Master in Finance at University of Pavia
Two-year English-taught quantitative finance master at the University of Pavia covering asset pricing, portfolio theory, risk measurement, derivatives and financial econometrics, with double degree agreements in Greece, the UK and the USA.
Master
2 years
Pavia
English
University of Pavia
The Master in Finance is a two-year, 120 ECTS degree (class LM-16-R) taught in English by the Department of Economics and Management at the University of Pavia. It focuses on quantitative finance: portfolio management, risk, derivatives and financial data. Non-EU students pay a flat rate by country or an income-based fee.
Entry requirements
- A three-year bachelor's degree; the course site prefers a quantitative field such as computer science, engineering, mathematics, physics or statistics.
- At least 6 ECTS in economics, 6 ECTS in mathematics or statistics and 3 ECTS in computer science.
- English at B2 level, shown by an international certificate or 6 ECTS of English, unless your degree was taught entirely in English.
- Evaluation by the admission committee of your academic background, grade average and English. GMAT (555, or 553 for GMAT Focus) or GRE (151 verbal, 155 quantitative) scores are optional but weigh heavily.
- An application on apply.unipv.eu with your transcript, passport, CV, an Excel file of your exams by subject area and the €35 fee.
About the programme
Finance is a two-year master's degree in class LM-16-R, taught entirely in English by the Department of Economics and Management in Pavia. It is worth 120 ECTS and has open access, with a limited quota of seats for non-EU students who need a visa.
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 Laboratory on Financial Management and Ethical Behaviour. 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 6 ECTS placement needs at least 400 hours over three months and can replace a second-year elective. 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. For 2026/27 the non-EU flat rate is €390 a year in bracket 1 (countries like India, Bangladesh and Ghana), €1,020 in bracket 2 and €3,550 in bracket 3. You can instead be assessed on an equivalent ISEE: up to €32,000 the all-inclusive fee is zero, meaning zero euro tuition for eligible students, with the regional tax and €16 stamp duty still due. Only the ISEE route qualifies you for an EDiSU Pavia scholarship.
How to apply from outside the EU
Apply on apply.unipv.eu, where the Finance committee scores your background, grade average and English and gives weight to a GMAT or GRE. Upload your transcript, passport, CV and the subject-area Excel file, and pay €35 per programme; you can choose up to three. For 2026/27 the first call ran from 12 to 20 November 2025, and the fourth call opened to non-EU applicants abroad only if seats remained.
After admission you pre-enrol on Universitaly (for 2026/27, by 25 May 2026 for the first three calls) and request a type D study visa, which the consulate decides. The 2027/28 calendar was not out in September 2026.
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 the Master in Finance taught in English?
Yes. All teaching and the final dissertation are in English. You need English at B2 level, shown by a certificate or 6 ECTS of English, unless your bachelor's was taught entirely in English.
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, or 151 verbal and 155 quantitative on the GRE.
What bachelor's background is accepted?
A three-year bachelor's with at least 6 ECTS in economics, 6 in mathematics or statistics and 3 in computer science. The course site prefers quantitative degrees such as computer science, engineering, mathematics, physics or statistics.
Can I study abroad or earn a double degree?
Double degree agreements exist with Athens University of Economics and Business, Lancaster University Management School and Stevens Institute of Technology. Erasmus exchanges usually take place for a semester in the second year.
How much are the fees?
Non-EU students with a study visa pay a flat rate by citizenship, €390 to €3,550 a year for 2026/27, or an income-based fee. With an equivalent ISEE up to €32,000 the all-inclusive fee is zero, and EDiSU Pavia offers regional scholarships.
What jobs do graduates do?
The university names risk manager, quantitative analyst for portfolio management, fintech or trading, and strategic analyst in asset management, with employers such as investment banks, consultancies, central banks, insurers and venture capital.
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