Economics, Institutions and Financial Markets
- Degree
- Graduate school
- Credits
- 120 ECTS
- Duration
- 2 Years
- Language
- English, Italian
- Year
- 2027/2028
The Luiss Master's Degree in Economics, Institutions and Financial Markets, classified as LM-56, offers a specialised and comprehensive education designed to provide a solid theoretical and applied foundation for understanding global markets and contemporary economies.
The course, delivered in Italian and English, provides an in-depth understanding of key disciplines such as mathematical methods, financial statistics, asset pricing, risk management, and market analysis.
Students can tailor their course by choosing one of three majors when they enrol:
- Banks and Financial Intermediaries, in Italian: a pathway aimed at those who want to work in the financial system, in organisations such as banks, asset management companies, insurance companies, and funds.
- Economics, Data and Policy, in English: a major that combines strong economic skills with the use of data to support business, public, and institutional decisions.
- RoME – Rome Master in Economics, in English: a programme of excellence created in collaboration with the Einaudi Institute for Economics and Finance, aimed at a select number of students and focusing on advanced economic research methodologies.
The Programme prepares professionals who are capable of:
- master mathematical and statistical tools, along with advanced knowledge of microeconomics and macroeconomics, to analyse and evaluate national and supranational economic policies;
- develop specialist skills in asset management, corporate finance, equity markets, and banking and financial regulation;
- use advanced quantitative methodologies, both theoretical and empirical, to measure economic phenomena and assess the economic and environmental sustainability of development processes;
- interpret complex situations in markets, companies, and institutions through critical thinking and flexibility;
- apply a learning-by-doing approach, using specialised software such as Python and MATLAB and taking part in workshops and meetings with professionals;
- integrate economic, business, and legal analysis tools to develop innovative strategies in international contexts.
The Director
Giorgio Di Giorgio
Giorgio Di Giorgio is Professor of Monetary Theory and Policy and Director of CASMEF at Luiss Guido Carli University in Rome. Previously, he served as Deputy Rector for Organization and Faculty (2018-21), Rector's Delegate for Corporate Relations (2017-18) and for International Relations (2003-05), Chairman of the Dept of Economics and Finance (2011-14), Dean of the Faculy of Economics and Management (2007-11) of the same University. He holds a Laurea in Economics cum laude from Sapienza University of Rome (1989) and a Ph.D. in Economics from Columbia University in the City of New York (1996). His research focuses on monetary policy, financial intermediation, dynamic macroeconomics, banking and international finance and he published extensively on these topics.
The curriculum allows you to build an academic and professional profile aligned with your interests and career goals, combining specialist training, a personalised pathway, and learning through real-world experiences.
The educational offering is structured as follows:
- Essentials: courses that provide the theoretical, methodological, and disciplinary foundations of the degree programme, developing the core knowledge upon which to build the subsequent specialisation pathway.
- Majors (where included in the study plan): in-depth courses focusing on specific subject areas or professional fields, allowing students to develop advanced and distinctive skills in their area of interest.
- Profile: elective courses that allow you to further personalise your learning path by selecting content that aligns with your academic and professional aspirations.
- Certificates: distinctive elements of the Graduate School’s educational model, integrated into the study plan to offer students the opportunity to choose learning activities developed in collaboration with Corporate and Institutional Partners. With a strong focus on practical application, the Certificates enable students to gain specialised skills, engage with industry professionals, and delve deeper into methodologies and experiences gained across various professional settings. Upon completion of each Certificate, a notarised digital micro-credential is issued on the blockchain. This securely and verifiably attests to the skills acquired and can be shared on major professional profiles, enhancing one's educational background.
- Field Experience: real-world professional experiences that allow you to put the skills you've developed during your studies into practice and foster the connection between your academic training and the world of work.
- Final Thesis: the culmination of the educational journey, dedicated to research, critical analysis, and the application of acquired knowledge.
