Master in Finance and Risk Management at University of Florence
Two-year English-taught LM-16-R master's at the University of Florence in quantitative finance, risk management, banking and insurance, with double degrees in Konstanz, Warsaw and Katowice. Entry needs a strong maths and statistics base and English at B2.
Master
2 years
Florence
English
University of Florence
Finance and Risk Management (FiRM) is a two-year, 120 ECTS master's degree (class LM-16-R) taught in English at the University of Florence. Entry needs a bachelor's with a solid base in mathematics, statistics and the social sciences, a strong final grade and English at B2. Fees follow family income, so it can be tuition-free for eligible students.
Entry requirements
Detailed entry requirements
UniFi's Finance and Risk Management master asks for a bachelor's degree with a solid base in mathematics, statistics and the social sciences, a strong final grade and English at B2. The course's Education Committee assesses foreign degrees case by case. Reviewed 8 October 2026. [1]
Degree and grade requirements
Italian graduates in management (L-18), economics (L-33), statistics (L-41), mathematics (L-35), computer science (L-31) or physics (L-30) meet the curricular requirements directly. Their personal preparation counts as adequate with a first-level degree grade of at least 99 out of 110. Below that, the Education Committee assesses the CV and may set a test in calculus, financial mathematics, business economics, economics and statistics. [1]
For a degree from outside Italy, the committee assesses your requirements case by case, looking at how well the subjects you studied match the base the programme needs, and at your language skills. [1] The course website asks for a First Class or High Second Class (Upper Division) degree, or an equivalent qualification recognised in your country, with a solid foundation in mathematics, statistics and the social sciences and basic IT and data analysis skills. [3]
These rules come from the 2025/26 course regulations and the current course website. [1][3]
What this means for your transcript
The committee looks at what you studied and how well you did, not just the degree title. As a guide, based on the rule above:
- Usually a fit: a B.Sc. in Mathematics, Statistics or Economics, or a B.Com or BBA with solid maths, statistics and finance courses, and a First Class result.
- Check carefully: a B.Tech, B.E. or BCA in computer science, or a B.Sc. in Physics. These subjects match Italian classes with direct access, but you may need to show economics, finance or social science content.
- Often short: a BA in the humanities, or a B.Com with little maths or statistics. The committee can ask you to take single courses first to cover missing basics.
Recommended preparation covers micro and macroeconomics, basic calculus and financial mathematics, and corporate finance basics. [3]
English
English at CEFR level B2 or higher in written and oral comprehension. [1][3] The course regulations and website do not list specific test scores or certificates.
Assessment and selection
There is no entrance exam for all applicants, and access is open with no cap on places. [2] The Education Committee reviews your academic record and earlier skills. Some candidates are contacted for an online assessment, and the committee can recommend preparatory undergraduate courses, taken as single courses before the programme starts. [3]
If the check shows serious gaps, the committee can refuse the Nulla Osta for enrolment, and you can apply again on a later occasion. [1]
2026/27 deadlines
For 2026/27, non-EU applicants living abroad could apply in two rounds: 10 December 2025 to 6 February 2026, and 16 February to 17 April 2026. The third round, 15 June to 31 August 2026, was not open to non-EU citizens living abroad. The next intake sets the 2027/28 dates. [4]
Applications from students who have not yet completed their bachelor's degree are not considered. [3]
Documents and non-EU steps
Applicants with a foreign degree apply only through the Apply Unifi (DreamApply) portal, by the deadline shown there. [3][4]
Non-EU applicants living abroad who receive the admission document complete Universitaly pre-enrolment and the study visa application by 31 July. For enrolment, the university accepts a declaration of value issued locally or CIMEA's verification and comparability services. [4]
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 Florence, School of Economics and Management. Course regulations, Master's degree in Finance and Risk Management (class LM-16-R), academic year 2025/26. Reviewed 8 October 2026.
- University of Florence, Finance and Risk Management programme page and study plan, academic year 2026/27. Reviewed 8 October 2026.
- University of Florence, Finance and Risk Management course website: prospective students and double degrees pages, undated. Reviewed 8 October 2026.
- University of Florence, Apply Unifi international admissions: admission document, intake rounds and admission fee, academic year 2026/27. Reviewed 8 October 2026.
About the programme
Finance and Risk Management (FiRM) is a two-year master's degree (laurea magistrale, class LM-16-R, finance) at the University of Florence, run by the Department of Economics and Management within the School of Economics and Management. It is taught in English, in person in Florence, with open access.
The programme gives advanced training in finance, quantitative risk management, actuarial science, banking and financial accounting, combining economic theory with probability, statistics, numerical analysis and computational methods. It suits graduates in economics, management, statistics, mathematics, physics or computer science who want quantitative roles in finance or insurance.
