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Master of Business Administration (MBA)

Master of Business Administration (MBA)

AMBA accredited

Why the MBA at IUM?

because you can customize it: Choose your path and choose your format!

At a Glance:

  • AMBA Accredited
  • Full-Time (10 months) or Flexible Schedule (up to 3-years)
  • 3 specializations if wished: Applied Finance, Luxury Management, and Entrepreneurship & Innovation
  • 6 Milestone weeks (courses, team activities, business simulation, business networking opportunities, guest lectures)

Strenghts of the program:

  • Flexible program: fit around a busy working schedule
  • Strong focus on entrepreneurship: 25% of our MBA Alumni have created their own successful businesses
  • Project based learning with a 9-month consulting project
  • A dedicated career and personal development coach for the MBA students
  • Exploration of alternate business models via learning trips
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Since 2003, our MBA has featured in The Economist’s Top 100 MBA Programs Worldwide. It is also highly ranked by CNN Expansion, and by SMBG.

Accredited amba
the economist
cnn expansion

Opting to pursue an MBA is a major decision in your life. Selecting the right one for you is even more of a challenge.

Your choice now can make all the difference to your personal growth and professional success in the years ahead.

A Word from a Professional

Caroline Frisenberg Caroline Frisenberg,
MBA Coach
Managing Partner, Frisenberg J. & Associates LTD

By bringing Top Executives and HR Directors into the classroom to give our students individual and concrete feedback on their presentation, communication and leadership skills, I believe is one of the best tools we can give our students for their own personal and professional development.


The Master of Business Administration at the International University of Monaco is a Program comprised of Common Core courses, Specialized Electives, and Career & Personal Development Seminars

MBA Curriculum
(Subject to Change)

Open the Graph (pdf)

One Common Core, Three Unique Specializations

You are given the unique opportunity to focus, if they wish, on one of three specific tracks: Applied Finance, Luxury Management, and Entrepreneurship and Innovation Management.

This option has been designed to allow those students who have a clear professional goal or industry in mind to acquire the theoretical tools and practical insights to rapidly make their way in their chosen careers.

  • Applied Finance

    MBA Students following this Career Track are typically interested in building or enhancing their careers in one of the numerous financial sectors—such as wealth management, private equity and venture capital, M&A, or real estate investing, amongst others— or to manage the financial activities and functions within an organization through such courses as risk management and macroeconomics for financial forecasting.

    Given the economic characteristics of Monaco, as well as the profile of many of our MBA students, the IUM MBA in Applied Finance also offers electives in family wealth preservation and optimization strategies, and in wealth and investment management strategies.

  • Luxury Management

    This Career Track has been designed for those MBA students who would either like to enter the luxury sector, or fast track their careers in it. The IUM MBA Luxury Management specialization takes an integrated view of luxury.

    The Master of Business Adminstration students will be exposed to the unique market and competitive characteristics of different luxury sectors, such as fashion, jewelry, yachting, private aviation, real estate, hospitality and event management, etc. IUM MBA Luxury students will also be able to focus on specific luxury career functions, such as marketing, communication and branding; retail buying and merchandising; or luxury tourism marketing and sales, amongst others.

  • Entrepreneurship & Innovation Management

    This track is geared for those MBA students whose goals could range from setting up their own businesses; becoming more entrepreneurial –or “intrapreneurs”—within organizations; leading innovation management projects across a variety of organizational, technological and geographic settings; or understanding and successfully tapping into new geographic markets or digital applications and opportunities.

    Classes are both theoretical as well as applied, with subjects ranging from entrepreneurship and creating new businesses and business models; mobile marketing strategies; social media marketing; global policy and sustainability; or doing business in Asia.

  • General Track

    Those MBA students who seek broader and more interdisciplinary perspectives during their MBA program may select electives from across these three specializations. Moreover, exposure to new subjects, ideas and people—a vital ingredient of the IUM MBA—can alter a student's career aspirations. Therefore students of the master of Business Administration may change their initial specialization choices at any time.

    In addition to our full time faculty, guest speakers and adjunct professors from the realms of luxury, finance and entrepreneurship —all very well represented in Monaco— further enhance the hands on and applied focus of these Career Tracks.

