Prerequisites for admission.

Admission to the second cycle degree programme is subject to the possession of a first-cycle or three-year university degree, or other suitable qualification obtained abroad, or a degree under the previous 4-year programme system.
The call for admissions indicating the curricular requirements is published annually on the university website and the Marco Biagi Department of Economics website.
Admission to the 2nd cycle degree programme is subject to the possession of basic knowledge of business subjects, in particular in sectors SECS-P/09 and SECS-P/11, economics, in particular in sectors SECS-P/01, SECS-P/03 and SECS-P/05, law, in particular in sectors IUS/04 and IUS/05, and statistics and mathematics, in particular in sectors SECS-S/01 and SECS-S/06, as well as working knowledge of the English language particularly in the comprehension of teaching materials on subjects included in the curriculum. This knowledge is generally acquired in three-year degree programmes in classes L-18 and L-33 and the corresponding three-year degrees from degree systems prior to DM 270.
Candidates must possess a first-cycle or three-year university degree, or other suitable qualification obtained abroad, or a degree in an economic subject under the previous 4-year programme system; personal competencies and skills will also be assessed in a written test, where required following preparatory learning activities, in the methods laid down in the degree programme regulation.

Skills associated with the function

Manager in the Financial or Administration departments of industrial, commercial and services companies; manager of Credit and Risk-management areas of banks and financial institutions; analyst, portfolio manager in banks, savings management companies, intermediation services; customer manager in Private and Corporate banking in banks and financial institutions; economist in research departments of financial institutions, public and private research centres and central banks; PhD candidates.
Analysis of the financial needs of businesses; business evaluation; measuring and management of financial risks, for individual institutions and portfolios; macroeconomic analysis of country credit risk; compliance with regulatory obligations of financial institutions and banks; analysis of financial returns for different types of private and institutional investors.

Function in a work context

Manager in the Financial or Administration departments of industrial, commercial and services companies; manager of Credit and Risk-management areas of banks and financial institutions; analyst, portfolio manager in banks, savings management companies, intermediation services; customer manager in Private and Corporate banking in banks and financial institutions; economist in research departments of financial institutions, public and private research centres and central banks; PhD candidates.
Analyst in financial and management consulting in auditing firms; bank analyst (risk management, private banking, compliance, trading room); business risk assessment and insurance analyst, and country risk analyst for exporting companies; junior manager in corporate finance functions.

Educational goals

- Analyse financial instruments and financial market trends in relation to international macro-economic scenarios;
- manage the fiscal and financial aspects of non-financial business activities;
- organise and manage accounting, fiscal, financial and legal aspects of the activities of banking intermediaries and other financial and insurance institutions;
- design and manage financial portfolios for different types of investors;
- measure and manage financial risks through appropriate control and risk coverage strategies;
- analyse investors' demands for financial services and deliver financial training and advice.
The curriculum includes a broad common base worth a total of 72 ECTS, acquiring competences in:
a) the management and statistical processing of economic and financial data, using specific software;
b) the theoretical references required to autonomously interpret the conceptual frameworks most commonly used by macro-financial analysts and the identification - in literature and on the Internet - and interpretation of key macro-financial risk indicators;
c) financial regulations, specifically referring to the regulatory and supervisory framework of the European Union and the legal rules governing financial markets, particularly focusing on the Italian context;
d) measuring and control of financial risk of a composite portfolio, with particular attention to market and credit risks;
e) financial and non-financial corporate taxation of institutional investors and conventional and innovative financial activities, also with reference to the developments of corporate taxation in the European Union;
f) the definition of banking intermediaries in their referred markets, investigating the link existing between conditions of microeconomic balance and key managerial areas;
g) the analysis and selection of investment projects, complex operations and the incremental effects of strategies in the pursuit of the creation of value for shareholders and other stakeholders of non-financial businesses;
h) advanced topics of micro risk management, based on estimation and evaluation, using individual data from banks and businesses, econometric models on panel data focusing on credit risk and the calculation of credit costs and quantities;
i) the characteristics of investment banking and other extraordinary finance methods (private equity, venture capital).
Students may choose between two integrated courses, worth 12 ECTS. The first course offers competences on the specific quantitative techniques and issues of working in financial markets, with the following learning outcomes: i) models and implementation of portfolio investment decisions in capital markets; ii) financial assessment models applied to businesses. The second course offers management competences in key functional banking areas, with the following learning outcomes: i) analysis and evaluation of bank management from the point of view of both internal and external analysts; ii) supply, organisation and management of retail and private banking.
The degree programme provides ample room (24 ECTS, of which 21 for the dissertation) for students to autonomously test and develop the competences acquired in the production of a dissertation highlighting their own contributions to literature. One possible context for a research-based dissertation lies in the research activities undertaken at the departmental centre "Banking and Finance Study Centre" (Centro Studi di Banca e Finanza, CEFIN) www.cefin.unimore.it, which offers good visibility also on the web, with a range of papers indexed to one of the two major internet archives of economic research products, RePEc http://ideas.repec.org/s/mod/wcefin.html. The CEFIN website has a section devoted to the current ACGF 2nd cycle programme; through CEFIN, two banking groups whose headquarters lie in the provinces of the university, and a third banking group working internationally, support the degree programme teaching activities, particularly by funding the use of databases, software, student missions to take part in events linked to the subjects of the degree programme and graduation prizes. All the professors involved strongly in the degree programme are members of CEFIN.

