Annual Report 2010

Annual Report 2010
Letter from the
President
It is with great satisfaction that I report some of Insper’s achievements in 2010.
This was a year of consolidation, in which we reaped the rewards of certain important initiatives that were launched
years ago. One of these was the accreditation process by the Association to Advance Collegiate Schools of Business
(AACSB), which is the world’s most highly respected association accrediting business schools.
The process began in 2004, the year in which the School was transformed into an independent, nonprofit institution. It
required innumerous activities over a period of six years to improve educational quality at Insper in its various dimensions
in order to align them with international best practices. In the second half of last year, after we concluded our selfassessment report, we received a visit from the AACSB accreditation committee, which gave a favorable recommendation
of Insper to the Board, with the school effectively receiving accreditation in December. As a result, in January 2011, Insper
became a member of a select club formed by the world’s best business schools.
In addition to the AACSB Peer Review team, we also received a visit by the commission from the Ministry of Education
(MEC) for the reaccreditation of our undergraduate programs, which were graded with the maximum score of “5”. Already
at the start of this year, we received the 2009 results from the national student performance exam ENADE, in which our
undergraduate students performed very well. In the overall classification of programs conducted by MEC, we ranked first
in São Paulo’s metropolitan area in both economics (fourth in the national ranking) and business administration (fifth in
the national ranking). Along with the maximum score obtained in the reaccreditation, the ENADE results also gave us
the maximum score of “5” in the IGC general classification of higher education institutions conducted by MEC. Only 25
higher learning institutions in the country have received this score and, of these, only 16 offer programs in economics
and/or business administration. The masters program in economics was also very highly rated by CAPES, the federal
agency regulating stricto sensu graduate programs, getting the highest score of “5” for the second straight time (i.e., the
three year periods of 2004-06 and 2007-09).
2
There was also excellent news in the executive education area. We placed 13th in the Financial Times ranking of
corporate programs, climbing 29 places since we were first included in 2007. The ranking also considered our facilities
to be the best in Latin America, and we placed first in the category of customer loyalty.
We enjoy a privileged location in relation to our target public. However, because of this, the possibilities for physical
expansion are limited. Fortunately, last year we managed to resolve this with two measures. First, we acquired five lots at
Rua Quatá, on the next block from the Insper campus. The lots have a combined area of 2,230 square meters and offer
the building potential of 8,900 sq.m. of floor space. And, second, we signed with the current owners of our campus a new
build-to-suit agreement for the construction of a tower connected to our campus. Through this operation we guaranteed
the occupation, for 24 years, of eight floors, for a total area of approximately 8,000 sq.m., which represents an increase
of almost 80% in floor space in relation to that currently available. With this development, we believe we now have the
capacity to expand for some time, maintaining the quality of the educational experience offered at Insper.
For 2011, we have some important challenges ahead of us. In the Business Administration program, we began a
pioneering project aimed at improving the competencies of our students in areas related to problem solving and a resultsoriented approach. Concerning our physical expansion, the objective is to efficiently occupy the new spaces without
affecting our operations. In the executive education programs, our goal is to continue expanding our activities, while also
focusing on the open enrollment programs. With respect to research, we intend to expand its reach and depth mainly, but
not exclusively, through the Insper’s centers on Public Policies and Strategy Research. We are also analyzing the launch
of new graduate programs and, possibly, a new undergraduate program.
All of the above has a single aim, to accomplish our mission of generating knowledge and developing people who
will help shape our country.
We are immensely grateful to all of you in the Insper community, including our faculty, staff, students, alumni,
customers and friends, for helping to make this possible. A nonprofit institution such as Insper, whose governance model
is based on the best private universities in the United States, depends fundamentally on the involvement and support of
this community to perpetuate and continue to transform this dream into reality.
Cordially
Claudio Haddad
“
A nonprofit institution such as Insper, whose governance
model is based on the best private universities in the
United States, depends fundamentally on the involvement
and support of this community to perpetuate and continue
to transform this dream into reality.
”
Institutional
5
4
7
1
3
6
4
Vision
To be a leading center in education and research
in the fields of Business and Economics, combining
academic rigor and a practical approach so as to
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forge leaders and professionals who will make a
difference.
1
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Mission
To develop people who share our educational
approach, generating and disseminating knowledge
in the fields of Business and Economics and
fostering its practical application.
Our educational approach centers on the
development of students at all stages of their
professional lives and relies on their full commitment
and participation in the learning process.
We value rigorous academic research based
on real-world issues, which contributes to the
enhancement of public policy and organizational
practice.