Some of the Core Courses offered in the Master of Business Administration

Please note that this list is not exhaustive and subject to change

  • Financial Accounting and Reporting:

    You will review in detail all the elements of a balance sheet, an income statement, and a statement of cash flows. You will learn how companies control their cash, their accounts receivable and manage their inventories. You will see how companies finance their operations with short-term and long-term debt, and through common and preferred stock financing. You will learn how to prepare and analyze a statement of cash flows, showing the sources and uses of cash from operating, investing, and financing activities. You will learn how to analyze the various financial statements using horizontal, vertical, and ratio analysis, as well as MVA and EVA ratios.

  • Statistics for Business:

    This MBA course covers the basics of classical statistics and data analysis including summary measures of data, graphical presentation of data, random variables and probability distributions, estimation, confidence intervals, and hypothesis testing. After achieving a reasonable familiarity with the classical material, you use more advanced quantitative methods applied to managerial decision-making problems such as regression, and chi-squared tests of independence for categorical data. Emphasis throughout will be on interpreting data, choosing appropriate models and methods, and on practical applications of the statistical methods. This MBA course relies on extensive use of the spreadsheet package Excel.

  • Economics for Managers:

    Competition has fundamentally intensified over the past years. Many companies today spread out their value chains across numerous locations. Thus, sound economic analysis has never been more important - regardless whether the decision-making unit is an individual, household, firm, non-profit organization, or government. The integrative approach used in this MBA course will help you to recognize that important managerial decisions are interdisciplinary as effective management is seen to involve an integration of the accounting, finance, marketing, personnel and production functions. Therefore, the business firm is treated as a unified whole, rather than a series of discrete, unrelated parts.

    In order to build an intellectual fundament, you will learn conceptual frameworks (business scenarios) that are based on microeconomic theories, i.e., the underlying economic behaviour of actors participating in individual markets: individuals (theories of supply and demand), firms (production, cost and pricing), and industries under different forms of market structure (competition vs. monopoly). Real-world examples are used to support this problem-based approach. For example, an IT company's strategy will be analyzed to introduce basic ideas on corporate strategy and industry analysis and transformation, competitive strategy, and competitive dynamics. Furthermore, we shall broaden our knowledge of real business applications of economic analysis by expanding the scope of inquiry to cover the process of internationalization of a company. You will examine the relevant managerial economic principles, problems and issues related to entry and penetration strategies that force a company to adapt to local circumstances.

  • Global Strategy & Leadership

    The past few years have witnessed a dramatic reappraisal of longstanding principles of strategic thinking, planning, and implementation. Partly this has been due to the so-called ‘flattening' of the world: the combined forces of accelerating globalization and digitalization have made it clear that organizational strategies and structures need to adapt to a radically new and unpredictable set of competitive dynamics. Inevitably then, not only are strategies and structures being reappraised; so too are the qualities, characteristics and profiles of current and next tier leaders.

    In the light of the above, the overriding focus will be on how to achieve strategic adaptability and flexibility in a changing and unpredictable global environment. Principle tools and concepts of strategy will be discussed, as well as evolving approaches to the interplay between strategy, structure and corporate culture. The seminar will be run in a very interactive manner, with case study analysis and discussion the primary mode of instruction. This MBA course will cover some of the major strategic decision-making tools—including the Ansoff Matrix; SWOT; the VRIO Core Competency tool—as applied specifically to the global environment. A variety of environmental analysis tools, such as Porter's Five Forces and the PEST model will also be discussed from an applied and practical point of view. And since successful global strategizing also presupposes successful leadership skills, we shall also examine the characteristics of successful leaders, be it in history or contemporary culture, as well as in business.

  • Organizational Behavior and Cross-Cultural Management

    This MBA course focuses on organizational behavior and cross-cultural management in the workplace. This graduate course addresses some questions regarding occupational health and safety. It concentrates on the variables that affect individual and collective behavior. This master of business administration course will also talk about more traditional organizational behavior subjects such as stress at work, job satisfaction, motivation, performance appraisal, etc. You will learn how work-related variables can affect human behavior and their implications for performance and satisfaction. You will also develop the ability to recognize the influence of these factors on organizational system-level variables and their impact on the critical determinants of organization human resource effectiveness: productivity, absenteeism, turnover, satisfaction, and citizenship.


    Innovation is high on every executive's agenda today. Innovation is seen as a key differentiator in markets that are increasingly hard-fought and it is destined to become ever more so as competitive pressures increase across all industry sectors. Innovation separates the winners from the competitors. In a world of hyper competition, pro-active and continuous work with innovation is imperative to gain competitive advantage.

