Master in Finance and Risk Management at University of Florence
Two-year English-taught LM-16 master's at the University of Florence in quantitative finance, risk management, banking and insurance, with MATLAB and Python from year one, three tracks and double degrees in Warsaw, Katowice and Konstanz.
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) taught in English at the University of Florence, covering quantitative finance, risk management, banking and insurance, with three second-year tracks and double degrees in Poland and Germany. Fees follow ISEE, so it can be tuition-free for eligible students.
Entry requirements
- A bachelor's degree with a First Class or High Second Class (Upper Division) result, or an equivalent qualification recognised in your country; applications before graduation are not considered.
- A solid foundation in mathematics, statistics and the social sciences, and basic familiarity with IT and data analysis tools.
- English at B2 level or higher.
- No entrance test, but the Admissions Committee may ask some candidates to sit an online assessment or to take preparatory single courses first.
- Recommended background in micro and macroeconomics, calculus and financial mathematics, and corporate finance.
About the programme
Finance and Risk Management (FiRM) is a two-year master's degree (laurea magistrale, class LM-16, 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. Graduates who complete the programme in Italy are also eligible for professional recognition as actuaries. 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, ranging from €25,500 to €75,500. Students from developing countries pay only the €140 regional tax and €16 stamp duty, 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. UniFi charges a €20 non-refundable application fee and asks for a declaration of value or CIMEA statement.
For 2026/27, non-EU applicants living abroad had two rounds, closing on 6 February and 17 April 2026. After admission you pre-enrol on Universitaly by 31 July and apply for a type D study visa.
How ApplyAZ helps
If this programme fits your goals, ApplyAZ can include it in a shortlist of 20 to 30 English-taught programmes at Italian public universities. We write your CV and a tailored statement of purpose, submit your applications and Universitaly pre-enrolment, file your DSU scholarship application and prepare your visa file, with a named person on each stage. The university decides admission, the region decides the scholarship and the consulate decides the visa. See how ApplyAZ works or check your eligibility.
Questions and answers
Is Finance and Risk Management taught in English?
Yes. FiRM is taught in English and requires English at B2 level or higher.
Which bachelor's degrees are accepted?
Applicants need a solid base in mathematics, statistics and the social sciences. Foreign graduates are expected to hold a First Class or High Second Class degree, or an equivalent qualification recognised in their country.
Is there an entrance test?
There is no standard test. The Education Committee reviews your academic record, and some candidates are asked to take an online assessment or preparatory single courses.
Can I earn a double degree?
Yes. FiRM has double degree agreements with SGH Warsaw School of Economics, the University of Economics in Katowice and the University of Konstanz.
When can I apply for 2027/28?
The 2027/28 rounds are not published yet. For 2026/27, non-EU applicants living abroad applied on DreamApply in two rounds closing on 6 February and 17 April 2026, with a €20 fee.
How much are the fees?
Fees depend on ISEE, with a figurative ISEE by country income group for students resident abroad. DSU Toscana scholarship winners pay only stamp duty, and sponsor merit grants from firms such as Deloitte and EY are also offered.
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