What you will study
The first year builds a common core, and coding in MATLAB and Python starts from the first semester. In the second year you choose one of three tracks: Corporate Finance and Banking, Insurance and Risk Management, or Quantitative and AI Methods for Finance. First-year units in the 2026/27 plan include:
- Financial Markets and Institutions (12 ECTS)
- Quantitative Finance and Derivatives (9 ECTS)
- Econometrics of Financial Markets (9 ECTS)
- Corporate Finance (6 ECTS)
- Computational Finance and Computational Economics (6 ECTS each)
- Options such as Insurance and Risk Models, European Capital Market Law and Insurance Law
How the programme is taught
Alongside lectures, students work in practical sessions with real data and attend workshops with finance and insurance professionals, and internships are offered with partner companies and financial institutions. Three double degree agreements are available: a Master in Finance and Accounting at SGH Warsaw School of Economics, a Master's in Quantitative Asset and Risk Management at the University of Economics in Katowice, and an MSc in Economics (International Financial Economics) at the University of Konstanz. Industry sponsors including Deloitte, Prometeia and EY fund merit-based grants.
Career paths
The course prepares graduates for roles such as quantitative analyst, risk manager, asset manager, consultant, actuary and data-driven strategist. The degree also qualifies graduates to sit the Italian state exam for registration as an actuary, in section A of the national register. [1] Sectors named by the course include:
- banks, financial institutions and private equity firms
- insurance and reinsurance companies
- accounting and consulting firms
- data analytics companies and corporate management
- central banks, academia and research, including PhD study
Fees and scholarships
Beyond the sponsor-funded merit grants, fees follow UniFi's ISEE system. For 2026/27, students resident abroad receive a figurative ISEE set by their country's World Bank income group. Students from developing countries pay no university contribution, and DSU Toscana scholarship winners or eligible students pay only stamp duty, so this programme can be tuition-free for eligible students.
How to apply from outside the EU
Candidates with a foreign degree apply only through DreamApply, by the deadline shown there, and the course's Education Committee reviews each academic record; some applicants are contacted for an online assessment. Only completed degrees are considered. [3] Enrolment needs a declaration of value or a CIMEA comparability statement. [4]
For 2026/27, non-EU applicants living abroad had two rounds, closing on 6 February and 17 April 2026. The 2027/28 rounds are not yet published. [4] After admission we pre-enrol you on Universitaly by 31 July, and you apply for a type D study visa.
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 UniFi's entry rules for this programme.
- We write your CV and a tailored statement of purpose.
- We prepare and submit your Apply Unifi (DreamApply) application and Universitaly pre-enrolment.
- We help you declare your family income for reduced fees and file your DSU Toscana 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 UniFi's Finance and Risk Management master?
A bachelor's with a solid base in mathematics, statistics and the social sciences. Foreign degrees are assessed case by case, and the course website asks for a First Class or High Second Class (Upper Division) result or a recognised equivalent. [1][3]
Is there an entrance exam?
No exam for everyone. The Education Committee reviews your academic record, and some candidates are asked to take an online assessment or preparatory single courses. Italian graduates with a grade below 99 out of 110 may face a test. [1][3]
What English level is required? Do I need IELTS?
English at CEFR B2 or higher. The course regulations and website state the level but do not list specific test scores, so we check which proof of B2 your file can use. [1][3]
When is the deadline for non-EU students?
For 2026/27, non-EU applicants living abroad had two rounds on Apply Unifi: 10 December 2025 to 6 February 2026, and 16 February to 17 April 2026. The 2027/28 rounds are not yet published. [4]
Can I apply before I graduate?
No. FiRM does not consider applications from students who have not yet completed their undergraduate degree, so you apply once your bachelor's has been awarded. [3]
I have a B.Tech in Computer Science or a B.Com. Can I apply?
Possibly. Computing and economics both match Italian classes with direct access, but a foreign degree is assessed case by case. A B.Tech may lack economics or finance basics and a B.Com may lack maths, and the committee can ask for single courses first. [1][3]
Can I earn a double degree?
Yes. FiRM has double degree agreements with the University of Konstanz (MSc Economics, International Financial Economics), SGH Warsaw School of Economics (MSc Finance and Accounting) and the University of Economics in Katowice (MSc Quantitative Asset and Risk Management). [3]
Does the degree lead to an actuary qualification?
Yes. The degree qualifies you to sit the Italian state exam for registration as an actuary in section A of the national register, which covers high-level consulting in insurance, finance, pensions and risk management. [1]
Can someone handle my whole application to Finance and Risk Management at UniFi?
Yes. ApplyAZ, an Italy-based consultancy that works only with public universities, checks your transcript against UniFi's rules for this programme, handles the application and Universitaly pre-enrolment, helps you file the DSU Toscana 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 Risk Management?
A recognised Indian bachelor's with solid maths and statistics, such as a B.Sc. in Mathematics, Statistics or Economics, or a B.Com or B.Tech with quantitative courses, is assessed case by case, and you need English at B2. The steps are an Apply Unifi application, the admission document 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 Risk Management are the same whatever your nationality. Applicants from Pakistan, Bangladesh and Sri Lanka follow the same steps as India: online application on Apply Unifi, the admission document (Nulla Osta) 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 Risk Management are the same whatever your nationality, and Gulf residents follow the same steps: online application on Apply Unifi, the admission document (Nulla Osta) 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 Risk Management 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 on Apply Unifi, the admission document (Nulla Osta) 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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