Study in Monaco

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Monaco is one of those study abroad locations that are not very famous. One thing that has been noticed in unpopular locations is that they have very unique and impressive features more than the popular cities. So if you want to study in Monaco, we have put down relevant information for you.

Study in Monaco

Why Study in Monaco

The country is an excellent country for research and higher education. International students should keep Monaco as their preferred destination of study abroad. Here are the reasons for it:

  • The tuition fee in Costa Rican Universities is one of the lowest in the entire European region. 
  • Monaco offers several scholarship programs to help with the many expenses of deserving students.
  • Monaco allows international students to get an exceptionally high-quality education. Monaco education is recognised in the world
  • Monaco is an attracting country which is well known for its natural beauty, its national and cultural attractions.
  • Students will get the opportunity to participate in learning more about the tourist industry and marine life studies of Costa Rica. 
  • Monaco has a Multicultural environment. Thus the international student will gain a new experience in this new country.

Universities in Monaco

There is no long list of universities in Monaco. The popular university in Monaco is the International University of Monaco. It was formerly known as the University of Southern Europe. It is an independent institution located in the Principality of Monaco. It has a high standard of education. It prepares students to graduate with a set of skills and insights that will serve them for life.  

It offers Bachelors and Masters degrees in business specialized in marketing, finance, sports business management and international management. These courses are taught in the English language.

Top courses in Monaco

The popular university in Monaco is just one university, the International University of Monaco. It offers several bachelors and masters programs in both English and the local Monegasque language. The popular courses are:

  • MSc in International Management – This study program is focused on developing management skills to deal with international business challenges. The program enables students to gain management skills and get knowledge of entrepreneurship, global policies, modernisation etc. 
  • MSc in Marketing – This program offers 2 specialisations, International Marketing and  Digital Marketing. Educational trips and real case studies are also included in this course.
  • MSc in Finance
  • MSc in Sport Management – Various specialisations in sport management enables students to effectively apply management principles, marketing, finance, and communication skills in the sports industry. 
  • MSc in Luxury – This unique specialisation is for the students looking for a managerial career or entrepreneurship in luxury offerings. It includes retail, goods and services, event and hospitality industries. 
  • Masters in Business Administration –   AMBA-accredited, full-time with a duration of 10 months and executive online MBA  with a duration of 24 months are available programs at IMU.

Requirements to Study in Monaco

You need to provide some of the documents to support your university application. Based on the course selection the requirements changes. However, the common international university of Monaco admission requirements are:

  • University transcripts and diplomas
  • Two passport-size photographs
  • Passport or national identity card
  • Proof of English language proficiency such as IELTS, TOEFL, The Cambridge Advanced or Proficiency Test.
  • An updated Resume
  • Work experience certificate(if any)
  • Statement of purpose (If required)
  • Letters of recommendation(If required)

Monaco University fees

The tuition fees in universities in Monaco are not much higher when compared to many other countries. Tuition fees differ depending on the 

  • Institute you choose to attend, 
  • The program you want to study, 
  • Level of higher education.

However, tuition per academic year begins at around 8,000 EUR. The International University of Monaco charges a tuition fee of an average of around 10, 500 Euro per session for a bachelor degree.

Cost of living in Monaco

Average monthly essential expenses for a student can be around 2,000 Eur - 3,000 Eur per month, a major part of which is attributable to rental accommodation and food. Travelling expense may cost you up to 40 Euro per month.

Scholarships to Study Abroad in Monaco

Studying abroad is always more expensive than studying in the home country. So if you face difficulty in the arrangement of funds for studying in Monaco, you can apply and obtain scholarship schemes. The following scholarships are open for international students in Monaco:

  • International University of Monaco(IUM) offers scholarships based on merit ranging from 1,000 Euro to 5,000 Euro for both its undergraduate and graduate programs.
  • The Papyrus Foundations offers scholarships based on the needs of those looking to continue their education in Costa Rica. The scholarship amount can range from €3,500 to €4,500.
  • The Prince Albert II of Monaco Foundation offers financial help to 20 international students from developing countries to study climate change management.

Student Visas for Monaco

The visa rules for Monaco are similar to those of France and other EU member states. International students coming from outside of the EU region will need to obtain a visa as well as a residency permit. Students can apply for a student visa at the nearest French embassy or Consulate. The documents required for the visa are:

  • Fully completed application form with correct and honest information. 
  • Letter of acceptance from Monaco University.
  • Two photos
  • A Passport having a validity of more than 3 more months from the date of your planned exit from Monaco. 
  • Copies of biometric information
  • Proof of Health Insurance.
  • Cover letter – including the reason to visit Monaco. 
  • Proof of Accommodation 
  • Evidence of financial means
  • Your police verification certificate
  • Birth certificate and marriage certificate (if applicable)

Study and work in Monaco

Monaco is an international business hub having more than 4,000 companies. Students can very well take up part-time jobs to cover their expenses. The International University of Monaco offers opportunities for students to work with companies on real-time projects.

All international students who wish to work legally in Monaco must obtain a work permit to work. If you change position or employer, a new work permit should also be applied.

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