ACF Accounting & corporate finance

The educational activities of the Master’s Programme in Accounting & Corporate Finance are structured into three main thematic areas, designed to provide a comprehensive and integrated preparation:

• Financial Reporting
  This area focuses on the preparation and interpretation of individual and consolidated financial statements, with reference to both national and international accounting standards.
• Management Control
  This area examines the main planning and control tools, including cost analysis, budgeting, business planning, and performance measurement and evaluation systems. It also integrates transversal competencies related to business analytics, which are increasingly relevant in decision-making processes.
• Corporate Finance
  This area explores financial decision-making in support of corporate growth and investment, with a focus on capital budgeting, company valuation, extraordinary finance transactions, and relationships with the banking system.

The programme also includes activities related to data structuring, analysis, and reporting to support decision-making, as well as a simulation laboratory based on Business Game activities, allowing participants to gain hands-on experience of the economic and financial implications of corporate decisions.

Participants may also enroll in one or more individual courses, thereby creating a customized learning path tailored to their professional needs.

For further information, please contact the programme’s administrative office and the Scientific Coordinator. The programme is coordinated by faculty members of the Department of Economics and Management “Marco Fanno” – University of Padua.

The Master’s Programme in Accounting & Corporate Finance is designed for individuals who wish to strengthen, update, or acquire key competencies in administration, finance, and control, with a professional and career-oriented perspective.

It is particularly aimed at:

• Professionals already working in administration, finance, and control, who wish to update and expand their skills in order to evolve towards a business partner role, supporting a wide range of corporate decision-making processes.
• Recent graduates, who intend to continue their educational path by acquiring advanced competencies in accounting, management control, and finance, thereby enhancing their employability in the job market.
• Individuals with non-economic backgrounds, who seek to reposition themselves professionally by developing specialized skills and gaining a solid understanding of the tools and concepts typical of the field.

The programme prepares participants for key roles both within organizations and as independent professionals, including:

• Business and Financial Controller
• Administrative Manager
• Head of Management Control
• Business Consultant and Independent Professional
• Chief Financial Officer (CFO)

The Master’s Programme is structured into core and advanced modules. During the programme, a non-binding mid-term self-assessment is предусмотр to monitor participants’ learning progress, as well as a final project work required for the awarding of the degree.

Module – Financial Statements: Preparation and Interpretation
This module aims to illustrate the principles underlying the preparation of financial statements in accordance with national accounting standards, with a focus on the income statement and balance sheet. It also examines techniques for financial statement analysis through reclassification and the development of key performance indicators and evaluation metrics.

Fundamentals of Management Control, Cost Analysis and Budgeting
This module explores the key concepts and techniques of planning and control, including contribution margin analysis, cost centers, the preparation of operating budgets, and variance analysis within a corporate reporting framework.

Investment Analysis
After introducing the concept of present value, this module examines the main investment appraisal techniques, such as Net Present Value (NPV) and Internal Rate of Return (IRR), with a focus on their practical application. It also introduces the concept of the cost of capital.

International Accounting Standards and Intangible Asset Valuation
This module analyzes the structure of financial statements prepared under international accounting standards (IAS/IFRS), with particular attention to the role of Other Comprehensive Income. It also explores the accounting treatment of specific asset categories, including tangible and intangible assets.

Consolidated Financial Statements: Preparation and Interpretation
The first part of the module addresses key issues in group governance, including relationships among group entities and group strategies. The second part focuses on the preparation and interpretation of consolidated financial statements.

Strategic Control: Responsibility, Incentives and Performance
This module examines management by objectives and responsibility centers, linking these concepts to incentive systems in order to design organizational control mechanisms that support corporate strategy.

Strategic Planning: The Business Plan
This module identifies the key requirements and characteristics of an effective business plan, aimed at integrating strategic and operational aspects and their economic and financial implications.

Big Data and Business Analytics: Data Management and Decision-Oriented Reporting
This module focuses on the use of large volumes of data (big data) to generate valuable insights for decision-making. It explores data sourcing, organization, and analysis, with the goal of transforming “big data” into “smart data.”

Corporate Financing and Bank Rating Optimization
This module analyzes the activities and regulatory frameworks governing corporate financing and credit, with particular attention to creditworthiness assessment.

