I will teach you how to bring your life stories to essays faster with F1GMAT's essay guides. Download below or subscribe to F1GMAT's Service and work with me - Atul Jose, Author/Editor/Founding Consultant, F1GMAT(16 Years of helping applicants gain admissions to M7 and Top 30 schools) The 15 to 19-month IESE MBA program is a Top European MBA program known for its case study method and excellent placement in the consulting industry.
In this in-depth analysis of IESE MBA, we cover:
• IESE MBA Class Profile
• IESE MBA Cost
• IESE Full-time MBA Curriculum
• IESE Full-time MBA Scholarships and Financial Aid
• IESE Full-time MBA Application Process
• IESE Full-time MBA Salary by Function (2021)
• IESE Full-time MBA Salary by Industry (2021)
IESE MBA Class Profile
IESE MBA Class of 2023 comprises 350 students from more than 50 nations. International student participation was high at 85%, but women's participation remained low at 38%, compared to top US schools.
The average work experience was 5.4 years, comparable to European and UK schools but lower than US schools, with most students from Industrial background followed by Finance. Students had a wide range of GMAT scores (580 to 750) and a median GRE score of 156 for verbal and 161 for Quantitative.
| Class Profile | IESE MBA 2023 |
|---|---|
| Total Number of students | 350 |
| GMAT Acceptance Rate | 580-750 |
| Women | 38% |
| Average Years Work Experience | 5.4 years |
| Average Age | 29 years |
| Nationalities | 50+ |
| International Students | 85% |
| GRE Verbal Median | 156 |
| GRE Quantitative Median | 161 |
| Sectors | Previous Experiences |
|---|---|
| Industry | 61% |
| Finance | 20% |
| Consulting | 13% |
| Entrepreneurship | 5% |
| Public Services/NGO | 3% |
IESE Full-time MBA Cost
The initial application fee is $200, paid through Embark online application process. To confirm their student, students accepted to the MBA program must pay a non-refundable commitment fee of $2,924. Following that, students must pay a non-refundable reservation fee of $6,822 to confirm their intention to participate in the program. Both fees are deducted from the total program cost and must be paid by the specified deadlines.
The total tuition fee for IESE MBA for the MBA 2023 Intake is $97,002, which includes $38,752 for Year 1 and $48,501 for Year 2.
| Expenses | IESE MBA Cost 2023 |
|---|---|
| Commitment Fee | $2,924 |
| Tuition Installment | $6,824 |
| Payment MBA Year 1 | $38,752 |
| Payment MBA Year 2 | $48,501 |
| Total Payment | $97,002 |
Living Expenses: Barcelona's living expenses are comparable to those of other major European cities. IESE does not have on-campus housing, but students can get help from the school administration on finding housing.
The total average cost of living in Barcelona per month is $1,939 for a single student, which includes Housing and Utilities ($1,092), Food ($526), Sports and Entertainment ($229), and Transportation ($82).
| Expenses | IESE MBA 2022 (students living alone) |
|---|---|
| Housing and Utilities | $1,092.22 |
| Food | $526.61 |
| Sports and Entertainment | $229.17 |
| Transportation | $82.89 |
| Insurance | NA |
| Total Average | $1,930.90 |
IESE Full-time MBA Curriculum
The 15 to 19-month MBA Course curriculum at IESE is divided into four parts, i.e., Orientation week, Year 1 (Consisting of three terms), Summer Options, and Year 2.
Orientation Week: Students will spend a week on campus in Barcelona during orientation week, getting to know their classmates and participating in team-building activities. They will meet their faculty and begin understanding the case method, a key learning tool in the IESE MBA program.
The Orientation Week prepares students for the upcoming academic challenges and ensures that all students have a strong and shared knowledge base.
