Master in Finance at University of Siena
Two-year LM-16 master's at the University of Siena. The Quantitative Finance curriculum is taught entirely in English and covers financial modelling, asset pricing, risk management and Python. Entry needs maths and finance credits and English at B2.
Master
2 years
Siena
Multiple
University of Siena
The MSc in Finance is a two-year, 120 ECTS master's degree (class LM-16) at the University of Siena, with a Quantitative Finance curriculum taught entirely in English. Entry needs a bachelor's with enough maths and finance credits for your degree route, plus certified English at B2. Fees follow family income, so it can be tuition-free for eligible students.
Entry requirements
Detailed entry requirements
Siena's MSc in Finance asks for a bachelor's degree with enough credits in maths and finance for its degree route, certified English at B2 for the English-taught Quantitative Finance curriculum, computer skills at ECDL core level and, if the examining board sets one, a test and/or interview. Reviewed 8 October 2026. [1]
Degree and credit requirements
The 2026/27 regulations set three credit routes for Italian degrees. For a degree from a foreign university, the Teaching Committee first decides which route your studies match, then checks the credits for that route. [1]
- Economics or business degrees: at least 12 CFU in mathematical methods for economics and finance (sector SECS-S/06), plus at least 8 more CFU in corporate finance or financial intermediaries (SECS-P/09 or SECS-P/11), or in SECS-S/06 with financial-modelling content.
- Science or engineering degrees: at least 18 CFU in SECS-S/06, mathematics (MAT/02 to 05) or mathematical physics (FIS/02), plus at least 8 CFU in corporate finance or financial intermediaries, or 8 CFU in those maths sectors with financial-modelling content.
- Any other degree: at least 20 CFU in economics (SECS-P/01 to 06), 20 CFU in business and finance (SECS-P/07 to 11), 16 CFU in law and 20 CFU in mathematics or statistics, with a final mark of at least 100/110. The English translation lists the economics block twice.
Computer skills at ECDL core level are also required. Without a certificate, you can self-certify them in the application. [1]
What this means for your transcript
One Italian CFU stands for 25 hours of student work, and the committee looks at the subjects on your transcript, not only the total. As a guide, based on the rule above:
- Usually a fit: a B.Sc. or BA in Economics with mathematical economics and a finance course, or a B.Sc. in Mathematics or Statistics that includes financial mathematics.
- Check carefully: a B.Com or BBA, which usually covers finance but can fall short of the 12 maths credits, and a B.Tech or B.E. with strong maths but no finance or financial-modelling course.
- Often short: a BCA or a BA in a non-economics subject, which may be matched to the other-degree route with its economics, business, law and maths blocks and the 100/110 mark.
For a foreign degree, the committee decides the route, and how your prior knowledge is assessed, case by case. [1]
English
The Quantitative Finance curriculum, taught entirely in English, needs English at CEFR B2 or higher. Proof is an international certificate the university recognises or an equivalent qualification from its Language Centre, and you present it at enrolment. The regulations do not list specific test scores. [1]
The Financial Intermediaries curriculum, with a first year in Italian, needs certified Italian at B2 and English at B1. [1]
Test and interview
The examining board may set a written or computer-based test and/or an oral interview, held in person or remotely. For 2026/27 it covered four areas: [2]
- basic mathematics and statistics
- macroeconomics (monetary and financial aspects)
- financial mathematics
- financial markets
International candidates receive their test dates through the application portal. [2] Italian graduates in economics or business with a final mark of at least 95/110 are exempt, and for foreign degrees the Teaching Committee decides case by case whether direct admission applies. [1]
Applying before you graduate
Students still finishing a degree who hold at least 120 CFU from the required routes by the test date can sit the assessment. If they pass, they are admitted conditionally and can enrol only if they graduate by the enrolment deadline. [1]
Deadlines
Admissions for 2026/27 are closed. The university's international admissions portal states that the 2027/28 intake opens in November 2026, and that call sets the closing dates. [3]
How non-EU applicants apply
International applicants apply through the university's international application portal. Each programme has its own admission fee, shown on the portal, and you can apply to up to three programmes. [3] English certificates are presented at enrolment. [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 Siena, Department of Economics and Statistics and Department of Business and Legal Studies. Academic regulations for the Master's degree programme in Finance (LM-16), courtesy English translation, applicable from academic year 2026/27. Reviewed 8 October 2026.
- University of Siena, Master's degree programme in Finance. Admission test notice, academic year 2026/27. Reviewed 8 October 2026.
- University of Siena, International admissions portal, admissions overview page, undated. Reviewed 8 October 2026.
About the programme
The MSc in Finance is a two-year laurea magistrale (class LM-16) run jointly by the Department of Economics and Statistics and the Department of Business and Legal Studies, with teaching coordinated by the School of Economics and Management in Siena. It offers two curricula: Quantitative Finance, taught fully in English, and Financial Intermediaries, where the first year is in Italian and the second in English. International students applying for an English path should choose Quantitative Finance. [1]
The degree gives advanced expertise in financial analysis across quantitative, economic, management and legal areas, and suits graduates with a solid grounding in mathematics and finance.
