Faculty of: Economics

Economics and management


Academic Year 2024/2025

Duration 3 years

Language English

Degree classes L-18 (Business administration)

The Foundation Knowledge Assessment test (VPI) consists of a compulsory test for all students enrolled in the 1st year of any undergraduate or integrated degree graduate programme. The VPI test is required to assess the basic knowledge needed in order to successfully attend the programme you selected.

 VPI test does not constitute a prerequisite to access or attend the programmes, but it is an opportunity to assess your knowledge and skills at the beginning of your university career.

For this course of studies which includes the ADMISSION TEST (TIEC), the VPI coincides with the TIEC.

The only exception is made for students with a foreign qualification who, on the basis of the extracurricular certifications possessed, are exempt from the ADMISSION TEST (TIEC) and are therefore required to take the VPI.

Only for these students the date for the VPI is automatically assigned after enrolment. The date can be checked modified, only if strictly necessary, through the student’s personal iCatt page. The test is held online remotely and the technical details are communicated to the student after enrolment.

The test

For students who have already taken or will take the ADMISSION TEST (TIEC), pass for the VPI is achieved with 7 correct answers in the Mathematics area of the admission test.

Otherwise, for students with a foreign qualification who must take the VPI, the test consists of a series of multiple-choice questions in English online, lasting a total of 40 minutes, in the following subject area:

  • Mathematics (30 questions).

The positive outcome of the VPI is achieved with 50%+1 of the correct answers.

In case of a fail result in the VPI through TIEC, or a negative result, or the test is not taken, an Additional Training Obligation (OFA) is assigned to fill in the gaps found in the subject areas with negative results.

Students with disabilities and/or with Specific Learning Disorders (DSA) are invited to contact the Disability and Specific Learning Disorders Support Service at least 8 days before the test.

Additional Training Obligation (OFA)

For this degree programme, the Faculty has defined an Additional Educational Obligation in: 

  • "Mathematics": a 12-hour mixed-mode course (classroom/online), with a final assessment.

Students are required to attend OFA according to the timetable provided (see the Freshman kit of their Faculty). The student who has attended at least 70% of the scheduled hours is admitted to the final assessment of the OFA course. Successful completion of the final examination means that the OFA is concluded and the student will be able to continue the university course without any Additional Training Obligations. During the first year, at least 3 attempts to pass the final assessment are planned without having to attend the OFA course again. Final assessment’s dates will available on Blackboard

In case the student fails to pass the OFA final assessment, the group Tutor in charge will contact the student in order to support him/her in the process of accompaniment to the above-mentioned exam.

At the end of the last round of the OFA course, in the event of a negative outcome of the final assessment, the teacher responsible for the course, after checking the results of the VPI and of the final tests of the above programme, and taking into account any 1st year profit exams passed by the student, may consider the OFA course to have been completed.

Otherwise the student is required to renew the enrolment for the first year of the programme to repeat the year.

Exemption from the Foundation Knowledge Assessment test

Students coming from other programmes (from Università Cattolica and other universities) are exempt from Admission test (TIEC) and VPI support for 1st year enrolment provided that they have completed the minimum number of ECTS in the training activities identified by the Faculty during their previous career.


Investments are among the many facets of our everyday life that have been revolutionised by technology. Until not long ago, whoever wished to make a profit from their financial assets interacted with financial consultants, or specialists, who could advise on the most suitable investments for different clients. Now consultants must compete with robo-advisers. These are systems able to build a digital portfolio, and can offer to clients the best solutions to invest their savings, based on algorithms. Moreover, all phases preceding financial consultancy are automated, from client acquisition to the definition of a basic portfolio tailored on the client’s characteristics. This model is becoming even more successful, especially in English-speaking countries and among less wealthy investors. According to recent surveys, the target clients for robo-advisers are especially those between the mass market (the segment including people with less than 100,000 Euros to invest) and the mass affluent (clients with a capital exceeding 1 million Euros). Many of these clients are not experts in finance and would prefer to delegate the management of their portfolio, but keeping managements costs low. The services offered by robo-advisers are characterised precisely by their costs that are reduced compared to the management of a portfolio by a specialised consultant. The management costs for a wealth of 100,000 Euros is about 20 Euros a month. In order to get new clients, the companies that operate in this sector do not resort to the strategies mostly used by traditional financial consultants, such as the ability to generate fruitful returns on investment or protect the amount invested, but rather insist on the topic of low management costs. As clearly explained by the motto of one of these companies: “the same professional portfolio management at the cost of DIY”. The growing diffusion of robo-advisers is pushing traditional financial advisers to redesign their role and cost of service. The online consultancy business is much appreciated by large investment funds as well as by banks. Many British banks, after the introduction of more strict regulations on the management of clients’ savings, ceased to offer management services for a small capital because it was unprofitable on limited amounts of money. Therefore, the introduction of robo-advisers may result in a relaunch of the consultancy market.


A. Which aspect of the financial sector is addressed in the text?

  • The birth of new banks
  • Globalised investments
  • The limited financial education of savers
  • The use of new technologies to guide investors

B. In a class made of 11 boys and 9 girls every pupil had to choose only one extra-curricular activity, basket or volleyball. If basket was chosen by 6 pupils overall, and among them 5 are boys, how many girls chose volleyball?

  • 6
  • 5
  • 8
  • 4

C. “Greece is poorer than Germany; France is wealthier than Greece; Germany is the wealthier of all three”. According to these statements, which of the following must be true?

  • France is the less wealthy of all three countries
  • France is less wealthy as Germany
  • Greece is wealthier than Germany
  • France is less wealthy than Greece

D. The inequality (2x −  9)/(3 – x)2 <= 0 holds for

  • x< 3 v  3<x <=  9/2
  • x <= 9/2
  • x < 3  v   x≥ 9/2
  • 3 <=  x <=  9/2  

E. (a – 2b + 3)(a+2b+3) is equal to

  • (a – 2b)2 – 9
  • a2 – 4b2 +9
  • a2 – 4b2 + 2ab + 9
  • (a + 3)2 – 4b2

F. You will go on holiday on condition you ____________  the exam.

  • pass
  • will pass
  • won’t pass
  • don’t pass

G. Many of the world’s seas, rivers and lakes are becoming __________ polluted.

  •  more and more
  •  less
  •  least
  •  most


A - The use of new technologies to guide investors

B - 8

C - France is less wealthy as Germany

D - x< 3 v  3<x <=  9/2

E - (a + 3)2 – 4b2

F - pass

G - more and more