basically, it is some economics theory (micro) + empirical method (econometrics) + advanced course in finance and accounting - which is for sure more mathematical than a practical master in finance.
1. MPhil is a research master, but research master is not necessary a MPhil.
for example, 2 of the 3 example I list above is indeed in Europe
2. I am not studying in Bocconi, and I have no idea if Italian is difficult for you to learn or not (every foreign language is difficult to me anyway)
3. Bocconi is a good school for research in economics and finance (I am not in accounting so no idea), and it is also a good school for practical master like finance and management (again, no idea about accounting as I hate it...)
4. Not every master in a good research university are suitable for research (aka PhD) preparation. This depends on the course content, the faculty involved and etc....
just imagine the difference between LSE MSc Fina, and LSE MSc Fina & Econ if someone plan towards a PhD in Finance. That is huge.
Learn to judge if a master is suitable for research/working by yourself, since this is essential for you to know what is required for a certain goal.