Board of Directors
1- Paulo Guilherme Aguiar Cunha
2
2- Peter Graber
3- Claudio L. S. Haddad (President)
**-Jorge Paulo Lemann
4- Luis Norberto Pascoal
5- Michael Edgar Perlman
6- Pedro Moreira Salles
7- Howard Stevenson
Executive Committee
1- Rinaldo Artes
Dean of Research Degree Programs
2- Luca Borroni-Biancastelli
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5
2
7
3
Dean of Executive Education
3- Letícia Costa
Dean of Graduate Programs
4- Irineu Gustavo Nogueira Gianesi
Dean of New Academic Projects
5- Claudio L. S. Haddad
President
6- Christian Greiffo da Justa Menescal
Senior Director of Operations
7- Andrea Accioly Fonseca Minardi
Dean of Undergraduate Programs
8- Marcia Nizzo de Moura
Senior Director of Institutional Development
Donors
Insper’s Friends (persons
and organizations who have
contributed to the campus
building in 2006 and the physical
expansion as of 2010)
ABS Investment Management LLC
6
Alex Haegler
André Lara Resende
Andrew Shores
Antonio Carlos de Freitas Valle
Arminio Fraga Neto
Banco Itaú
BMF & BOVESPA
Bruno Licht
Bruno Rocha
Carlos Alberto Sicupira
Carlos Castanho
Carlos Pinheiro Junior
Clóvis Macedo
Diniz Ferreira Baptista
Eric Hime
Fabiana e Jairo Saddi
Família Haddad
Fernando Moreira Salles
Fernando Prado
Fernando Russo
Fred Packard
Fundação Bradesco
Fundação Brava
Fundação Educar DPaschoal
Georg Ehrensperger
Gerdau
Gilberto Romanato
Grupo Abril
Grupo Camargo Corrêa
Grupo Votorantim
Guilherme Amaral Ferraz
João Moreira Salles
Jorge Paulo Lemann
José Alexandre Scheinkman
José Antonio Mourão
José Ermirio Neto
Pedro Moreira Salles
José Olympio Pereira
Peter Graber
José Ricardo de Paulo
Ramiro Lopes de Oliveira
Luis Alberto Rodrigues
Roberto Civita
Luis Norberto Pascoal
Roberto Egydio Setubal
Marcel Herrmann Telles
Roberto Thompson Motta
Marcelo Barbará
Roberto Walter Haberfeld
Marcelo Medeiros
Roger Wright
Marcelo Stallone
Rogerio Castro Maia
Mario Adler
Saddi Advogados Associados
Mario Cezar de Andrade
Suzano Holding
Maurizio Mauro
Suzano Papel e Celulose
Michael Perlman
Suzano Petroquímica
Paulo G. A. Cunha
Walter Salles
Donors
Donors - Scholarship Fund 2010
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Adriana Bruscato Bortoluzzo
Claudia Bruschi Martins (alumni)
Adriano Bertoldo Alves
Clemens Nunes
Adriano Ortega Carvalho (alumni)
Credit Suisse Cons. Ltda
Alex Harry Haegler
Cristiane Maria Sampaio
Alex Ribeiro Pinto da Silva
Cyrela BR R. S.A
Ana Maria Santos Diniz
Daniel Penna Kagaya
Andrea Martins Flores (alumni)
Denis Ramos Morales
Antonio Zoratto Sanvicente
Diego Ten de Campos Maia (alumni)
Brena Parelli
Eduardo Augusto Rissi
Bruno Gruner (alumni)
Eduardo Giannetti da Fonseca
Bruno Igel (alumni)
Eduardo Montenegro Dotta (alumni)
Caio Carbone (alumni)
Elisa Peres Novaki
Camila de Souza Queiroz Du Plessis
Emilio Motta Carmona Gerbelli (alumni)
Carina and Mauro Bergstein
Evaldo Oliveira (alumni)
Carlos Rebouças Du Plessis
Fabio da Paz Ferreira
Carolina da Costa
Fábio Luiz Alves de Andrade Santos (alumni)
Cavour Restaurante e Participações S/A
Família Haddad
Célia Regina Pizzi
Fernanda Buischi
Christian Greiffo da Justa Menescal
Fernando Carramaschi
Clara Roorda (alumni)
Flavia Cerruti (alumni)
Flavio De Almeida Athayde (alumni)
Francine de Toledo Del Poço Cruz
Franco Veludo (alumni)
Gabriel Garber
Galo Carlos Lopez Noriega
George Ricardo Stein
Gilmara Lima de Elua Roble
Guilherme Amaral Ferraz
Guilherme Correa Marson
Guilherme Ribeiro do Valle
Hani Taleb
Helen Hansen Cortez
Howard Stevenson
Insper Jr Consulting
Irineu Gustavo Nogueira Gianesi
Isabel and Nelmir Rosas
Ivan Anuar Farha Filho (alumni)
Regina Madalozzo
Jacques Depoca
Renice Aparecida Pombani
Jean François Pinto Saghaard
Rinaldo Artes
Jessica Renesto
Rio Vermelho Empreendimentos e Participações
José Alexandre Scheinkman
Ltda
Julia Cristina Miguel
Rita de Cassia Marques de Lima Castro
Juliana Maria Salu dos Santos
Rita de Cassia Rebollo
Julio Cesar Brant de Almeida
Roberta Beatriz Bolognesi Donato (alumni)
Julio Lima (alumni)
Roberto Walter Haberfeld
Larissa Siebenkaess
Rodrigo de Souza Queiroz
Lote 45 Participações Ltda
Rodrigo Lisboa Bonafe
Luca Borroni
Ronaldo Ricioli (alumni)
Luciana de Paula Arjona
Ronei Filgueiras Frigerio
Luis Rodolfo Cruz e Creuz (alumni)
Sean R White
Luiz Ricardo Barbosa Galdi Delgado (alumni)
Sérgio Giovanetti Lazzarini
Marcelo de Castro Ferreira Oliveira (alumni)
Sérgio Jurandyr Machado
Marcelo e Heloisa Saad
Sérgio Martins
Marcelo Schimitt
Silvia Regina Bassaglia
Marcia Maria Deotto
Silvio Laban
Marcia Maria Nizzo de Moura
Sueli da Hora Moreira
Marcos Hashimoto
Susan Lyons
Maria Augusta Ortiz Taleb
Sylvio Lazzarini
Maria Ester Pires da Cruz
Tadeu da Ponte
Maria Gorete Alencar Machado
Telmo Ferreira (alumni)
Marina Kairalla Garcia (alumni)
Executive MBA - 4th semester class
Mario da Silva Marson
Executive MBA in Finance - 4th semester class
Maritza Seixas Elias
Vera Bechelli
Michael Perlman
Milton Costa da Silva
In 2010, the Scholarship Fund raised a total of
R$ 715,000, receiving contributions from different
Natalia Maria Reimberg Mendes (alumni)
groups: alumni, staff, faculty, Insper’s Friends
Patricia de Souza
and individuals who are closely associated to the
Patricia Palomo (alumni)
School.