Year 1: The first year is an intense immersion in business fundamentals. Students will complete 24 core courses while gaining foundational knowledge, honing new competencies, and forging ties, friendships, and business networks. It is further classified into three categories. The first term consists of Business Essentials, seven core courses. The second term includes a deep dive into Strategy and Operations, and the third term focuses on expanding students' visions with ten cores.
| Term 1 Core Courses | Term 2 Core Courses | Term 3 Core Courses |
|---|---|---|
| Analysis of Business Problems | Business Ethics | Competitive Strategy |
| Capital Markets | Managerial Accounting | Corporate Finance |
| Communication | Marketing Planning and Implementation | Fundamentals of Entrepreneurial Management |
| Decision Analysis | Operational Finance | Global Economics |
| Financial Accounting | Operations Management | International Management |
| Leadership | NA | Operations Strategy |
| Marketing Management | NA | Quantitative Methods for Management |
| NA | NA | Transforming Organizations and Markets with ICTs |
Summer Options: Students at IESE are encouraged to make the most of every opportunity, including their summer vacation. They have the option of pursuing one of three distinct options between June and August, depending on their objectives.
Students enrolled in the 15-month format can choose second-year electives in Marketing, Information Systems, and Entrepreneurship. Similarly, students enrolled in the 19-month format have three options: A corporate Internship (diverse industries, functions, or roles - locally or internationally), a Summer Entrepreneurship Experience, and Social Internship.
Year 2: Students can customize their second-year curriculum and delve deeper into their chosen business interests by selecting from a diverse set of elective courses. They can combine these with an International Module or use the Global Exchange program to gain international knowledge and experience.
• Global Exchange: Students can spend the first trimester of Year 2 at world-class business schools in any one of the five continents. This is an opportunity to broaden one's global perspective, horizon and gain international experience. Students with US Direct Loans can also participate in the Global Exchange Program.
• International Modules: Students can enroll in a one- or two-week module at any IESE campus or allied business school. The international modules, which are intensive and highly impactful, provide them with unparalleled insight into business environments and cultures. Students will be exposed to local immersion during the two weeks of this module through company visits, speakers, case analysis, discussions, and other types of intercultural contacts organized by the school. Students can take advantage of this opportunity to travel to New York, Shanghai, Brazil, and Nairobi.
• Electives: Electives allow students to delve deeper into their business interests by selecting from more than 130 electives that best reflect their career goals. Each course has been designed to provide students with a holistic perspective on general business management.
• Concentrations: Students can earn a concentration along with their MBA diploma by taking specific courses in the following categories during their elective courses:
- International Business
- Finance
- Tech, Data Analytics & Digital Business
- Entrepreneurship & Innovation
- Sustainability & Responsible Business
Capstone (TFM): The Capstone Project (TFM) places IESE MBA students in charge of solving real-world business problems in real companies. Students get the opportunity to work on challenging, integrative problems that require a broad management perspective and are global.
Previous projects have included:
• Product launch design.
• Breaking into a new market.
• Creating a social media strategy
• Evaluating a family business's succession plan.
The capstone consists of three steps. During the first stage, an IESE faculty member will assist students in defining the problem. The company will give a corporate presentation to MBA student teams in stage two. Finally, once the students have completed their work, the company executives will attend a presentation by the students on the problem.
Entrepreneurship: Students at IESE develop an entrepreneurial mindset, and creative leadership skills to excel in both startup and enterprise environments. Students can find all the information, resources, and initiatives for entrepreneurs on the IESE entrepreneurship portal.
Students at IESE are encouraged to bring their ideas to life. As a result, IESE provides a complete ecosystem to get the business off the ground. FINAVES is the IESE entrepreneurship platform that brings business experts, investors, and entrepreneurs together to launch new ventures. It has so far launched 30 new businesses, created 1500 new jobs, and generated 70 million Euros in revenue.
IESE Full-time MBA Scholarships and Financial Aid
Most students rely on personal resources, scholarships, and the Global Loan program. The Financial Aid office will assist students in making informed decisions and finding financial resources.
The office annually awards and manages up to €20 million in financial aid and scholarships. IESE Business School is also eligible for federal (Direct and Stafford) and private loans in the United States. The average scholarship is $22,418, and participation is 40%.
Scholarships and Fellowships
One dedicated essay within the application covers all scholarship candidacies. As a result, students are not required to specify which scholarship they are applying for. If students intend to apply for a scholarship, they should complete the scholarship essay and submit it along with their application.
