Master of Business Administration
Monaco MBA Program (AMBA accredited)

Our success can help build yours.

Alexis Chapman, Canadian, Monaco MBA Class of 2006 My experience in the Monaco MBA was, in a word, fantastic. I chose the program mainly for the 'Luxury Goods Brand Management' specialty as well as the international aspect of the curriculum, faculty, and fellow students. Upon completing my Monaco MBA I took a role in London, UK at The Walpole, which represents 100 British luxury brands including Burberry, Jimmy Choo, Links of London, and Rolls Royce. The Walpole was impressed with IUM's program curriculum and luxury issue coverage. As a result, I was able to step into the role as Senior Membership and Events Executive with confidence and skills from my IUM experience.

The MBA Full-time at IUM is unique in many ways:

• Internationally Recognized and Top Ranked:
  - This MBA is an accredited (AMBA accredited), internationally recognized and globally top ranked program located in the Principality of Monaco.
  - For the past five years it has featured in The Economist's Top 100 MBA Programs Worldwide.
• Unique Multicultural Environment:
  - The intensive, ten-month program combines theory and practice in a unique multicultural environment with one of the most internationally diverse student bodies of any MBA program
  - Monaco itself is home to 4600 companies and over one hundred different nationalities
• Unique Faculty, and Faculty to Student Ratio:
  - The high faculty to student ratio ensures individual and ongoing attention, mentoring and feedback.
  - Full-time faculty, 90% of whom hold PhDs, come from around the world; adjunct faculty are renowned professionals in their disciplines and industries.
• Unique Curriculum and Teaching Philosophy
  - The MBA program delivers a solid, integrated and multidisciplinary curriculum designed around general and evolving management theory and practice through the use of lectures, readings, case studies and business simulations.
  - The applied and practical focus of this MBA is further enhanced through Consulting Projects with the many local and international companies active in the region.
  - Unique elective specialization courses are offered in Applied Finance, Luxury Management, and International Management—activities that are characteristic of the Monegasque economy.
• Unique Approach to Professional Development and Career Services
  - The Management Assessment Center, together with ongoing courses in Managerial Expertise, enable students to better understand their professional profiles and so facilitate the job search process.
  - A personalized coaching approach coordinated by Career Services, leadership coaches, and relevant faculty is developed to assist MBA students reach their full potential.
  - The MBA program has an exceptionally high placement rate upon graduation.
• Unique Experience: Inside and Outside the Classroom
  - Numerous conferences and networking events are held throughout the year, as are class visits to companies in European cities noted for their expertise and talent in the areas of finance, industry, and luxury.
  - The unique MBA Mentorship Program links you to top executives, leaders and entrepreneurs in the disciplines and industries that interest you.

The career & personal development seminars: 9 credits
The Office of Career Services offers free access to a sophisticated and highly recognized self-assessment inventory – as Career Leader Online Assessment tests and MBTI - and suggests additional self-assessment tools for individual needs and specific requests.

The web-based self-assessment is followed by a series of formal interviews with a career counselor, scheduled throughout the academic year.

Caroline Behne, German, Monaco MBA 2010 My experience at IUM was extraordinary. The MBA pathway in luxury goods and services exposed me to many new business concepts, greatly enhancing my previously gained professional experience in Dubai. Throughout my MBA I had the opportunity to immerse myself into the business dynamics of major international companies in various industries. It was a year combined with hard work which truly pushed me to my limits and gave me confidence in my abilities. Even more importantly, I developed lifelong friendships and business relationships. It was a great challenge and experience that I would not exchange for anything in the world. Upon completing my MBA I had the opportunity to work with teNeues Publishing (Senior Marketing Associate) in New York City, where I am presently representing the Digital Media Group based in Berlin, focusing on digital luxury and lifestyle publications.

Some of the MBA courses offered

Corporate Projects

The aim of the Corporate Projects is to expose students to the realities of working in selected teams on actual issues, challenges, problematics or growth opportunities confronting companies today. We intentionally invite a wide selection of companies from all sectors and of all sizes to participate in this program. Students, working closely with the point of contact within the company, will have to analyze the situation, embark on relevant research, assess pros and cons, and present and substantiate their recommendations to the company. Groups will be graded by faculty, the MBA program director, and senior management of the company.
Examples include market entry and development strategies for different regions, growth and M&A alternatives, global supply chain and logistics decisions.

Financial Markets

This course introduces the fundamentals and workings of financial products and financial markets; the mathematics of the markets; and the vocabulary, participants, and technologies that make these markets work.
Case study discussions are an integral part of the course.
Students will learn to develop an awareness and understanding of current market conditions; interconnections between the stock, bond, derivatives, and foreign exchange markets; and the impact and relevance of current economic and geopolitical events.