Paula Haddad and Fernando Britto
Pedro Eugênio Martins Toledo Piza
Pedro Vieira Lima de Albuquerque (alumni)
Rafael Barbosa Santos Coelho (alumni)
Donors
Mentoring Program 2010 Career Development Center
(participants)
MBA alumni that support senior students
(Undergraduate Programs)
Adriana Barretta
Camilo Henrique de Syllos
Célia Regina Pizzi
Celso Hissashi Maehata
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Claudio Kassab
Cristiane Moreira Gonçalves Mondaini
Dario Almeida Albagli
Edson Gomes Ribeiro
Emilia Man Yee Cheung Serafini
Fabrício de Moura
Fátima Maria Martins Neri Renzetti
Gedival Magalhães da Silva Jr
Henrique Cordeiro Mariano
José Valmir da Silva
Katia Korovin
Luis Fernando Goulart Rodrigues
Undergraduate Ambassadors support for the Scholarship Fund
Alumni that built up a team to contribute to the
Insper’s Scholarship Fund.
Marco Aurélio Raphul Azevedo Garcia
Mário Sérgio Tampellini
Franco Rodrigues Resende Veludo (Business Adm 2008)
Paulo de Castro Freitas
Caio Gracco Carbone (Economics)
Raquel Boarato Barreiros Soré
Clara Roorda (Economics 2008)
Rodrigo Messias Ventura
Luiz Ricardo Barbosa Galdi Delgado (Economics 2008)
Ronaldo Ricioli
Pedro Vieira Lima de Albuquerque (Economics 2009)
Wellington Lopes Souza
Pulsação Project
Insper’s quality of life program is addressed to
employees and faculty and goes beyond people’s
well-being,
integrating
awareness
and
health
promotion to the School’s strategy and values.
Alumna - consultant volunteer
Luiza Cruz
2010
Retrospective
Insper’s accreditation by the AACSB and its
new international partnerships
The
year
2010
proved
critical
to
Insper’s
process
to
grow internationally.
The accreditation process of the Association to Advance Collegiate
Schools of Business (AACSB International) establishes 21 standards
for various aspects of institutional management, which are divided
into the following three groups: Strategic Management – the main
concern of this group’s five standards is the adequacy of the School’s
mission, which includes the sustainability of its business model and
the consistency with its mission; Participants – the nine standards that
comprise this group focus on the students (admission procedures,
academic rigor and retention, support processes and academic
and career counseling) and faculty (academic and professional
qualifications of the faculty and their participation in the school’s
processes and activities); and Assurance of Learning – this group of
12
seven standards monitored by the AACSB is related to the management
of program curricula, the definition of the learning objectives of
each program and the process of measuring the achievement of
these objectives.
The importance of this achievement can be evaluated by
considering that only 12% of business schools in the world are
accredited by AACSB, with only 12 of these institutions located in
Latin America. In Brazil, this achievement is even more relevant, since
Insper is only the second Brazilian school to receive accreditation.
The school’s main challenge in this process, which lasted six
years, concerned the faculty. To be considered academically qualified
by the AACSB, professors must hold doctorates and be actively
involved in research, publishing at least two articles in peer-reviewed
journals every five years. Specifically in the Executive MBA programs,
which are lato sensu graduate programs, maintaining the pragmatic
approach that has always marked the school’s programs, while at
the same time achieving the minimum level of 60% of professors
academically qualified, required time and resources to develop the
faculty. The result is that Insper’s Executive MBA programs are the
first and only lato sensu graduate programs in Brazil to be accredited
by the AACSB, a feat that is difficult to match, given the characteristics
of the Brazilian market.
The institution was recognized especially for
presenting teaching and management practices
classified as world-class. The evaluation conducted
by the peer-review team appointed by the AACSB
highlighted the following practices:

othe assurance of learning process (which
iscoordinated by the Center for Teaching and
Learning, or DEA);

the
meet
management
the
of
required
the
faculty
academic
to
and
professional qualifications;

the
incentive
program
to
encourage
academic production by the faculty with a
part-time commitment;

the
organizational
model
with
a
matrix
the
school
management structure.
The
certification
obtained
by
will expand the opportunities for students and
professors to participate in exchange programs, for
the production of knowledge through academic
research and for agreements between Insper and
international institutions.
To learn more about accreditation go to:
www.insper.edu.br/aacsb
2010
12
14
Retrospective
New international agreements
Partnership with the São Paulo Police
The goal of internationalization was intensified
Insper and the São Paulo State Military
with the formalization of partnerships with the
Police (PMESP) signed an agreement to train the
following universities/business schools: Queen’s
corporation’s officials. Under the agreement, the
School of Business in Ontario-Canada; Tilburg
educational institution offers full scholarships to the
University in the Netherlands, and the University of
police officers approved in the selection process
New South Wales (UNSW) in Sidney-Australia, those
of some of Insper’s programs. The scholarships
are Insper’s first agreements in those countries. With
offered include all lato sensu graduate programs
the Université Paris IX Dauphine, which is already
- Executive MBAs and Certificates, and open
an Insper partner, this new agreement began to
enrollment programs in Executive Education.
offer the opportunity to participate in exchange
The agreement’s objective is to contribute to
programs through courses taught in English. Insper
the
currently maintains exchange partnerships with
which would have spillover effects on the entire
over 20 international schools on six regions: South
community.
America, North America, Europe, Asia, Middle East
and Oceania.
management
training
of
police
officers,
In 2010, 42 military police officers attended a
program in Insper’s graduate or executive education
programs. In 2011, 26 new students are expected.