Scholarships at IESE are generally merit-based, which means they are awarded based on exceptional academic and professional achievements and a strong fit with the school. The GMAT or GRE score is also important in securing them. Individual scholarships are typically worth 10% to 50% of tuition. The scholarships listed below do not cover living expenses. But candidates can be awarded a combination of scholarships in exceptional cases.
| IESE MBA Scholarship | Category | Awards | Eligibility | Number of Awards |
|---|---|---|---|---|
| IESE Trust Scholarship | Academic/Merit Based | NA | students with outstanding academics, excellent professional experience, and personal merit | 20 to 30 |
| IESE Excellence Scholarship | Academic/Merit | NA | outstanding achievements and personal merit | NA |
| Forté Fellowship | Women Leaders | one year’s tuition fees. | Excellent leadership in academic, team, community, and creative contexts | NA |
| Women in STEM (Science, Technology, Engineering, and Math) | STEM Students/Women | NA | Significant accomplishment with a STEM background | NA |
| Women in Management | Women in Management | NA | exceptional females with 5 years of work experience or more | NA |
| IESE Diversity Scholarship | Diversity | NA | exceptional candidates from under-represented nationalities or unique profiles | NA |
| IESE Leaders in Africa Scholarship | External | 90% of the MBA Tuition Fees | nationals of Africa and have demonstrated exceptional work experience | 3 students |
| IESE Leaders in Emerging Markets Scholarship | Special | NA | professionals from developing economies | NA |
| IESE Entrepreneurship Scholarship | Entrepreneurship | NA | Students with a proven track record of entrepreneurship | NA |
| IESE Technology & Innovation Scholarship | Science and Technology | NA | Students with expertise in big data, digital transformation, artificial intelligence, and programming. | NA |
| IESE Leaders in Sustainability | Social Impact | NA | Students with a passion for leading sustainable business causes | NA |
| IESE Leaders in Non-Profit & Public Sector | Social Impact | NA | Students with dedication to non-profit or government organizations | NA |
| IESE Family Scholarship | Need-Based | NA | Based on the Financial status of students | NA |
| IESE Alumni Association Scholarships | Merit-based | 50% of the tuition fees | Students with outstanding academic records and professional experience | Five students |
Loans
In terms of financing the IESE MBA, students have several options. As an IESE student, students have several options, including the MBA Global Loan. Students can obtain critical information from the IESE Financial Aid Office. The following are the major loans available for IESE MBA students:
BANCO SABADELL GLOBAL LOAN: The Global Loan is a collaboration between IESE Business School and Banco Sabadell, the fourth-largest bank in Spain. It provides funding for tuition fees. The loan aims to support exceptional individuals with the potential to become a world-class manager and covers up to 80% of tuition costs.
CAIXA BANK LOAN: IESE Business School and CaixaBank, one of Spain's leading financial institutions, have agreed to establish a financing line with preferential terms for IESE MBA students. The loan program is part of the two institutions' long-standing relationship.
PRODIGY FINANCE LOAN PROGRAM FOR INTERNATIONAL STUDENTS: IESE Business School collaborates with Prodigy Finance to provide community-funded loans to international students through an innovative lending model. Students who have been accepted into the full-time MBA program are eligible to apply. The loan provides funding for tuition fees by evaluating applicants' future earning potential. The Prodigy program is open to people of 150 different nationalities.
US PRIVATE LOANS (SALLIE MAE & JUNO/EARNEST): Sallie Mae assists Americans in saving, planning, and paying for their education. American students at IESE can apply for the Graduate Student Loan.
Juno/Earnest (formerly LeverEdge) is a student loan collective bargaining organization. They negotiate with lenders to offer a deal to US citizens and international students with a valid US co-signer.
GI BILL: Americans who meet the eligibility requirements can apply for benefits through the U.S. Department of Veterans Affairs G.I. Bill.
CANADIAN GOVERNMENT LOANS: Students in Canada may be eligible for government student loans.
LENDWISE LOANS: Lendwise is a leading student loan platform based in the United Kingdom specializing in postgraduate and professional qualification loans.
