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Programme in FINANCE AND ECONOMICS (MEF) - Classe LM-16

Type of Programme Master Degree
Academic year2017/2018
Academic fields LM-16, FINANZA
Type of degree awardedDottore magistrale
Active curricula
Length of the programme2 years
ECTS credits required for admission180
Credits120
Activated years1st year
Admission
Entry requirementsTo attend the Master program in Economics and Finance it is necessary to have adequate knowledge of mathematics, economics and statistics at undergraduate level.

Students with an italian degree (ex. DM 270 /04) of the following classes:
l-7 Ingegneria civile e ambientale
l-8 Ingegneria dell’informazione
l-9 Ingegneria industriale
l-16 Scienze dell’amministrazione e dell’organizzazione
l-18 Scienze dell’economia e della gestione aziendale
l-20 Scienze della comunicazione
l-30 Scienze e tecnologie fisiche
l-31 Scienze e tecnologie informatiche
l-32 Scienze e tecnologie per l’ambiente e la natura
l-33 Scienze economiche
l-35 Scienze matematiche
l-36 Scienze politiche e delle relazioni internazionali
l-37 Scienze sociali per la cooperazione, lo sviluppo e la pace
l-41 Statistica
and students with an italian degree (ex DM 509/99) in the classes equivalent to those listed above can apply.

Candidates can also enroll to the course from undergraduate classes other than those listed above after positive evaluation of the Collegio Didattico or its delegates (ad hoc commitee or the President of the Collegio Didattico) if they substantively satisfy the access requirements.

To all candidates, the following minimum requirements apply in order to be admitted to the course:

a) at least 6 ECTS credits in the area of mathematics (MAT/01 - MAT/09, SECS-S/06).
b ) at least 6 ECTS credits for the statistical area (SECS-S/01 - SECS-S/05, SECS- P05): a statistics course or a basic econometrics one.
c) at least 12 ECTS credits for the economic area (SECS-P/01 - SECS-P/03, SECS-P/06): at least one course of Microeconomics and one of Macroeconomics.
d) evidence of computer skills (ECDL) or 3 ECTS credits of Computer Science (INF/01, ING-INF/05) or equivalent diploma.
e) English language knowledge, level B2 or higher, properly certified (eg.: TOEFL, IELTS, etc.) or any other relevant documentation (eg.: award of a degree held in English, English language as mother tongue, etc.).

Each applicant will have to submit, together with the application, a motivation letter and a curriculum vitae (using the mandatory format and template approved by the Faculty Board – Collegio Didattico). Failing to provide the above mentioned documentation, the applicant will be excluded from the selection.
Furthermore, a recommendation letter is requested: it has to be sent by an external Referee, directly to the Master’s degree Secretariat, by post (ordinary mail) or fax or email.

Students with foreign qualification are expected to meet the substantive requirements equivalent to the minimum requirements for students with italian title. Such checking of pre-requisites will be conducted by a special Admission Board of faculties appointed by the Faculty Board - Collegio Didattico.

Applicants who meet the minimum entry requirements (irrespective of their nationality) are assessed by the Admission Board according to the following criteria grid. Applicants who obtain less than 50 points are not admitted. Applicants who obtain more than 80 points are admitted without any further verification.

Criterion: Academic curriculum
Description: length and quality of the previous degree as well as the final grade
Maximum score: 40

Criterion: Recommendation letter
Maximum score: 10

Criterion: Motivation letter
Maximum score: 30

Criterion: Choice coherence
Description: coherence between the academic curriculum and/or activities previously carried out and the learning objectives of the master’s degree in Economics and Finance
Maximum score: 20

The Admission Board reserves the possibility to request the applicant an oral interview for admission, held in English language and exclusively done via electronic devices (eg.: via skype). Such possibility is reserved for the students that have not fully fulfilled one or more of the minimum requirements for the admission due to the irregularities in the credit system or title of study or due to other objective motivation relevant in the analysis of the material attached to the application for admission (including the motivation letter and the recommendation letter, other relevant documents/titles attached and the potential lack of any English certification) that results in a score above 50 points but less than 80 points out of 100, according to the above mentioned grid. The interview is aimed at verify the applicants’ motivations, the English language knowledge and the above mentioned skills, according to the procedure established by the internal Regulation – Regolamento didattico.
Admission without debts from the following Bachelor's Degrees

Introductory overview

With the Master degree in Economics and Finance (MEF), the University of Milan aims at offering an exclusive and high-quality study program. This internationally oriented master degree is thought to provide students with an excellent academic background and practical sense, as well as with a promising outlook for a future career in today's challenging and dynamic financial markets and international economy.