Recognition by the Financial Times Ranking
Surpassing its performance in previous years,
Case Study Collection
Insper was ranked 13th among the world’s top
Insper, one of the pioneers in the use of case
schools in the ranking of Executive Education –
studies in Brazil, also invests in developing its
Customised Programs conducted by the Financial
own collection. Based on the corporate contexts in
Times. Insper consolidated its position as one of
Brazil and internationally, the case collection began
the top three schools in Latin America. The school
to be compiled in 2005, and today has 24 titles
climbed 14 positions in the ranking in relation to
that address major issues faced by companies such
2009, when the institution came in 27 (after ranking
as Banco Garantia, Burger King, Embraer, Mesbla
42nd in 2007).
and others. The cases, which are available in
th
This is the fourth time that Insper is well
Portuguese and English, are developed by Insper’s
positioned in the Executive Education ranking of the
professors, with the possibility of professors from
Financial Times. The programs were evaluated across
other educational institutions participating as co-
a wide range of criteria such as program design,
authors.
quality of the faculty, the physical infrastructure and
To learn more about Insper’s Case Collection go
the international partnerships offered to participants.
to: www.insper.edu.br/casos
In the Custom Programs ranking, Insper placed first
worldwide in “Future Use” and third in “Facilities”
(with the best educational infrastructure in Latin
America).
Also in the 2010 ranking, Insper participated
for the first time in the category “Open Enrollment
Programs”, placing 42nd.
2010
16
Retrospective
scholarships to undergraduate students without the
Santander Teaching Award
The Center for Teaching and Learning (DEA)
financial means to pay full tuition. The donated
obtained important recognition for its activities
amount exceeded this goal by 2%, reaching R$
associated with the faculty’s development, with
715,519. There were 210 donors with an average
the institution receiving the Santander Universities
donation of R$ 3,500, with the largest donation
Award, Highlights of the Year - Student Guide, in
equal to R$ 150,000 and the smallest R$ 180.
the Faculty Training category. In 2010, this initiative
Among the donors, the institution’s original
of Banco Santander involved 516 institutions
Friends (persons who have contributed over the
with 5,217 projects, with the higher education
years to various projects) accounted for 94% of
institutions evaluated in four categories (Science
the total amount raised. The remaining 6% was
and
donated by employees, members of the Insper
Innovation,
Entrepreneurship,
University
Alumni Community and other individuals who
Solidarity and Student Guide).
in
The
following
the
area
activities
of
developing
were
highlighted
and
supporting
faculty members:
are closely associated with the school.
development,
Undergraduate Ambassadors – support for the
Scholarship Fund
in which the professor proposes revisions to
In 2010, five members of the alumni joined
the
teaching

Individual
plan
for
student
forces to encourage contributions to the Scholarship
evaluations, while requesting from the School the
Fund by students who have graduated from the
resources needed to support these revisions
school. Through this initiative they developed the
as
case study “The Role of the Alumni Community in
well
the
process
faculty
support
based
on
required
for
their
own development;
the Scholarship Fund”, with the goal of presenting

”Professor Auditing Peers’ Classes”, which is based
it to a larger group of graduates. These alumni,
on the principles of mentoring, with colleagues
who were christened the Graduate Ambassadors,
more experienced in the school’s educational
worked with another 30 alumni during discussions
approach contributing to the development of
for the case study, suggesting strategies to increase
newer professors;
contributions by the Alumni Community to the fund,
are
which provides support for applicants to Insper’s
aligned with the needs identified for improving
undergraduate programs. The measures suggested
the education offered that were identified
through this collaborative effort will be monitored
by therevision of the undergraduate curricula
over the course of 2011, when even more graduates
conducted in 2009-2010.
are expected to contribute to this initiative.

Faculty
Development
Seminars
that
Scholarship Fund
In 2010, a goal of R$ 700,000 was established
for the Scholarship Fund, which is used to grant
“The consolidation of Insper’s assurance of learning cycle, from
which our faculty development programs originate, is the institutional
expression of our commitment to society when faced with the question:
How do we know if our education is working to fulfill Insper’s vision
and mission?”
Carolina Costa - Director of the Center for Teaching and Learning (DEA)
Research
Highlights
Research Highlights in 2010
A new full time faculty member with research responsibilities was hired in 2010.
Her areas of research are organizational behavior, social responsibility, corporate
sustainability, ownership transactions, capital structure and organizational matters.
Regarding promotions, three assistant professors were promoted to associate professor
due to their performance in research, teaching and other contributions to the institution.
Insper holds weekly academic seminars given by guest research professors and
sponsors international seminars in various fields in which research professors from
foreign institutions participate. These events enjoy broad media coverage due to the
quality of the speakers and the relevance of the issues presented.
One of last year’s highlight was the seminar Israel and Brazil: Economic Challenges
and Prospects, with the participation of Zvi Eckstein, vice-president of the Bank of Israel
and professor at the Eitan Berglas School of Economics of the University of Tel Aviv;
Mario Mesquita, former director of the Central Bank of Brazil; Alexander Schwartsman,
Head Economist at Banco Santander; José Luiz Rossi, Associate Professor at Insper and
18
Claudio Haddad, President of Insper. The seminar Managerial Practices and Productivity
of Firms, another highlight, counted with John Van Reenen, Director of the Centre
for Economic Performance, London School of Economics; Fersen Lambranho, Co-Chief
Executive Officer and Co-Chairman of GP Investments; Sergio Lazzarini, Associate
Professor at Insper; Naercio Menezes Filho, Full Professor at Insper and Claudio Haddad.
Another initiative aimed at promoting Insper’s research initiatives was the launch of
Insper Knowledge, a portal focused on disseminating knowledge, in particular research
and studies developed by Insper’s research professors and research centers.
Research Production
2007
International Papers
14
Brazilian Papers
Chapters
Books
2008
2009
2010
20
20
20
20
19
22
19
2
2
13
12
2
6
2
1
Insper and the
Job Market
20
The year 2010 was marked by the rebound in the labor market,
with this scenario reflected in the indicators compiled by the Career
Development Center. The Opportunities Board, which offers internships
and permanent positions to students and alumni, released over 2,800
opportunities in the year (31% more than in 2009). Permanent positions
accounted for 70% of the total and presented a large variety in terms of
positions and fields. The number of internship positions exceeded 800
and featured a wide spectrum of opportunities.