Organizational Behavior and Cross-Cultural Management

This course focuses on the variables that affect behavior at the individual level and then goes on to a thorough examination of the foundations of group dynamics – all within the organizational context.
Students will learn how leadership, power, politics, conflicts, and culture can affect behavior and their implications for performance and satisfaction. They will also develop the ability to recognize the influence of these factors on organizational system-level variables.

Corporate Finance

This course examines the role of finance in supporting the functional areas of a firm and fosters an understanding of how financial decisions themselves can create value.
Topics covered include basic analytical skills and principles of corporate finance; functions of modern capital markets and financial institutions; and standard techniques of analysis, including capital budgeting, discounted cash flow valuation, and risk analysis.
Students will learn methods for reviewing the range of issues confronting a corporation as it determines the role of financing in the enterprise such as financial analysis, capital budgeting, capital structure, and cost of capital.

Budgeting and Cost Analysis

The course initially examines accounting for manufacturing operations with the computation of manufacturing and production costs. This leads to a discussion of the cost accounting and process cost systems.
Students will develop the analytical – and other – skills necessary for the controller’s function, and will learn to generate, analyze, and implement financial information for efficient managerial decisions.

Marketing Management

This course provides an overview of all the fundamental marketing management concepts and provides students with the opportunity to integrate them.
Students will learn how to scan the environment, perform market studies, evaluate buyer and consumer behavior, launch new products, and choose a coherent marketing mix strategy (product and branding, price, distribution, and communication strategies).
They will also learn to analyze and formulate a marketing strategy, and select an implementation process by preparing and presenting a marketing plan for a product or service.
Through this process students will develop an understanding of the ways in which the customer is the focus of all marketing actions, and the role marketing plays within a company and in the general economy.

E-Business – Customer Relationship Management

This course aims to provide a basic understanding of e-marketing concepts and how relationship management (RM) is critical to an organization’s success.
The course approaches RM from the perspective of the general management tasks that must be performed to develop RM within an organization. The course examines why RM represents a strategic alternative to the traditional 4 P’s marketing paradigm; long-term customer orientation; and the crucial concepts of satisfaction, trust, and commitment, and their role in the formation and maintenance of relationships.
The course also discusses ways in which RM can be brought to life in the organizational arena thanks to customer relation management (CRM) through strategy, structure, and systems.
Students will learn how the Internet has broadened CRM’s opportunities and efficiency, and ways to develop and implement an effective CRM strategy.

Strategy

This course focuses on the environment in which global strategy is developed at the corporate, business, and operational levels. Particular attention is paid to the processes, competencies, and vision of top management; competitive positioning; understanding comparative costs; and addressing issues such as cannibalization, network externalities, and globalization.
Students will hone their skills for formulating strategy by developing an understanding of a firm’s operative environment.
They will master a range of analytical tools and then demonstrate the ability to take an integrative point of view in using these tools to perform in-depth analyses of industries and competitors.

Financial Accounting, Reporting, and Control

This course provides a general overview of how accounting contributes to an organization, especially since it is the primary channel for communicating information about the economics of a business.
Students will learn the concepts and language of accounting; the ways it can be used as an effective tool for communication, monitoring, and resource allocation; and the terminology and jargon of financial statements and accounting reports.

Statistics

This course covers the basics of classical statistics including summary measures of data, graphical presentation of data, random variables and probability distributions, expected values, estimation, confidence intervals, and hypothesis testing.
Students will become familiar with the classical material as well as the advanced quantitative methods applied to managerial decision making problems such as regression, analysis of variance, and time series analysis.

Logistics, Operations, and Supply Chain Management

This course focuses on what operations managers do, how operations management involves a range of business functions, and the tools that operations managers use.
Students will develop the skills and concepts needed to ensure the ongoing contribution of a firm’s operations to its competitive position, as well as an understanding of the complex processes underlying the development and manufacture of products, and the creation and delivery of services.

Managerial Economics

This course employs an intuitive, non-calculus-based treatment of economic theory and concentrates on micro-economic topics of particular importance to assist students in understanding and improving the managerial decision-making process. The firm is treated as a unified whole rather than a series of discrete, unrelated parts.
Students will gain a solid foundation of economic understanding and the "economic way of thinking" for use in strategic and managerial decision making, and an understanding of the basic forces of supply and demand and how they interact to determine the quantity of goods traded in a market – and the price paid for those goods.
They will learn to analyze market structure, examine the pricing practices needed for successful management, discuss ways in which real markets depart from perfect competition, and describe the role of government in a market economy.

Finance

This course is divided into two parts.

Part 1 examines the role of finance in supporting the functional areas of a firm and fosters an understanding of how financial decisions themselves can create value.
Topics covered include basic analytical skills and principles of corporate finance; functions of modern capital markets and financial institutions; and standard techniques of analysis, including capital budgeting, discounted cash flow valuation, and risk analysis.

