MAFINRISK Master of Quantitative Finance and Risk Management

1. master universitari
Università Commerciale
Luigi Bocconi
Graduate School
2010-2011
VII Edition
MAFINRISK
Management
Finance and Risk
Via Sarfatti 25
20136 Milano
Master of Quantitative

2. Dear MAFINRISK Candidate,
choosing a Master Program is a very demanding task nowadays. You have
to make your choice 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
academicians 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 the previous editions find a job well before the end of the program.
Location
MAFINRISK is located in Milan, a lively, fashionable, 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.
Stefano Zorzoli
Director of the MAFINRISK Program

3. MAFINRISK
2
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. Program Structure
3
Courses 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. 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. 5
Second Term
January - March 2011
Stochastic Calculus Stochastic calculus plays a fundamental role in financial modelling. The aim of
Marzia 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 to
Anna Battauz - Francesca Beccacece - provide students with the fundamental tools for the analysis of financial
Alessandro 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 of
Gianluca 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 numerical
Gianluca 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 to
and Management measure and understand the market risks associated to investments and trading
Marco 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 full
Giacomo 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 rules
Governance related to typical risks in banking and financial business (i.e. credit risk, market
Giampaolo Gabbi - Marco Onado - risk, operational risks). The subject is discussed according to existing
Stefano Zorzoli regulations in the main European countries.

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. 7
Portfolio 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 understanding
Marcello 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. Faculty
8
• Director of the Program
Stefano Zorzoli
stefano.zorzoli@unibocconi.it
• Coordinators of the Program
Francesca Beccacece
francesca.beccacece@unibocconi.it
Francesco Corielli
francesco.corielli@unibocconi.it
Davide Maspero
davide.maspero@unibocconi.it
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. 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%
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11. Selection and Admission
10
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 www.unibocconi.eu/mafinrisk
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 you'll 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 www.unibocconi.eu/specializedmasterloans
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. Frequently Asked Questions
11
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’ll have to receive your degree within 90 days from the beginning of the
program.
Can I be exempt from taking GMAT?
Every applicant is required to take GMAT/GRE or, alternatively, to sit for the
Bocconi 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 lasts
about 100 minutes and is made up of 100 multiple-choice questions.
MAFINRISK applicants without a GMAT/GRE are required to take the
Admission 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 the
online application) when you expect to take the test. You can send us by fax
your unofficial test score as soon as you take it and then provide us with the
official 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 a
candidate with a total score below 530. The score of admitted candidates 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.
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 recommended to submit TOEFL (the Test of
English 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 someone
who taught you at university, from a current or previous employer or someone
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, work experience,
application form and personal statement, references, GMAT/GRE or Bocconi
Test score and make a careful, balanced judgement based on all these criteria.

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. In Their Own Word
13
Matteo Bertelè
Italy
I attended the third MAFINRISK edition in 2006-2007. I am a space engineer and
maybe 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 and
MAFINRISK was the best tool to do it, in order to exploit my wide quantitative
background. I was surprised in learning how deep and advanced mathematical
knowledge is necessary for financial applications. During the courses I have been
able to use what I have acquired in my engineering studies, like Probabilistic
Calculus, Numerical Methods for solving PDE and programming skills. Often the
resolution techniques used in finance are based on the same mathematical tools
used to design a spacecraft or an airplane’s structure. To face this master you need
a great will to study hard, especially if you want to follow the most technical
course. 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 that
were completely absent in my previous studies and allowed to fill up my
Economic knowledge. In fact, now, I am an Equity Research Analyst, and this
kind of job requires more a deep understanding of how a company works and
what are its profitability key drivers than a quantitative approach.
I have found a very stimulating and challenging environment, in fact more than half
of 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 is
very efficient and effective, such that your phone will not stop to ring for many
months after the end of the master and you will find quite easily the job you are
looking for.
Xavier Schurtz
France
I came to Bocconi as an Economics & Finance undergraduate with the objective to
sharpen 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 was
working in London during internships and took this opportunity to study in
another country and also to learn a new language. To be honest, I have been
surprised by the excellent reputation of the Master among recruiters and also by
the very high quality of the professors of the program, who managed to give us a
thorough and extensive grasp of the different issues about topics ranging from
option trading and pricing to risk management. Every crucial topic in quantitative
finance was covered and the Master gave me all the theoretical tools required for a
future career in this field. Beyond the outstanding content of the program, it is
worth mentioning the amazing work and availability of all the MAFINRISK staff
which has always been listening to our feedback and different requests. The
program professors were also really available for after hours questions or
discussions over topics not covered during the lectures.
The program gave me very strong selling arguments during the different
interviews 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. 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. 15
the right way for me too. And indeed it has been so. I joined a financial
engineering team in supporting an equity derivative desk in Milan three months
after the completion of the master. The maths I learned during the courses was
just the necessary background to read the more advanced books and papers and
the weird financial jargon, I laughed so much at, is now the everyday language
I use to communicate with traders. Now I am also a bit more acquainted with
the different approach to things that people with an economics background
have, as I discovered studying with my younger colleagues, although it
happened and likely will still happen many times that we simply say the same
thing with different words.
My expectations about the master and the job placement thereafter were very
high; and MAFINRISK has been the right choice for my career.
Katsuyuki Utata
Japan
I found out about the MAFINRISK program whilst going through the Bocconi
website about possible graduate education I could take finishing my
undergraduate degree. Initially I was unsure about the choice: to take a MSc in
management in another European university or to take MAFINRISK. I was
fortunate enough however, to meet a 2006-2007 graduate from MAFINRISK,
who gave me an 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
follow 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
quantitative methods that construct their pieces together. In one of, 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.

17. How to Get to Bocconi
16
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. D'Este M3 Medaglie D'Oro
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. For information
MAFINRISK
Università Bocconi
tel. +39 02 5836.5979
fax +39 02 5836.5877
mafinrisk@unibocconi.it
www.unibocconi.eu/mafinrisk
© Università Bocconi - January 2010