees and pay the first fee instalment. [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.
- Sapienza University of Rome, Faculty of Economics. Admission procedure for the Master's degree programme in Finance and Insurance (Finanza e assicurazioni, LM-16) with assessment of entry requirements and personal knowledge, academic year 2026-2027, Infostud code 33439. Reviewed 8 October 2026.
About the programme
Finance and Insurance (Finanza e assicurazioni in Italian) is a two-year master's degree in class LM-16, worth 120 ECTS, run by the Department of Methods and Models for Economics, Territory and Finance (MEMOTEF) in Sapienza's Faculty of Economics and taught in person in Rome. It has three curricula: Finance and Insurance, both taught in Italian, and Financial Risk and Data Analysis, taught in English. This page describes the English curriculum.
The degree gives graduates the quantitative, economic and legal knowledge to take on responsible roles in the insurance, financial and pension sectors. The English curriculum trains professionals who can gather and structure financial data and use advanced forecasting methods to measure and manage risk. It suits graduates with a solid quantitative background who want to work with financial models and data.
What you will study
Every unit of the Financial Risk and Data Analysis curriculum is taught in English in the 2026/27 study plan. The first year builds the mathematical, statistical and regulatory toolkit; the second turns to asset management, time series and econometrics, with an elective, a group of risk units, a 3 ECTS skills unit and a 21 ECTS dissertation. Units include:
- Probability and Stochastic Processes
- Mathematics for Economics and Finance
- Quantitative Financial Modelling
- Advanced Statistics for Finance
- Artificial Intelligence in Banking and Finance
- Banking and Financial Regulation
- Analysis of Financial Time Series
- Econometrics for Financial Markets
How the programme is taught
A common first semester builds quantitative and economic skills before students follow their curriculum. Teaching includes laboratory activities and professional seminars led by practitioners, and the degree offers curricular internships with financial and insurance institutions, professional firms and consulting companies in Italy and abroad. Before classes, the Faculty of Economics runs crash courses in macroeconomics and mathematics in English for new master's students.
A partnership with Advanced Risk and Portfolio Management (ARPM) gives students access to its Quant Bootcamp in quantitative finance, held in New York for selected students and streamed online for the others. Erasmus+ agreements include ENSAE ParisTech and Bielefeld University, and an excellence pathway gives talented students extra advanced training, a certificate and a tuition fee award.
Career paths
The degree's professional profiles are quantitative roles in finance and insurance. Graduates can also sit the Italian state exam to qualify as an actuary, or go on to a PhD. The profiles are:
- Specialist in pricing financial instruments and asset-liability management
- Risk management specialist for banks and financial firms, including Basel III capital requirements and stress testing
- Actuary and actuarial function specialist
- Risk management specialist for insurers under Solvency II
- Specialist in financial data and risk analysis
Employers named include banks and financial intermediaries, central banks, asset management companies, insurers and brokers, pension and health funds, consulting and auditing firms, and regulatory and supervisory authorities.
Fees and scholarships
Sapienza sets tuition by family income (ISEE). Students whose income comes from abroad and who have no Italian ISEE pay a fixed yearly amount based on their country, set in each year's fee regulations. The regional scholarship body for Rome is DiSCo Lazio, and its scholarship winners also get a tuition waiver, so this programme can be tuition-free for eligible students. The region decides scholarship awards.
How to apply from outside the EU
Admission runs in two steps: an eligibility check of your degree credits, then a non-selective personal knowledge assessment of your academic record and English, by review or interview. The check is requested through Sapienza's Infostud system using code 33439. [1]
Non-EU applicants living abroad who need a student visa must hold a pre-acceptance letter from Sapienza's international admissions process to join the English-taught curriculum. For 2026/27, their only eligibility-check date was 15 September 2026; the 2027/28 calendar is not yet published. With the pre-acceptance letter we complete Universitaly pre-enrolment, and you apply for a type D study visa and enrol by paying the first fee instalment. [1] Sapienza accepts CIMEA statements of comparability and verification, and qualifications from some countries need a declaration of value.
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 Sapienza's entry rules for this programme.
- We write your CV and a tailored statement of purpose.
- We prepare and submit your eligibility check, pre-acceptance request and Universitaly pre-enrolment.
- We help you declare your family income for reduced fees and file your DiSCo Lazio 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 Sapienza's Finance and Insurance master?
An Italian bachelor's in class L-18 or L-33, or any degree with at least 72 CFU in set economics, business, law, statistics, maths, computing or physics subjects. Those credits must cover three subject areas and include at least 18 CFU in statistics and mathematics. [1]
Is the Master in Finance and Insurance taught in English?
Only one curriculum is: Financial Risk and Data Analysis, where every unit and the dissertation are in English. The other curricula are taught in Italian. Non-EU visa applicants to the English curriculum need a pre-acceptance letter. [1]
Is there an entrance exam?
No written test. After the eligibility check, a non-selective personal knowledge assessment reviews your academic record or uses an interview. Holders of an L-18 or L-33 degree, or another degree with a final mark of at least 90/110, are exempt. [1]
What English level is required? Do I need IELTS?
English at CEFR B2 or higher, shown by an official CEFR certificate, 3 ECTS of English, IB or GCSE, or an English-taught degree from listed countries, and otherwise checked by interview. The 2026/27 call does not list IELTS or TOEFL scores, so we check which proof your file can use. [1]
When is the deadline for non-EU students?
For 2026/27, non-EU applicants who needed a student visa had one eligibility-check date: 15 September 2026, and they also need a pre-acceptance letter. The 2027/28 calendar is not yet published. [1]
Can I apply before I graduate?
Yes, if you graduate in time. For 2026/27, applicants finishing a degree at another Italian or international university had to graduate by 19 December 2026, and Sapienza students by 23 January 2027. [1]
I have a B.Com with little maths, or a B.Sc. in Physics. Can I apply?
Possibly. A B.Com often covers economics and business but can fall short on the 18 credits in statistics and mathematics. A Physics or Maths degree covers those credits but needs economics, business or law units to reach three subject areas. Missing credits can be made up through single examinations. [1]
What careers does the degree lead to?
The university lists pricing and asset-liability management, risk management for banks and insurers, actuarial roles and financial data analysis, at banks, insurers, pension funds, consultancies and supervisors. Graduates can also sit Italy's state exam for actuaries.
Can someone handle my whole application to Finance and Insurance at Sapienza?
Yes. ApplyAZ, an Italy-based consultancy that works only with public universities, checks your transcript against Sapienza's rules for this programme, handles the application and Universitaly pre-enrolment, helps you file the DiSCo Lazio 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 Insurance?
A recognised Indian bachelor's such as a B.Com, BBA or BA in Economics can meet the entry rule if it includes at least 72 credits in economics, business, law, statistics, maths or related subjects across three subject areas, with at least 18 in statistics and maths. You also need English at B2. The steps are the eligibility check, a pre-acceptance letter and Universitaly pre-enrolment. [1] 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 Insurance are the same whatever your nationality. Applicants from Pakistan, Bangladesh and Sri Lanka follow the same steps as India: eligibility check, pre-acceptance letter 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 Insurance are the same whatever your nationality, and Gulf residents follow the same steps: eligibility check, pre-acceptance letter 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 Insurance 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: eligibility check, pre-acceptance letter 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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