    Innovation manifests itself in a variety of forms. It can drive new service and product offerings and development of brands, ways of marketing, business models, delivery channels and so on, and it can also be at the root of new business opportunity creation and the launch of entirely new business models. However, the coin has a flip side, as innovation development is often expensive and can be easily imitated by competitors in the global economy. Innovation management is the discipline of managing processes in innovation. Without proper processes, it is not possible to be efficient. Innovation management includes a set of tools that allow people in the organization to cooperate with a common understanding of goals and processes.

    The focus of innovation management is to allow the organization to pro-actively respond to external or internal opportunities and use its creative efforts to introduce new ideas, processes or products. By utilizing appropriate innovation management tools, management can trigger and deploy the creative forces of the whole work force towards the continuous development of an organization.

Career Development and Corporate Relations

As important as the academic MBA curriculum, is our commitment to ensuring that you have ongoing opportunities to meet and network with members of the business and entrepreneurial community for which Monaco is so well known.

Personal Development Program – PDP

You 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 you 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 MBA program enables you 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 MBA students their own business executive working in the targeted job area.

  • Corporate Relations Activities –CRA

    The aim of the Corporate Projects is to expose you to the realities of working in selected teams on actual issues, challenges, problematic 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.

    You, 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.

    Organizations such as Puma, Fairmont Hotel, Façonnable, the Monaco Venture Capital Association, Bottega Veneta, and Easy Group are amongst those which have been involved in such projects.

  • IUM MBA Mentorship Program

    For more than ten years, the International University of Monaco has been offering a unique Mentorship Program for its MBA students. This Mentorship Program creates direct links between Monaco's dynamic business and entrepreneurial community, and the MBA's internationally diverse and professionally experienced student body.

    Thanks to this program, you have the exceptional experience of benefitting from the guidance, insight and knowledge of CEOs, top executives, and successful entrepreneurs from a variety of sectors and countries. Every year this program involves more than 25 mentors and has been an outstanding contribution to students' overall experience here, and the achievement of their professional goals.

    Through this opportunity to develop ongoing relationships with successful professionals, you gain a unique appreciation of the industry or practice which most interests you. This is not only beneficial for your studies, but also assists in your career aspirations.


Pursuing your MBA is one of the most important decisions you will make; it is an investment in yourself and in your future.

We encourage you to discuss your financial options with those in your entourage that may provide support while you attend school, to select the financial resources that best fit your needs.

Most students rely on multiple funding sources typically including:

  • Personal resources
  • Loans in your residential and/or native country
  • Sponsorships
  • External scholarships.

IUM offers you the possibility to apply for a merit-based scholarship. The school scholarship committee gathers once a month to evaluate the candidates based on several criteria, such as, among others:

  • Academic Results
  • Professional experience
  • Extra-professional activities
  • Career goals

MBA Tuition Fees

IUM Scholarships available

MBA Business administration

The scholarship does not cover the entire tuition costs but is there to encourage students who show great potential. Anyone can apply to the scholarship.
Please contact the admissions office for more information regarding the application process.

Alumni Testimonials

Mihai Ivascu Mihai Ivascu, Romanian, Monaco MBA 2015
CEO and Founder at Moneymailme

It’s not about the brand of the school, it’s about what you get out of it. I was accepted at HBS but I had all these projects in Europe; I couldn’t afford to go over there. I decided to come to Monaco and it was the best decision of my life.

At IUM, we were in a class of 20; everybody knew each other by name. At Harvard, there were supposed to be 920 of us in 10 classes. With 920 students, it’s hard to stand out to investors… The MBA in Monaco was fantastic. I started MoneyMailMe, found new investors, business partners, and scaled the business 100 times over. Now, it has a valuation of over €30 million ($33 million). IUM gave us access to a lot of business events and leading executives in Monaco. One of the guys who assessed my MBA corporate project is now chairman of my company and an investor.

I have a lot of friends doing MBAs, and their mentor is just another professor. At IUM, we were matched with world-class entrepreneurs; guys who build big businesses from zero. My mentor sold his company for €460 million ($516 million) during my MBA. It was the perfect match. Now, we’re very good friends.

It’s definitely a good investment. You come to Monaco to network and do things you cannot do anywhere else in the world.

Caroline Andersson Caroline Andersson, Swedish, Monaco MBA 2015
Project Manager, Peab Bostad AB

The thing I probably appreciated the most about the Monaco MBA was that the professors constantly pushed me to venture beyond my comfort zone and think outside the box to find innovative solutions and improve my business proficiency.