Due to the growing complexity of today's economics and finance, expertise only in economics or, conversely, in quantitative methods are not enough to succeed everyday's challenges. The Master degree in MEF is organized to provide knowledge on both the economic mechanism and the behaviour and history of financial markets, to build solid bases of quantitative and numerical methods and to give insights of decision making under uncertainty and the basics of risk analysis. Indeed, recent and repeated financial crises have proven that mathematical thinking and economical theories cannot be considered separately from historical analyses and regulatory mechanism.

Throughout the program, a well-balanced study track builds strong quantitative skills coupled with a solid knowledge base of the underlying theory of finance and economics. Students acquire the necessary knowledge and skills to use mathematical models to comprehend complex financial problems and learn how to apply these models in the fields of economic sciences and financial market analysis.

During the second year students of the master degree in MEF might choose to specialize further in one of the two fields of Financial Economics or Quantitative Finance. Working closely together with our outstanding faculty, students will benefit from their knowledge and international scientific networks as well as their links with the industry but they might also attend seminars, laboratories and other activities organized yearly by the Department of Economics, Management and Quantitative Methods.

Educational and learning aims

Graduates of this master course will receive advanced training on quantitative methodologies and tools suitable to interpret and analyze the economic and financial phenomena and to operate directly on financial markets or in international economic institutions. The study program is designed to provide the students with solid background through the development of topics of economic theory, analysis of international financial markets and the theory of decision making under uncertainty. It includes study of financial markets from both the point of view of international law, history and economics.

The first year courses, common to both curricula, also provide for the establishment of capabilities in statistics, mathematics and computational techniques for the analysis of financial data and economic time series.
The second year of the master program is organized in two curricula. The first, Financial Economics, is dedicated to the training of economists capable of operating at international institutions or central government level in both the financial and economic sphere.
The second curriculum, named Quantitative Finance, is aimed at preparing financial specialists capable of operating in the areas of pricing of derivatives, portfolio management, risk management and control in the financial and / or actuarial sector.

Skills and competence

In the spirit of armonization of education within European Union, the graduates of this master program in Economics and Finance are expected to attend the following standards according to the so called Dublin Descriptors:

A. Knowledge and understanding
Graduates are expected to gain theoretical knowledge and advanced skills on the following areas: economics, mathematics and statistics, corporate and financial law.

For the economic area, topics offered include: monetary economics, advanced micro and macro economics, decisions under conditions of uncertainty. The theories and analytical tools from economics learned will enable students to understand the processes of economic integration and the functioning of markets, the role of multinational corporations and financial institutions.

For the area of mathematics and statistics, the topics include: mathematical and statistical analysis, econometrics, mathematical finance, risk theory, portfolio optimization and optimal control. The students are expected to learn how to perform quantitative analyses for business and economics decision making, management of investments and financial forecasting of macroeconomic scenarios.

For the business and financial area, topics include: corporate finance, business management , economics of markets and financial intermediaries. The knowledge and skills acquired in this area will enable graduates to understand the politics of enterprise management, strategies of internationalization of firms, the principles of corporate finance, the functioning of the financial system, investment decisions and financial risk management.

For the law area the main focus will be on international financial and economic law. The lectures will provide legal expertise to understand the laws that rule the markets and financial institutions and international trade.

B. Applying knowledge and understanding

Graduates will be able to apply the knowledge and skills acquired to the analysis and management of business tasks posed by the process of economic integration, to the design and implementation of internationalization strategies of firms, to the assessment of the financial and balance sheet, to the identification of policy interventions in the context of open economies (market regulation, competition policies, supervision of financial institutions, etc.); to the mathematical evaluation of investments; to the analysis and forecasting of economic and financial scenarios.