🇮🇹 Major: Banks and Financial Intermediaries
Semester I - Essentials & Major
Mathematical Methods for Finance
The course introduces the main methodologies of advanced linear algebra and optimisation, with the aim of providing the necessary tools to tackle applied mathematical problems. The fundamental concepts and techniques of probability calculus, which are indispensable for understanding and using econometric and financial models, are also presented.
Monetary Theory and Policy
The objective of the course is to analyze the theoretical foundations of money and the tools of monetary policy, examining the role of central banks, transmission mechanisms, and the effects on the real and financial economies.
Advanced Corporate Finance
The objective of the course is to equip students with the necessary skills for solving financial issues typical of a business (investment selection, calculation of WACC, choice of optimal financial structure, business appraisal and treasury risk management).
Markets and Financial Intermediaries Law (advanced course)
The objective of the course is to equip students with the necessary skills for solving financial issues typical of a business (investment selection, calculation of WACC, choice of optimal financial structure, business appraisal and treasury risk management).
Semester II - Essentials & Major
Economics of Uncertainty and Behavioural Finance
The objective of the course is to provide the theoretical basics - both traditional and behavioural - for analysing economic choices, both individual and strategic, under conditions of uncertainty, incomplete and imperfect information, with a focus on applications to financial markets.
Financial Market Economics
This course provides the tools for a thorough understanding of asymptotic theory in classical econometrics, focusing on how to perform estimation and testing in linear cross-section regression models and on how to implement basic cross-section and time-series methods.
Econometrics for Finance
The course introduces quantitative methods for analysing and forecasting economic and financial phenomena through the use of econometric software. Main topics include the linear regression model for cross-section and panel data, OLS, GLS and IV estimators, and time series models such as AR, ARMA, ARCH, GARCH and EGARCH. Special attention is devoted to stationarity and linear stochastic processes.
Portfolio Theory and Management
The course aims to provide students with advanced financial analysis tools for constructing, managing and evaluating investment portfolios. Optimisation techniques such as the Markowitz model and the Black-Litterman model as well as Monte Carlo simulations will be explored. Upon completion of the course, students will be able to develop effective investment strategies and manage financial portfolios in real-world environments.
Semester I - Essentials & Major
Banking institutions and risk management
The course aims to provide a comprehensive overview of the structures, operating models, and regulatory environment of the banking sector, with a focus on techniques for measuring and mitigating financial risks. Analytical tools will be provided to assess credit, market, and operational risk, with real-world case studies included. Upon completing the course, students will be able to design risk management strategies that meet regulatory requirements and support strategic decisions within financial institutions.
Non-Bank Financial Intermediation
The course covers polynomial and logistic regressions; linear discriminant analysis; cross-validation and the bootstrap; subset selection and model regularization methods (ridge and lasso); tree-based methods, random forests, and boosting; neural, artificial, and convolutional neural networks.
Profile
2 elective courses
Certificate
Certificate 1
Certificate 2
Field Experience
Internship
Create
Final Thesis
Total ECTS
🇬🇧 Major: Economics, Data and Policy Analysis
Semester I - Essentials & Major
Quantitative Methods for Economics
The course provides a solid quantitative basis for economic analysis through an introduction to the main methodologies of advanced linear algebra, optimisation and probability calculus. The aim is to equip students with the mathematical and probabilistic tools needed to rigorously tackle applied problems and interpret econometric and financial models.
Econometric Methods and Applications
During the course, students will be provided with fundamental tools for applied econometric analysis in economics and policy. The focus is on estimation and inference in linear regression models with cross-sectional and panel data. Particular emphasis is placed on understanding the assumptions underlying econometric models, the interpretation of empirical results and practical application using dedicated software.
Microeconomic Analysis
The course aims to provide knowledge of the methods and topics of advanced microeconomic theory, with a focus on the choices of individual economic agents (consumers and firms) and the functioning of competitive markets.
Cases in Antitrust and Competition
Concrete cases in antitrust and competition law will be analysed during the course, with a focus on the practical application of European and international regulations. Through the study of decisions and judgments, students will acquire the legal and economic tools to assess the functioning of markets and the implications of competition policies.