The Center also sponsored seminars and meetings and, for the third
consecutive year, the Career Center implemented the Mentoring Program,
through which alumni have the opportunity to share their experiences
and professional networks with seniors in the undergraduate programs,
who are in the process of entering the job market.
Announced Internship and Trainne positions
2007
755
2008
850
2009
735
2010
906
Sector of Activity
Internship
15%
Trainee programs
10%
Financial Markets
26%
Consulting
9%
Marketing
6%
Corporate Finance
10%
Others (Strategy, Sales, Logistics, HR etc.)
24%
Number of students hired for summer jobs
2007
19
2008
44
2009
50
2010
36
Insper
Experience
Undergraduate Programs
learning goals and on the key questions that guide the
activities of Business Administration and Economics
professionals. The curricula associate each course with
these key questions. This mapping allows us to change the order of disciplines and to identify gaps (for
example, activities or fields of knowledge that require
greater emphasis). It also encourages us to review the
purposes of each discipline and to identify synergies
among disciplines that are associated with each other
toward common issues. We proposed a new format of
class teaching plans. The objective of this new format
is to help the faculty to design their courses toward
key problems and fundamentals. And lastly, by including new disciplines and promoting a more pragmatic
approach, we were able to include programs and activities aimed at developing specific learning objectives.
To what extent have students acquired the learning objectives established for the undergraduate programs? Since 2008, Insper has been working to answer
this question by implementing the assurance of learning cycle for measuring students’ effective learning in
relation to the educational objectives of the program,
in order to identify learning gaps and to propose improvements to the educational process and the curriculum format.
22
The learning goals for undergraduate students,
which include problem solving, results orientation,
critical thinking, teamwork and communication, can
only be developed through a curriculum format that
integrates various branches of learning, creating a learning experience that is consistently investigative, focused on solving real-world problems and centered on
the participant (which are aspects that define Insper’s
educational approach). As part of this effort, the years
2009 and 2010 were dedicated to revising the curricula of the undergraduate programs. We put emphasis
on establishing the basic premises and creating artifacts that will consolidate a curriculum grounded in
problem solving. Above all, the curriculum should
be a facilitator of a learning experience that promotes
more effectively the program’s learning goals and is
aligned with professional future demands that students
will face.
The new curricula structure also allows Business
Administration students to obtain Specialization Certificates upon conclusion of the program. In order
to do so, it is necessary that the student completes,
during the final year of the program, four elective
courses (of a total of six) in one of the following areas of concentration: Marketing, Finance, Strategy, and
International Business.
2010 was a year of celebrations. Insper’s undergraduate programs achieved excellent results in the
ENADE Exam conducted every three years by the Ministry of Education (MEC). According to the General
We based our curricula revision on the program’s
Application/Opening Ratio – 1rst semester
15
14,1
12,8
12
11,9 11,7
11,3
10
09
7,1
6,8
06
9,5
5,2
5,5
8,7
6,8
5,8
Business
Administration 03
Economics
00
Application/Opening Ratio – 2nd semester1
10
8,6
08
06
04
Business
Administration 02
Economics
3,8
4,3
4,4
3,0
7,2
6,7
6,6
3,8
4,6
5,0
4,6
4,2
2,3
00
*1The total number of openings in the undergraduate admissions in 2010-2nd semester was increased by 50% (from 150 to 225)
Program Index (IGC), the Economics program was
ranked 4th in the country, while the Business Administration program came in 5th. These results mean that
both programs are ranked first in the city of São Paulo.
We also celebrated the exceptional rankings of
our students in the economics exam conducted by
the National Association of Graduate Centers in Economics (ANPEC), which is the national exam used in
the admissions processes for masters programs in the
country’s main graduate schools. Eight students placed
among the top 100, with three among the top 20 and
a student from Insper placing in second.
Insper formed a partnership with the CFA Institute, the most highly respected international institution
for certifying investment professionals. According to
the CFA, Insper’s undergraduate programs in Business
Administration and Economics cover the principal topics of the Candidate Body of Knowledge, the content
on which investment analysts are evaluated for obtaining certifications such as CFA (Chartered Financial
Analyst). Students in the 7th and 8th semesters can
apply for five scholarships for registration in the CFA
Exam Level I.
schools abroad (up from 28 students in 2009) and 18
foreign students came to study at Insper (up from 12
in 2009).
The planned expansion in our facilities allowed us
to increase the total number of openings in the Undergraduate Admissions Examination in 2010-2 (2nd
semester), from 150 (100 in Business Administration
and 50 in Economics) to 225 (150 in Business Administration and 75 in Economics), serving demand in the
market that has been approved by MEC since 2007.
Undergrad Students Placed in the Job
Market
3%
97%
There was a significant increase in the activities of
exchange students in the undergraduate programs. In
2010, 49 students from Insper went to study in partner
Placed in Field
In selection process
Applicants– 1rst semester
1.600
1.400
1,406
1,278
1.200
1,167
1,134
1.000
997
800
600
Business
Administration
675
548
400
200
Economics
354
289
260
595
475
435
339
0
Applicants– 2nd semester
1.000
900
800
700
600
500
400
300
Business
200
Administration
100
Economics
0
858
724
674
656
634
444
378
217
149
189
228
250
229
175
Insper
Experience
24
Certificates
During 2010, Insper’s three Certificates programs
had a major impact, with the replacement of 11
focused on implementing the new curriculum
courses in each program (approximately 30% of the
structure, following the intense revision effort made
total). The new programs will take effect for classes
in the previous year. This task was executed by
beginning their programs in 2011.
the faculty of these programs, supported by the
The Certificate in Marketing Management (CMM)
leadership of the respective departments. The team
placed 3rd in the 2010 ranking of the best graduate
overcame two important challenges during the year:
programs in marketing published by the magazine
aligning all courses in these programs with the new
Você S.A. (2nd in the city of São Paulo). The result
learning objectives (capacities in problem solving,
contributed to Insper figuring among the top-
critical analysis, communication, teamwork and
business schools in Brazil in the overall ranking.
results orientation) and revising the set of courses
specific to each Certificate program. This revision
Number of Applicants, Admissions and Enrollments by Admissions Process -
Lato Sensu Graduate Programs
2008
Applicants
1,688 1,618 1,212
2009
2010Variation
-25%
Applicants Accepted
735
782
511
-35%
Students Enrolled
731
577
482
-16%
Yield (Enrolled/Accepted)
99%
74%
94%
28%
MBAs
In the 2010 edition of the MBA rankings
published by the magazine Você S.A., the Executive
MBA program placed 3rd nationally, while the
Executive MBA in Finance was considered the
best program in its category, maintaining Insper
in a prominent position among the country’s top
business schools.