Sustainability Performance Measurement and Reporting
This module addresses multidimensional systems for evaluating corporate performance, with a particular focus on ESG reporting and sustainability reporting.

Company Valuation and Extraordinary Finance for Growth
After introducing the main business valuation models, this module examines mergers and acquisitions from strategic, valuation, governance, and risk management perspectives. It also covers divestitures (spin-offs, disposals, and contributions) and corporate restructuring.

Treasury Management
This module covers models and operational tools, such as cash flow statements and treasury budgets, for the effective planning and management of cash flows.

Listing on Regulated Markets and Private Equity
This module explores venture capital and private equity, including market dynamics, key players, and transaction characteristics. It also covers fund structures, the investment process (deal flow, selection, due diligence, and exit), and leveraged buy-out (LBO) operations.

Anti-Money Laundering and Fraud Prevention
This module provides the fundamental concepts necessary to understand and prevent corporate fraud, with a particular focus on anti-money laundering activities.

Advanced Models and Tools for Control and Planning
This module further develops the budgeting process as a key tool for corporate planning, and examines advanced cost analysis techniques, including lean accounting.

IT LAB activities will include lessons and practice on how to use data structuring, analysis and reporting software to support corporate decision-making processes. The ACF Master’s Degree organizes three workshops:

• a half-day advanced Excel laboratory. During this laboratory, advanced Excel functions for data management and analysis will be explored in depth;
• a half-day laboratory with Tableau. During this laboratory, the use of Tableau software as a business intelligence tool will be illustrated;
• a full day laboratory “Business Game”: a training tool used in the managerial field to allow students to experience first-hand the economic and financial implications of business choices.

All workshops are optional, and will be held at the IT Lab of the Department of Economics and Management “M. Fanno”, Via Bassi 1, Padua.

The Faculty combines and integrates both theoretical and applied perspectives.

Francesco Ambrosini, Assistant Professor of Business Administration
Giacomo Boesso, Full Professor of Business Administration
Fabio Buttignon, Full Professor of Corporate Finance
Diego Campagnolo, Associate Professor of Organization Studies
Fabrizio Cerbioni, Full Professor of Business Administration
Marco Ciabattoni, Chartered Accountant and Statutory Auditor
Francis De Zanche, Partner at Adacta Advisory
Elena Gaiani, Business Consultant at Thera Capital
Tiziano Galeazzo, Business Consultant at Adacta Advisory
Paolo Gubitta, Full Professor of Organization Studies
Tommaso Lazzarini, Business Consultant and Partner at Idea Cinquanta
Giovanna Michelon, Full Professor of Business Administration
Giulia Milan, Partner at Buttignon Zotti Milan & Co.
Marco Minozzi, Business Consultant at Thera Capital
Francesco Naccarato, Partner at 110 Advisory
Emilio Passetti, Associate Professor of Business Administration
Luisa Pastega, Chartered Accountant and Business Consultant
Michele Piazza, Partner at Thera Capital

The programme also includes guest lectures by managers from both private and public organizations, as well as contributions from additional academic staff.

For the academic year 2026–2027, the Enzo Badioli Foundation offers a scholarship covering more than 85% of the tuition fees for the ACF Master’s Programme. The scholarship is reserved for members and children of members of BCC Roma under the age of 30.

Established in 1996 by the Banca di Credito Cooperativo di Roma in memory of its President Enzo Badioli—a prominent figure in the Cooperative Credit movement—the Foundation promotes educational and training initiatives for young people, with particular focus on professional development in the banking and financial sectors.

For further information on how to apply for the scholarship, please visit the Enzo Badioli Foundation website.

AlmaLaurea data for the 2024 edition (latest available data) show that 93.5% of participants, out of a sample of 31, would choose to enroll in the Master’s Programme again.

The Department of Economics and Management “Marco Fanno” – University of Padua is EQUIS-accredited. The international EQUIS (EFMD Quality Improvement System) accreditation certifies the Department’s excellence in terms of teaching quality, research, and strong international orientation across its activities.

The general ranking of merit for the academic year 2026/27 will be published on the Italian page of this Master according to the timing provided in the Call.