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 advanced 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.



The deadline has passed. We still accept late applications (merit-based tuition fee waivers are still available)


  • A selected Faculty from leading universities, alongside the experience of finance and banking professionals.
  • Everyday contact with the scholars and researchers of Collegio Carlo Alberto and access to the scientific activities and events hosted at the Collegio.
  • Merit-based tuition waivers offered by our sponsors.
  • Career days and an outstanding network of our Alumni.
  • A New FinTech Sequence, alongside the traditional Quantitative Finance backbone.
  • 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.


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

Abalone Asset Management - AIB Bank - Allianz Bank - AlmavivA - Amundi - Banca Aletti - Banca del Piemonte - Banca d’Italia - Banca IMI - Banca Leonardo - Banca Mediolanum - Banca Patrimoni Sella - Banca Profilo - Bancoposta Fondi - Bank of England - BIM - BIP - BNP Paribas - Citigroup - Compagnia di San Paolo - Crédit Agricole - Crédit Suisse Zurich - D&B Consulting - Deutsche Bank - Enel - ERSEL - Eurizon - European Bank for Reconstruction and Development - European Central Bank - EuroTLX - EY - Ferrero Spa Finance - Fiat Finance - Fideuram - Finanziaria Internazionale - Fitch Ratings - Fondaco - Generali Assicurazioni - Guy Carpenter - Iccrea Banca - Intesa Sanpaolo - IQVIA - Join Business Management Consulting - JP Morgan Luxembourg - KPMG - List Group - Macedonia Ministry of Finance - Money Farm - Monte dei Paschi di Siena - Oliver Wyman - PricewaterhouseCoopers - Prometeia - Qi4M- Reale Mutua - Royal Bank of Scotland - Sella - Spike Reply - State Street Bank - Symphonia - Toyota Material Handling Italia - UBI - UBM - UBS Zurich - UniCredit- Unipol SAI -

as well as admissions to PhD programs such as Cass Business School, EDHEC Nice, IESE and INSEAD.



Mathematics for Finance
Paolo Brandimarte (Politecnico di Torino)

Asset Pricing
Matthijs Breugem (Collegio Carlo Alberto)

Programming - Coding in Python
Martina Iori (Università di Torino)

Programming - Coding in R
Silvia Montagna (Università di Torino)

Machine Learning
Roberto Esposito (Università di Torino)
Ruggero G. Pensa (Università di Torino)

Financial Applications of Unsupervised Machine Learning
Gabriele D'Acunto (ISI Foundation)

Applied Machine Learning
Roberto Esposito (Università di Torino)
Ruggero G. Pensa (Università di Torino)



Financial Econometrics I
Raffaele Corvino (Università di Torino)

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)

Financial Engineering
Paolo Brandimarte (Politecnico di Torino)



Credit Derivatives
Claudio Zucca (European Investment Bank Lussemburgo)

Python and Finance
Lorenzo Schoenleber (Collegio Carlo Alberto)

Financial Econometrics II
Massimiliano Caporin (Università di Padova)

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

Term Structures of Equity
Roberto Marfé (Collegio Carlo Alberto and Università di Torino)



Life Insurance
Elena Vigna (Università di Torino)

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

Risk Management in Insurance
Luca Bardini (Intesa Sanpaolo RBM Salute)

Hedging Strategies for Segregated Funds
Vincenzo Russo (Generali)

Insurance Regulation
Luca Malfatti (University of Torino)


Machine Learning for Asset Allocation with Python
Giovambattista Perciaccante (Brevan Howard)

Operational Risk Management
Giulio Mignola (Intesa SanPaolo)

Rating and Stress Tests
Marco Stella (Prometeia)

Treasury Risk Management
Massimo Pedroni (Prometeia)

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

Systemic Risk Management
Nicola Borri (LUISS Guido Carli)

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

Strategic and Tactical Asset Allocation Models and Tools
Viviana Gisimundo (Amundi Asset Management)

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

Hedge Funds and Alternatives
Luca Vaiani (Fideuram Investimenti SGR)

Robo Advising
Raffaele Zenti (AdviseOnly)

Impact Investments
Cor H.J. Dücker (Erasmus Capital Partners)

IT for Financial Institutions
Domenico Fileppo (Intesa SanPaolo)

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



DAVIDE ALFONSI Head of Risk Management, Intesa Sanpaolo
FABIO BAGLIANO  Collegio Carlo Alberto, University of Torino and CeRP
BERNARDO BORTOLOTTI University of Torino and Director, Sovereign Investment Lab
PAOLO BRANDIMARTE Polytechnic University of Torino
MICHEL DACOROGNA Scientific Advisor at SCOR
ELSA FORNERO  University of Torino and Director, CeRP
SILVERIO FORESI, PartnerGoldman Sachs New York
PIETRO GARIBALDI Collegio Carlo Alberto, University of Torino
ELISA LUCIANO Collegio Carlo Alberto, University of Torino and LTI
ROBERTO MARFE', Collegio Carlo Alberto
PAOLO MONTIFERRARI Head of Risk Managment, Banca Patrimoni Sella & C
TOTI MUSUMECI  University of Torino
GIOVANNA NICODANO Collegio Carlo Alberto, University of Torino, CeRP, EGCI and Netspar
LUCA REGIS, University of Torino and LTI
MARIACRISTINA ROSSI ( (on leave) Collegio Carlo Alberto, University of Torino, CeRP and Netspar
GUIDO ANTONIO ROSSI University of Torino
GIORGIO SPRIANO Chief Risk Officer, Intesa Sanpaolo

Collegio Carlo Alberto was included by Inomics in the Top 20 Places to Do a Master

In the top 25 worldwide ranking 2021, highest in Italy, of the guide to World’s Leading Quantitative Finance Master Programmes

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2021 in the field of Financial Markets


24/05/2022: Amit Goyal (University of Lausanne)
25/05/2022: Marco Pagano (università Federico II, Napoli)


With the support of

Academic agreements


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. 


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.



Classes September 6 - November 5
Exam session November 8 - November 19

Common Track

Classes November 22 - January 21
Exam session January 24 - February 11
classes suspended
December 23 - January 7

Finance Track

Classes February 14 - April 15
Exam session April 18 - May 6
classes suspended
April 15 - April 19

Insurance Track

Classes February 14 - April 15
Exam session April 18 - May 6
classes suspended
April 15 - April 19

Professional Courses

Classes May 9 - June 30
No exams  

Please note
: The calendar is subject to change