Consistent with Insper’s strategic alignment in
the international area, we received 158 students from
six prestigious international educational institutions:
Darden School of Business (University of Virginia,
USA), Cranfield School of Management (United
Kingdom), University of St. Gallen (Switzerland),
Harvard Business School (USA), Rotman School
of Management (University of Toronto, Canada,
through the Omnium MBA program) and Tuck
School of Business at Dartmouth (USA). During
the majority of these visits, the foreign students
follow a schedule of classes and external activities
organized by Insper.
by Insper and HIAE, scholarships covering 80% of
full tuition.
Between September 27 and October 1, 2010,
the fourth edition of the International Extension
of the Executive MBA in Healthcare Management
HIAE-Insper was held at one of the most traditional
institutions in the state of Pennsylvania: Philadelphia
International Medicine (PIM). This extension
allowed students to enhance their competencies
in healthcare management and broaden their
knowledge of the real-world situation in the
healthcare sector of another country.
* HIAE – Hospital Israelita Albert Einstein
In 2010, confirming the economy recovery
following the global economic crisis, the school
was able to successfully complete four new classes
in the Executive MBA program and another four
classes in the Executive MBA in Finance, meeting
the established targets.
Meanwhile, the Executive MBA in Healthcare
Management program offered through a partnership
between Insper and the Hospital Israelita Albert
Einstein (HIAE) completed, successfully of its 7th
class with 61 students, who were selected from
among 500 applicants. In this program, students
who work in the public health sector are offered,
Number of Applicants, Admissions and Enrollments by Admissions Process -
Lato Sensu Graduate Programs
2008
Applicants
1,697 1,560 1,447
2009
2010Variation
-7%
Applicants Accepted
632
484
484
0%
Students Enrolled
488
337
451
34%
Yield (Enrolled/Accepted)
77%
70%
93%
34%
Insper
Experience
Professional Masters
Professional Masters in Economics
Created in 2004, Insper’s Professional Masters in
Economics was the school’s first graduate degree
program. The program’s expansion was supported
by the growing demand for professionals and
academics interested in its curriculum and its
highly qualified faculty. Another highlight was
the high quality of the dissertations submitted to
conclude the program, which received an excellent
evaluation from CAPES in 2010. This federal agency
that regulates graduate degree programs evaluated
the results and indicators of this program in the
26
period 2007-2009, attributing to it the maximum
score for professional masters programs in the
country of (5).
Professional Masters in Business Administration
Business
Through the PROADM program intermediated by
Administration has consistently sought to achieve
CAPES, this professional masters program was
levels of excellence in teaching and research.
able to organize exchange programs for professors
Launched
completed
and prepare case studies to support the learning
dissertations, which in 2010 generated publications
process, with these efforts conducted in partnership
and presentations at the III ANPAD Marketing Event
with the Business School of the Federal University
(1 paper) and the XXXIV ANPAD Meeting (2 papers)
of Bahia (UFB).
Insper’s
Professional
in
2007,
21
Masters
students
in
sponsored by the National Association of Graduate
In the three-year evaluation conducted by
Studies and Research in Administration (ANPAD).
CAPES, the program received the maximum score in
Two works completed by students were submitted
the areas of program approach and social inclusion
to academic journals and are in the review process.
and obtained good scores in the areas of faculty
One work was accepted for publication in Revista
and intellectual and technical production. Since
de Literatura dos Transportes, a journal specializing
only three students had defended their dissertations
in transportation management, and received an
as of 2009, the program was not evaluated in the
award as one of the journal’s three best papers in
area of student body. This masters program also
2010. Demand for this program has grown and a
consolidated its curriculum, making the program
greater number of professors are now involved in
more compatible with its approach of preparing
sponsoring dissertations and administering courses.
professionals with solid and advanced knowledge
in business strategy.
Number of Applicants, Admissions and Enrollments by Admissions Process Graduate Programs Stricto Sensu
Professional Master in Economics
Applicants
200820092010
Variation
163171254 49%
Applicants Accepted
617752-32%
Students Enrolled
503940 3%
Yield (Enrolled/Accepted)
82%51%77% 52%
Professional Master in Business Administration
200820092010
Variation
Applicants
34
Applicants Accepted
203233 3%
Students Enrolled
152325 9%
Yield (Enrolled/Accepted)
57
190
75%72%76%
233%
5%
Insper
Experience
Executive Education
Open Enrollment Programs
Advancing the strategic plan formulated for
this area in 2010, seven open enrollment programs
were offered and the area was expanded with
the hiring of a new manager. A highlight was the
development of a new model of program offerings
for 2011 based on the concept of continuous
improvement and with a focus on practical and
structured application in six areas: Leadership,
People,
Marketing,
Operations,
Finance
and
Strategy & Change.
The initial offering of programs for 2011 was
launched in 2010 containing 17 programs in these
six areas. The programs were designed based on
the experience the school has gained in its custom
programs and on the need identified to prepare
28
companies to meet the challenges posed by the
market.
