master universitariUniversità Commerciale          Luigi Bocconi         Graduate School                            2010-2...
Dear MAFINRISK Candidate,choosing a Master Program is a very demanding task nowadays. You haveto make your choice among a ...
MAFINRISK2    Candidate profile     We look for talented, motivated individuals wishing to pursue a career in the         ...
Program Structure                                                                                                         ...
4                                            First Term                                            September - December 20...
5                                       Second Term                                       January - March 2011Stochastic C...
6                                          Third Term                                          April - May 2011    Account...
7Portfolio Performance Evaluation   The objective of the course is to deal with measures aimed at evaluating (ex post)Paol...
Faculty8                          • Director of the Program                            Stefano Zorzoli                    ...
Placement at a Glance                                                                                           9     Majo...
Selection and Admission10     Application                 We operate a two stage admissions process: one early session in ...
Frequently Asked Questions                                                                                      11Can I ap...
12      Are all applicants invited for interview?      Not all applicants are invited for an interview. The interview is i...
In Their Own Word                                                                                        13Matteo BertelèI...
14     Equity Derivatives. I have the opportunity to use in my job what I learned at     Bocconi on a daily basis, so the ...
15the right way for me too. And indeed it has been so. I joined a financialengineering team in supporting an equity deriva...
How to Get to Bocconi16        Università Bocconi        via Sarfatti 25                                        MALPENSA  ...
For informationMAFINRISKUniversità Bocconitel. +39 02 5836.5979fax +39 02 5836.5877mafinrisk@unibocconi.itwww.unibocconi.e...
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MAFINRISK Master of Quantitative Finance and Risk Management


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Master of Quantitative
Finance and Risk

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MAFINRISK Master of Quantitative Finance and Risk Management

  1. 1. master universitariUniversità Commerciale Luigi Bocconi Graduate School 2010-2011 VII Edition MAFINRISK Management Finance and Risk Via Sarfatti 25 20136 Milano Master of Quantitative
  2. 2. Dear MAFINRISK Candidate,choosing a Master Program is a very demanding task nowadays. You haveto make your choice among a huge number of competing Programs.This brochure will give you all the necessary information about our MasterProgram. Before you go through all the details, however, let me try to summarizefive reasons why you should consider MAFINRISK as a special opportunityin your personal and professional development.FocusMAFINRISK is a focused program. Indeed, it is one of the very few MasterPrograms anywhere with a specific emphasis on quantitative finance and riskmanagement. We will give you all the theory and all the operational toolsyou need to tackle the world of modern quantitative finance.International environmentIf you join this Master Program you will be part of an international class. You willshare your learning experience with students that have different cultural andeducational backgrounds.Faculty and staffWe have an experienced, qualified faculty: a carefully selected mix ofacademicians and practitioners who will try to transmit to you a passion forfinance. Our efficient and supportive staff will help you deal with yourday-to-day organizational issues.PlacementMAFINRISK has an excellent track record in terms of placement success.The quality of our students, the reputation of the program and our strong linkswith major financial institutions have all contributed to helping participantsin the previous editions find a job well before the end of the program.LocationMAFINRISK is located in Milan, a lively, fashionable, culturally stimulating city:an environment which will make your year even more enrichingand enjoyable.I look forward to receiving and carefully evaluating your application.Stefano ZorzoliDirector of the MAFINRISK Program
  3. 3. MAFINRISK2 Candidate profile We look for talented, motivated individuals wishing to pursue a career in the field of applied finance and ready to dedicate 10 months of challenging, intense study to the achievement of this goal. The master is tailored to fit both the requirements of: • economics graduates who want to develop applied skills in the field of quantitative finance and risk management; • graduates in non-economics quantitative subjects (i.e. mathematics, physics, statistics, engineering, etc.), lacking a specific training in economics and finance. Objectives The objective is to create fully independent specialists combining quantitative and operational skills together with institutional competencies. For this reason the technical skills developed in our program are complemented with courses dedicated to more general economic and institutional aspects of finance. The program is of particular relevance to those planning to work, or working in: • capital markets, sales and trading; • risk control and risk management; • investment management and hedge funds; • new product design and structuring; • derivatives pricing, trading and risk management; • financial modelling. Class profile Average age 25 Undergraduate degrees held Business or Management Economics Engineering Finance and Banking Mathematics Physics Statistics Years experience range 0-2 GMAT range 580-700 Italian 50% Non Italian 50% Male students 70% Female Students 30% Countries represented Argentina Greece Portugal Austria Hungary Russia Belgium India Scotland Bolivia Italy Serbia Brasil Japan Slovakia Bulgaria Jordan Spain Canada Malta Sweden Cyprus Moldova Switzerland Czech Montenegro Tunisia Republic Norway Turkey France UK USA Germany Poland
