school of economics, management and statistics …corsi.unibo.it/qfinance/documents/outgoing double...

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Quantitative Finance: Double Degree Outgoing Students Guidelines

ALMA MATER STUDIORUM - UNIVERSITA’ DI BOLOGNA

SCHOOL OF ECONOMICS, MANAGEMENT AND STATISTICS

Master

in

QUANTITATIVE FINANCE

QF Coordination Unit

School of Economics, Management and Statistics

University of Bologna

P.zza Scaravilli 2, 40126 - Bologna (Italy)

[email protected]

[email protected]

mailto:[email protected]


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1. CONTACTS ................................................................................................................ 3

2. DOUBLE DEGREE PRESENTATION ................................................................... 4

2.1 The Aim of the Project 4

2.2 Who can apply 4

2.3 When and how to apply 5

2.4 Erasmus Scholarship 6

2.5 How to choose your study plan 7

2.6 Reference tables 8

2.6.1 ARIMA Agreement Universities: ......................................................................................................................... 9

2.6.2 Agreement of Interuniversity Cooperation ................................................................................................. 12

2.6.3 The Form .................................................................................................................................................................... 18

3. BACK IN BOLOGNA .............................................................................................. 19

3.1 Mandatory documents 19

3.2 Recognition of the Double Degree Programme 20

3.3 Graduation Deadlines and other information 21

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1. CONTACTS

Name Telephone Office Email

Dr.ssa Margherita de Rogatis (Munich and Wien)

Dr.ssa Maria Luigia Loiudice (Evry and Katowice)

Programme CoordinatorS

0039 -

(0)51 2098618

School of Economics, Piazza Scaravilli 2, 40126 Bologna

[email protected]

Prof. Umberto Cherubini

QF Director

0039-

(0)51 209 4370

Department of Statistics, Viale Filopanti, 5 Bologna

[email protected]

Prof.ssa Rossella Agliardi

Double Degree Coordinator

Department of Mathematics, Viale Filopanti, 5 Bologna

[email protected]

In order to keep up with the latest news regarding academic activities, we suggest you to check

regularly the following web pages:

- Master’s Degree in Quantitative Finance > www.unibo.it/qf;

- University of Bologna > www.unibo.it;

- School of Economics, Management and Statistics > http://www.ems.unibo.it/it




http://www.unibo.it/qf

http://www.unibo.it/

http://www.ems.unibo.it/it

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2. DOUBLE DEGREE PRESENTATION

The Master’s Degree in Quantitative Finance has undersigned two Agreements of Interuniversity

Cooperation that permit students to get a degree both from the home and from one of the partner

universities – hence, a double degree.

The agreements are as follows:

1) ARIMA Agreement

Karol Adamiecki University of Economics, Katowice, Poland (UEK)

University of Applied Sciences bfi, Vienna, Austria (UAS bfi).

2) Agreement of Interuniversity Cooperation

Ludwig-Maximilians-University, München, Germany (LMU)

Université D'Evry-Val-D'Essonne, Evry, France (UEVE)

2.1 The Aim of the Project

Thanks to these agreements, the students of the Master in Quantitative Finance who decide to en-

roll in one of the partner universities’ courses are given the opportunity to receive an academic

degree from both the home and host institution.

To make this possible, the Parties offer equivalent curricula. Even though the foreign courses are

structured in a different way, each university guarantees the correspondence of its course to the

overall contents and learning outcomes defined in the ECTS description (see section 2.6 Reference

tables). All the courses will be taught in English.

Each University selects the students according to its own criteria. Generally speaking, the admission

process is based on academic merit, past work, extracurricular experiences and motivation letter.

2.2 Who can apply

To be eligible for the DD Programme, students must be enrolled in the first year of the Master’s

Degree in Quantitative Finance. The exchange period goes from a minimum of one semester to no

longer than a full academic year.

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2.3 When and how to apply

In order to apply for the Double Degree Programme, students have to submit the Application within

the Erasmus + call. This is because, to provide financial support, we undersigned Erasmus

agreements with the same universities of the Double Degree.

