Syllabus

Please find here the syllabus of this course, and read it carefully.

Changes to the exam from the A.Y. 2022/23

Due to the growing number of students taking this course, the exam will change from now on. Therefore, unlike what you can find in the original syllabus, consider the following as the instructions for the assessment phase. Students from previous years (a.y. 2021/22 or earlier) will also be subject to the new method, starting with the Summer session 2023. Unfortunately, the oral exam is becoming increasingly challenging with growing numbers of participants, for both the lecturer and students.

===========

Assessment and grading (Modalità di verifica dell'apprendimento)

Grading is based on a final written exam and a non-mandatory oral exam.

The written exam is required for all students. It consists of three parts: 1) ten multiple choice questions; 2) one open question with short answer; 3) one numerical exercise. 

Multiple choice questions address basic concepts of this course, such as definitions and overarching features of financial markets, institutions and instruments. Each question has 4 alternatives, of which only one is correct. Each correct answer is worth 1 point and there is no penalty for wrong answers. However, it is required to provide a correct answer to at lest 5 of these 10 questions, otherwise the test will be considered failed. Examples of these questions are covered during classes.

The open question addresses a more advanced understanding of one of the topics covered during classes. It requires a short answer, no longer than 10 handrwitten lines. The focus here is on the ability to correctly identify and describe the most relevant aspects pertaining to the topic. A few examples: 1) Describe the most relevant assets and liabilities (or revenues and costs) of a financial institution; 2) Describe the main players (or instruments) pertaining to a specific financial market; 3) Illustrate the main advantages and disadvantages of a specific financial performance metric (such as the yield to maturity, the duration, the dividend discount model, etc.). This question is worth up to 10 points, awarded on the basis of the correct identification of the most relevant contents pertaining to the question, and the quality of the explanation (level of knowledge, proper use of technical language, ability to sum up).

The numerical exercise will require participant to provide a specific calculation for a financial performance metric that was presented and discussed during classes. A pocket calculator can be used. The exercise is worth up to 10 points, awarded on the basis of the correctness of the calculation and the quality of the explanatory text.

The exam, assuming that at least 5 multiple choice questions are right, is passed with a total score of at least 18, summing its three parts.

The oral discussion is non mandatory and it is designed for those aiming at higher grades. The choice is given to participants obtaining at least 27 in the written exam. Who does not wish to take this chance will get a maximum grade of 27, even if their starting score is higher. The oral discussion can increase this value up to 30 (eventually with honors), but can lead on a downgrade of maximum 2 points. With a score between 18 and 26, no oral will take place and the grade will be confirmed. With 27-30 from the written exam, those choosing not to take the oral exam will all get 27. Those taking the chance will get from 2 grades lower (25 with a score of 27, 26 for 28, and so on) to 30 with honors.

The oral discussion is based on one or two questions, for a total of 5-15 minutes (the shorter the better is the outcome). The questions require to apply evaluation tools in a real-world scenario taken from financial markets,  institutions, instruments or recent news on them. The purpose is to demonstrate higher levels of understanding, competence, critical thinking and application of knowledge. The oral exam will typically take place one or two days after the written exam.