Master in Finance, Insurance and Risk Management

An upper level Master of the University of Torino

Master in
Finance, Insurance, and Risk Management

About the master

The Master in Finance, Insurance, and Risk Management prepares for a career in highly-skilled jobs in the financial industry. Graduates use their adavanced quantitative finance and econometrics skills in asset management, banks, insurers, hedge funds, consulting firms and  major corporations. Such skills also open up opportunities in institutions like central banks, regulators, sovereign wealth funds and sovereign organizations. The outstanding academic background provided by the program also allows graduate students fast-track access to PhD programs in finance.



Deadline December 30, 2018


  • A Master placed in the Global Top 50 Eduniversal Best Masters Ranking by field.
  • A truly international Master’s degree program taught entirely in English in a premier research institution, Collegio Carlo Alberto.
  • The award of a second level Master in Finance, Insurance and Risk Management degree from the University of Torino.
  • A fast-track access to the PhD Programme in Finance.
  • A highly experienced Faculty from Italian and foreign universities, alongside the experience of leading finance and banking professionals.
  • Everyday contact with the scholars and researchers of Collegio Carlo Alberto and access to the many scientific activities and events hosted at the Collegio.
  • Excellent scolarships and funding opportunities.
  • Career days and the opportunity to establish contacts with major financial institutions, insurers, major companies and research centers.
  • Link to an outstanding network of our Alumni.
  • Focus on FinTech (in cooperation with Madas)


DAVIDE ALFONSI Head of Risk Management, Intesa Sanpaolo
FABIO BAGLIANO Professor, University of Torino
BERNARDO BORTOLOTTI Professor, University of Torino
PAOLO BRANDIMARTE Polytechnic University of Torino
MICHEL DACOROGNA Scientific Advisor at SCOR
ELSA FORNERO Professor, University of Torino
MARCO FRITTELLI Professor, University of Milano
PIETRO GARIBALDI Professor, University of Torino
MARC GOOVAERTS Professor Emerito, KU Leuven
ELISA LUCIANO Professor, University of Torino
ROBERTO MARFE', Junior Chair, Collegio Carlo Alberto
PAOLO MONTIFERRARI Banca Patrimoni Sella & C
TOTI MUSUMECI Professor, University of Torino
GIOVANNA NICODANO Professor, University of Torino
MARIACRISTINA ROSSI Professor, University of Torino
GUIDO ANTONIO ROSSI Professor, University of Torino
GIORGIO SPRIANO Chief Risk Officer, Intesa Sanpaolo


Placement record for previous graduates is excellent and includes a large variety of firms, banks, and organizations in the financial industry such as:

Abalone Asset Management - AIB Bank - Allianz Bank - AlmavivA - Amundi - Banca IMI - Banca d’Italia - Bancoposta Fondisgr - Bank of England - BIM - BIP - BNP Paribas - Banca Aletti - Banca Centrale Europea - Banca Leonardo- Banca Profilo - Cass Business School - Citigroup - Compagnia di San Paolo -Crédit Agricole - D&B Consulting - Deutsche Bank - Enel - ERSEL - Eurizon European Bank for Reconstructionand Development - EuroTLX - EY - Ferrero Spa Finance - Fiat Finance - Fideuram - Finanziaria Internazionale- Fitch Ratings - Generali Assicurazioni - Intesa Sanpaolo - JP Morgan Luxembourg - KPMG - Mediolanum -Macedonia Ministry of Finance - Money Farm - Monte dei Paschi di Siena - PricewaterhouseCoopers - Prometeia- Reale Mutua - Royal Bank of Scotland - Sella - State Street Bank - Symphonia sgr - UBI - UBM - UniCredit- Unipol SAI -



Mathematics for Finance
Paolo Brandimarte (Politecnico di Torino)

Luigi Benfratello (Politecnico di Torino)

Numerical Methods
Paolo Brandimarte (Politecnico di Torino)

Coding in Python and R (provided by Madas) (Coding in Python - Coding in R)
Paolo Racca (Università di Torino)

Machine Learning (provided by Madas)
Roberto Esposito (Università di Torino), Ruggero G. Pensa (Università di Torino), Mattia Cerrato (Università di Torino)


Asset Pricing
Matthijs Breugem (Collegio Carlo Alberto)

Claudio Tebaldi (Bocconi University)

Fixed Income and Credit Risk
Gianluca Fusai (Università del Piemonte Orientale - Amedeo Avogadro)

Market and Liquidity Risk
Dario Brandolini (DB&B Consulting)

Computational Finance
Paolo Brandimarte (Politecnico di Torino)

Credit Derivatives Pricing I
Claudio Zucca (European Investment Bank Lussemburgo)