For this reason students shall apply to the Erasmus Programme (to get financial support) and then,

if they meet the requirements, they will be admitted to the DD Programme too (which will get you

the double certification).

The Erasmus+ call is usually published between January and February each year.

As for the structure of the call, you may choose up to two destinations and indicate which period

you would prefer to spend abroad (semesters). The number of places available for each exchange

Programme is mentioned in the call.

Universities usually admits up to three students for the DD Programme.

Munich and Evry Universities are of strictly quantitative orientation and have a high number of

courses that require a deep knowledge in mathematical subjects. A first cycle degree in

mathematics and at least 28/30 in Calculus are basic grounds for admission. A knowledge of the

French language is required by the University of Evry.

All the Partner Universities offer the possibility to spend there the second semester of the second

year and therefore allow you to do your final exam/thesis abroad. The degree will then be

recognized by the University of Bologna, which will issue the second final certificate (Double

Degree).

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2.4 Erasmus Scholarship

Be careful!

Do not confuse the “DD Programme” and the “Erasmus Programme”.

Erasmus is an exchange Programme and does not give you an additional title – you

can use the Erasmus scholarship to fund your DD, though.

Please remember that winning an Erasmus Scholarship grants you the Erasmus scholarship and the

admission to the Erasmus Programme, not to the DD.

Therefore, even if admitted to the Erasmus Programme for one of the above-mentioned

destinations, all the students willing to take part in the DD Programme have to check with the

Programme Coordinator, Margherita de Rogatis (Munich and Wien) and Maria Luigia Loiudice (Evry

and Katowice), if they can be admitted to the DD Programme too.

Usually students selected for Wien and Katowice within the Erasmus call are automatically

accepted by the partner institutions in the framework of the DD agreement too. Evry and Munich,

instead, check the curricula of selected students and they have the last word on the admission.

According to the Erasmus call the amount of each scholarship changes in relation to the country of

destination: 230 EUR/month for Germany and Poland; 280 EUR/month for Austria and France.

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2.5 How to choose your study plan

Once you have been selected for the Double Degree Programme the first thing to do is to make sure

that the host University receives your personal data from the University of Bologna. You should then

refer to the Partner University to follow on with the DD admission procedure.

Remember to contact them with adequate advance notice, specifying your status (Erasmus/DD and

Erasmus), in order to start the right procedure.

The next step is to choose the courses you will attend and to fill in both the Erasmus Learning Agree-

ment and the Double Degree Form (DDF). As you are selected within the Erasmus program you have to

fill in the Learning Agreement too. In case you are not doing your Master’s thesis abroad, the two documents

will be the same. Otherwise, while the Double Degree Form will report the credits for the final dissertation,

those will not be included in the Learning Agreement. Please find below an example of the Double Degree

Form. You can find here the form for Outgoing students. In order to obtain the Double Degree you must fulfil

the following requirements:

Get at least 30 ECTS

Spend at least one semester at the host University

Do not forget about this while selecting the subjects!

Below you can find the suggested Study paths for all destinations. Exceptions to these are allowed only in

special cases, due to educational – scientific reasons. If you do not choose one of the suggested paths, the

reference tables below will help you to fill in the double degree form.

From Bologna to Wien

4th Semester 3rd Semester

M 10 - 7 ECTS Programming and databases (4)

Thesis and diploma exam 23 ECTS Multivariate methods (5)

Time series and analysis (3) Bank management (5)

http://corsi.unibo.it/Qfinance/Pages/double-degree-form.aspx

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From Bologna to Katowice Risk controlling and Organization of Market Risk (2)

M 10 - 11 ECTS Risk controlling and Organisation of Credit Risk (3)

Thesis and diploma exam 19 ECTS Operational Risk for Banks (2) Choose between: M8 (ALM, Insurance) (9) Integrating Aspects of Asset Management (6)

