IE University in Spain attracts many Indian students for its diversity and focus on entrepreneurship
BAs a civil engineer and a woman, I couldn’t find a job in Hyderabad. I worked in IT for seven years, but I always dreamed of becoming an entrepreneur. For this, IE University is the best. They invest a lot in building an entrepreneurial spirit and guiding you to have successful startups,” says Vasanthi Vadali, a one-year MBA student at IE University in Madrid.
Diego del Alcazar Benjumea, CEO of IE, was recently in Bengaluru to sign a memorandum of understanding with Infosys. “We are very proud that IE has produced this case study on Infosys and its digital transformation. The MoU also opens the doors to greater collaboration with Infosys; for faculty, student and management exchange programs; a constant exchange of talents that will increase the interaction between the company and the university in the future.
IE is one of Spain’s leading universities with campuses in Madrid and Segovia. The B-school turns 50 in 2023 and ranks seventh in the world for its Global MBA in 2022 and first in the world for its Online MBA (QS World University Rankings). She is also ranked 12th in the world for her Executive MBA (Financial Times). It offers master’s and bachelor’s degree programs in business, science and technology, legal studies, architecture and leadership, and talent development.
The great alternative
In recent years, it has attracted Indian students looking for alternative options in the US, UK or Canada to study abroad. It is considered a gateway to Europe. Being entirely in English, it has an international appeal. “We established our office in Mumbai in 2005, and this year we will have had nearly 1,000 Indian IE graduates. There are currently 152 Indian students enrolled, mostly in our Masters programs, but this year we also have 50 students in the Bachelors program,” del Alcazar explains.
Why choose Internet Explorer? “First of all, it is ranked among the best schools in the world. Secondly, we have 140 nationalities, but we don’t have more than 10% of students belonging to the same nationality. Students also learn about the Madrid way of life. Finally, our push for the humanities and focus on entrepreneurship and innovation is something you wouldn’t see at traditional universities around the world.
Talkien Shah, who is doing his second MBA, says: “I chose IE for its diversity. In the US or UK, 80% are local students and the rest are international students. But here, it’s really international. We are even assigned work groups to maintain diversity. So no work with other Indian friends. It’s a healthy mix of perspectives and we’re learning to work together.
Is studying in Europe cheaper than in the United States or the United Kingdom? The tuition fee for the masters program is around €85,000, which is comparable to other top universities in the world. But the undergraduate tuition fee is €25,000 per year, which is lower than the tuition fee in the United States. The online MBA costs €50,000. “IE has several merit-based scholarships; even full scholarships through the IE Foundation. Several entrepreneurs fund scholarships in certain fields,” del Alcazar explains. Vadali, Shah and Kabir Rajgarhia all received scholarships ranging from 15-40% of their tuition fees.
Focus on innovation
“I was studying my baccalaureate in Vancouver, but I was not happy at all; it was very fragmented, Indians only hung out with Indians. Also, IE tuition is significantly lower than in Vancouver. says Rajgarhia, a dual degree student at IE.
A number of Indian alumni work in technology, banking or consultancy, with some holding positions of CEO, VP, Head of Communications in companies such as Mirae Asset Venture, Hotstar, Star TV and Spotify. A number of alumni have founded their own companies such as ArrowHead Capital, 4Th Wheel Social Impact, LendBox, Proctur and Sheroes Money.
Around 73% of EI’s 75,000 alumni are currently working in the European region. With entrepreneurship being one of the main goals of IE, del Alcazar adds, “We already have nine unicorns in the IE alumni start-up space. Taking into account that Europe is not one of the continents with a large number of start-ups like the United States; it is a very successful number.
Gateway to Europe
Social life in Madrid is also something students look forward to. Spain has a lot to offer; from culture and festivals, to access to travel within the country and the rest of Europe. “Madrid is sunny like India, I feel so comfortable here,” says Vadali. On campus too, there is always a hubbub of activity. Shah says, “There are a lot of networking events, so many connections too. We organize meetings specific to each country; where students will welcome and share the food and culture of their own country. I just hosted a Diwali dinner, where we explained the stories, decorated with flowers and lighted lamps and of course feasted on Indian food.
Rajgarhia says, “IE has at least 2-3 a week. They are all free and can be expert talks, competitions, panel discussions, career sessions or workshops. For example, we had a visit from a UN officer last year and we all chatted over coffee. IE gives us so many opportunities. It’s up to us to catch it, work on it and get what we can out of it.”
IE is built around the four key pillars of entrepreneurship, innovation, diversity and human sciences. “It is important to study the consequences of technology in our lives. We need to become critical thinkers of how we use technology, so it serves us and not the other way around,” del Alcazar says.
Thus, in a constantly changing world, learning to innovate, while cultivating diversity and being rooted in the human sciences, IE seems well prepared to face the future. And given the number of applications each year, the students seem to agree.
(The writer is a freelancer based in Chennai.)
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