Semester II - Essentials & Major
Macroeconomic Analysis
This course teaches students the basic notions and methods of advanced macroeconomic theory, focusing on the topics of consumption, asset valuation, economic growth and the natural rate of unemployment.
Policy Evaluation
During the course, methods for identifying and estimating the causal effects of public policies on economic and social variables such as employment, education or income will be introduced. Through applied examples, the main techniques of causal inference will be analysed, including controlled experiments, discontinuity regressions and difference-in-differences models.
Financial Economics
The course will cover the main economic theories of financial crises. It will analyze the root causes of crises and the mechanisms through which they develop and escalate, including irrational behavior, moral hazard, financial leverage, fire sales, and bank runs. The course also addresses the issue of optimal regulation of the financial system.
Financial Contracts and Strategy
The course explores the principles and strategies of contract design in the financial sector, focusing on information asymmetries, incentive alignment, and risk sharing. Through the analysis of real-world cases and contract theory models, the course will examine instruments such as covenants, securitization, derivatives, and collateral, assessing their impact on corporate efficiency, governance, and the stability of the financial system.
Strategic Decision Making
The course introduces mathematical models for the analysis of strategic decision-making in contexts characterized by uncertainty and interaction among agents. It covers the foundations of game theory, optimization, and decision analysis, with applications to economic, regulatory, and public policy problems. The aim is to provide students with the tools to evaluate complex scenarios, anticipate strategic behavior, and support decision-making based on formal models.
Semester I - Essentials & Major
Public Economics and Policies
The economic role of the state in the regulation of markets and the redistribution of resources will be analysed during the course. The instruments of public intervention, such as taxation and spending, are examined in the light of the objectives of efficiency and equity. Particular attention is devoted to the evaluation of public policies in key areas such as welfare, health, education and the environment.
Machine Learning for Economists
The course introduces machine learning methods applied to the analysis of economic data. Through an empirical approach, students will learn how to use supervised (and unsupervised) algorithms for predictive analysis, classification and variable selection. The focus will be on the interpretability of models and their use to support economic and policy decisions.
Profile
2 elective courses
Certificate
Certificate 1
Certificate 2
Field Experience
Internship
Create
Final Thesis
Total ECTS
Year I 2027/2028
Mathematical Methods for Economics
The course provides basic methods in linear algebra, linear and nonlinear dynamical systems, static optimization. These tools are essential to understand and develop mathematical models in economics and finance.
Economic Workshop
The economic workshop focuses on the discussion of research-oriented, applied economics papers, as well as policy-oriented papers. It helps students learn and practice academic presentation techniques, while becoming familiar with methodological, empirical, and policy issues across various areas of economics.
Mathematical Statistics
The course introduces fundamental concepts of statistical inference. Students learn to model a real-life problem as a statistical model.
Microeconomic Analysis
The course provides the knowledge of methods and topics of advanced microeconomic theory, with a focus on the choices of individual economic agents (consumers, firms), and the functioning of competitive markets.
Market Law and Regulation
The course provides an overview of the European financial market regulation, which governs securities markets in the EU, and of the actors within these markets (issuers seeking capital/funding, investment firms that provide intermediation services, trading venues, rating agencies, investment analysts and investment funds).
Econometric Theory
This course provides the tools for a thorough understanding of asymptotic theory in classical econometrics, focusing on how to perform estimation and testing in linear cross-section regression models and on how to implement basic cross-section and time-series methods.
Macroeconomic Analysis
The course provides notions and methods of macroeconomic theory with a focus on consumption, asset pricing, economic growth, and equilibrium unemployment.
Advanced Corporate Finance
The course discusses the Modigliani-Miller model and how agency problems influence business decisions, advanced capital budgeting techniques, capital structure design, dividend policy, firm valuation, and corporate governance. It offers a framework for analysing complex financing and investment decisions.
Year II 2028/2029
Asset Pricing
This course provides an advanced analysis of financial instruments and investment strategies, focusing on financial time series data, portfolio theory and practice, equilibrium in capital markets, investment strategies, habit models, models with heterogeneous agents, long-run risk models, and cryptocurrencies.
