Università Commerciale. Luigi Bocconi MAFINRISK. Master of Quantitative Finance and Risk Management IX Edition

Transcription

1 Università Commerciale Luigi Bocconi MAFINRISK Master of Quantitative Finance and Risk Management IX Edition

2 Dear MAFINRISK applicant, Choosing a Master program is a very demanding task nowadays. You have to make your choice from among a huge number of competing programs. This brochure will give you all the necessary information about our Master program. Before you go through all the details, however, let me try to summarize five reasons why you should consider MAFINRISK as a special opportunity in your personal and professional development. Focus MAFINRISK is a focused program. Indeed, it is one of the very few Master programs anywhere with a specific emphasis on quantitative finance and risk management. We will give you all the theory and all the operational tools you need to tackle the world of modern quantitative finance. International environment If you join this Master program you will be part of an international class. You will share your learning experience with students that have different cultural and educational backgrounds. Faculty and staff We have an experienced, qualified faculty: a carefully selected mix of scholars and practitioners who will try to transmit to you a passion for finance. Our efficient and supportive staff will help you deal with your day-to-day organizational issues. Placement MAFINRISK has an excellent track record in terms of placement success. The quality of our students, the reputation of the program and our strong links with major financial institutions have all contributed to helping participants in previous editions find a job well before the end of the program. Location MAFINRISK is located in Milan, a lively, fashionable and culturally stimulating city: an environment which will make your year even more enriching and enjoyable. I look forward to receiving and carefully evaluating your application. Francesca Beccacece Director of the MAFINRISK program

3 MAFINRISK Applicant 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. 2 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.

4 Class profile Average age 25 Undergraduate degrees held Business or Management Economics Engineering Finance and Banking Mathematics Physics Statistics Years of experience range 0-2 GMAT range / GRE range / ( ) 3 Italian 50% Non-Italian 50% Male students 70% Female students 30% Countries represented Albania Argentina Austria Belgium Bolivia Brasil Bulgaria Canada Croatia Cyprus Czech Republic France Germany Greece Hungary India Italy Japan Jordan Malta Moldova Montenegro Norway UK Poland Portugal Republic of China Romania Russia Scotland Serbia Slovakia Spain Sweden Switzerland Thailand The Netherlands Tunisia Turkey USA

5 Program Structure Courses 4 The 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 is completely held in English and 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 16 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 (1 st term) 5 core courses (2 nd term) 4 electives, from a list of about ten courses (3 rd 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 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 66: 58 (classes) + 8 (final project or internship report).

6 First Term September - December 2012 Derivatives Davide Maspero The course will analyze the market characteristics, use and valuation issues of every 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 Barbara Alemanni This course is aimed at providing an introduction to investment management. The first part of the course, more theoretical, is devoted to the analysis of the investment environment and its functions and to the main theory underlying investment management activity. The second part of the course, more operational, refers to asset allocation and to the securities selection activities performed by investment managers. 5 Accounting and Financial Statement Analysis Antonio Marra - Matteo Manera The main objective of this course is to develop participants skills in understanding, analyzing and interpreting financial statements. Consistently, 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 Erio Castagnoli The course is intended to give the main theoretical background for non arbitrage prices and to present the basic features on derivative securities both in one period and in a multiperiod setting. Econometrics Barbara Chizzolini The course provides an introduction to the use of econometric methods in 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. Probability and Stochastic Calculus Marzia De Donno Probability theory and stochastic calculus play a fundamental role in financial modelling. The aim of this course is to provide the basic notions needed for

7 mathematical modelling in finance in a rigorous and, at the same time, intuitive way. Fixed Income Giuliano Iannotta The course offers an introduction to fixed-income markets and instruments. 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, and fixed income derivatives. 6 Second Term January - March 2013 Theory of Valuation Anna Battauz - Francesca Beccacece - Alessandro Sbuelz The course is an advanced class on mathematical finance. The intention is to provide students with fundamental tools for the analysis of financial 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 Massimo Guidolin The course introduces the student to the latest developments in the area of financial (empirical) econometrics. The interaction between theory and econometric analysis is emphasized. Main topics are: univariate financial time series analysis, properties of financial returns, univariate and multivariate volatility modelling, correlation modelling, modelling the conditional distribution, Markov and other regime switching models, simulation-based methods and the Bootstrap, applications of financial econometrics in option pricing. Numerical Methods Gianluca Fusai - Daniele Marazzina The course introduces students to the three most important numerical 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 lattice methodologies 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 and Management Andrea Sironi This course is aimed at providing participants with the necessary instruments to measure and understand the market risks associated with investments and trading positions typically held by major financial institutions. The subjects covered in the course include asset liability management techniques focused on

