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 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.



Deadline: September 15, 2019


  • 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 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 - PhD in Finance EDHEC Business Scholl Nice -  PhD in Management IESEB - 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)

Econometrics and Programming
Raffaele Corvino (Università di Torino)

Coding in Python
Martina Iori (Università di Torino)

Coding in R
Silvia Montagna (Università di Torino)

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

Financial Engineering
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 (part 1) (part 2)
Jacopo Carmassi (LUISS Guido Carli), Davide Alfonsi (Intesa SanPaolo)


Risk Management in Insurance I
Giorgio Schieppati, Banca Cattolica del Veneto

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)


Applied Machine Learning
Livio Bioglio (University of Torino)

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

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

Robo Advising
Raffaele Zenti (AdviseOnly)

Pillar III, Solvency II
Luca Malfatti (University of Torino)


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

Workshop in Macro Banking and Finance

October 3-4, 2019, Collegio Carlo Alberto, Torino


Seminar in Finance at CCA:

Marie Briere (Amundi Asset Management; Paris Dauphine University; Université Libre de Bruxelles), "Blackrock vs Norway Fund at Shareholder Meetings: Institutional Investors’ Votes on Corporate Externalities", April 16

Esther Eiling (UVA), February 26

Giovanni Ricco (University of Warwick), March 26

Irina Zviadadze (Stockholm School of Economics), "Term structure of risk in expected returns", January 22

Roberto Steri (Uni Lausanne and Swiss Finance Institute), "The Sources of Financing Constraints", January 23rd

Mykola Babiak (CERGE-EI), "Generalized Disappointment Aversion, Learning, and Asset Prices", January 24

Giorgio Ottonello (Vienna Graduate School), "The Impact of Benchmarking in Fixed Income Funds", January 25

Raffaele Corvino (Cass Business School), "Dynamic Ownership, Private Benefits, and Stock Prices", January 30






Lessons begins September 9
Lessons ends November 8
Exam period begins November 11
Exam period ends November 22
Holiday, classes suspended November 1

Common Track

Lessons begins November 25
Lessons ends January 25
Exam period begins January 27
Exam period ends February 14
Holiday, classes suspended December 23 - January 6

Finance Track

Lessons begins February 17
Lessons ends April 17 
Exam period begins April 20
Exam period ends May 8
Holiday, classes suspended April 10-14, May 1

Insurance Track

Lessons begins February 17
Lessons ends April 17
Exam period begins April 20
Exam period ends May 8
Holiday, classes suspended April 10-14, May 1

Professional Courses

Lessons begins May 11
Lessons ends June 26
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.