Part 2 builds on the foundation developed in part 1, focusing on a number of managerial decisions: how to evaluate complex investments, how to set and execute financial policies within a firm, and how to integrate the many financial decisions faced by firms.
Students will learn methods for reviewing the range of issues confronting a corporation as it determines the role of financing in the enterprise such as financial analysis, capital budgeting, capital structure, and cost of capital. They will also learn valuation techniques, ways to manage working capital, how NPV and valuation techniques are related, and methods for managing debt and equity financing.

Financial Markets

This course introduces the fundamentals and workings of financial products and financial markets; the mathematics of the markets; and the vocabulary, participants, and technologies that make these markets work.
Case study discussions and activities that simulate financial markets in all their components (from corporations to investment banks to fund management firms to clearing houses) are an integral part of the course.
Students will learn to develop an awareness and understanding of current market conditions; interconnections between the stock, bond, derivatives, and foreign exchange markets; and the impact and relevance of current economic and geopolitical events.

Governance and Business Law

This course presents the principal legal mechanisms used in the world of international business, and explores the ethical and legal foundations of business activities in an international setting.
Students will master the relevant legal topics of international transactions, and learn how to analyze the problems and methods of international business law and comparative law.

• Full MBA Course Descriptions

Some of the MBA specializations offered

Applied Finance

Venture Capital and Entrepreneurial Finance

This course is designed to familiarize students with the issues and practices surrounding private equity investments, in particular venture capital, bootstrap finance, mezzanine investing, and turnarounds.
This involves learning about the dimensions of risks and expected returns in a context which is characterized by incomplete information and lack of liquidity while gaining practical insights into the interaction and relationship between the investor and management: What are their respective interests and strategies? How do they come to a deal? What is the process? How do they create value?
The course integrates various managerial disciplines and covers the venture capital environment, financial modeling, business plan analysis, investment criteria, delivering pitches and teasers, understanding and negotiating terms and conditions, and preparing for due diligence and closing.

Real Estate Investing

This course seeks to impart an understanding of commercial real estate as an income producing investment. It explains real estate syndications as an ownership form, financing alternatives, and the use of financial leverage.
Students will learn the techniques used to valuate commercial properties, how to prepare an investment analysis, and how to identify the risks of development projects. They will develop an indepth understanding of the mortgage market with its several sources of financing.

Hedge Fund and Fund of Funds Management

This course is designed to expose students to various characteristics of hedge funds – their classification in terms of the strategies employed and risk-adjusted performance evaluation, and their organizational structure as well as their objectives, risks, and disclosure practices.
The course introduces legal issues concerning the formation of a hedge fund and their business practices such as management and incentive fees structure. The "hedge fund universe", its historical and current evolution, and its ethical issues is presented from a variety of perspectives, from managers to private and institutional investors. Several classes in this course are taught by market professionals.

Katalin Radvanyi, Hungarian, Monaco MBA 2010 My experience at IUM was a 10-months long dynamic, challenging, yet self-rewarding program at the same time. I chose the program of MBA in Applied Finance to further enhance my knowledge and skills set in a truly international environment, so as to be able to thoroughly understand and apply financial instruments, effective managerial conduct and strategic thinking. In the process I learned a lot about myself, and how to be a better team player as well as a better leader. I was impressed by the well structured program, the highly knowledgable professors, their level of preparation and unique teaching philosophy. I received the right foundation for my future career by being able to go beyond the theories, skills and data taught in the classrooms and apply them in real world situations. I'm now Director of a Financial Service in London.

International Management

Corporate Social Responsibility
This course resumes the discussion of fundamental ethical principles as they guide business leaders in their daily decisions to take them to the corporate level. The course explores the proposition that businesses have a responsibility to society beyond wealth creation; and examines the responsibilities of corporations and executives to their shareholders, constituencies, and local and at-large communities.

Management, Leadership, and Global Competition
This course familiarizes participants with basic management processes, concepts, techniques, and tools; and presents the concepts of leadership and global competition. Students will develop an understanding of the critical role management plays in modern business and learn how business functions are linked to form an integrated totality.

Global Policy and Sustainability
This course provides students with insight into the rapidly changing world of global environmental policy and sustainable development. Students will be exposed to the challenges of managing the environment and securing sustainable development from an international perspective.