  4. 4. Program Structure 3Courses A Master of Quantitative Finance and Risk Management from Università Bocconi will allow you to indulge your passion using a rigorous, skills-based approach. The program will be taught by a highly qualified faculty, which includes teaching and research staff from Università Bocconi and visiting professors from other top universities. The learning process has a practical orientation and takes the form of structured lectures backed up by practical applications through case studies and visiting speakers as well as project works and individual research. The program is completed in 10 months full-time. To qualify for the Master degree participants must successfully complete 17 courses (i.e. fundamentals, core and electives) and an individual project or an internship report. The fundamentals and core courses are compulsory and will be taken by everyone. The electives are selected from a wide menu and will reflect one’s individual choices and interests: • 7 fundamentals (I term); • 6 core courses (II term); • 4 electives, from a list of about ten courses (III term); • individual project/internship report. The first term covers mainly introductory courses with the aim of establishing a common language between the faculty and the participants and to smooth out the differences in academic and working backgrounds. The second term is intended to emphasize different fields of finance, combining quantitative and risk management subjects. It focuses on the most technical aspects of asset pricing and hedging while stressing the institutional, organizational and regulatory aspects. The third term offers a number of optional courses, each dedicated to some specific aspects of applied finance. A final project or an internship concludes the program.Attendance and program assessment Regular attendance is needed to complete the program successfully. Students are required to attend at least 80% of the classes of every term. Each course will be assessed on the basis of course work and a final examination. In some courses class participation and oral report presentations might be graded.Credit points The total number of credits to be obtained is 68: 60 (classes) + 8 (final project or internship report).
  5. 5. 4 First Term September - December 2010 Derivatives The course will analyze the market characteristics, use and valuation issues of every Davide Maspero major type of derivative contract, with particular attention for options contracts. Though the relevant theoretical framework will be analyzed thoroughly, the emphasis of the course is practical: students will be required to solve assignments and to familiarize with excel applications of the concepts illustrated in the course. Investments This course is aimed at providing an introduction to investment management. Barbara Alemanni The first part of the course, more theoretical, is devoted to the analysis of investment environment and its functions and to the main theory underlying the investment management activity. The second part of the course, more operational, refers to the asset allocation and to the securities selection activities performed by investment managers. Accounting and Financial The main objective of this course is to develop participants’ skills in Statement Analysis understanding, analyzing and interpreting financial statements. Consistently, Sasson Bar-Yosef the course intends to provide participants with the basic terminology of financial accounting and with the methodology by which financial statements may be analyzed to extract information useful in making financial decisions or assessments about a company. Mathematical Models for Finance The course is intended to give the main theoretical background for non arbitrage Erio Castagnoli prices and to present the basic features on derivative securities both in one period and in a multiperiod setting. Probability and Statistical Inference Object of this course is to introduce students to the fundamental notions of the Anna Maria Paganoni probability theory and statistical inference. In particular we want to prepare them not only by learning theoretical background, but also to solve exercises and to manage real statistical problems. Econometrics The course provides an introduction to the use of econometric methods in Barbara Chizzolini economics and finance. The main topics studied in the course are the linear regression model, parameter estimation and hypothesis testing, model specification and model selection. The topics are addressed both from a theoretical point of view and by means of computer based empirical applications, with a special focus on financial series modelling. Fixed Income The course offers an introduction to fixed-income markets and instruments. Giuliano Iannotta Attention will be devoted to analysis of risk and return of fixed-income securities, construction and analysis of yield curve and term structure of interest rates, fixed-income portfolio management, fixed-income derivatives.
