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Postgraduate Study in Monaco
Monaco, a sovereign city-state on the French Riviera, is the perfect holiday destination for tourists looking for an enjoyable visit to the Mediterranean coast, thanks to its location close to Italy, and pleasant weather conditions throughout the year. Mild winters with temperatures averaging about 8°c and warm summers (26°c) toned down by the cool breeze from the Mediterranean Sea, and hardly any rains, make the place quite inviting. Demography statistics reveal that the native Monegasques are a minority.
Resident foreigners from about 125 nationalities, primarily located in the urban areas, make this place the most densely populated in the world. Official language of Monaco is French, but then English, Italian and the native Monegasque are also prevalent. The Euro is the official currency here, although Monaco is not a part of the European Union. The Principality, purchased and ruled by the Italian House of Grimaldi intermittently, fell into the hands of France post the French Revolution and later Italy, before becoming an independent state. Monaco has been a voting member of the UN since 1993.
Monaco universities & education
Monaco is home to just one university that offers several graduate and postgraduate educational programs in both English and the local Monegasque language. The education system, however, closely resembles that of France.
The International University of Monaco (IUM) specialises in business education, but also conducts several other world-class postgraduate programs that enjoy global recognition. These 16-month programs require 60 US credits (120 ECTS credits) to qualify for the first term.
Postgraduate English courses available at the IUM include:
MSc in International Management – This degree program is focused on developing management capabilities to deal with international business challenges. The curriculum includes basic management skills, global policies, entrepreneurship, sustainable operations and modernisation.
MSc in Marketing – This program offers 2 specialisations
• International Marketing - It addresses the need for aspiring managers to understand global marketing strategies and multi-cultural appeal that drive business decisions.
• Digital Marketing – Marketing using new digital technologies and the Internet.
Study trips and real case studies are also part of this course.
MSc in Finance – Again, two flavours are available
• Hedge funds and private equity focusing on investments and financial products
• Private Banking and Wealth Management – Boost portfolio management and structure investment solutions
MSc in Sport Management – A couple of specialisations in sport management enable aspirants to effectively apply management principles, marketing, finance, and communication skills in the sports industry.
• Sports Business Management
• Sustainable Peace Through Sports
MSc in Luxury – This unique specialisation caters to aspirants looking for a managerial career or entrepreneurship in luxury offerings, including retail, goods and services, event and hospitality industries. These 10-month programs also include personal development and managerial skill development, seminars and business conferences. What better a place to study luxury than in the luxurious surroundings of Monaco?
MBA – AMBA-accredited, full-time (10 months) and executive online MBA (24 months) programs are available at IMU.
Monaco: university tuition fees & funding
Tuition fees are the same for all Master of Science programs, except for the one in Luxury Management – this amount being €18,000 for the entire program. The f ees for MSc in Luxury are €19,570; the fees for Full Time MBA are €29,600; and the f ees for Online MBA are €23,800. In addition, a standard Student Association fee of €150 and IUM Alumni membership fee of €600 are also applicable.
IUM offers funding assistance ranging between €1,000 and €5,000 purely based on merit of the applicant. While IUM provides scholarships for deserving candidates, students backed by scholarships from their alumni institutions can also apply for PG courses here.
Living as a student in Monaco
Average monthly essential expenses for a student can be pegged at €2,000 - €3,000 a month, a major part of which is attributable to rental accommodation and food. Public transportation may cost at up to €40 per month.
There’s no dearth of leisure, entertainment or sporting activities here. The extensive range of sporting activities on campus, right from tennis and football to yoga, zumba and sailing tend to keep students occupied, while the Monaco Grand Prix, Monte-Carlo Rally and several other international sport events will make the stay even more enjoyable.
Casual visits to the casino at Monte Carlo, beaches and the other touristy spots can take the pressure off studies.
Monaco is an international business hub with 4,500 companies operating here. Students can very well take up part-time jobs to add to their experiences and make some money as well! IUM, in fact, offers opportunities for students to work with companies on real-time projects.
Monaco: student visas & immigration
The visa rules for Monaco are similar to those of France and of other EU member states. Residents from countries outside of the EU and EEA who want to live and study in Monaco will require a visa and residency permit. Students may apply for a student visa at the nearest French Consulate, and on arrival, apply for the residency card from a police centre, supplying necessary documents for proof of residence, financial resources, criminal records, insurance, educational/birth/marriage certificates, passport and visa for Monaco.
Checking out www.diplomatie.gouv.fr will help prepare all the necessary documents needed for long-stay student visa for Monaco.
Immigration formalities are stringent and citizenship can be obtained after residing in Monaco for 10 years.
Monaco: 3 interesting facts
Tax Haven: Monaco has a reputation of being a tax haven for the uber-rich looking to offload their wealth and, hence, quite costly for students looking to pursue higher studies here. Personal income/wealth or capital gains tax is not applicable here.
Gambler's Paradise: Internationally renowned as being the playground for the rich and famous, Monaco is a g ambler's paradise, and t he economy of this second smallest state in Europe is fuelled by the world famous casino at Monte Carlo. This casino has also been the backdrop of many a blockbuster movie.
French Influence: Despite being an independent state, France is still responsible for the military defence of Monaco.
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