What you will study
The Quantitative Finance curriculum covers stochastic calculus, no-arbitrage pricing, derivatives, decision making under uncertainty, monetary economics and financial regulation. Compulsory units in the 2026/27 plan include:
- Financial Modeling
- Financial Investments and Risk Management
- Sustainable Finance
- Python for Finance and Fundamentals of Programming
- Econometrics and Microeconomics for Business and Finance
- Asset Pricing and Monetary Economics
- International Banking and Financial Regulation
How the programme is taught
Electives in the second year include interest rate derivatives, asset allocation, international financial accounting and financial markets. First-year options include an internship worth 6 ECTS, and the degree ends with a 15 ECTS thesis written in English. [1]
Career paths
The degree site describes two main paths: jobs in financial markets, analysing risk and return across investments, and roles in the analysis, control and management of financial risk. The university names roles such as:
- portfolio manager, for the firm's own account or for third parties
- trader in financial markets
- risk manager and market analyst
- financial consultant
- manager in financial intermediaries or in the finance department of non-financial companies
Fees and scholarships
Siena sets fees by family income through the Italian ISEE and does not accept an ISEE parificato. Students who cannot provide a valid ISEE pay, under the 2026/27 regulation, a contribution scaled by the GDP per capita of their country of citizenship. DSU Toscana winners and eligible students are exempt, so this programme can be tuition-free for eligible students.
How to apply from outside the EU
International degree holders apply on apply.unisi.it, paying the admission fee shown on the portal for each programme, for up to three programmes. [3] The Teaching Committee decides which credit route your degree matches and checks your credits in mathematics and finance. The examining board may then set a written or computer-based test and/or an interview, held in person or remotely, with dates sent through the portal. [1][2]
Admissions for 2026/27 are closed, and the 2027/28 intake opens in November 2026. [3] After admission, we complete Universitaly pre-enrolment for the type D 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 Siena's entry rules for this programme.
- We write your CV and a tailored statement of purpose.
- We prepare and submit your application on the university portal 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 the MSc in Finance at Siena?
The Teaching Committee matches a foreign degree to one of three routes. Economics or business degrees need at least 12 credits in maths for economics and finance plus 8 in finance. Science or engineering degrees need 18 in maths, statistics or physics plus 8 in finance. Other degrees need more blocks and a mark of at least 100/110. [1]
Is the MSc in Finance taught in English?
The Quantitative Finance curriculum is taught entirely in English, and the thesis is written in English. The Financial Intermediaries curriculum is taught in Italian in the first year and English in the second, and needs Italian at B2 plus English at B1. [1]
Is there an entrance test?
Possibly. The examining board may set a written or computer-based test and/or an interview, in person or remotely, on basic maths and statistics, macroeconomics, financial mathematics and financial markets. International candidates receive their dates through the application portal. [2]
What English level is required? Do I need IELTS?
Quantitative Finance needs certified English at CEFR B2, from an international certificate the university recognises or from its Language Centre, presented at enrolment. The regulations do not list specific test scores, so we check which proof of B2 your file can use. [1]
When is the deadline for non-EU students?
Admissions for 2026/27 are closed. Siena's international admissions portal says the 2027/28 intake opens in November 2026, and that call sets the closing dates. We track the call and plan your application around it. [3]
Can I apply before I graduate?
The 2026/27 regulations let students still finishing a degree, with at least 120 credits from the required routes, sit the assessment. If they pass, they are admitted conditionally and enrol only if they graduate by the enrolment deadline. For foreign degrees, the committee decides each case. [1]
I have a B.Com or a BBA. Can I apply?
Possibly. These degrees usually cover finance, but the economics and business route also needs at least 12 credits in mathematical methods for economics and finance, which many B.Com and BBA transcripts lack. We check your transcript against both blocks before you apply. [1]
What jobs do graduates get?
The regulations list portfolio manager for the firm's own account or for clients, trader, risk manager, financial consultant, market analyst, and manager roles in financial intermediaries or in the finance departments of non-financial companies. [1]
Can someone handle my whole application to the MSc in Finance at Siena?
Yes. ApplyAZ, an Italy-based consultancy that works only with public universities, checks your transcript against Siena'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 the MSc in Finance?
Siena's Teaching Committee matches an Indian bachelor's to its economics and business, science and engineering, or other-degree route, then checks the maths and finance credits that route needs. You also need certified English at B2 for Quantitative Finance. The steps are the online application, the credit review with any test or interview, 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 the MSc in Finance are the same whatever your nationality. Applicants from Pakistan, Bangladesh and Sri Lanka follow the same steps as India: online application, credit review with any test or interview, 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 the MSc in Finance are the same whatever your nationality, and Gulf residents follow the same steps: online application, credit review with any test or interview, 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 the MSc in 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, credit review with any test or interview, 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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