C. Making judgements
Graduates will gain the ability to make judgments about developing critical skills: the effects and effectiveness of the decisions of firms and financial institutions in which they were to operate, even in reference to the ethical implications of these actions and decisions, the consequences and the effectiveness of economic policies. They will also need to assimilate fully the principles of professional ethics that guide interpersonal relationships in the contexts of employment. They should also learn the fundamental principles of the scientific approach to problem solving in economics and business adiministration that they will face during their professional activity. The multidisciplinary approach of this course encourages the development of independent judgment and critical thinking by offering students the opportunity to compare methodological approaches in different disciplines. The significant relevance of quantitative methods and their applications to economics and finance, facilitates the comprehension of the scientific approach to problem solving.


D. Communication skills
Graduates will be able to present and communicate effectively within the company the results of their work (projects, reporting, analysis, documentation, etc.) Argue their positions and communicate clearly and effectively in writing and oral set up cooperative relationships and collaborative working within groups, proposals and solutions to the problems of working contexts of reference using mathematical and quantitative tools, access to a more specialized audience, for example, through the publication of research results. The ability to communicate effectively in the workplace is primarily gained from the presentation and discussion of case studies. The drafting of reports and essays, as required by some of the courses, and the writing of the final dissertation will help to enhance written communication skills.

E. Learning skills
Graduates will have the ability to develop and increase their skills through the consultation of the published scientific literature and the use of databases and other information. The master degree in Economics and Finance also provides the methodological skills that support capabilities for further learning up to the possibility to continue their studies in doctoral programs.
The students have also the opportunity to attend other activities organized by the Department of Economics, Management and Quantitative Methods such such us seminars and workshops to improve their ability to understand scientific challenges and new topics of research.
The preparation of the final disseration provides students further opportunities to develop the skills of independent learning.

Careers

The master course in Economics and Finance aims at forming the following professional profiles.

Profile: Analyst and financial adviser.
Functions: the professionals included in this category make suggestions for investment and give technical advice to managers on which they depend functionally; assist the management of financial investments through the economic and financial analysis of market data; propose predictive models of economics, financial times series and provide guidance for the calibration of theoretical models using market data.
Skills: baggage of theoretical knowledge and operational tools aimed at evaluating financial investments, the evalutaion of the financial and credit risk.
Career opportunities: They operate in the office of financial management of banks, investment firms, investment funds, banks, financial intermediaries, research and financial statement purposes. They also work as private consultants.

Profile: Operator of financial markets and financial intermediary.
Functions: the figures included in this category act directly or on behalf of their company in the financial markets or as brokerage agents, also assist the company in the interaction with the regulatory authorities in the markets thanks to a thorough knowledge of the rules that govern them.
Skills: baggage of theoretical knowledge and legal advise for the management of financial investments, executives and management of contracts; ability to operate on traditional and digital markets.
Career opportunities: They operate in the office of financial management of banks, investment firms, investment funds, banks, financial intermediaries, research and financial statement purposes.

Profile: Manager or Director of the departments of finance, financial institutions or international economic institutions.
Functions: the occupations included in this category exercise managerial functions of high responsibility in private and public companies with an international vocation, in finance, risk management and credit.
Skills: baggage of theoretical knowledge of economic-legal type for the management of economic institutions and private companies or in banking and financial institutions operating in international contexts.
Career opportunities: They operate private or public companies in industry and services to businesses, banks and similar institutions, and international and governmental institutions.

Profile: Professionals in the management of programs and projects of international development.
Functions: the occupations included in this category contribute to the formulation, management, monitoring, reporting of programs and projects of business development and market expansion within the international arena.
Skills: baggage of theoretical and operational knowledge about international economy, strategy of business management, legal and administrative regulation of the markets, processes of economic integration and economic policies that govern them.
Career opportunities: They operate private or public companies of industry, trade, business services, banks and similar institutions, and international and governmental institutions.