Rating Based Modelling and Stress Testing
Marco Stella (Prometeia)

Treasury Risk Management
Massimo Pedroni (Prometeia)


Quantitative Asset Allocation
Ugo Pomante (Università di Roma Tor Vergata)

Econometrics for Financial Markets
Massimiliano Caporin (Università di Padova)

Household Finance
Giovanna Nicodano (Università di Torino)

IT for Financial Institutions I and II
Domenico Fileppo (Intesa SanPaolo)

Solutions for Risk Management
Paolo Montiferrari (Banca Patrimoni Sella & C)

Operational Risk Management
Giulio Mignola (Intesa SanPaolo)

Banking, Law, and Regulation I and II
Jacopo Carmassi (LUISS Guido Carli), Davide Alfonsi (Intesa SanPaolo)


Risk Management in Insurance I
Giorgio Schieppati, Aviva Italia Holding S.p.A.

Risk Management in Insurance II
Luca Bardini (Milliman)

Life Insurance
Elena Vigna (Università di Torino)

Non-Life Insurance and Solvency II
Katrien Antonio (Ku Leuven), Jean Dhaene (Ku Leuven)

Hedging Strategies for Segregated Funds
Vincenzo Russo (Generali Assicurazioni)

Solutions for Risk Management
Paolo Montiferrari (Banca Patrimoni Sella & C)

Banking Law and Regulation II
Davide Alfonsi (Intesa Sanpaolo)


Systemic Risk Management
Nicola Borri (LUISS Guido Carli)

Portfolio Analysis and Benchmarking
Luca Martina (Banca Patrimoni Sella & C)

Private Banking
Viviana Gisimundo (Amundi Asset Management)

Forecasting Techniques and Systematic Approaches to Asset Allocation
Eurgenio Raiteri (Ersel), Andrea Nocifora (Ersel)

Hedge Funds and Alternative Assets
Luca Vaiani (Fideuram Investimenti SGR)

Equity Derivatives
Shivee Sharma (Fondaco SGR)

Robo Advising
Raffaele Zenti (AdviseOnly)


Seminar in Finance
Marcin Kacperczyk (Imperial College)

"Do Foreign Investors Improve Market Efficiency?"

20 NOVEMBER 2018, 12:00 pm

Esther Eiling (UVA), February 26th

Semyon Malamud (EPFL), March 29th





Lessons begins August 27
Lessons ends November 2
Exam period begins November 5
Exam period ends November 16
Holiday, classes suspended November 1

Common Track

Lessons begins November 19
Lessons ends January 18
Exam period begins January 21
Exam period ends February 8
Holiday, classes suspended December 8, December 24 - January 6

Finance Track

Lessons begins February 11
Lessons ends March 22
Exam period begins March 25
Exam period ends April 12
Holiday, classes suspended -

Insurance Track

Lessons begins February 11
Lessons ends March 22
Exam period begins March 25
Exam period ends April 12
Holiday, classes suspended -

Professional Courses

Lessons begins April 15
Lessons ends June 28
No exams

Please note
: The calendar is subject to change


Annual tuition fees for the Master's program are €15,000. They are comprehensive of course material, use of the Collegio and University facilities, access to on-campus seminars, to the Library and online databases of the Collegio and University.

A number of full and partial tuition fee waivers will be awarded to applicants for financial aid, according to the admission ranking. Students can also finance their participation through students' loans. 


Eurizon capital offers two prizes entitled to the memory of Ciro Beffi, former CEO of its Luxembourg branch. The prizes will be awarded to graduates of the Master. The award consists of an internship with stipend, in the staff of the CEO of Eurizon Capital.


A fee of €1,000 is charged for each course.


Turin is one of the main university towns in Italy, hosting both the Università degli Studi and the Politecnico and you will easily access everything that is normally needed for student life. 

You can easily move around using public transport or various bike, motorbike and car sharing services.

Turin is less chaotic than other Italian towns and it is considered a “green” city, thanks to its many parks. It is culturally attractive and vibrant thanks to its modern and interactive museums and other cultural institutions.

After considering the cost of your particular Master program and evaluating the possibility of receiving a scholarship or a loan, it is necessary to understand the economic commitment that living in Torino will bring.

An indication of costs.

  • Single room in shared apartment from € 250, all costs included
  • Studio from € 450, all costs included
  • Food € 250
  • Transport € 38 (monthly bus fare)
  • TOTAL monthly expenditure: starting from approx. € 600

Compared to other Italian cities

  • Milan    € 1.200,00
  • Rome   € 1.100,00
  • Bologna  € 900,00

After the enrollment the secretariat will provide you with some useful contacts to start house hunting in Torino.