Master in Finance at University of Pavia
Two-year English-taught LM-16-R master's at the University of Pavia in quantitative finance: asset pricing, portfolio theory, derivatives, risk and financial econometrics, with double degrees in Greece, the UK and the USA. Entry needs a quantitative background and English at B2.
Master
2 years
Pavia
English
University of Pavia
Finance is a two-year, 120 ECTS master's degree (class LM-16-R) taught in English by the Department of Economics and Management at the University of Pavia. Entry needs a three-year bachelor's in a listed quantitative class or with at least 6 credits in economics, 6 in maths or statistics and 3 in computer science, plus English at B2. Non-EU students can have fees set by family income, so it can be tuition-free for eligible students.
Entry requirements
Detailed entry requirements
Pavia's Finance master asks for a three-year bachelor's or recognised foreign equivalent, either in a listed quantitative class or with minimum credits in economics, maths or statistics and computer science, plus English at B2 and, for foreign degrees, an eligibility clearance from the admission committee. Reviewed 8 October 2026. [1]
Degree and credit requirements
You need a bachelor's degree, a three-year university diploma or a foreign qualification recognised as equivalent to an Italian bachelor's. You meet the curricular requirement in one of two ways: [1]
- A degree in a listed class: Italian bachelor's classes L-8 (information engineering), L-9 (industrial engineering), L-30 (physics), L-31 (computer science), L-35 (mathematics) or L-41 (statistics).
- Or minimum credits: at least 6 CFU in economics, at least 6 CFU in statistics or mathematics, and at least 3 CFU in computer science.
The computer science credits can be replaced by a certificate covering at least the first four modules of the ECDL computer licence (Core Start or Full, Syllabus 5.0). [1] The course website prefers degrees in computer science, computer engineering, industrial engineering, mathematics, physics or statistics, says a quantitative background is required, and asks applicants graduating abroad to hold a three-year university diploma. [2]
What this means for your transcript
Italian CFU and the credits on a foreign transcript are not the same unit: one CFU stands for about 25 hours of student work, and the committee looks at your subjects, not just your total. [1] As a guide, based on the rules above:
- Usually a fit: a B.Tech or B.E. in Computer Science, Electronics, Electrical or Industrial Engineering, or a B.Sc. in Mathematics, Statistics, Physics or Computer Science. These match the quantitative degrees the course website prefers. If your degree is not treated as equivalent to a listed class, you also need the 6 economics credits.
- Check carefully: a B.A. or B.Sc. in Economics usually covers the economics block but needs 6 credits of maths or statistics and 3 of computer science. A BCA usually covers computing but needs 6 credits each of economics and of maths or statistics.
- Often short: a B.Com or BBA. The course website says vocational titles, such as an Indian Bachelor of Business Administration or Bachelor of Commerce, are unsuitable for this master. [2]
English
You need English at CEFR level B2, shown in one of these ways: [1][2]
- An international certificate at B2 or higher, such as the First Certificate in English. The regulations treat TOEFL iBT 87 to 109 and IELTS 5.5 to 6.5 as B2.
- At least 6 CFU of English courses at B2 or higher in your degree, with a tolerance of 3 CFU.
- A degree from an institution where teaching was entirely in English, according to the course website.
The programme publishes its own list of accepted certificates, and we check which proof your file can use.
Selection and eligibility clearance
Access has no limit on student numbers, but places for non-EU applicants living abroad are limited. [1][2] For applicants with a foreign degree, admission depends on an eligibility clearance after the committee evaluates your academic record, and applicants judged not eligible cannot enrol. [1] The committee looks at your academic background, grade average or graduation mark, English level and other relevant parts of your transcript and CV. [2]
GMAT or GRE scores are optional but weigh heavily. The minimum scores the programme considers are GMAT 555, GMAT Focus Edition 553, or GRE 151 verbal and 155 quantitative. [2]
The written admission test has 30 multiple-choice questions on economics, mathematics for economics and finance, and probability and statistics. The course website describes it for applicants with an Italian degree, who are exempt with a final mark of at least 95/110. For 2026/27 it was held on 10 September 2026. [1][2]
2026/27 calls and deadlines
For 2026/27, applicants with a foreign degree applied in five calls: [2]
- First call: 12 to 20 November 2025, results by 19 December 2025.
