Tuition fees for the INSEAD MIM
Targeted at younger graduates without significant work experience, Master in Management (MIM) programs have seen a huge growth in popularity over the last few years. After 80% of programs reported application growth in 2020, 49% saw continued growth in 2021. It’s little surprise, then, that more and more top business schools are offering a MIM of their own.
The first cohort of INSEAD’s new MIM program graduated in the summer of 2021, joining a worldwide INSEAD alumni network of over 63,000. To find out more about the cost of the INSEAD MIM, we spoke to Irina Schneider-Maunoury. Irina is the Senior Associate Director of Financial Aid, Degree Programs, at INSEAD, and she started by telling us the current tuition fees for the program.
“The tuition fees for the INSEAD MIM are €49,000 for the current cohort, and they will be €49,500 for the next class,” Irina says. “But don’t be staggered by the amount of the fees – you’ll be paying them in three installments: €8,000 upon admission, 60% one month before the first class, and the remainder midway through the program.” (00:29)
The tuition fees are certainly at the top end of the market, but INSEAD is one of the leading business schools in the world.
INSEAD MIM living costs
The INSEAD MIM begins at the school’s Fontainebleau campus (just outside Paris) before moving to Singapore in the second half of the program. Despite having to factor in the living costs of two different countries, Irina has a clear figure in mind for your budget over the year.
“I would suggest that you budget between €16,000 and €18,000 for living expenses. So what do you need to budget for? Well, that includes lodging, so you’ll need to budget approximately €900 (per month) to pay for lodging. We don’t have on-campus accommodation, so students will rent apartments or share houses with other students,” she says. (02:50)
“You should also foresee travel expenses, money for a laptop, books, and also entertainment expenses that will vary considerably depending on each student’s lifestyle,” she adds (03:50)
So what is the total cost of the INSEAD MIM? Irina says the school has a figure in mind, but it will become more accurate once they’ve surveyed the program’s first graduates.
“The total cost is at least €67,000 for the duration of the program,” she reveals. “Also, watch out for the information that will be posted on our website around Spring 2022. We will be surveying the first cohort who are about to graduate, so the numbers will be even more precise.” (06:50)
Loans and scholarships for INSEAD students
Most INSEAD students rely on financial support to fund their studies, and they come in a range of options. Besides national loan providers, Irina says INSEAD also works with a range of private providers that are tailored to international students.
“We have several global loan programs at INSEAD such as Lendwise and Prodigy Finance. We also have income-sharing schemes such as Brain Capital or Stepex, where students will pay a percentage of their income after graduation,” she explains. (07:27)
Almost half (49%) of the first INSEAD MIM cohort won a scholarship to study, which can range from €5,000 to €15,000. Irina says that the school’s MIM scholarships fall into two different categories. They’re designed not only to reward high-performing candidates, but also to encourage a diverse set of applicants.
“You won’t need to apply for a scholarship at INSEAD,” Irina clarifies. “They will be offered upon admission based on the quality of your application. MIM students have two [available] scholarships: achievement and diversity. The achievement scholarship will be offered based on your academic achievements, grades, and leadership skills. The diversity scholarship will be offered based on diversity of work profiles and also regional diversity.” (11:45)
The average exit salary of INSEAD MIM graduates
One question springs to mind when we talk about the employment prospects for MIM alumni. How do you estimate the graduate salary of a program without any graduates? Irina accepts that until the first cohort report back, INSEAD’s figures are only estimates.
“We would look at how much MIM [graduates] are making globally,” she explains. “So it’s based on what’s happening with other MIM graduates worldwide. But again, we’ll have to wait for statistics from the first MIM class [to get an accurate estimate].” (16:38)
Average salary is an important consideration for applicants. But it’s important not to forget the other benefits of a MIM from INSEAD – namely the chance to work with (and learn from) a highly diverse group of students and staff.
“The cornerstone of the school is diversity and having such a diverse student body…joining that amazing network of INSEAD alumni and having the chance to learn from a great INSEAD faculty. With over 40 nationalities represented, you’ll be really learning from people all over the world,” Irina says. (17:22)
Learning about the total cost of a business degree makes it much easier to calculate the return-on-investment of the program. After all, your program is, indeed, an investment – not just in your career, but in yourself.