A Lendwise loan includes a competitive interest rate fixed for the entire term of the loan and flexibility with no fees or charges for early repayment. The loan pays for the tuition.
IESE Full-time MBA Application Process
For admission to the IESE Full-Time MBA program, students must hold an undergraduate degree. If they are not native English speakers, they must pass an English language test, as the program is taught in English. The GMAT or GRE results are important but not decisive.
Students’ personalities, motivations, goals, leadership abilities, and communication skills will also be considered.
Students applying for the IESE Full Time MBA Course must follow the six steps below.
1. APPLY ONLINE: Students must apply online and upload scans of the documents such as A completed application form, Application fee, Official transcripts, CV, GMAT/GRE, English test, One letter of recommendation, Mandatory essays, and Military or Civil Service Obligation Passport-size digital photograph. All the required documents need to be submitted in English.
2. ADMISSIONS PRE-COMMITTEE: The application will be considered by the committee only when IESE has received copies of all documents via the online application process and the non-refundable application fee of $200 has been paid.
3. PERSONAL INTERVIEW: Next step includes face-to-face interviews that can be held on the IESE campus in Barcelona, via videoconference, or with admissions directors who travel across the world to meet candidates every year. The interview will be conducted in English.
4. ASSESSMENT DAY: In this part, students must share experiences with their potential future classmates while pitching their candidature.
5. FINAL ADMISSIONS COMMITTEE: Once the selection process is done, the application will be presented to the final committee.
6. ADMISSIONS DECISION: If one gets shortlisted, they’ll receive a phone call and email informing the committee’s decision.
IESE Full-time MBA Salary by Function (2021)
According to the employment Report of IESE 2021, 94% of the students received job offers within three months of post-graduation. The highest recruiting function was consulting, with a 38% hiring rate, followed by Finance (16%) and Management (15%). The highest base salary offered in the consulting function was $89,353, along with $58,278.
| IESE MBA (Functions) | Hiring Percentage | Average of Annual Base Salary | Average of Annual Compensation |
|---|---|---|---|
| Consulting | 38% | $89,353 | $58,278 |
| Finance/Accounting | 16% | $87,389 | $48,217 |
| Information Technology | 8% | $83,669 | $48,713 |
| Management | 15% | $86,706 | $33,766 |
| Marketing Sales | 13% | $75,162 | $26,479 |
| Operations/Logistics | 5% | $83,152 | $61,409 |
| Others | 5% | $85,504 | $45,448 |
IESE Full-time MBA Salary by Industry (2021)
The consulting sector is the most popular destination for IESE MBAs, attracting a third of the Class of 2021. They seek employment, especially those seeking strategic exposure in diverse sectors and functions. Finance captured second place with a 25% recruitment rate. The Industry sector held the third position, including Healthcare (10%), consumer goods and retail (7%), Energy and Manufacturing (6%), and others (1%). The highest-paid sector was Consulting, with a $92,383 average annual base salary.
| IESE MBA (Sectors) | Hiring Percentage | Average of Annual Base Salary | Average of Annual Compensation |
|---|---|---|---|
| Consulting | 34% | $92,383 | $57,789 |
| Finance | 25% | $82,570 | $57,370 |
| Industry | 24% | $80,837 | $34,833 |
| Technology | 17% | $84,588 | $45,258 |
IESE Full-time MBA – By Region (2021)
European regions excluding Spain had the highest recruitment percentage of 26%, whereas Spain alone had a recruitment rate of 20%. Similarly, Latin America had a 22% hiring rate, whereas Asia had 20%. Although North America had the lowest hiring rate of 5%, it offered the highest annual base salary of $114,632.
| Region | Hiring Percentage | Average of Annual Base Salary | Average of Other Compensation |
|---|---|---|---|
| Asia Pacific | 20% | $96,743 | $53,838 |
| Europe (excl Spain) | 26% | $96,452 | $43,828 |
| Latin America | 22% | $76,735 | $80,107 |
| North America | 5% | $114,632 | $38,118 |
| Spain | 20% | $66,160 | $26,751 |
| Middle Est and Africa | 7% | NA | NA |
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