From Bologna to Evry

Semester 3 Semester 4

30 ETCS minimum among 30 ETCS minimum among

Calculus Stochastique (7 ETCS) Angails (niveau C1) (3 ETCS)

Principles de base et Techniques actuarielles & Econométrie Financière (7 ETCS)

Méthodes numériques de pricing et de calibra-tion des modèlès en finance (5 ETCS)

Analyse de Données (4 ETCS) Projet en Finance Numèrique (4 ETCS)

Gestion des Risques (7 ETCS) Méthodes d'evaluation et de coverture II (6 ETCS)

Assurance (4 ETCS) Stage Professionnel (Master Thesis) (12 ETCS)

c++/ VBA (including project (5 ETCS)

From Bologna to Munich

Semester 3 Semester 4

Financial Mathematics (9-27 ETCS) Thesis (24 ETCS)

Statistics (12-18 ETCS) Hauptseminar or Industriepratikum (3 ETCS)

Numerische Methoden der Wirtschaftmathe-matik or Fortgeschrittene Numerische Mathe-matik (9 ETCS)

Wahlmoglichkeiten (e.g. Seminars or in Actu-arial Sciences (3 ETCS)

2.6 Reference tables

The information contained in the following tables will help you to fill in the Double Degree Form.

Equivalent exams are highlighted with the same color. You can choose courses from both the first

and the second year.

In order, you will find the reference tables for the ARIMA Agreement Universities (Katowice, and

Vienna) and for the parties to the Agreement of Interuniversity Cooperation (Munich and Evry). To

facilitate the comparison of the courses the table regarding the University of Bologna is provided

at the beginning of each section.

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2.6.1 ARIMA Agreement Universities:

UNIBO - University of Bologna

1st year Hours ECTS Semester

MATHEMATICS AND PROBABILITY (I.C)

CALCULUS 30 6 1

PROBABILITY 30 6 1

ACTUARIAL AND FINANCIAL MATHEMATICS (I.C.)

FINANCIAL MATHEMATICS 30 6 2

ACTUARIAL MATHEMATICS 30 6 2

ECONOMICS AND FINANCE (I.C)

CORPORATE FINANCE 30 6 1

FINANCIAL PRODUCTS AND MARKETS 30 6 2

ECONOMICS OF FINANCIAL MARKETS 30 6 2

STATISTICS AND ECONOMETRICS (I.C.)

ECONOMETRICS 30 6 1

STATISTICS 30 6 1

FINANCIAL MARKET REGULATION 30 6 1

2nd year

NUMERICAL ANALYSIS (I.C.)

COMPUTER PROGRAMMING 30 6 1

NUMERICAL METHODS 30 6 1

Choose 12 ECTS among

ECONOMETRICS OF FINANCIAL MARKETS 30 6 1

STATISTICS OF FINANCIAL MARKETS 30 6 1

CREDIT DERIVATIVES 30 6 1

INTEREST RATE MODELS 30 6 1

FINANCIAL ENGINEERING FOR ASSET MANAGEMENT 30 6 1

STATISTICAL METHODS FOR ASSET MANAGEMENT 30 6 2

ADVANCED METHODS OF RISK MANAGEMENT 1 30 6 1

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ADVANCED METHODS OF RISK MANAGEMENT 2 30 6 1

ADVANCED METHODS OF INSURANCE 1 30 6 1

ADVANCED METHODS OF INSURANCE 2 30 6 1

Free choice (12 ECTS) among:

ADVANCED TOPICS IN LIQUIDITY MANAGEMENT IN

THE POST CRISIS ERA 30 6 1

………….(to be offered each year)….. 30 6 1-2

Choose 6 ECTS between:

WORKSHOP IN QUANTITATIVE FINANCE 30 6 2

INTERNSHIP 30 6 1-2

THESIS AND FINAL EXAM 18 2

UEK – University of Katowice and UASS-University of Applied Sciences (Wien)

ECTS Semester

M1 Fundamentals in Quantitative Methods and Finance Fundamentals of Mathematics and Statistics 4 1

