MBA in Monaco
Considering Monaco as your study destination?
Monaco is one of the most unique countries in the world. It covers a land area of just 2.1 km2 (0.81 sq mi) and has a population of 38,100, with more than 30% of those being 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, studying an MBA in Monaco is not a left-field choice as you might think. The citystate’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 specialises in Monaco’s most prominent industries: namely luxury services, wealth management, tourism and sport 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.
- In terms of land area Monaco is the second-smallest country in the world
- Monaco has one of the largest police forces in the world on a per capita basis – 515 police officers for just over 38,000 people
- It is estimated that by 2026 there will be 16,100 millionaires in Monaco, which is 42% of the current population
- Monaco may be famous for its high-stakes casinos, but the local Monégasques are forbidden by law to gamble
- 48,000 commute from France or Italy every day to work in Monaco – more than the entire population of Monaco
Graduate Schools in Monaco
Top MBA Programs in Monaco
5 things you need to know
What do I need to know if I want to study in Monaco?
How much will it cost to live and study in Monaco?
With the costs of living in Monaco itself being quite prohibitive, most students choose to live just outside the principality – often in neighboring France. However, given the tiny size of Monaco, that can still mean you’re living within walking distance of campus. The International University of Monaco website indicates that you’re likely to pay in the region of €600-€800 for a private double room or €800-€1,200 for your own flat.
The MBA program at the International University of Monaco commands tuition fees of €37,500, which is very reasonable compared to similar European schools and considering its position as one of The Economist’s Top 100 MBAs.
Do I need to get a VISA to live and study in Monaco?
Non-EU students require a visa to study in Monaco, and EU students will require one if their stay exceeds 90 days. As Monaco doesn’t have its own consular, you must apply through the French authorities. The visa you require depends on whether you will be living in Monaco or France during your time here. If you choose to live in Monaco, you need to apply for the Long Stay Student Visa. If you choose to live in France, you will need to apply for the Long Stay Visitor Visa called VLS-TS type D visitor. You can find more information on the French government website.
How reputable are universities from Monaco?
Although Monaco is home to just one university, it is highly-regarded throughout the world. The Master in Business Administration program at IUM is rated as one of The Economist’s Top 100 MBAs in the world, whilst the university has been accredited by a number of global bodies.
What is the job market like for graduates here?
Monaco has a highly-specialised economy mainly concentrated in the industries of tourism and banking. Therefore if you have designs on working in the fields of luxury services, wealth management or tourism, you couldn’t pick a better destination to study in than Monaco. With a GDP per capita that is the second-highest in the world, there is a lot of potential for a lucrative post-graduation career here.
Are there a lot of international students in Monaco?
As the name of the school suggests, internationalism is in IUM’s DNA. Over 80 different nationalities make up the student body & faculty here, whilst just over half of Monaco’s population is comprised of citizens born outside of France or Monaco.