With thanks to all who have invested in INSEAD for the next generation

Our financial model
and results for 2005/06
INSEAD is a not-for-profit organisation. Our
main sources of revenue are MBA and EMBA
tuition fees, income from Executive Education
programmes, gifts in the form of current funding
and income from previously endowed gifts. Unlike
many of our peer schools in Europe, we do not
receive government support. And, as a relatively
young school, we are yet to build an endowment
on a par with the leading North American business
schools, most of which also benefit from belonging
to a larger university structure.
Practising what we teach, we operate like the
businesses we serve and increase our revenues
each year. Our endowment fund has grown to
€75 million and 2005/06 was our most successful
year ever for fundraising, with a total of €86
million received in cash and pledges. These firm
foundations and further growth in our endowment
fund hold great promise for the future.
Revenues by year
(in € millions)
150
120
90
60
30
0
99/00
00/01
01/02
02/03
03/04
04/05
05/06
Endowment at market
value by year
(in € millions)
80
70
60
50
40
30
20
10
0
99/00
00/01
01/02
02/03
03/04
04/05
05/06
€135m
total revenues in
2005/06
€4m
increase in revenues
from 2004/05
4 5
B
B
C
D
Sources of revenues by area 2005/06
A Executive Education 51%
B MBA/Executive MBA 32%
C External funding 10%
D Other income 7%
C
Long-term resources 2005/06
A Mortgage debt 50%
B Endowment 40%
C Reserves 10%
A
A
C
B
Breakdown of expenses by area 2005/06
A Faculty and research 44%
B Buildings, IT and support functions 34%
C Programmes and external relations 22%
A