8 interest rate risk management, value at risk models for market risks and their applications for risk measurement and control. Credit Risk: Measurement and Management Giacomo De Laurentis - Andrea Resti The course is focused on credit risk measurement techniques and management. Internal and external rating systems, simplified credit risk models and full portfolio credit risk models are, in fact, analyzed from a technical point of view, a regulatory perspective, and the management opportunities and competitive issues they open. Internal Controls and Corporate Governance Giampaolo Gabbi - Marco Onado - Stefano Zorzoli The course deals with internal control systems and corporate governance rules related to typical risks in banking and financial business (i.e. credit risk, market risk, operational risks). The subject is discussed according to existing regulations in major European countries. 7 Third Term April - May 2013 Accounting and Risk Evaluation Stefano Zorzoli The course discusses the peculiarities of financial statements and financial 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 Francesco Saita The course is aimed at describing the features and applications of capital 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 Cesare Conti The objective is to explore a process of CFRM that is aligned with the objective 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 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.

9 Credit Derivatives Andrea Fabbri The course will focus on the management of a bank s assets through the use of 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. 8 Exotic Derivatives Marina Marena - Andrea Roncoroni This course introduces students to the fast-growing financial markets of exotic 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 Barbara Rindi The objective of these lectures is to describe and discuss the fundamental models 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. Portfolio Performance Evaluation Paolo Antonio Cucurachi The objective of the course is to deal with measures aimed at evaluating (ex post) 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 major performance measures and multimanager optimization tools. Topics in Quantitative Finance Marcello Minenna The course aims to offer advanced tools and techniques for understanding 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

10 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 Massimo Morini The course covers the foundations of modelling for pricing interest rate derivatives. First the main interest rate derivatives and their quotations will be introduced. Then the course will present the main short rate models with their advantages and limitations, and the HJM framework will be described. 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

11 Faculty Director of the program Coordinators of the program Francesca Beccacece Francesco Corielli Davide Maspero Stefano Zorzoli 10 MAFINRISK Faculty Barbara Alemanni Anna Battauz Erio Castagnoli Barbara Chizzolini Cesare Conti Paolo Antonio Cucurachi Marzia De Donno Giacomo De Laurentis Andrea Fabbri Gianluca Fusai Giampaolo Gabbi Massimo Guidolin Giuliano Iannotta Matteo Manera Daniele Marazzina Marina Marena Antonio Marra Davide Maspero Marcello Minenna Massimo Morini Marco Onado Andrea Resti Barbara Rindi Andrea Roncoroni Francesco Saita Alessandro Sbuelz Andrea Sironi Stefano Zorzoli

12 Placement at a Glance Major recruiters of MAFINRISK graduates are among top investment banks and financial firms. Abaxbank Accenture Activtrades ALIAS Trading Allianz Axa Asset Management Axa Investment Managers Banca IMI Banca Popolare di Lodi Banca Sella Banca Svizzera Italiana Barclays Barclays Capital Bloomberg LP BNP Paribas BNP Paribas Asset Management BPU Banche Popolari Unite Bruell Kallmus Bank AG Calyon Crédit Agricole Central Bank of Qatar Citigroup Consob Credito Emiliano Crédit Agricole CIB Credit Suisse Deloitte Italia Deutsche Bank Dresdner Kleinwort Edison Eni Enifin E.ON Energy Trading Ernst & Young Eurizon Capital SGR S.p.A Euromobiliare Sgr Euroxx Securities Financial Services Authority (UK) Fortis Goldman Sachs HSBC HVB MIB UniCredit Group IBM Inter-American Development Bank (IDB) Intesa Sanpaolo ITT Corporation JPMorgan KPMG Mediobanca Mediolanum Merrill Lynch Morgan Stanley MPS Finance National Bank of Warsaw Natixis Nomura PricewaterhouseCoopers Prometeia RAS Rothschild & C. Royal Bank of Scotland SAS SF Trust Limited Société Générale Schroders Investment Traderisks Tei Energy SpA UBS Unicredit 11 Company sector / Broad role type* Investment Bank Other financial institution Non financial institution Trading Risk Management Sales Structuring Other 4.5% 4.5% 23% 18.2% 13.6% 31.8% 31.8% 72% Career Service The Career Service helps Master students enter the job market by providing: on-campus presentations and the Bocconi&Jobs career event JobGate, a 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. * placement statistics

