Master in Finance and Insurance at University of Calabria
Two-year English-taught LM-16 master's at the University of Calabria in quantitative finance, insurance mathematics and risk, with a route to the actuary state exam. Entry needs a quantitative degree, English at B2 and an online interview.
Master
2 years
Rende
English
University of Calabria
Finance and Insurance is a two-year, 120 ECTS master's degree (class LM-16) taught in English at the University of Calabria in Rende. Entry needs a bachelor's in economics, finance, business, statistics or maths, or 60 credits in quantitative subjects, plus English at B2, tested at an online interview. Scholarship places depend on family income, so it can be tuition-free for eligible students.
Entry requirements
Detailed entry requirements
Unical's Finance and Insurance master asks for a bachelor's in economics, finance, business, statistics or mathematics, or one with at least 60 credits in maths, statistics, computing or related quantitative subjects, plus English at B2 and a positive CV review and online oral exam in the Unicaladmission call. Reviewed 8 October 2026. [1]
Degree and credit requirements
You need a solid grounding in mathematics, economics and statistics. The 2026/27 course regulations set the curricular requirements: [2]
- Direct fit: an Italian degree in class L-18 (business economics), L-33 (economics) or L-41 (statistics), or a foreign degree in areas such as economics, finance, business administration, statistics and mathematics. [2]
- Other degrees: at least 60 CFU in mathematics (MAT/01 to MAT/09), statistics (SECS-S/01), mathematical methods for economics, finance and actuarial science (SECS-S/06), information processing systems (ING-INF/05), computer science (INF/01), management engineering (ING-IND/35) or theoretical physics and mathematical methods (FIS/02). [2]
Your foreign degree must be valid for access to master's programmes in Italy. [1]
What this means for your transcript
Italian CFU and the credits on a foreign transcript are not the same unit, and the committee reads your subjects, not just your total. As a guide, based on the rule above:
- Usually a fit: a BA or B.Sc. in Economics, a B.Sc. in Mathematics or Statistics, or a B.Com or BBA with finance, accounting and quantitative courses.
- Check carefully: a B.Tech, B.E. or BCA, which can meet the 60-credit rule through maths and computing courses, while the admission check also covers economics and business.
- Often short: a degree in humanities, law or life sciences with little maths or statistics.
English
English at CEFR level B2 or higher. No English certificate is required: the university states that your English is tested as set out in the course regulations, and the 2026/27 call assesses it in the online interview. You can still upload an English certificate with your application if you hold one. [1][3][5]
Selection
Non-EU applicants living abroad compete in the Unicaladmission call. A departmental committee evaluates your CV and qualifications, then holds a remote oral exam in English on the relevant subjects, your background and your English. [1]
At least twice as many candidates as places are invited to the oral exam, which is mandatory for every admitted candidate. Two merit rankings are drawn up, one for places with a scholarship and one without, and a tie goes to the younger candidate. The course regulations add that the check covers maths, statistics, economics, business and English at B2 level or above. [1][2]
2026/27 places and deadlines
For 2026/27, Finance and Insurance offered non-EU applicants living abroad 9 places with a scholarship and 11 without. Applications closed at 11:59 pm Italian time on 30 March 2026, and each applicant could apply to one degree programme only. [1][3]
Conditional enrolment closed on 17 June 2026, after the university extended the original 10 June date. Vacant places were reallocated by 16 July 2026, with enrolment by 31 July 2026. The 2027/28 call is not yet published. [1][4]
Scholarship places and income limits
Scholarship places require a household income below €26,500 if you are independent, €41,500 for a two-person family or €54,000 for three or more; places without a scholarship are for incomes above these limits. Scholarship winners prove income with an ISEE Parificato by 30 October 2026, and students from particularly poor countries use a certificate from the Italian mission instead. [1]
The scholarship covers the enrolment fee, free accommodation, the campus canteen and about €3,600 in pocket money. Students must earn at least 20 ECTS by 30 November 2027 or repay it, and 30 ECTS by 10 August 2027 to renew it for 2027/28. [1]
Documents and non-EU steps
The 2026/27 guide lists the documents to upload, each as a separate PDF: [3]
- First page of your passport
- CV
- Bachelor's degree certificate
- Transcript of records
- Syllabus of all your university courses
- English or Italian certificate, if you hold one
After enrolment, you hand in your foreign degree with an official Italian translation, legalised by the Italian mission or apostilled, by the first exam session. You also need a declaration of value or a CIMEA certificate of comparability and verification by 28 February 2027, and in-person identification with your passport by 30 October 2026. [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 Calabria, Internationalisation Area. Call for applications for the admission of non-EU students residing abroad to two-year master's degree programmes (Unicaladmission), academic year 2026/27. Reviewed 8 October 2026.
- University of Calabria, Department of Economics, Statistics and Finance Giovanni Anania. Teaching regulations of the Master's degree in Finance and Insurance (LM-16), cohort 2026/27, with the 2026/27 study plan. Reviewed 8 October 2026.
- University of Calabria, Internationalisation Area. Unicaladmission guide on how to apply to master's degrees, academic year 2026/27. Reviewed 8 October 2026.
- University of Calabria. Rector's decree reallocating scholarship places in the Unicaladmission call, academic year 2026/27. Reviewed 8 October 2026.
- University of Calabria. International course catalogue, Finance and Insurance programme page, undated. Reviewed 8 October 2026.
- University of Calabria, Department of Economics, Statistics and Finance Giovanni Anania. Programme brochure, Master's in Finance and Insurance, published for 2025/26 (content dated 2020/21). Reviewed 8 October 2026.