Advanced Financial Economics
This course provides an in-depth analysis of market efficiency; externalities; public goods; education; healthcare; social security (pension); optimal tax theory; tax incidence; income inequality, and redistribution.
3 Electives
1 Core Course (choose one from the following list)
Core Course List
Applied Microeconomics
This course explores techniques and issues related to firm heterogeneity using empirical methods grounded in economic theory. It focuses on industry dynamics, productivity, and the estimation of production functions. Students acquire state-of-the-art tools and insights into current debates in firm analysis.
Advanced Macroeconomics
The course covers topics such as economic growth, business cycles, monetary and fiscal policy, and international economics. Students analyse dynamic general equilibrium models and learn advanced mathematical and econometric techniques.
Additional Credits
Internship
Final Thesis
Total ECTS
Luiss offers various opportunities for international experience and the development of skills that are valuable in global academic and professional settings.
Students can take part in Double and Triple Degree Programmes, QTEM Masters Network programmes, Erasmus and International Exchanges, Free Mover semesters abroad, international Summer Schools, the Joint Programme in Digital Transformation, and ENGAGE.EU international mobility programmes.
Admission depends on the course of study and the requirements set out in the individual calls for applications. Explore all the international experiences offered by Luiss and choose the one that best aligns with your educational and professional goals.
Admission procedures and requirements for 2027/2028
To enrol in the Luiss Master’s Degree in Economics, Institutions and Financial Markets, you must follow the admission procedures for the 2027/2028 academic year.
The competition notices, which will detail the requirements, selection methods, required documents, and application deadlines, will be published in October 2026. Check the section on admissions to Luiss Master's Degree Programmes for updates and to find the procedure that applies to your profile.
Tuition fees
The single annual fee for enrolment in the first year of the Master’s Degree in Economics, Institutions, and Financial Markets for the 2027/2028 academic year is €16,000, payable in three instalments, plus the regional tax.
Scholarships and financial support
Luiss offers scholarships and partial or full exemptions from tuition fees, thanks in part to support from public and private partners. This enables students to access tangible support throughout their academic journey.
Explore all the opportunities for Luiss scholarships and financial aid, and check the requirements, deadlines, and how to apply.
The Master’s Degree in Economics, Institutions, and Financial Markets prepares graduates for a wide range of high-responsibility career opportunities within the national and international economic and financial system.
Graduates are able to combine a solid foundation in economics with market analysis, using a rigorous quantitative approach to make informed decisions on investments, risk management, strategies, and economic policies.
Graduates possess a high level of specialisation, which also enables them to work as independent professionals in the economic and financial sector.
Employment opportunities vary depending on the chosen pathway.
Major in Banking and Financial Intermediaries
- Financial analyst and portfolio manager
- Risk Manager and Quantitative Analyst
- Specialist in credit, insurance, and financial markets
- Specialist in banking and financial regulation and supervision
- Corporate finance consultant or specialist
Major in Economics, Data, and Policy
- Data-Driven Economist for Business
- Development Projects Expert
- Economic Policy Analyst
- Financial Economist, specialising in risk management, investments, and quantitative analysis
RoME Major
Typically, after completing a PhD that involves an additional four to five years of training, graduates naturally find employment opportunities in academia, research institutes, central banks, and international organisations such as the International Monetary Fund, the World Bank, and the OECD.
Luiss Alumni Network
With over 70,000 alumni worldwide, the Luiss Alumni Network is a dynamic and ever-growing community, created to keep the connection with the university alive after graduation. With 19 active international chapters, alumni and students take part in local initiatives that strengthen their sense of belonging and foster intergenerational dialogue.
The activities on offer include professional discussions, networking events, opportunities for training and in-depth study on current issues, class reunions, cultural visits, and initiatives aimed at enhancing the Alumni community.
Discover the Luiss Graduate School’s Employability Journey and the initiatives designed to support students as they develop their skills, build their professional networks, and enter the world of work.
