International University Of Monaco offers an AMBA-accredited MBA program that can be completed full-time (10 months) or flexibly (up to 3 years). Entry requirements include three years’ work experience; GMAT or GRE. Tuition is €32,500. Merit-based scholarships are available.
There are three specializations: Applied Finance, Luxury Management, and Entrepreneurship & Innovation. The latter includes mentorship from seasoned entrepreneurs and “possible incubation” of students’ ventures.
Arguably the most striking, though, is the luxury management track, in which students leverage Monaco’s strengths in the industry. They explore fashion, jewellery, private aviation, real estate and hospitality, among other sector segments.
When MBAs aren’t immersed in events or projects with companies such as investment bank UBS or luxury group Fairmont Hotels & Resorts, they are exploring the French Riviera, or Côte d’Azur, with its yachts, sun and stunning views.
That’s according to Diana Nyerges, director of student recruitment and marketing at IUM, who answers key admissions questions below.
What do you prefer — work experience or GMAT score?
Every element of the application has an importance; it gives a global picture of who the candidate is. GMAT is only recommended, whereas having the relevant years of work experience is mandatory.
Do you accept GRE and, which test would you recommend applicants take?
Yes IUM does accept both GRE and GMAT scores without particular preference or recommendation.
What financial support do you offer your MBAs?
IUM offers merit based scholarship[s] to its MBA applicants.
Why are international students attracted to Monaco?
Monaco offers a unique networking opportunity; it’s a very important financial and business hub, with focuses on luxury and sport. The “community” creates the chance for IUM students to not just be surrounded by the most influential businesses and people from all around the world, but to have direct access [to them], thanks to IUM’s career service and events in Monaco.
How does the business school leverage Monaco’s strengths in luxury?
The access [for students to luxury companies] is easy! Our students are participating in various corporate projects in luxury hospitality, services, and in events such as the Monaco Yacht Show. IUM invites professionals from the industry, or takes its students directly to events.
What do MBAs do for fun on the French Riviera?
Whether sitting in a café outside in Nice or visiting the famous Perfume Museum in Grasse, having brunch in Cannes, skiing, or going out in Monaco, for sure, you will find the activities that will enrich your studies!
The French Riviera and Monaco is the “place to be”, not just during the summer but all year round! The 300 days of sunshine, the mild winter, and the beautiful views provide endless happiness to inhabitants. There is an event in entertainment, culture, or business happening every day in Monaco. Nice Airport is the second largest international airport in France, giving direct access to other European capitals.
Tell me about the Entrepreneurship and Innovation specialization.
Several academic and non-academic actions and events are aimed at stimulating the entrepreneurial spirit of our students. The aim is to build a framework through which we enable students to acquire the skills needed to identify potentially successful entrepreneurial opportunities, asses their expected value, and start business activities to seize these opportunities.
We have built an entrepreneurial path which includes:
- Courses and seminars on innovation and disruptive business models;
- Courses on entrepreneurship taught by a combination of academics and professionals to expose participants to both the most up-to-date theories in the field and a set of inspiring real-life case studies;
- An individual mentoring program done by either entrepreneurs or investors in early-stage companies;
- Corporate consulting projects in partnership with Frost & Sullivan to study the impact of mega trends on specific industries in order to identify untapped opportunities;
- Possible incubation of mature enough and deserving entrepreneurial projects after graduation;
- Participation in an international contest organized by Ernst & Young to select the entrepreneur of the year.
Which companies do you work, for example through corporate projects?
Recent and/or current MBA corporate consulting projects include at:
Fendi Casa; The Fairmont Hotel; The Monegasque Association for Finance; Frost & Sullivan Global Consultancy; UBS; Parkview International; Monte Carlo Capital.
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