The open enrollment programs were evaluated
by the Financial Times ranking for the first time in
2010, placing them 42nd worldwide.
Customised Programs
In 2010, the area developed 64 customised
programs for various managerial and leadership
levels. In all, 5,348 hours of training were
administered to 1,925 students from 22 companies
operating in a wide range of sectors, such as
agribusiness,
automotive,
consumer
goods,
financial, telecommunications, services and steel.
Corporate Programs
Clients
2004
2005 2006
2007
324949 31
43
106
2008
2009 2010
2821
24
Programs Delivered
113
78
108
Students Served
1,307
1,566
2,659
2,112
2,476
1,809 2,547
69
115
Classroom Hours
3,925
4,545
7,291
5,815
7,482
4,999 5,468
LLM - Master of Laws
The LLM - Master of Laws programs experienced
high demand in 2010, which culminated in the
creation of a second class for the LLM - Corporate
Law program.
To further improve the quality of these
programs, seeking to make modifications based
on the results of the satisfaction survey conducted
in 2009, the LLM - Financial and Capital Market
Law program changed its curriculum and began
focusing on international operations, investment
funds and derivatives.
The
programs
offer
opportunities
for
participation in international extension programs.
In 2010, seven students participated in international
extension programs (which lasted from two to
eight weeks at the University of California, Davis
in the United States or at the University of Geneva
in Switzerland). In addition, two students won
scholarships to attend four-month programs at the
University of St. Gallen in Switzerland, which were
offered by the Lemann Foundation.
European Union Program
In partnership with the cultural department
of the European Union, Insper sponsored the 5th
edition of the Program: European Union - Legal,
political and economic-integration aspects. The
program was attended by European and Brazilian
professors, with a total of 45 hours of classes and
20 students.
Number of Applicants, Admissions and Enrollments by Admissions Process -
Lato Sensu Graduate Programs
Applicants
200820092010
Variation
580742787
6%
Applicants Accepted
190246231 -6%
Students Enrolled
179166216 30%
Yield (Enrolled/Accepted)
94%67%94% 39%
Faculty
Adriana Bruscato Bortoluzzo
Assistant Professor
Doctorate, Statistics – IME-USP
Statistics. Econometrics. Time Series.
Alberto Masayoshi Faria Ohashi
Assistant Professor
Doctorate, Statistics (Probability) – USP
Stochastic Analysis. Financial Mathematics.
André Luís de Castro Moura Duarte
Adjunct Professor
Doctorate, Business Administration –
EAESP-FGV/SP
30
Operations Management. Supply Chain
Management.
Andrea Maria Accioly Fonseca Minardi
Associate Professor / Academic Dean
Undergraduate Programs
Doctorate, Business Administration – EAESP-FGV/
SP Finance.
Antonio Zoratto Sanvicente
Full Professor
Ph.D., Business Administration –
Stanford University Finance.
Danny Pimentel Claro
Associate Professor / Director of Insper Strategy
Research Center until march 2010 / Associate
Dean Professional Master in Business
Carlos Alberto Furtado de Melo
Administration (as of july 2010)
Adjunct Professor
Ph.D., Business Administration – Wageningen
Doctorate, Political Science – PUC-SP
University Marketing.
Brazilian Culture. Brazilian Politics.
Dirk Michael Boehe
Charles Kirschbaum
Assistant Professor / Associate Dean Graduate
Assistant Professor
Program in Business
Doctorate, Business Administration – FGV-SP
Administration (as of january 2010)
Strategy. Organizational Theory. Sociology of
Doctorate, Business Administration – UFRGS
Organizations. Creative Industries
International Management.
Eurilton Alves Araújo Júnior
Associate Professor / Associate Dean Professional
Master in Economics until june 2010
Ph.D., Economics – Northwestern University
Macroeconomics. Econometrics.
Fabio Ribas Chaddad
Joint Appointment
Ph.D., Agricultural Economics – University of
Missouri
Strategy. Agribusiness.
Gazi Islam
Associate Professor
Ph.D., Business Administration – Tulane University
Organizational Behavior. Leadership.
Organizational Culture.
Henrique Machado Barros
Assistant Professor / Associate Dean Professional
Master in Business Administration until june 2010
Ph.D., Business Administration – Warwick
Business School
Strategy. Innovation.
Eduardo de Carvalho Andrade
Associate Professor
Ph.D., Economics – University of Chicago
Economics of Education.
José Heleno Faro
Assistant Professor
Ph.D. in Mathematical Economics - IMPA
Choice Theory. General Equilibrium under
Eduardo Giannetti da Fonseca
Full Professor
Ph.D., Economics – University of Cambridge
Economic Thought. Philosophy.
Uncertainty. Finance.
José Luiz Rossi Júnior
Associate Professor / Director of
Professional Masters
Program in Economics (as of July 2010)
Ph.D., Economics – Yale University
International Finance. Corporate Finance.
Monetary Economics.
Faculty
Luciana Carvalho de Mesquita Ferreira
Marco Lyrio
Assistant Professor
Associate Professor
Doutora em Pesquisa em Administração - Erasmus
Ph.D., Economics – Catholic University of Leuven
Universiteit
Macrofinance.
Organizational Behavior.
Corporate Social Responsibility.
Maria Cristina Nogueira Gramani
Luciana Yeung
Assistant Professor
Adjunct Professor
Doctorate, Engineering – Unicamp
Doctorante in Economics – FGV-SP
Operational Research. Operations Management.
Economic Analysis of Law (Law and Economics).
Applied Microeconomics.
Mauricio Soares Bugarin
Full Professor
Luiz Ferraz de Mesquita
Joint Appointment
32
Ph.D., Economics – University of Illinois
Game Theory.
Ph.D., Strategic Management – Purdue University
Strategy and Organization.