  6. 6. 5 Second Term January - March 2011Stochastic Calculus Stochastic calculus plays a fundamental role in financial modelling. The aim ofMarzia De Donno this course is to provide, in a rigorous and intuitive way, the basic notions needed for mathematical modelling in finance.Theory of Valuation The course is an advanced class on mathematical finance. The intention is toAnna Battauz - Francesca Beccacece - provide students with the fundamental tools for the analysis of financialAlessandro Sbuelz markets. The mathematical foundations of the celebrated Black and Scholes model will be reviewed. The valuation of relevant vanilla and non-vanilla derivatives (American claims included) will be examined in detail. The foundations of modern term structure modelling will be provided, with application to pricing and calibration for interest rate derivatives.Time Series Analysis The course introduces the student to the latest developments in the area ofGianluca Fusai financial (empirical) econometrics. The interaction between theory and econometric analysis is emphasized. Main topics are: empirical methods in portfolio analysis, volatility modelling, estimation of risk neutral densities and stochastic differential equations.Numerical Methods The course introduces the student to the three most important numericalGianluca Fusai - Daniele Marazzina methodologies currently employed to interface between analytical results from arbitrage pricing theory and final users trading tools. Numerical solution to partial differential equations, Monte Carlo simulations and methodologies lattice are presented in theory and in practice through several concrete applications. Students will learn how to implement models by coding the corresponding algorithms.Market Risks: Measurement This course is aimed at providing participants with the necessary instruments toand Management measure and understand the market risks associated to investments and tradingMarco Navone - Andrea Sironi positions typically held by major financial institutions. The subjects covered in the course include asset liability management techniques focused on interest rate risk management, value at risk models for market risks and their applications for risk measurement and control. The course also includes software simulations based on simple excel files and the use of Matlab for Monte Carlo simulations.Credit Risk: Measurement The course is focused on credit risk measurement techniques and management.and Management Internal and external rating systems, simplified credit risk models and fullGiacomo De Laurentis - Andrea Resti portfolio credit risk models are, in fact, analyzed from the technical point of view, the regulatory perspective, and the management opportunities and competitive issues they open.Internal Controls and Corporate The course deals with internal control systems and corporate governance rulesGovernance related to typical risks in banking and financial business (i.e. credit risk, marketGiampaolo Gabbi - Marco Onado - risk, operational risks). The subject is discussed according to existingStefano Zorzoli regulations in the main European countries.
  7. 7. 6 Third Term April - May 2011 Accounting and Risk Evaluation The course discusses the peculiarities of financial statements and financial Stefano Zorzoli reporting of banks and financial institutions. The analysis focuses on the effects of International Financial Reporting Standards (IAS/IFRS) endorsement on accounting and risk evaluation by banks and deals with some related aspects, such as the analysis of bank profitability by financial ratios. Capital Allocation The course is aimed to describing the feature and applications of capital Francesco Saita - Andrea Sironi allocation techniques adopted by the main international financial institutions. More particularly the course focuses on issues like the optimal financial structure, shareholder value creation, risk-adjusted performance measurement, risk control systems and related organizational issues. Corporate Financial Risk Management The objective is to explore a process of CFRM that is aligned with the objective Cesare Conti of value creation and, therefore, is strictly integrated with the firm’s strategies. Particular attention will be devoted to the accounting procedures of financial derivatives, as provided for by the international accounting standards (IAS 32, IAS 39, IFRS 7). Risk measurement tools are also briefly explored (such as Cash Flow at Risk, Value at Risk and Earning at Risk) as are risk management tools (i.e. asset and financial restructuring, contingent capital and financial derivatives). The course includes both traditional lectures and contributions from visiting practitioners. Credit Derivatives The course will focus on the management of the bank’s assets through the use of Andrea Fabbri structured credit products. Focus will be on innovative instruments of credit risk management such as credit derivatives, traditional and synthetic securitizations, collateralized debt obligations and asset-backed securities. Valuation, pricing and risk analysis of these financial instruments will be the core topics of the course. Exotic Derivatives This course introduces to the fast-growing financial markets of exotic Marina Marena - Andrea Roncoroni derivatives. We mainly focus on energy markets (i.e. electricity, gas and oil), of which we analyze both economic and financial issues. Quantitative models and contractual structures are presented in a self-contained way. Following a learning-by-doing approach, we highlight the use of derivatives for hedging purposes through concrete examples. Microstructure Models The objective of these lectures is to describe and discuss the fundamental models Barbara Rindi of market microstructure. The course will start with an overview of the organizational structure of financial markets around the world. This will be followed by a presentation on the most popular microeconomic models with asymmetric information. The demonstrations will enable students to understand and apply various techniques of microeconomic analysis which can be employed to evaluate regulatory actions on different market designs and to estimate transaction costs. The course will end with an introduction to the use of high frequency datasets.
