actually some years ago (5/10) when you said "laurea" it meant master's degree, and so we used to say "Sono laureato", "I've got a master's degree in....".
Recently things have changed and there are 2 different types of degrees:
- laurea breve (bachelor's degree) - 3 years
- laurea specialistica (master's degree) - 2 years
So if you want to get a master's degree in Italy, you've got to study 5 years (3+2). The only exception is Medicine where, in order to be Doctor of Medicine, you've got to study 6 years (there's no bachelor's degree)