Financial Impact of Corvinus Uni's Activity Over HUF 170 bln/Year
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The impact assessment conducted by the leading international network for management development (EFMD) estimated the total annual financial impact made by the Corvinus University of Budapest on the local economy at HUF 170 billion, according to a press release sent to the Budapest Business Journal.
The contribution of the Corvinus University of Budapest to local and regional economic and social development has been recognised again with the BSIS (Business School Impact) label, and Corvinus is the only university in Hungary with this qualification. The impact of the institution of higher education is analyzed along seven dimensions: its impact on finances, education, business development, intellectual and social issues, the image of the region, and the regional ecosystem of the school.
Altogether 62 institutions of 19 countries have impact certificates for a definite period of time, including the University of St. Gallen in Switzerland and the Rotterdam School of Management of the Erasmus University in the Netherlands. The Corvinus University of Budapest was one of the first institutions to undergo an assessment, and after 2014 and 2018, this is the third time the University has received the certification.
"I am proud to see our results in such a comprehensive and structured way. The BSIS report made it clear that the graduates of Corvinus University have excellent prospects in the labor market, due to the recognition of the University and its leading position in Hungary," said Anthony Radev, president of Corvinus University.
"In addition, the document pointed out that the majority of senior managers at large companies listed on the Hungarian stock exchange are graduates of this University, so Corvinus offers excellent career perspectives. These are clear evidences of the unavoidable embeddedness of our University in Hungarian economic life," he added.
The BSIS report emphasizes that the operation of Corvinus University as a foundation and the consequent massive and firm financial background allow the University to make long-term plans and implement its strategy.
The financial impacts of the University were quantified and estimated at more than HUF 170 bln per year. This amount is made up of direct (the budget and the investments of the institution) and indirect financial impacts (parties in contact with the University, e.g., students, their families, visiting professors, and participants of conferences), as well as by the multiplier effect (impact multiplier). Thus, the annual financial impact of Corvinus is equivalent to the annual income of the total population of a medium-sized town (e.g. Szentendre or Jászberény) in Hungary, calculating with average Hungarian wages.
"The report especially appreciated the progress made by Corvinus in the field of intellectual impact. Since the last BSIS assessment in 2018, research productivity has grown fivefold, and the number of Ph.D. defenses, books authored and co-authored, and conference lectures have also increased significantly. The document also explains that international research cooperation efforts are strengthening at Corvinus, research events have become more transparent and attract more and more people," said Előd Takáts, rector of Corvinus University.
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