Communication skills

All 2nd cycle graduates in Financial Analysis, Consulting and Management are able to clearly and effectively produce analyses and evaluations both orally and in writing, also using specific software, describing the implications in terms of proposals and recommendations concerning topics in line with the subject areas of the programme, starting from materials in Italian and (mainly though not exclusively) English (academic literature, reports, periodical journals, websites and blogs, databases). They are also able to use appropriate specialist vocabulary to suit the specific audiences.
Communication skills are developed particularly during the learning activities involving the production and oral presentation of written reports or the results of laboratory tests using statistical and econometric software. The acquisition of the aforementioned communication skills is also assured through the preparation and presentation of the final examination.
The knowledge of the English language as a working language to make use of teaching material in that language, often taken from the web, used in the majority of courses, is an assumption for access to the degree programme and is developed during the curriculum also through the delivery of the course unit in Risk Management in the English language.

Making Judgements

2nd cycle graduates in Financial Analysis, Consulting and Management are able to select the most appropriate approaches and tools to perform their tasks according to the level of assigned responsibility and are able to research the web, using English as a work language as well as Italian, consulting websites to obtain further indications on where and how to acquire new working tools and tackle topics or cases that were not covered during the degree programme.
They are also able to autonomously study and research specific topics.
The ability to make judgements is developed particularly in exercises, case studies in the classroom, seminars, the production of essays and group work, as well as during the activities undertaken in preparation for the final examination.

Learning skills

2nd cycle graduates in Financial Analysis, Consulting and Management acquire a study method and a mental aptitude for in-depth knowledge of instruments, regulations and institutions in specific areas of study, also to understand the logical and institutional motivations underlying their probable evolution. They also learn to autonomously source information, particularly on the web.
Learning skills are assessed and stimulated particularly through the use of updated teaching material available in Italian and English, the production of essays and group work and the production of the dissertation for the final examination.

Knowledge and understanding

Economics
All graduates in Financial Analysis, Consulting and Management acquire in-depth knowledge of:
- macroeconomics in the open economy, financial crisis factors and their international contamination, methods of construction and interpretation of national risk ratings, macroprudential regulation (course unit in Macrofinancial Scenarios);
- theory and institutions of corporate taxation, financial incomes and institutional investors, in Italy and the European Union (course unit on Company Taxation and Financial Activities).
Assessment of learning outcomes: written exams with open questions and optional progress tests on the Dolly platform.


Business
All graduates in Financial Analysis, Consulting and Management acquire in-depth knowledge of:
- in economics and management of credit companies (course unit on Bank Management);
- in business finance in terms of internal decision makers (course unit on Corporate Financial Policies);
- on the financial regulation and vigilance on Italian and European banks and insurance undertakings (course unit on Financial Institutions and Markets);
- on the objectives and operational methods of operators in extraordinary business finance, from investment banking to private equity to venture capital (course unit on Corporate and Investment Banking).
The acquisition of learning outcomes is assess in written exams with open questions and the production of essays, presented and discussed in class, groups or individually.
According to the choice of one of the two integrated courses worth 12 ECTS, graduates in Financial Analysis, Consulting and Management acquire in-depth knowledge of:
- first course (Financial Analysis): i) models and implementation of investment decisions on capital markets in terms of portfolio; ii) corporate finance evaluation models;
- second course (Financial Management): i) analysis and evaluation of bank management from the viewpoint of internal and external analysts; ii) operational models in Italy and in key European countries, retail and private banking, regulatory aspects and risk-measurement models (in particular credit scoring techniques for retail).