About the programme
Finance and Insurance is a two-year master's degree (laurea magistrale, class LM-16 finance) worth 120 CFU and taught entirely in English at the University of Calabria (Unical) in Rende. It is run by the Department of Economics, Statistics and Finance Giovanni Anania (DESF). [2]
The degree prepares you to design and manage complex financial and insurance products, measure their risks, understand how financial and insurance markets work and manage public and private pension systems. Graduates can sit the Italian state exam to qualify as an actuary. [2]
A department brochure published for 2025/26 states that the degree was the first in Italy to join the list of Universities and Colleges with Actuarial Programs kept by the US Society of Actuaries. [6]
What you will study
The 2026/27 study plan has 108 compulsory credits and 12 elective credits. First-year units are: [2]
- Banking and Finance (12 CFU) and Financial Econometrics (12 CFU)
- Quantitative Models in Finance (9 CFU) and Life Insurance Mathematics (9 CFU)
- Non Life Insurance Mathematics, Corporate Finance and EU Financial and Insurance Market Regulation (6 CFU each)
In the second year you take Financial Markets (12 CFU), plus Artificial Intelligence for Finance, Computer Lab for Finance, Financial Reporting, and Pension Funds and Social Security (6 CFU each). Suggested electives are Financial Risk Management and Risk Theory, and you can also choose units from the wider university offer. [2]
How the programme is taught
Teaching is in person on the Rende campus, and attendance counts as met when you take part in at least 70% of teaching hours. The course adds group project work, talks by professionals (Experience days) and internships with banks, financial firms and insurers in Italy and abroad. [2]
The degree ends with a 12-credit thesis. Exchange and Erasmus periods are encouraged, and a study period abroad of at least 80 days with recognised credits adds 2 points to your final grade. A part-time route spreads the plan over four years. [2]
Career paths
The course regulations list roles such as: [2]
- Financial analyst and risk manager
- Actuarial function specialist in insurance companies and pension funds
- Management roles in banks, brokerage and consulting firms, insurers, pension institutions and market supervisory authorities
Fees and scholarships
Non-EU applicants living abroad compete for places with or without a scholarship. [1]
The scholarship covers the enrolment fee, free accommodation and the campus canteen, plus pocket money of about €3,600, for households below the call's income limits, so this programme can be tuition-free for eligible students. You keep it by earning enough credits on time. [1]
How to apply from outside the EU
Non-EU applicants living abroad apply through the Unicaladmission call on the university's Esse3 portal. For 2026/27 the call closed on 30 March 2026, and selection used your CV, qualifications and an online oral exam in English. Successful candidates completed conditional enrolment online by 17 June 2026, and scholarship winners received their instructions in the acceptance letter sent through Universitaly. [1][4]
Admitted students then complete Universitaly pre-enrolment and apply for a type D study visa. The 2027/28 call is not yet published.
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 Unical's entry rules for this programme.
- We write your CV and a tailored statement of purpose.
- We prepare and submit your Unicaladmission application and Universitaly pre-enrolment.
- We help you declare your family income for reduced fees and file your regional 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 Unical's Finance and Insurance master?
A degree in economics, finance, business administration, statistics or mathematics, or another degree with at least 60 credits in maths, statistics, actuarial methods, computer science or related quantitative subjects. You also need solid knowledge of maths, economics and statistics. [2]
Is there an entrance exam?
No written test. For 2026/27, a committee evaluated your CV and qualifications, and shortlisted candidates, at least twice the number of places, sat a mandatory online oral exam in English on the relevant subjects and your background. [1]
What English level is required? Do I need IELTS?
English at CEFR B2 or higher. No English certificate is required: your English is assessed during the online interview. You can still upload an English certificate with your application if you hold one. [1][3][5]
When is the deadline for non-EU students?
For 2026/27, the Unicaladmission call for non-EU applicants living abroad closed at 11:59 pm Italian time on 30 March 2026. The 2027/28 call is not yet published, and we track it for eligible students. [1]
How many places and scholarships are there?
For 2026/27, the programme offered non-EU applicants living abroad 9 places with a scholarship and 11 without. The scholarship covers fees, accommodation, the canteen and about €3,600, for households below the call's income limits. [1]
Can I apply before I graduate?
The 2026/27 call was open to non-EU applicants living abroad who already held a foreign university degree valid for master's entry in Italy, and it did not mention final-year students. We check your timing before you apply. [1][3]
I have a B.Tech or a BCA. Can I apply?
Possibly. Engineering and computing degrees can meet the 60-credit rule through maths, statistics and computer science courses. The admission check also covers economics and business, so we review your transcript against both before you apply. [2]
Can I become an actuary with this degree?
Graduates can sit the Italian state exam to qualify as an actuary. The degree covers life and non-life insurance mathematics, pension funds and financial risk, and leads to roles in insurers, banks, pension funds and supervisory authorities. [2]
Can someone handle my whole application to Finance and Insurance at Unical?
Yes. ApplyAZ, an Italy-based consultancy that works only with public universities, checks your transcript against Unical's rules for this programme, handles the application and Universitaly pre-enrolment, helps you file the regional 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 Insurance?
A recognised Indian bachelor's in economics, finance, business administration, statistics or mathematics, such as a BA Economics, B.Com, BBA or B.Sc. Statistics, can fit the subject areas Unical names; other degrees need at least 60 credits in maths, statistics or computing. You also need English at B2, tested at interview. The steps are the Unicaladmission application, an online oral exam and Universitaly pre-enrolment. [1][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 Insurance are the same whatever your nationality. Applicants from Pakistan, Bangladesh and Sri Lanka follow the same steps as India: Unicaladmission application, an online oral exam 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: Unicaladmission application, an online oral exam 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: Unicaladmission application, an online oral exam 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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