Italy, officially the Italian Republic, is a unitary parliamentary republic in Europe. Italy covers an area of 301,338 km² and has a largely temperate climate; due to its shape, it is often referred to in Italy as lo Stivale.
Education in Italy is free and mandatory from ages six to sixteen, and consists of five stages: kindergarten (scuola dell'infanzia), primary school (scuola primaria), lower secondary school (scuola secondaria di primo grado), upper secondary school (scuola secondaria di secondo grado) and university (universitÓ). The Superior Graduate Schools are independent institutions similar to French Grandes Úcoles which offer advanced training and research through university-type courses or are dedicated to teaching at graduate or post-doctoral level.
Italy hosts a broad variety of universities, colleges and academies. Founded in 1088, the University of Bologna is likely the oldest in the world. In 2009, the University of Bologna is, according to The Times, the only Italian college in the top 200 World Universities. Milan's Bocconi University has been ranked among the top 20 best business schools in the world by The Wall Street Journal international rankings, especially thanks to its M.B.A. program, which in 2007 placed it no. 17 in the world in terms of graduate recruitment preference by major multinational companies. Bocconi was also ranked by Forbes as the best worldwide in the specific category Value for Money. In May 2008, Bocconi overtook several traditionally top global business schools in the Financial Times Executive education ranking, reaching no. 5 in Europe and no. 15 in the world.