13 Selection and Admission Application We operate a two stage admissions process: one early session in April, only intended for applicants who have the GMAT or GRE one regular session in June, intended for both applicants who have the GMAT or GRE and applicants who plan to take the Bocconi Admissions Test Applicants with the GMAT/GRE can either apply by April or June, but not to both sessions. 1 st application deadline (early session) 11 April nd application deadline (regular session) 15 June For all information regarding the application and selection process please refer to the website at Tuition and fees Tuition and fees for the Master program amount to 14,500. The fees cover most teaching materials and access to all Bocconi facilities. Fees do not include living expenses. Payment can be made as follows: 1 st installment: 5,800 upon enrollment (this sum includes the amount of 1,000 commitment fee which is not refundable if, after having completed the registration to the program, the student decides he/she no longer wishes to attend the program). Please be aware that while settling the 1 st installment you will be asked to pay an extra 29,24 as Italian tax on University fees 2 nd installment (by 30 November 2012): 5,800 3 rd installment (by 1 March 2013): 2,900 Early applicants will be required to pay a commitment fee that amounts to 1,000 upon enrollment (this sum is not refundable if, after having completed the registration to the program, the student decides he/she no longer wishes to attend the program). How to get financial aid A limited number of scholarships partially covering tuition and fees may be available and offered by MAFINRISK on the basis of merit criteria, according to the outcome of the selection process. There are also other options to finance one s study. Students can benefit from special agreements between Università Bocconi and several banks, which offer the possibility of requesting a loan at advantageous conditions. Find out more on

14 Frequently Asked Questions Can I apply if I have not completed my undergraduate degree? You can submit your application prior to the conferral of your degree. We will accept and evaluate your dossier. However, be aware that, in case of admission, you will have to receive your degree within 90 days from the beginning of the program. Can I be exempted from taking the GMAT or GRE? All applicants - regardless of educational background or experience - must take the GMAT (Graduate Management Admissions Test) or the GRE (Graduate Record Examination) or, alternatively sit for the Bocconi Admissions Test which takes place at Università Bocconi. For more information about the GMAT or the GRE, please visit or What is the Bocconi Admissions Test? The Bocconi Test is an aptitude test which is focused on different evaluation areas: reading comprehension, numerical and analytical reasoning, abstract reasoning and problem solving. It is made up of 100 multiple-choice questions and lasts 100 minutes. MAFINRISK applicants without a GMAT or GRE are required to take the Bocconi Admissions Test in English and register for the scheduled session. 13 Can the Bocconi Admissions Test be taken online? No. The test is held at Università Bocconi, in Milan. Can I apply for MAFINRISK before taking the GMAT or GRE? If the rest of your dossier is complete, you can fill in the online application form and send us your application package straight away. However, you are required to inform us (in the online application form) when you expect to take the test and provide us with your GMAT or GRE score report by the application deadline. What GMAT score do I need? There is not a minimum score required, but it is very unusual for us to accept an applicant with a total score below 530. The scores of admitted applicants varies across classes ranging from 570 to 730. A 650+ GMAT score adds weight to an application, and a GMAT score of 700+ adds extra weight. How do I report my GMAT/GRE scores to Bocconi? When you sit the GMAT/GRE you are given the option for a report to be sent to five Schools free of charge just select Bocconi. However, we strongly suggest you to also include a copy of your unofficial or official score report in your MAFINRISK dossier package. 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 by an English-speaking institution are advised to submit the TOEFL or any other 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 someone who taught you at university, from a current or previous employer or someone

15 else 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, GMAT/GRE or Bocconi test score, work experience, application form and personal statement, references and make a careful, balanced judgement based on all these criteria. Are all applicants invited for an interview? Not all applicants are invited for an interview. The interview is intended only for those applicants who have to demonstrate that they have the motivation and commitment to benefit from and contribute to the program. 14 I have previously applied for 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 request that your transcript be translated, legalized and issued a 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, the Czech Republic, Romania, the United Kingdom, Slovakia, Slovenia, Spain, Sweden and Switzerland must submit the original of the diploma, translated and legally authenticated together with the declaration of value issued by the relevant Italian Embassy or Consulate.

