The classes of 2020 and 2021 at the International University of Monaco (IUM) received their diplomas on December 10 and 11, in the Salle des Princes at the Grimaldi Forum. A time to look ahead to their future career…
In 2021, 425 students proudly received their diploma, a larger number than usual, as the 2020 ceremony had to be postponed due to the Covid-19 pandemic.
Business Management, Finance, Luxury Management, International Management, Sports Business Management… the Bachelors, Masters, MBA and DBA diplomas awarded by the IUM attract students from all over the world, with nearly 70 different nationalities. They are then recruited in Monaco by Fraser, Royal Yachts or Julius Baer, or perhaps Louis Vuitton, Amazon, Cartier or Banque Richelieu.
Motivation is essential
Ms. De Lorenzo, Director of Corporate Relations & Executive Education Programs, is in charge of coordinating student internships and putting them in touch with potential employers. She explains: “You need commitment from the students. Even if the market is very buoyant, companies are demanding, and we can really say there is a talent war.”
A market that has been heavily impacted by the health crisis, especially in 2020… “It was difficult for students in the Luxury, Sport and Events sectors,” Ms. De Lorenzo admits. “Fortunately, the situation has improved a lot since then”. She does notice difficulties, however, for students who are uncomfortable with prospecting and digital tools.
Business days, challenges, think tanks with business leaders, digital workshops, internships: everything is done to ensure that students interact as early as possible with their future employers. “All the international companies recruit from us”, the Executive Employment Director confirms.
Nearly 9 out of 10 students already have a position when they get their diploma
According to the IUM, 55% of IUM students do internships in Monaco and, for 35% of them, their internship turns into a job. Each year, the School conducts three surveys on student placements: one on the day of the graduation ceremony, another after six months, and then after one year.
According to the results of these surveys, 75 to 90% of students are hired by the time of the graduation ceremony. Of the remaining students, 10% are recruited within six months. The task is less easy for those who wish to stay in Monaco, as they come up against the national recruitment preference, or have an insufficient command of the French language.
Entrepreneurship, a new solution?
However, while the health crisis may have dampened the prospect of rapid recruitment for some students, it has motivated others to create their own opportunities. “Roughly one in five students plans to start a business right out of school, a rate that is clearly on the rise,” says the Director.
Blockchain (secure data storage and transmission technology), Digital Business Development, renewable energies, etc. These are innovative and exciting fields that motivate young graduates to found their own company. Often, they turn their hobbies into a real career choice. This underlying trend seems set to continue to grow in the years to come.