Deepa Radhakrishnan, American, Monaco MBA Class of 2010 I guess the best words to describe my experience at IUM are……worth it. Being in the cosmetics industry in the US, most of my experience was working for American cosmetic brands. I chose the Luxury Goods Brand Management focus within the MBA program. I now work primarily with prestige beauty clients such as Estee Lauder Group, Sephora and brands such as MAC and Trish McEvoy, which have major international distribution, leading me to be faced with daily decision making on a global scale. Having a curriculum which was focused on global business and being in a setting of international students for 10 months, really provided me with the exposure to global markets, their branding and methods of distribution, specifically in the luxury sector....all of which have proved beneficial. IUM provided me with the education and more importantly the opportunity to be in an international business environment to enhance my future goals. And of course, being in the glamour of Monaco for a year is something a girl can get used to!

Luxury

Luxury Consumer Behavior
This course investigates the dynamics of human behavior and how it relates to decision making in the luxury sector through an in-depth view of the many factors that influence the consumer’s decision making process.
Topics include individual motivation, personality traits, selfconcept, values, lifestyles, and psychological processes; and group membership, social classes, and (sub)-cultures.
Students will learn to utilize course material to develop consistent marketing strategies in the luxury sector through lectures, cases, business and academic articles, and field study.

e-Luxury
This course is designed to introduce students to the new technologies that are influencing the luxury industry. The course focuses on new technologies used in marketing, communication, research, and product development in the luxury industry. These include the Internet, the World Wide Web, and e-tailing.
The course seeks to answer the question: How can the luxury enterprise sell its goods and services online? Students will learn how to cultivate and manage an online image, and how technology can impact global luxury markets.
They will develop an understanding of the Internet’s power as a marketing and communication tool, and demonstrate an appreciation of ways in which consumer expectations are molded by the advent of interactive technologies.

Managing Luxury Brands
This course provides an overview of the ways in which luxury brands are conceived, developed, launched, nurtured, and protected. Topics include devaluation of luxury, the mass market, "super-luxury" or "uber-premium" brands, using brands to create new market segments, and account management.
Students will learn how to assess luxury product markets, manage international distribution as part of the branding process, and manage brand assets and equity by controlling a brand and communicating its advantages.

• Full MBA Course Descriptions

Paulo Henrique de Almeida Santos, Brazilian, Monaco MBA Class of 2008 My time at IUM was a very fruitful experience. The staff of the university was really well organized and willing to make us feel comfortable and welcome, so we could prioritize and really focus our energies on our studies. As the university is not a big one, talking with professors and developing a good professional relationship with them is quite easy. The professors are very well prepared; they know how to make us develop our full potential. The social life in Monaco is a dream...I do not know any place in the world where you can network with so many powerful and interesting people as easily as you can in Monaco. Overall my experience was very good! I miss so many people and I always will remember my life in the Principality.

Personal Development Program –PDP

MBA students will also participate in an innovative Talent & Career Development Program, inspired from corporate best practices in talent management and high flyer development programs.

It aims to help students to create and implement an individual development plan, scheduled throughout the year with short and medium term objectives, which are monitored by professional coaches and career counselors.

This program enables MBA students to acquire the transferable skills that are sought-after by companies, and to target jobs that fit their skills and interests. The T&CD Program combines the tools of Assessment & Development Centers with interactive «self selling» workshops; business role-play games and simulations. It is completed by a Mentorship Program which recommends to all eligible students their own business executive working in the targeted job area.

Corporate Relations Activities –CRA

As important as the academic curriculum, is our commitment to ensuring that MBA students have ongoing opportunities to meet and network with members of the business and entrepreneurial community for which Monaco is so well known. We do this through a series of conferences; through our Mentorship Program, which pairs MBA students with business leaders both in Monaco and abroad; ; and through our Corporate Consulting Projects, in which students work closely together with company executives on actual projects. Organizations such as Puma, Fairmont Hotel, Faconnable, the Monaco Venture Capital Association, Bottega Veneta, and Easy Group are amongst those which have been involved in such projects.

The aim of the Corporate Projects is to expose students to the realities of working in selected teams on actual issues, challenges, problematics or growth opportunities confronting companies today. We intentionally invite a wide selection of companies from all sectors and of all sizes to participate in this program. Students, working closely with the point of contact within the company, will have to analyze the situation, embark on relevant research, assess pros and cons, and present and substantiate their recommendations to the company. Groups will be graded by faculty, the MBA program director, and senior management of the company. Examples include market entry and development strategies for different regions, growth and M&A alternatives, global supply chain and logistics decisions.

Andreas Buelow, German, Monaco MBA Class of 2006 The experience at IUM has been a profound one for me, in particular in terms of personal development. Beyond the glitz and glam, Monaco is a micro-cosmos of successful global business people. IUM reflects this cross-cultural mix in its student body, providing intense inter-cultural "training on the job". The university's Mentorship program does an excellent job in bringing students together with local business people to help them understand how business actually works. And finally, IUM combines these soft skills with hard academia – often with the help of respectable professionals in the respective field. Monaco and IUM are a challenge, and a worthwhile one, too!