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One year as a foundation-controlled institution

As of 1 July 2019, the Corvinus University of Budapest, previously maintained by the state, became a private university controlled by a foundation. Corvinus University, one of the top higher education institutions of Hungary and the best university in the country in its disciplinary fields, has pioneered model change and embarked upon a renewal program over the past year. On the anniversary of this milestone, we would like to inform you about the first year’s achievements and the strategic goals for the near future.

Underlying the change of model a year ago was the objective of enabling Corvinus University to implement a renewal program that would boost its overall performance owing to a more flexible regulatory environment brought about by its private university status as well as closer direct attention and control by the maintainer.

During the year that has passed since the transformation, Corvinus created the organisational framework that enables change: by dismantling the faculty structure it has decreased the number of governance levels, thereby creating more structural flexibilty. It has also reformed several of its strategic support areas (like Communication, HR, Student Services, Alumni, International Relations, Corporate and Institutional Relations) and has also aligned the financial management structure with the new operational environment.

The University has designed a new remuneration system that inspires staff to be geared to change. The foundation maintaining Corvinus secured the financial resources required for funding the change projects for the first half of 2020. This year 30% more resources are available fo HR and infstrastructural developments than last year.

By introducing the Corvinus Scholarship the University created a student incentive system that reinforces performance-mindedness: the establishment of an own scholarship together with the new eligibility criteria for study grants has strengthened the ability to attract talented students irrespective of their social background . It has promoted a culture of performance and rigour. The main aim of the new scholarship system is to make sure that Corvinus has enthusiastic, gifted students who are attached to the University and who will preserve their identity later in life and will show commitment to the University as alumni.

Corvinus 

After thorough preparations, four study programs will be renewed from September 2020: the Applied Economics undergraduate program, the International Business Economics undergraduate program, the Economic Analysis graduate program and the Executive MBA. New students in these programs will receive training that is continuously adjusted to market demand and that has been revamped as far as methodology, approach and content are concerned.

Interdisciplinary approach has been one of the main historical traditions of the Corvinus University of Budapest. When adapting our existing training programs and setting up new ones, we will continue to strive to demolish disciplinary boundaries. As a matter of fact, the 21st century labour market is mainly in need of highly qualified professionals who are at ease with moving across disciplines. Corvinus therefore relies on the cross-fertilising cooperation of the fields of Business and Managent, Economics and Social Sciences as well as the intergation of new technologies and experience gained in new technologies into economic and social knowledge. One of the key strategic focuses of the coming years will be to establish regionally prominent training programs.

It is the goal of the renewed Corvinus to constantly increase the number of internationally acknowledged and socially relevant research results and to implement future-oriented and innovative knowledge projects with the largest, most dynamically developing companies, top public institutions and civil organisations. To achieve this, the University needs world-class and committed academics. Accordingly, the Corvinus University of Budapest is determined to enhance the opportunities of continuous development and intellectual growth, to persuade Hungarian economists and social scientists living abroad and working at leading universities to come home as well as to attract foreign scholars to Budapest, whether they be young, emerging scholars or established professional authorities.

Over the past year many changes have taken place at the University. We believe that such changes will only be lasting and beneficial for all of us if a wide range of university citizens –students, academic and administrative staff- get involved in the joint reflection. Thus, in the coming period we will devise new forms to further increase the active participation of students and staff in the renewal process. 

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