Year 1 Fundamentals of Finance 5 1

Fundamentals of Economics 3 1

Programming and Databases 4 1

M2 Financial Econometrics Multivariate Methods 5 1

Year 1 Time Series Analysis 3 1

M3 Derivative pricing Equity and Foreign Exchange Derivatives 2 1

Year 1 Fixed Income and Credit Derivatives 4 1

M9 (year 2) Legal Framework and Ethics 3 1

M4 Risk Measurement Measurement of Market Risk 4 2

Year 1 Measurement of Credit Risk 4 2

Measurement of Non-Life Risk 2 2

Measurement of Life Risk 3 2

Bank Management 5 1

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M7 Asset Liability Management and Risk Mgmt for banks Year 2

Risk Controlling and Organisation of Market Risk 2 1

Risk Controlling and Organisation of Credit Risk 3 1

Operational Risk for Banks 2 1

M5 Asset Management Introduction to Asset Management 2 2

Year 1 Asset class Interest Rate Products 2 2

Asset class Equity 2 2

Asset class Foreign Exchange 1 2

Asset class Credit Products 2 2

Alternative Investments 2 2

Structured Products 2 2

M8 Asset Liability Management and Risk Mgmt for Insurances and pension funds

ALM and Insurance Management 3 1

Management Life Risk 3 1

Management Non-Life Risk 3 1

M9 Applied Asset Management Integrating Aspects of Asset Management 6 1

year 2 1

M6 Research Methods Research Methods 1 2

Year 1 Research Seminar 3 2

Valid till 31/12/2016

M10 Applied Research in Asset and Risk Mgmt Year 2

Advanced Topics 3 2

Project Seminar 4 2

Master Thesis and Diploma Exam (Year 2) 23 2

Effective from 1/1/2017


Advanced Topics in Asset Management 6 2

Master Thesis and Diploma Exam (Year 2) 24 2

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UEK (4 semester)

Valid till 31/12/2016 for a cohort 2014/15 – first year, 2015/16 – second year)


Electives 11 2

Master Thesis and Diploma Exam (Year 2) Seminar 19 2

Effective for a cohort which begins the studies from 1/10/2015

M10 Applied Research in Asset and Risk Mgmt Year 2 Advanced Topics In Insurance Management 6 2

Elective 6 2

Master Thesis and Diploma Exam (Year 2) Seminar 18 2

2.6.2 Agreement of Interuniversity Cooperation

LMU- Ludwig-Maximilians-University (Munich)

WIRTSCHAFTSMATHEMATIK (LMU-MŰNCHEN)

Bereich Pflicht Modul ECTS

Stochastics & Analysis Wahlpflicht min 9 ECTS Stochastische Prozesse 9

Fortgescshrittene Themen aus der Stochastik

9

Funktionalanalysis 9

Financial Mathematics Wahlpflicht min 18 ECTS

Finanzmathematik I 9

Finanzmathematik II 9

Finanzmathematik III 9

Fortgeschrittene Themen aus der Finanzmathematik

9

Economics Wahlpflicht min 12 ECTS

Mikroökonomie 1 9

Mikroökonomie 1 6

Applied Microeconomics 6

Empirische Őkonomie 2 6

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Econometrics 6

Statistics Wahlpflicht min 6 ECTS Zeitreihen 6

Einfűhrung in die Ang. Statistik 6

Mathematische Statistik 9

Multivariate Zeitreihen 3

Finanzökonometrie:Portfolio-Analyse 6

Finanzökonometrie:Risiko-Management

6

Schätzen und Testen I 9

Ausgew. Geb. der Wirtschaftsstatistik 6

Business Administration Wahlpflicht min 15 ECTS

Investment Banking 6

Empirical Corporate Finance 3

Insurance Economics 6

Rückversicherung 3

Versicherungstechnik 3

Numerics Wahlpflicht min 9 ECTS Numerische Methoden der Wirtschaftsmathematik

9

Fortgeschrittene Numerische Mathematik

9

Fortgeschrittene Themen aus der Numerische Mathematik

9

Wahlmöglichkeiten max 15 ECTS Actuarial Sciences 3+3+3+3+3+3

Seminars 3

Pure Mathematics 9x26

Sonstige Veranstaltungen aus den Modulen 1-5

-

Hauptseminar Pflicht 3

Industriepraktikum Pflicht 3

Master's Thesis Pflicht 27

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UEVE- Université D'Evry-Val-D'Essonne (Evry, France)