The MBA experience has definitely made me more prepared and confident to manage business complexities and turn paper strategies into real-life ones.

IUM’s milestone weeks, which happen five times over the course of the program, were particularly enjoyable, involving career development activities, networking events and business simulations.

Receiving direct feedback from top executives and business directors has been crucial to my personal and professional development.

It’s also improved my project management skills, and has given me greater confidence in taking vital strategic decisions. I certainly use the knowledge I gained at IUM on a regular basis, whether it be financial analysis, risk management, or strategic marketing.

Marcin Woszczynski Marcin Woszczynski, Swedish/Polish, Monaco MBA 2015
Partner Account Manager, Microsoft

The Monaco MBA has given me exceptional educational experience. Inspiring and skillful teachers have helped me to develop my skills within Innovation Management, Business Development and Managerial Management.

The University introduced the concept of Creating Shared Values and Corporate Social Responsibility on completely new level and I sincerely hope to be able to incorporate these newly acquired skills in everything I do in the future.

I have been exposed to international economics and accounting to gain better understanding of the subjects in the real world.

This hectic year has challenged me personally and professionally, but it has also prepared me for my current assignment. I believe this program allowed me to advance my career and I truly recommend anyone who is looking for a broad international mix of individuals and great exchange of experiences.

Dora Tokai Dora Tokai, Hungarian, Monaco MBA 2013
Founder & Creative director at D'Ora Tokai

IUM appreciates entrepreneurially minded people. And the MBA meant easy access to Monaco which was an interesting place to start my brand.

The biggest advantage of IUM is the small class size. We got a lot of attention compared with other universities. The professors were very emotionally invested in the students; they knew us personally and they had a lot of time for us. Even now, they’re more than happy to support us in any way they can.

Jeff Hancock Jeff Hancock, American, Monaco MBA 2013
Customer Experience Consultant - Oracle CPQ Cloud, Oracle

Joining the MBA program at IUM was one of the best decisions I've ever made. It was 10-months of non-stop learning, experiencing, living and fun. IUM is a truly unique learning experience that is both challenging and rewarding. The wonderful backdrop of Monaco provides an opportunity for IUM to draw some of the most amazing professors from all corners of the globe and all corners of the business world.

Also, a truly global class filled with some of the most amazing people I've ever met, from all different backgrounds, gave me the chance to learn just as much from my peers as I did from my professors. Our class worked together to accomplish more than we ever thought possible, and we all left with lifelong friendships. The day after returning home from Monaco, I was contacted by, and now work for, an insurance software provider as a Business Management Analyst. As they have a global presence the recruited me because of my international MBA.

I have already used many of the skills I learned in Monaco including, but not limited to, financial accounting and financial evaluations as well as building a strong presentation. I definitely could not do my job without my IUM MBA.

Mandira Puri Mandira Puri, Indian, Monaco MBA 2013
Founder, Sass Maison

My MBA at IUM has been a challenging and life changing experience. The three greatest aspects of the program are the international student body, an excellent faculty, and a stimulating curriculum. Working with students from all over the world helped me gain an international perspective on various personal and professional situations. The highly credible and diverse faculty is extremely considerate, supportive, knowledgeable and open to discussion.

The condensed yet comprehensive and intensive form of the program not only taught me to cope with but rather to thrive under pressure. The MBA also helps in personal development, leading to amicable and confident graduates. Today, I assertively believe I will be able to realize my dream job with unconstrained success.

Daniel Maior Daniel Maior, Brazilian, MBA 2011
Founder, emprelab

The Monaco MBA made the world smaller. On the one hand, the university is an amazingly international place with people from virtually everywhere. On the other hand, the great number of business contacts I made during the MBA year – including the ones mediated by the Mentorship program – opened doors to new opportunities. When I add to these factors the solid and objective orientation from the faculty (absolutely essential), the challenging Corporate Consulting Projects developed during the program, and the specificity of the Luxury Management path that I chose, I was able to turn my ideas into a plan, and the plan gave birth to my own company, 377 Luxury Lifestyle.

And now is the time when I can really see how rich the experience at IUM had been: I am not only putting into practice what I learned, but mostly I am using it to actually change the context in which I do business. It has been an intense, priceless and life changing experience – and I will always take it with me.

Caroline Behne Caroline Behne, German, Monaco MBA 2010
Project Manager to Markus Langes-Swarovski, Swarovski

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.