IE University’s Diego Alcazar, executive vice president, left, and President Santiago Iniguez. The Spanish school has announced a big move into the U.S. market by acquiring a campus in New York City where U.S. degrees will be conferred. Courtesy IE
A top Spanish university is making major inroads in the United States, becoming one of only a handful of international schools with the right to grant degrees in the U.S.
IE University, home to one of Europe’s leading business schools, today (July 31) announced the acquisition of a school in New York City with the intention of remaking it into a business- and sustainability-focused college.
IE replaces Glasgow Caledonian University as the sole member of Glasgow Caledonian New York College, based in SoHo, in Manhattan. It will be renamed IE New York College once the school achieves accreditation, and will continue to offer graduate programs, including an MS in Business for Social Impact & Sustainability, which will launch a new cohort in January 2025.
‘A MAJOR FOCUS ON ADVANCING THE SUSTAINABILITY AGENDA’
The move will allow IE to offer international students a similar benefit to U.S. schools that grant STEM (science, technology, engineering, and math) degrees: a lengthy post-graduation work visa. The Spanish school will invest $18 million in IENYC over the next five years, and will offer master’s programs for around $60,000 annually, with cohorts of up to 60 students. Graduates will be eligible to stay in the U.S. for two years post-graduation.
IE and the new college will be independent institutions. Among the plans announced July 31 are promises of future collaboration between the two, including through transfer agreements that will allow IE University students to have a new opportunity to study at IENYC. Availability of new cohorts in other programs will be announced soon, IE says.
“IE University and the future IENYC have a complementary academic purpose with a focus on driving positive change through education, research and innovation,” says Diego del Alcázar, executive vice-president at IE. “Both have a major focus on business and on advancing the sustainability agenda.
“This is a unique opportunity which brings with it an injection of energy and also an enormous responsibility. IENYC will work to generate positive impact not only in the higher education global scene, but directly in the city.”
A RARE MOVE
Glasgow Caledonian University purchased Glasgow Caledonian New York College in 2013; the college has been provisionally chartered by the New York State Board of Regents as a not-for-profit education corporation since 2017. It is accredited by the Middle States Commission on Higher Education, and is authorized under federal law to enroll non-immigrant foreign students.
International students have been attending U.S. B-schools in greater numbers for the last three years after reaching historic lows during the Trump administration and 2020-2021 coronavirus pandemic. However, the U.S. has lost some appeal as international learners consider alternatives to what is often a more expensive route to a degree, with many preferring to study in the UK and elsewhere.
IE’s move is rare but not unique. Far more common is when international schools — such as Spain’s IESE or France’s INSEAD — acquire campuses in the U.S. that serve as executive education training grounds or study-abroad destinations.
Jacqueline LeBlanc, vice president and provost of GCNYC, was enthusiastic about the acquisition of her school: “As IENYC, we will benefit from IE University’s global network, collaboration with the United Nations, and research for the improvement of the human condition. We are eager to begin this work and expand our impact.”
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