- Second call: 12 to 20 January 2026, results by 25 February 2026.
- Third call: 10 to 18 March 2026, results by 27 April 2026.
- Fourth call: 5 to 11 June 2026, open to non-EU applicants living abroad only if places remained.
- Fifth call: 1 to 8 September 2026, for EU applicants and non-EU applicants living in Italy.
Students admitted in the first three calls enrolled from 18 to 25 May 2026. The 2027/28 call dates were not yet published when we reviewed the programme website. [2]
Documents and non-EU steps
The online application includes your bachelor's transcript showing each exam with its mark and credits or study hours, a passport copy, your CV, an English certificate if needed, a spreadsheet listing your exams by subject area and a GMAT or GRE certificate if you have one. [2]
Non-EU applicants living abroad who are admitted then complete Universitaly pre-enrolment and apply for a type D study visa. [2]
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 Pavia, Department of Economics and Management. Academic regulations, Master's degree in Finance (LM-16), enrolment cohort 2026/27. Reviewed 8 October 2026.
- University of Pavia, Master's degree in Finance course website: access requirements, application instructions for holders of a foreign bachelor's, admission test and fees pages, 2026/27 cycle. Reviewed 8 October 2026.
- University of Pavia, Finance programme page and non-EU student fees page, academic year 2026/27. Reviewed 8 October 2026.
About the programme
Finance is a two-year master's degree in class LM-16-R, taught in English by the Department of Economics and Management in Pavia, with the participation of the Departments of Physics and Mathematics. It is worth 120 ECTS and has no limit on student numbers, but places for non-EU applicants living abroad are limited. [1][2]
The aim is to train professionals for highly qualified jobs in the financial sector at international level, with specific skills in quantitative finance: portfolio management, risk measurement and mitigation, derivatives valuation, and data analysis and modelling. The course site asks for a strong quantitative background, so it suits graduates in mathematics, statistics, physics, engineering or computer science as well as economics graduates with solid maths.
What you will study
The first year is almost entirely compulsory, with a choice between Economic Models and Real Analysis, plus a 3 ECTS unit: students with a foreign qualification take Italian Language for Foreign Students unless they are exempt, for example with an Italian B1 certificate, and the others take the Laboratory on Financial Management and Ethical Behaviour. [1] The second year adds financial econometrics and portfolio management, 12 ECTS of electives such as Advanced Quantitative Finance, Algorithms for Optimization or Computational Methods, and a 24 ECTS final dissertation. Core units include:
- Asset Pricing and Macroeconomics
- Portfolio Theory
- Probability and Stochastic Processes
- Quantitative Finance
- Econometrics
- Firm Valuation and Capital Market Instruments
- Financial Econometrics
- Statistics for Finance
How the programme is taught
The dissertation is written and defended in English. Double degree agreements exist with Athens University of Economics and Business, Lancaster University Management School and Stevens Institute of Technology in New Jersey, and Erasmus exchanges usually take place for a semester in the second year. An internship is optional: a placement in Italy, or abroad through Erasmus Traineeship, can count towards your electives up to 12 ECTS, with a company tutor and approval before it starts. [1] Selected students also take part in the CFA Institute Research Challenge.
Career paths
The university lists four target roles for graduates:
- Risk manager
- Quantitative analyst for portfolio management
- Strategic analyst in asset management companies
- Quantitative analyst for fintech and trading
Typical employers are investment banks and asset management companies, consultancies, supervisory authorities and central banks, insurers, fintech and trading firms, and venture capital.