  8. 8. 7Portfolio Performance Evaluation The objective of the course is to deal with measures aimed at evaluating (ex post)Paolo Antonio Cucurachi and choosing (ex ante) asset managers. The widespread use of rating methodologies (i.e. Morningstar), based on ex-post risk adjusted measures, to select managers is not consistent with the results of several analyses on performance persistence and with risk budget models. Starting from the traditional Sharpe Ratio, the course will present the major performance measures and multimanager optimization tools.Topics in Quantitative Finance The course is aimed to offer advanced tools and techniques for understandingMarcello Minenna and implementing financial analytics. The first section describes models for Pricing and Hedging options in a context that goes beyond the Black-Scholes-Merton paradigm, i.e. with stochastic volatility, interest rate and jumps. The risk management of derivatives – and more in general of structured products – is implemented through Greeks analysis and the correlated market conduct of the intermediaries is analyzed. The second section illustrates the use of Fourier Transform in finance with application to derivative pricing and hedging. The implementation of Discrete and Fast Fourier transform is also analyzed. Numerical methods based on the Newton-Cotes and Gauss quadrature schemes are developed. The third section illustrates the use of stochastic limit theory and multi-dimensional diffusion processes in order to analyze financial time series. An application of this approach, used to detect and quantify abnormal returns in financial markets, will be shown.Term Structure Modelling The course covers the foundations of modelling for pricing interest rate derivatives.Massimo Morini First the main interest rate derivatives and their quotations are introduced. Then the course presents the main short rate models with their advantages and limitations, and describes the HJM framework. The last generation of term structure models, the Libor and Swap Market Models, are analyzed in depth, with case studies and examples on pricing, calibration, volatility and correlation modelling.
  9. 9. Faculty8 • Director of the Program Stefano Zorzoli • Coordinators of the Program Francesca Beccacece Francesco Corielli Davide Maspero 2010-2011 MAFINRISK Faculty Barbara Alemanni Marina Marena Sasson Bar-Yosef Davide Maspero Anna Battauz Marcello Minenna Erio Castagnoli Massimo Morini Barbara Chizzolini Marco Onado Cesare Conti Anna Maria Paganoni Paolo Antonio Cucurachi Andrea Resti Marzia De Donno Barbara Rindi Giacomo De Laurentis Andrea Roncoroni Andrea Fabbri Francesco Saita Gianluca Fusai Alessandro Sbuelz Giampaolo Gabbi Andrea Sironi Giuliano Iannotta Stefano Zorzoli Daniele Marazzina Visiting Professors Edward Altman, Stern School of Business, NYU in previous years Andrea Buraschi, London Business School Alberto Bisin, New York University Philip Molyneux, University of Wales, Bangor Ramon Rabinovitch, University of Texas, Houston
  10. 10. Placement at a Glance 9 Major recruiters of MAFINRISK graduates are among top investment banks and financial firms. Abaxbank Deloitte Italia Merrill Lynch Accenture Deutsche Bank Morgan Stanley Banca IMI Dresdner Kleinwort MPS Finance Banca Popolare di Lodi Edison National Bank of Warsaw Banca Sella Eni Nomura Banca Svizzera Italiana Enifin PricewaterhouseCoopers Barclays Eurizon Capital SGR S.p.A Prometeia BNP Paribas Fortis RAS BPU – Banche Popolari HVB MIB – UniCredit Group Rothschild & C. Unite IBM Royal Bank of Scotland Calyon Crédit Agricole Intesa San Paolo SAS Central Bank of Qatar JPMorgan Société Générale Citigroup KPMG Schroders Investment Credito Emiliano Mediobanca UBS Credit Suisse Mediolanum Unicredit Company Sector / Broad Role Type 76,2% 38,9% 22,2% 16,7% 9,5% 11,1% 4,8% 4,8% 4,8% 5,6% 5,6% k k ny n n ing les t is IT er en an an tio io lys th pa Sa ut ad em lB tB itu O na om tit Tr st cia ag en ins /A l in tC an m ch er ial cia st m en M ar nc ve m se an m sk ina Co In st Re fin Ri ve tf er No In thO
  11. 11. Selection and Admission10 Application We operate a two stage admissions process: one early session in March and one regular session in June. Places are awarded at the end of each of the stages. Candidates can either apply by March or by June, but not to both sessions. 1st Application deadline (early session): 28 March 2010 2nd Application deadline (regular session): 20 June 2010 For all information regarding application and selection process please refer to the website at Tuition Fees and Financial Aid Tuition and fees for the 2010-2011 Master Program is € 14,500. They include course materials, use of Bocconi facilities, access to the Library and MAFINRISK online databases. Payment can be made as follows: • I installment: € 5,800 on enrollment (this sum includes the amount of € 1,000 - commitment fee - which is not refundable if, after having completed the registration to the program, students decide not to attend the program anymore). Please be aware that while settling the I installment youll be asked to pay extra 29,24 € as Italian tax on University fees. • II