Cours Type Module ECTS

Année 1 Semestre 1, parcours n°1 Mathé-matiques Appliquées

Apprentissages fonda-mentaux 1

Obligatoire Programmation langage objet 2

Projet informatique 4

Anglais 2

Economie-gestion 2

Processus stochastique Obligatoire Processus stochastique 1

Analyse des données Obligatoire Analyse des données 4

Options Option Analyse fonctionnelle 4

(choisir 2 options) Option Recherche opérationnelle 4

Option Statistique et applications 4

Option Modèles linéaires généralisés et extensions, projet 4

Année 1 Semestre 1, parcours n°2 Mathé-matiques en Interaction


Obligatoire Anglais 2

Mise à niveau programmation (langage C) 2

LV 2 (espagnol ou allemand) 2

Analyse 1 Obligatoire Analyse fonctionnelle et applications aux équations aux dérivées partielles

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Probabilité et statistiques Obligatoire Probabilité 3

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Statistiques 3

SAS 2

Options Option Marché financier : institutions et instruments 4

(choisir 2 options) Option Analyse des données 4

Année 1 Semestre 2, parcours n°1 Mathé-matiques Appliquées

Apprentissage fondamentaux 2


Economie-gestion 2

Stage en enterprise ou laboratoire 14

Analyse EDP Obligatoire Analyse des EDP 4

Calcul stochastique Obligatoire Calcul stochastique 4

Options Option Méthodes de simulation 4

(10 ects à choisir) Option Modèles financiers 4

Option Compléments en recherche opérationnelle 4

Option Séries temporelles 2

Option Apprentissage statistique 2

Option Statistique asymptotique 2

Année 1 Semestre 2, parcours n°2 Mathé-matiques en Interaction



Processus stochastique

Obligatoire Processus stochastique 7

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Analyse 2 Obligatoire Analyse numérique des EDP 2

Méthode d’éléments finis 2

Initiation à la recherche

Travail d’étude et de recherche 9

Option Option Introduction à C++ 2

(choisir 3 options) Option Introduction aux algorithmes d’optimisation. Applica-tions sous Scilab.

2

Option Mathématiques financières 2

Option Introduction à VBA/Excel 2

Initiation à la vie profes-sionelle

Obligatoire Stage professionnel 9

Année 2 Semestre 1



Mathématiques pour la fi-nance

Obligatoire Calcul stochastique ou Calcul stochastique avancé

7

Informatique pour la fi-nance

Obligatoire C++ / VBA (including project) ou Apprentissage et datamining

5

Finance de l’assurance

Obligatoire Assurance vie/ non vie/ cat bonds 4

Méthodes d’évalua-tion et de couverture I (choisir 1 option)

Option Gestion des Risques 7

Option Principes de base et Technoques actuarielles & Econométrie Financière

7

Option Controle stichastique, Courbe des taux et séries temporelles à variables latentes

Année 2 Semestre 2

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Finance numérique Obligatoire Méthodes numériques de pricing et de calibration de modèles en finance

5

Méthodes d’évaluation et de cou-verture II

Obligatoire Produits dérivés : Dérivés actions, de taux, de change et de crédit

6

Projet Obligatoire Projet en finance numérique

4

Initiation à la vie professionelle

Obligatoire Stage professionnel 12

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2.6.3 The Form

Once you have chosen the courses you can start filling in the form. Here you have an example of a

filled-in form.

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3. BACK IN BOLOGNA

You are finally back. Let’s see what is left to do.