Fees and scholarships
Finance sits in the university's humanities fee area, which keeps the upper flat-rate brackets lower. Non-EU students can pay a flat rate set by citizenship, with countries like India, Bangladesh and Ghana in the lowest bracket. You can instead be assessed on an equivalent ISEE: with an ISEE of €32,000 or less, students are exempt from the all-inclusive fee, so this programme can be tuition-free for eligible students. Only the ISEE route qualifies you for an EDiSU Pavia scholarship.
How to apply from outside the EU
Applicants with a foreign degree apply on Pavia's online portal, apply.unipv.eu. Admission depends on an eligibility clearance: the committee reviews your academic background, grade average, English level and CV, and gives strong weight to a GMAT or GRE score. We upload your transcript, passport, CV, any English certificate and the subject-area exam file for the committee to evaluate. [1][2]
For 2026/27 there were five calls. The first three ran in November 2025, January 2026 and March 2026; the fourth, in June 2026, was open to non-EU applicants living abroad only if places remained, and the fifth was for applicants living in Italy. Students admitted in the first three calls enrolled from 18 to 25 May 2026. [2]
After admission, non-EU applicants living abroad complete Universitaly pre-enrolment and apply for a type D study visa, which the consulate decides. The 2027/28 call dates were not yet published when we reviewed the programme website. [2]
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 Pavia's entry rules for this programme.
- We write your CV and a tailored statement of purpose.
- We prepare and submit your application on Pavia's portal, with the subject-area exam file, and your 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 the Finance master at Pavia?
A three-year bachelor's or recognised foreign equivalent, either in a listed quantitative class such as computer science, engineering, maths, physics or statistics, or with at least 6 credits in economics, 6 in maths or statistics and 3 in computer science. [1]
Is there an entrance exam?
Applicants with a foreign degree go through an eligibility clearance, where the committee reviews your record, grade average, English and CV. The written test on economics, maths and statistics is described for Italian-degree applicants, who are exempt with a final mark of 95/110 or more. [1][2]
What English level is required? Do I need IELTS?
English at B2. IELTS is one option: the regulations treat IELTS 5.5 to 6.5 or TOEFL iBT 87 to 109 as B2. You can also use 6 credits of English in your degree or a degree taught entirely in English, so we check which proof your file can use. [1][2]
Do I need a GMAT or GRE?
No, both are optional, but the committee weighs them heavily. The minimum scores it considers are 555 on the GMAT, 553 on the GMAT Focus Edition, or 151 verbal and 155 quantitative on the GRE. [2]
When is the deadline for non-EU students?
For 2026/27, non-EU applicants living abroad used the calls of November 2025, January 2026 and March 2026, the last closing on 18 March 2026. The June call was open to them only if places remained. The 2027/28 dates are not yet published. [2]
I have a B.Com or BBA from India. Can I apply?
The course website says vocational titles, such as an Indian Bachelor of Business Administration or Bachelor of Commerce, are unsuitable for this master. A quantitative degree, such as a B.Tech or a B.Sc. in Mathematics, Statistics or Physics, matches the backgrounds the programme prefers. [2]
Can I study abroad or earn a double degree?
Yes. The department has double degree agreements with Athens University of Economics and Business, Lancaster University Management School and Stevens Institute of Technology in New Jersey. Study periods abroad through Erasmus or other exchanges normally last 3 to 10 months. [1]
Can someone handle my whole application to Finance at Pavia?
Yes. ApplyAZ, an Italy-based consultancy that works only with public universities, checks your transcript against Pavia'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?
A recognised three-year bachelor's in a quantitative field, such as a B.Tech, B.E. or a B.Sc. in Mathematics, Statistics or Physics, fits best. Other degrees need 6 credits in economics, 6 in maths or statistics and 3 in computing, and the course website calls B.Com and BBA degrees unsuitable. You also need English at B2. The steps are the online application, eligibility clearance 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 are the same whatever your nationality. Applicants from Pakistan, Bangladesh and Sri Lanka follow the same steps as India: online application, eligibility clearance 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 are the same whatever your nationality, and Gulf residents follow the same steps: online application, eligibility clearance 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 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, eligibility clearance 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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