installment (by November 30th, 2010): € 5,800 • III installment (by March 1st, 2011): € 2,900 Early applicants will be required to pay on enrolment a commitment fee that amounts to € 1,000 (this sum is not refundable if, after having completed the registration to the program, students decide not to attend the program anymore). How to get financial aid A limited number of scholarships partially covering tuition and fees are available and offered by MAFINRISK on the basis of merit criteria according to the outcome of the selection process. There are other options to finance one’s study. Student can benefit from special agreements between Università Bocconi and several banks, which offer them the possibility to ask for a loan at advantageous conditions. Find out more on Career Service The Career Service helps master students enter the job market by providing: •on-campus presentations and the Career Event Bocconi&Jobs; •JobGate, web-based area with internship and job offers; •training seminars on selected job search issues, including effective application and the interview process; •a Placement Library offering information and reference documents on the Italian and international job market.
  12. 12. Frequently Asked Questions 11Can I apply if I have not completed my undergraduate degree?You can submit your application prior to the conferral of your degree. We willaccept and evaluate your dossier. However, be aware that, in case of admission,you’ll have to receive your degree within 90 days from the beginning of theprogram.Can I be exempt from taking GMAT?Every applicant is required to take GMAT/GRE or, alternatively, to sit for theBocconi Admission Test.What is the Bocconi Admission Test?The Bocconi Test is focused on different evaluation areas: reading comprehension,numerical and analytical reasoning, abstract reasoning-problem solving. It lastsabout 100 minutes and is made up of 100 multiple-choice questions.MAFINRISK applicants without a GMAT/GRE are required to take theAdmission Bocconi Test in English and register for one of the scheduled sessions.Can the Bocconi Admission Test be taken online?No. The test is held at Università Bocconi, in Milan.Can I apply to MAFINRISK before I have taken GMAT/GRE?If the rest of your application is complete you can send it to us straight away,even if you have not yet taken GMAT/GRE. However you must inform us (in theonline application) when you expect to take the test. You can send us by faxyour unofficial test score as soon as you take it and then provide us with theofficial one. (Bocconi institution code – GMAT: MGM-CS-39 – GRE: 0021).What GMAT score do I need?There is not a minimum score required, but it is very unusual for us to accept acandidate with a total score below 530. The score of admitted candidates variesacross classes ranging from 570 to 730. A 650+ GMAT score adds weight to anapplication, and a GMAT score of 700+ adds extra weight.Is the English language test compulsory?It is essential that all participants speak, write and understand English fluently.Applicants whose mother tongue is not English or not holding a degree issued byan English-speaking institution are recommended to submit TOEFL (the Test ofEnglish as a Foreign Language) or another recognized English language test(First Certificate, IELTS, or equivalent).What kind of reference letters should I submit?One or two personal references should be submitted. They can be from someonewho taught you at university, from a current or previous employer or someoneelse who knows you well in a professional/academic capacity.There is not a standard format.What weighting do you place on the various different selection criteria?The Selection Committee will look at your academic record, work experience,application form and personal statement, references, GMAT/GRE or BocconiTest score and make a careful, balanced judgement based on all these criteria.
  13. 13. 12 Are all applicants invited for interview? Not all applicants are invited for an interview. The interview is intended only for those candidates who have to demonstrate that they have the motivation and commitment to benefit from and contribute to the program. I have previously applied to MAFINRISK unsuccessfully. Can I reapply? You can reapply and submit a new application. Should I translate my degree? If you hold a degree issued by a non Italian-speaking institution you must: •contact the Italian Embassy or Consulate of the country of your university; •ask for translation into Italian of your transcript, legalization and “declaration of value”. Applicants from Austria, Belgium, Bulgaria, Cyprus, Denmark, Estonia, France, Finland, Germany, Greece, Hungary, Ireland, Iceland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Czeck Republic, Romania, United Kingdom, Slovakia, Slovenia, Spain, Sweden and Switzerland must hand in the original of the diploma, translated and legally authenticated together with the declaration of value by September 2008. Applicants resident in countries other than those listed above must ask the Italian Embassy/Consulate to send the above documents directly to Università Bocconi by Telespresso.