Legal Area
All graduates in Financial Analysis, Consulting and Management will acquire in-depth knowledge of European and Italian financial market law (course on Financial Market Law). The acquisition of learning outcomes are assessed in written tests with open questions.

Statistics and Mathematics
All graduates in Financial Analysis, Consulting and Management acquire in-depth knowledge of:
- on the mathematical instruments, with particular reference to matrix algebra and the differential equations underlying the financial theory of pricing of derivative instruments and risk management and regression analysis, statistical and econometric techniques, and the relative computing skills, for modelling and forecasting economic and financial data (integrated course on Quantitative Methods for Finance);
- on the principal methods for measuring and managing financial risks, in particular market and credit risk (course on Risk Management, delivered in English);
- advanced topics of macro risk management, through the study of literature on macro- and micro-prudential regulation, based on estimation and evaluation, using econometric models on panel data using individual data of banks and businesses focusing on credit risk and the calculation of credit costs and quantities (Complements of Risk Management course).
The acquisition of learning outcomes are assessed in written tests with open questions, oral exams and tests based on the application of analytical tools and individual projects on cases using microdata, mainly but not exclusively using open source statistical and econometric software (currently R) and databases (currently Datastream and Morningstar) purchased by the degree programme thanks to the funding of the three sponsors

Applying knowledge and understanding

Economics
All graduates in Financial Analysis, Consulting and Management are able to:
- critically interpret papers, documents and reports produced mainly in English by international institutions, rating agencies, Italian and foreign banks and academics on the topic of macroeconomic developments and consequent scenarios on financial markets (course unit on Macrofinancial Scenarios);
- work with the theoretical aspects and interpretation of regulatory texts on corporate taxation, financial incomes and institutional investors and critically interpret documents and reports by international institutions and governmental study commissions (course unit on Corporate Taxation and Financial Activities).


Business
All graduates in Financial Analysis, Consulting and Management are able to:
- contextualise the needs of the environment and the clientele of banking groups, the main strategies and business models, and related legal aspects within a system (course on Bank Management);
- calculate the expected profitability from investments moving from the current capitalisation of a quoted company, identifying the sources of value linked to the financial structure of a business and make choices concerning allocation within multi-business groups (course on Financial Business Policies);
- contextualise the consequences of compliance, also in terms of organisation and internal auditing, regulatory laws and vigilance in Italian and European markets (course on Financial Institutions and Markets);
- contextualise the external funding needs for extraordinary financial operations and innovative business projects and assess the costs and benefits of different market funding instruments, including structured financing (course on Corporate and Investment Banking).
Depending on the chosen integrated course, graduates in Financial Analysis, Consulting and Management are able to:
- Financial Analysis: identify the contributions of active management to portfolio performance and select and implement dynamic portfolio management strategies, identifying the sources of value linked to the financial structure of a business;
- Financial Management: understand and critically assess the strengths and weaknesses of bank operating models targeting retail clients, with particular reference to distribution channels and credit scoring techniques, and private clients, also referring to foreign competitors for Italian operators.

Legal Area
All graduates in Financial Analysis, Consulting and Management are able to interpret the implications of key legal rules governing financial markets and the second grade financial regulatory standards in Europe and in Italy (course on Financial Market Law).

Statistics and Mathematics
All graduates in Financial Analysis, Consulting and Management are able to:
- use the most common statistical and econometric software and key paid or free on-line databases of major Italian and international institutions, to produce empirical studies on financial issues and critically assess the statistical and econometric results of papers and reports, and their implications for policy;
- use pricing and hedging models for derivative instruments and structured securities;
- establish a model for measuring market and credit risk consistently with the Basel Convention equity requirements;
- analyse the conceptual scheme and discuss the policy implications of academic papers and international institutional reports on financial stability.