3.1 Mandatory documents

For the Erasmus Scholarship, the procedure for recognition of the exams needs to be carried out

on the AlmaRM platform (you may find all the relevant information there). If you wish to do your

final exam at the Host University, please make sure that the University of Bologna has recognized

the courses you attended abroad before your graduation abroad.

These are the documents you must provide.

- Certificate of Period. This will allow you to receive the second tranche of the scholarship.

- Transcript of Records. This needs to be handed in to the DD Commission and is important

for the assessment of the courses you took abroad.

Please find below the conversion tables for the exams you took at the Host University.

ARIMA Agreement

Description Bologna Katowice Wien

Highest level (cum laude) 30 e lode 5 1

Excellent 29-30 5 1

Very good 26-28 4,5 2

Good 24-25 4 2

Satisfactory 21-23 3,5 3

Sufficient 19-20 3 4

Barely passing 18 3 4

Fail 0-17 2 5

https://almarm.unibo.it/almarm/welcome.htm

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Agreement of Interuniversity Cooperation

Description Bologna Evry München

Highest level (cum laude) 30 e lode 20-19 1,0

Excellent 30 18 1,0

Very good 28-29 17 1,3

Good 25-26-27 14-15-16 2,3-2,0-1,7

Quite good 24 13 2,7

Satisfactory 21-23 11-12 3,0 - 3,3

Sufficient 19-20 10 3,7

Barely passing 18 10 or (*) 4

Fail 0-17 0-9 5

3.2 Recognition of the Double Degree Programme

The procedure for the recognition of the Double Degree Programme depends on the period you

spent abroad. If you spent your:

1) Fourth semester (second semester of the second year) or entire second year: thesis abroad

Read carefully the guidelines for the Final Graduation and apply online according to the

deadlines (domanda di laurea);

In case you graduate abroad first, you have to provide to the Program Coordinator the

original version of the final graduation certificate at least 2 weeks before the expected

graduation date at the University of Bologna.

Please make sure that the University of Bologna has recognized the courses you attended

abroad.

You may attend the graduation ceremony (proclamazione) at the University of Bologna

according to the Graduation Session you applied for (not compulsory). You must inform

http://corsi.unibo.it/qfinance/Pages/gruaduation.aspx

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Margherita De Rogatis or Maria Luigia Loiudice if you want to take part to the graduation

ceremony.

2) Third Semester (first semester of the second year)

After the graduation at the University of Bologna, send your Final Transcript to the Host

University in order to obtain their Degree. You will be able to download the transcript

directly from Studenti Online one week after the Graduation Session.

Each of the foreign partners university follows a different procedure to release the Degree according

to their regulation.

3.3 Graduation Deadlines and other information

Additional points (Bonus Laurea) are assigned depending on when you choose to graduate. For

further information please refer to the guidelines for the Final Graduation on our Webpage.

Below are the deadlines for the graduation sessions of the academic year 2015/2016. You can start

the procedure for the graduation even if you have not taken all the exams yet. It is the third deadline

(about twenty days before the actual graduation date) that is relevant for the completion and

recognition of the exams.

QF Gradua-tion Session

1st deadline (without de-lay)

2nd deadline (with delay)

3rd deadline

4th deadline: thesis deliv-ered signed by supervi-sor

GRADUATION DATE

II session 2015/2016 a.y.

19 September 2016

26 September 2016

5 October 2016

10 October 2016

25-28 October 2016

III session 2015/2016 a.y.

20 October 2016

10 November 2016

16 November 2016

28 November 2016

15-16/21-22 De-cember 2016

IV session 2015/2016 a.y.

25 January 2017

20 February 2017

24 February 2017

6 March 2017 27-31 March

2017

http://corsi.unibo.it/qfinance/Pages/gruaduation.aspx

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3, 4 Questionnaire for Double Degree students

At the end of your experience, please remember to send to the Program Coordinators the Feedback

Form. That will help us to improve our Double Degree Program for Outgoing students. You can

download this document here.

http://corsi.unibo.it/Qfinance/Pages/questionnaire-for-double-degree-students.aspx

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