  14. 14. In Their Own Word 13Matteo BertelèItalyI attended the third MAFINRISK edition in 2006-2007. I am a space engineer andmaybe now you are asking yourself why a space engineer should study finance.Well, at the end of my studies I decided to move towards a financial career andMAFINRISK was the best tool to do it, in order to exploit my wide quantitativebackground. I was surprised in learning how deep and advanced mathematicalknowledge is necessary for financial applications. During the courses I have beenable to use what I have acquired in my engineering studies, like ProbabilisticCalculus, Numerical Methods for solving PDE and programming skills. Often theresolution techniques used in finance are based on the same mathematical toolsused to design a spacecraft or an airplane’s structure. To face this master you needa great will to study hard, especially if you want to follow the most technicalcourse. But stay sure that your efforts to wide your knowledge will be repaid.During the master I also learned a lot of stuff in Corporate Finance, things thatwere completely absent in my previous studies and allowed to fill up myEconomic knowledge. In fact, now, I am an Equity Research Analyst, and thiskind of job requires more a deep understanding of how a company works andwhat are its profitability key drivers than a quantitative approach.I have found a very stimulating and challenging environment, in fact more than halfof the students were foreigners and I made friendly relations that still continue.Further, I had the possibility to learn from a well prepared and appreciated faculty.MAFINRISK will give you a lot of job opportunities. Bocconi’s Career Service isvery efficient and effective, such that your phone will not stop to ring for manymonths after the end of the master and you will find quite easily the job you arelooking for.Xavier SchurtzFranceI came to Bocconi as an Economics & Finance undergraduate with the objective tosharpen my technical skills in the field of options trading and quantitative finance.I had heard of MAFINRISK through former students of the Master while I wasworking in London during internships and took this opportunity to study inanother country and also to learn a new language. To be honest, I have beensurprised by the excellent reputation of the Master among recruiters and also bythe very high quality of the professors of the program, who managed to give us athorough and extensive grasp of the different issues about topics ranging fromoption trading and pricing to risk management. Every crucial topic in quantitativefinance was covered and the Master gave me all the theoretical tools required for afuture career in this field. Beyond the outstanding content of the program, it isworth mentioning the amazing work and availability of all the MAFINRISK staffwhich has always been listening to our feedback and different requests. Theprogram professors were also really available for after hours questions ordiscussions over topics not covered during the lectures.The program gave me very strong selling arguments during the differentinterviews I took and fulfilled my expectations in term of job since I got a full-time job offer on a Volatility Trading Desk at SG CIB (Paris), a world leader in
  15. 15. 14 Equity Derivatives. I have the opportunity to use in my job what I learned at Bocconi on a daily basis, so the Master curriculum was really appropriate as far as Capital Markets jobs are concerned. I am already working with Italian colleagues and might be involved with Italian clients at some point, so spending one year in Milan was also really useful as far as my language skills and understanding of the local culture are concerned. I will be relocating in London in 2008 in the same job and have the chance to catch up with several bright students of the 2006-2007 edition who already work there in Sales, Trading, Structuring or Consulting. The atmosphere among most of the students was great and we still get along very well and share as much time as our work allow us to do. Igor Rdultowski Poland I had already heard of the Bocconi name when I was studying banking in my hometown of Warsaw, but it was during my year in the Erasmus program in Siena that I was able to better understand my authoritativeness. After having returned to Poland to complete my degree program, and upon the advice of one of my professors, I decided to return to Italy for a Master program in Milan. My dream was to have a career in my own country, but in order to be better than the rest I needed a highly-qualified preparation and an internationally important degree. That’s exactly what Bocconi could offer me, along with a lifestyle which I had already discovered and appreciated. So I didn’t waste time and left for the second time. It was the right opportunity to tackle stimulating and progressive topics along with other young people from all over Europe, especially because many students already had work experience and