Monaco is one of the most unique countries in the world. It has a population of just 38,100, and more than 30% of its population are millionaires. Needless to say, no other country in the world comes even close to that percentage. So, why does it attract so many millionaires? Well, we imagine the non-existent income tax is probably the main driver, but the luxurious lifestyle, ultra-safe streets, and sweeping sea views don’t hurt either.
However, pursuing an MBA in Monaco is not a left-field choice as you might think. The city-state’s only university – the International University of Monaco (IUM) – has been running since 1986 and has a student body of over 600. It holds a number of accreditations from global bodies and specializes in Monaco’s most prominent industries – namely, luxury services, wealth management, tourism, and sports management. As the only university in Monaco, it holds privileged links with the principality’s major companies, so if you have a clear idea of where you want to go in your career then studying in Monaco is a smart choice.
The tuition fees of the MBA program at the International University of Monaco (IUM) are EUR€37,500, which is very reasonable compared to similar European schools and considering its position as one of The Economist’s Top 100 MBAs. Average monthly expenses for a student in Monaco ranges from EUR€2,000-3,000 a month. While the costs of living in Monaco are quite high, many international students choose to live in neighboring France.
Any international student from outside the EU/EEA looking to complete their MBA in Monaco needs a student visa. You will need to apply for a visa at the nearest French embassy or consulate in your home country. Monaco does not have its own visa services; all applications go through the French authorities. If you choose to live in Monaco, you will need to apply for a Long Stay Student Visa. If you choose to live in France, you will need to apply for a Long Stay Visitor Visa (called a VLS-TS type D visitor). This visa allows you to live in France and study in Monaco.
Although Monaco is home to just one university, it is highly regarded throughout the world. The MBA program at the International University of Monaco (IUM) is rated as one of The Economist’s Top 100 MBAs in the world. The university has also been accredited by a number of global bodies.
Monaco has a highly-specialized economy mainly concentrated in the industries of tourism and banking. Therefore, if you have ambitions to work in the fields of luxury services, wealth management, or tourism, you couldn’t pick a better study destination than Monaco. With the second-highest GDP per capita in the world, there is a lot of potential for a lucrative post-graduation career in this unique city-state.
As the name of the school suggests, internationalism is in the International University of Monaco’s (IUM) DNA. Over 80 different nationalities make up the student body and faculty at IUM, while just over half of Monaco’s population is comprised of citizens born outside of France or Monaco.
Want to know what it is really like to do be an MBA student? Do you have a specific question about a graduate school or MBA program, or would you like to know what life is like at your selected study destination? Get in touch with these student ambassadors, who will be happy to share their insights and real experiences with you.