16 In Their Own Words Anastasia Bucci, Italy Prometeia MAFINRISK VII The year of MAFINRISK studies was a really intense experience for me - I can hardly forget the details. In short: highly motivating and absolutely challenging. The main strength of MAFINRISK in my view is the way it connects studies to the job market. The knowledge I acquired during the Master has been extremely useful during job interviews. Of course studying something that you most probably will use in your job may represent a good source of motivation and it did for me. Cutting-edge teaching methods, courses in touch with modern economic developments were absolutely part of MAFINRISK and everything fully lived up to my expectations. Group projects are a real transition to the job reality. In my opinion they stimulate the sense of responsibility and the spirit of collaboration revealing leadership skills of the group members. During the studies I discovered a friendly international environment that allowed me to create lasting relationship with people of different cultures. This interaction broadened my outlook and improved my people skills by enhancing cultural sensitivity. So now, looking back, I feel fully satisfied with my choice of MAFINRISK. I feel proud when mentioning my academic background and the job market appreciates the program as well. 15 Cem Dedeaga, Cyprus Goldman Sachs MAFINRISK VI Before coming to Bocconi, I did my undergraduate education at the University of Pennsylvania where I double majored in Electrical Engineering and Systems Engineering. As part of my Systems Engineering degree, I took a few introductory level finance courses and decided that I wanted to learn more about finance. Out of all the programs I applied, I chose MAFINRISK mainly because of the curriculum and the Bocconi name. The program entailed many quantitatively rigorous classes with distinguished teachers, and the breadth of courses was also diverse. We took courses ranging from asset management to time-series analysis and risk-management. I chose my electives focusing more on risk management and eventually was able to find a job at the Goldman Sachs Market Risk Management and Analysis group before graduation. What I learned during the program was very helpful in my day-to-day work as I was already familiar with many concepts in risk management when I started working. During the program, we analyzed risk management practices in detail learning about their pros and cons, which also helped me in my interviews for my current job. Within three months of graduation from the program, most of the students had found a job, seven of them in London. The Career Service was also very helpful. Starting from the second semester, positions were advertised especially for MAFINRISK students and many of them benefited from their services. In terms of student life at Milan, my experience was very unique. There were many clubs and bars to go to, great restaurants to enjoy Italian food, and student clubs even organized trips to other cities. I went to Venice on one of those trips with friends from MAFINRISK which was a memorable day for me. I formed many friendships with Italian as well as non-italian students and still keep in touch with them. It was a very rewarding experience both socially and academically.

17 16 Andy Ranaivoarivony, France Royal Bank of Scotland MAFINRISK VI After studying for five years at Paris-Dauphine University in Paris, my wish was to spend my final year as a student abroad but also to strengthen my profile in Financial Markets. Although I had always been aware that there were many other sometimes flashier and more glittering places where I could have studied Market Finance, going for the MAFINRISK in Bocconi was an easy choice. Talking to various students who had completed this Master helped me realize how comprehensive and profound the master s scope of topics was and how much it would magnify my knowledge in markets and financial tools. Moreover, everyone I talked to easily landed a good job in high-profile companies which was a testament to the MAFINRISK popularity in the financial corporate world. The master lived up to the expectations that I had throughout my year at Bocconi: I got to learn a lot about the most modern pricing techniques in quantitative finance and I also got a broader understanding of the financial markets. As a current Fixed Income Salesperson at The Royal Bank of Scotland, it is without a doubt that even the plainest concepts about debt markets that were passed on through the MAFINRISK classes have helped me in coping with my job. Furthermore, the Master put a great emphasis on risk management which has been underscored as a paramount area in finance in the aftermath of the global economic crisis. As for the whole teaching staff, they were always available and approachable for any question that the students had, which was very reassuring and comforting. It also cannot be denied that having the Master s name on my resume has made my profile more attractive as strong evidence for excellence and openness. In that respect, studying at Università Bocconi can also be a springboard for the learning of a new language which is an invaluable asset in today s financial world and an opportunity to meet people from a large spectrum of backgrounds and countries. I can honestly say today that my whole year in MAFINRISK at Bocconi was a truly enriching and enthralling experience on all levels which I am utterly grateful for and that there could hardly have been any other Master degree to satisfy me that much. Luigi Giannuzzi, Switzerland Nomura MAFINRISK VI After my 3-year Bachelor at HEC Lausanne, I didn t have any clear idea of what I was looking for. I knew I wanted to study finance and I had the feeling it would be profitable to choose a Master with a high degree of quantitative content. Now I can clearly state that MAFINRISK is the best choice I could make. This Master allows you to better understand some specific mechanisms which remain otherwise hidden to the masses. I was particularly impressed by the number of different topics we went into throughout the year. The courses on Derivatives and Fixed Income will allow you to learn what the main financial products are, be able to price them and study their main uses. Mathematical Models, Probability, Time Series Analysis, Theory of Valuation and Term Structure Modeling introduced me to the main quantitative models and pricing techniques such as calibrations and simulations, while the Risk Management courses made me possible to become familiar with the problem of risk measuring and analyze the main risk management techniques. You don t need to have such a strong