so lessons often took cues from those real experiences. My life in the classroom was full of much intense work but was eased by excellent relationships with all my professors and by “an incredible spirit of collaboration” with the majority of my fellow students. These bonds didn’t lose their strength when the time came to talk about internships and job placement, because the program offered me a great number of contacts at all levels, warding off any form of jealousy. I found just what I wanted right away. The Milanese office of Accenture was implementing a new risk management plan at the commercial bank of Warsaw, which belongs to the Unicredit group. It was the position I was looking for, and the Bocconi name helped me get it. I have made no mistakes, and, at only 26 years of age, I have been asked by my country’s national bank to study new risk- management plans and models. Ivan Pomarico Italy I entered the MAFINRISK master program in 2005 after having been working for more than six years in the Telecom industry, so I was a career switcher, not the usual trainee of a pre-experience master degree. Since many physicists took the chance in finance, I thought it could have been
  16. 16. 15the right way for me too. And indeed it has been so. I joined a financialengineering team in supporting an equity derivative desk in Milan three monthsafter the completion of the master. The maths I learned during the courses wasjust the necessary background to read the more advanced books and papers andthe weird financial jargon, I laughed so much at, is now the everyday languageI use to communicate with traders. Now I am also a bit more acquainted withthe different approach to things that people with an economics backgroundhave, as I discovered studying with my younger colleagues, although ithappened and likely will still happen many times that we simply say the samething with different words.My expectations about the master and the job placement thereafter were veryhigh; and MAFINRISK has been the right choice for my career.Katsuyuki UtataJapanI found out about the MAFINRISK program whilst going through the Bocconiwebsite about possible graduate education I could take finishing myundergraduate degree. Initially I was unsure about the choice: to take a MSc inmanagement in another European university or to take MAFINRISK. I wasfortunate enough however, to meet a 2006-2007 graduate from MAFINRISK,who gave me an excellent feedback (and at the same time warning me about theintense nature of the course). In the end, I chose MAFINRISK as I wanted tofollow a more quantitative course and wanted my graduate course to be achallenging experience. Currently, I am employed at RBS in Japan, in the Exoticsand Hybrids Rates Structuring division, and I could not be more satisfied withmy choice of taking MAFINRISK. It is a course offering an excellent mixture ofknowledge in economic foundation of the financial instruments andquantitative methods that construct their pieces together. In one of, if not the,worst years for financial markets, I would like to thank MAFINRISK, theprofessors and staff, and the classmates who helped me get to where I am todaywith a smile on my face.
  17. 17. How to Get to Bocconi16 Università Bocconi via Sarfatti 25 MALPENSA A8 A4 CO-VA MI-BG F.S. Centrale M3 Parco M2 F.S Sempione ia Viale Premuda . ez Ca n Ve do Castello rn o rs a Co Piazza Vi a Cadorna Da 73 nt Duomo e i ucc LINATE ard Borsa M3 Largo Piazza C Augusto 73 5 Giornate 73 Via Corso Porta Vittoria Corso XXII Marzo 15 Rotonda F.S. Besana Porta Vittoria 15 30 Vi ro a Co le M ldara ene le Corso Italia rs Pa o Po 29 ont pi a Ticinese ni rta le C an Corso Porta o Ro Via m Via an 9 Porta Genova a 29 F.S. 9 30 Piazza Piazza en Via Vigevano XXIV Maggio Via B. DEste M3 Medaglie DOro tg 15 Viale Bligny Viale Sabotino Via Rön ese Co Ticin 9 29 30 Porta rs Bocconi o Ripa Lo onti Piazza di Via Ripam Sraffa Via Sarfatti Parco Ravizza Viale Toscana 24 F.S. Porta Romana 15 Piazza Bibbiena A1 MI-BO A7 MI-GE From Central Railway Station Take underground line 3 (going to San Donato), get off at Porta Romana and take (Stazione Centrale FS) the no. 9 or 30 tram to Bligny/Bocconi. From Cadorna Railway Station and Take underground line 2 (going to Abbiategrasso), get off at Porta Genova and take Garibaldi Railway Station the no. 9 or 29 tram to Bligny/Bocconi. From Linate Airport Take the no. 73 bus, get off at 5 Giornate and take the no. 9 or 30 tram to Bligny/Bocconi. Or take the Malpensa Shuttle to Central Railway Station, then take underground line 3 (going to San Donato), get off at Porta Romana and take the no. 9 or 30 tram to Bligny/Bocconi. From Malpensa Airport Take the Malpensa Express to Cadorna Railway Station, the take underground line 2 (going to Abbiategrasso), get off at Porta Genova and take the no. 9 or 29 tram to Bligny/Bocconi.
  18. 18. For informationMAFINRISKUniversità Bocconitel. +39 02 5836.5979fax +39 02 © Università Bocconi - January 2010