18 mathematical background to succeed, even if for the most technical lectures you will be going into deep details. One of the strong points of this Master is the quality of teaching and the commitment of professors. You will be provided all the necessary documentation as well as technical tools. Last but not least, the program is characterized by a good balance between theory and time spent implementing the theory on a numerical basis, which strongly helped me to become quickly operative in my professional environment. You ll see how quickly the time will pass, attending classes every day and also enjoying the life and entertainment Milan can offer. I was positively surprised by the strong link Bocconi has with major financial institutions, a non negligible advantage you ll benefit from by choosing MAFINRISK. Anna Rybina, Russia Bloomberg MAFINRISK VI I decided to apply to MAFINRISK in winter 2008 in the middle of the crisis but with a strong desire to expand my knowledge in finance and apply it further at work. Having spoken to MAFINRISK graduates I realized that such education will always meet demand (more than a half of MAFINRISK found a job before graduation). The graduates have an excellent reputation among the top employers and I can confirm that the professors support this with high qualification standards required from students. MAFINRISK at Bocconi is worth choosing for deep knowledge of finance, the international environment and great career prospects. The program is only 10 months and it is highly concentrated in terms of knowledge with an Economics Bachelor degree from Moscow most courses were new to me, the speed of studying stimulates and there is hardly any such Master in Europe focusing specifically on quantitative finance and risk management. The course is more practical rather than theoretical, all the projects cover the day-to-day job of quantitative analysts, research departments and trading floor employees. I recall the teaching staff with respect and gratitude for their professionalism and inspiration they gave as these people helped me to choose Fixed Income as a specialty at Bloomberg. The Director and the Board of the Master always gave us a chance to express our opinion so as to improve the program. Università Bocconi provided us with great studying facilities, including the library and the auditorium with the Bloomberg terminal. It arranges multiple career and networking events for students to communicate to prospective employers. Studying at MAFINRISK means being surrounded by talented and ambitious guys from all around the world. I managed to learn a lot from my fellow students who subsequently became my good friends. Most of us found jobs in London, however there is no geographical limit for a Mafinrisker. Finally, Università Bocconi boasts being in the heart of the Italian North capital which means a great cultural spirit, beautiful places nearby, fantastic food and friendly people! 17 Katsuyuki Utata, Japan RBS Global Banking and Markets MAFINRISK IV I found out about the MAFINRISK program whilst going through the Bocconi website about possible graduate education I could chase after finishing my undergraduate degree. Initially I was unsure about the choice: to complete a MSc

19 18 in Management at another European university or to take MAFINRISK. I was fortunate enough however, to meet a graduate from MAFINRISK, who gave me excellent feedback (and at the same time warning me about the intense nature of the course). In the end, I chose MAFINRISK as I wanted to pursue a more quantitative course and wanted my graduate course to be a challenging experience. Currently, I am employed at RBS in Japan, in the Exotics and Hybrids Rates Structuring division, and I could not be more satisfied with my choice of taking MAFINRISK. It is a course offering an excellent mixture of knowledge in economic foundation of the financial instruments and the quantitative methods that construct their pieces together. In one of the worst, if not the worst, years for financial markets, I would like to thank MAFINRISK, the professors and staff, and the classmates who helped me get to where I am today with a smile on my face. After joining RBS Global Markets and Banking team in 2008, I have worked for two years under the Rates Structuring division. The main mandate then was to create tailor-made interest rate and multi-asset solutions for corporations and financial institutions in Asia with a particular focus in Japan. After two years of experience on the team, I have then moved to the Hybrids Trading team, where I am currently Vice President. My mandate is to trade multi-asset products for our clients and manage cross asset correlations and high order risk exposures of the bank. My experience in MAFINRISK has been essential for my career, as I strongly believe the balance between strong quantitative knowledge, underlying concepts of risk management, and the link to macro and micro economics which the course helped me obtain has been the key strength for my career progression.

20 The Campus 19 MAFINRISK Office Università Bocconi via Sarfatti 25 (second floor) Milan Italy tel fax

21 For information MAFINRISK Università Bocconi tel fax Università Bocconi - February 2012