Naercio Aquino Menezes Filho
Full Professor / IFB Professor of Economics –
Marcelo Leite de Moura e Silva
Director of Insper
Associate Professor
Center for Public Policies – Research Director
Ph.D., Economics – University of Chicago
Ph.D., Economics – University of London
Monetary Economics. Finance.
Education. Inequality. Labor Market.
Paulo Barelli
Rodrigo Menon Simões Moita
Joint Appointment
Assistant Professor
Ph.D., Economics – Columbia University
Ph.D., Economics – University of Illinois
Game Theory.
Industrial Organization.
Regina Carla Madalozzo
Sérgio Giovanetti Lazzarini
Assistant Professor
Associate Professor
Ph.D., Economics – University of Illinois at
Ph.D., Business Administration – Washington
Urbana-Champaign
University, St. Louis
Labor Market. Microeconometrics.
Strategy. Organization of Companies.
Ricardo Dias de Oliveira Brito
Sérgio Jurandyr Machado
Associate Professor
Adjunct Professor
Doctorate, Economics - EPGE-FGV/RJ
Doctorate, Business Administration (Finance) –
Finance. Monetary Economics.
PUC-RJ
Financial Accounting. Corporate Finance.
Rinaldo Artes
Associate Professor / Academic Dean Research
Degree Programs
Doctorate, Statistics – USP Statistics.
Insper Faculty - full time
Adjunct
Assistant
20052006 2007
200820092010
00 0
1215 16
133
151310
Associate
01 2
17
11
Full Professor
44 4
544
Joint Appointment
Total
11 1
1721 23
Faculty’s Degree / Undergraduate Program 2010
Ph.D/Doctorate
77%
Masters
22%
Specialization
1%
233
243031
Academic
Research
2010 Academic Production – Research Faculty
Papers published in international scientific
journals
ARTES, R.; TOLOI, C. M. C. An autoregressive model
for time series of circular data. Communications in
Statistics: Theory & Methods. Hamilton, v.39, n.1,
p. 186-194, Jan. 2010.
BARIN CRUZ, L.; BOEHE, D. M. How do leading
retail
MNCs
leverage
CSR
globally?
Insights
from Brazil. Journal of Business Ethics, Van
Godewijckstraat, v. 91, n.2, p. 243-263, Feb. 2010.
BOEHE, D. M.; BARIN CRUZ, L. Corporate social
34
responsibility, product differentiation strategy and
export performance. Journal of Business Ethics,
[S.l.], v. 91, p. 325-346, 2010.
BOEHE, D. M. Captive offshoring of new product
development in Brazil: how does arbitrage influence
local,
collaborative
relationships?
Management
International Review, Van Godewijckstraat, v. 50, n.
6, p. 747-773, Dec. 2010.
BORTOLUZZO, A. B.; TOLOI, C. M. C. ; MORETTIN,
P. A. Time-varying autoregressive conditional
duration model. Journal of Applied Statistics, Milton
Park, v. 37, n.5, p. 847-864, May 2010.
BRITO, R. D. Inflation targeting does not matter:
another look at OECD sacrifice ratios. Journal of
comparing Brazil SF-6D version with SF-36 derived
Money, Credit and Banking, Ohio, v.42, n.8, p.
versions, in patients with rheumatoid arthritis. Acta
1679-1688, Dec. 2010.
Reumatológica Portuguesa, [S.l.], v.35, p.200 -
BRITO, R. D.; BYSTEDT, B. Inflation targeting in
206, 2010.
emerging economies: panel evidence. Journal of
CARVALHO, A.; MOURA, M. L. What can Taylor
Development Economics, [S.l.], v. 91, n.2, p. 198-
rules say about monetary policy in Latin America?
210, Mar. 2010.
Journal of Macroeconomics, [S.l.], v. 32, n.1, p.
CABRAL, S.; LAZZARINI, S. G. ; AZEVEDO, P. F.
392-404, Mar. 2010.
Private operation with public supervision: evidence
CLARO, D. P; CLARO, P.B. de O. Collaborative
of hybrid modes of governance in prisons. Public
buyer–supplier
Choice, Van Godewijckstraat, v. 145, n. 1/2, p. 281-
information in marketing channels. Industrial
293, Oct. 2010.
Marketing Management, [S.l.], v.39, n.2, p. 221-
CAMPOLINA, A. G., BORTOLUZZO, A. B., Ferraz,
228, Feb. 2010.
M. B., Ciconelli, R. M. Health preferences measures:
FREIRE, E. ; BORTOLUZZO, A. B.; Ciconelli, R. M. ;
relationships
and
downstream
jfranklin.2010.05.010> Acesso em: 2 mar. 2011.
HALLOCK, K. ; MADALOZZO, R. C. ; RECK, C .
CEO
pay-for-performance
heterogeneity
using
quantile regression. The Financial Review, [S.l], v.
45, p. 1-19, 2010.
HSIEH, C.; LAZZARINI, S. G. ; NICKERSON, J.
A. ; LAURINI, M. P. Does ownership affect the
variability of the production process? Evidence from
international courier services. Organization Science,
Hanover, v.21, n.4, p.892-912, Jul./Aug. 2010.
ISLAM,
Gazi.
Backstage
discourse
and
the
emergence of organizational voices: exploring
graffiti and organization. Journal of Management
Inquiry, v. 19, n.3, p. 246-260, Sep. 2010.
LAURINI, MARCIO P.; MOURA, MARCELO L.
Constrained smoothing B-splines for the term
structure of interest rates. Insurance. Insurance
Mathematics & Economics, v. 46, n.2, p. 339-350,
Apr. 2010.
MOURA,
M.
L.
Testing
the
Taylor
model
predictability for exchange rates in Latin America.
Open Economies Review, [S.l.], v. 21, n.4, p. 547564, Sep. 2010.
SAMPAIO-BARROS, P. D. ; BORTOLUZZO, A. B. ;
LEITE, D.R.C.; SOUSA T.T.S. Translation into brazilian
CONDE, R. A. ; COSTALLAT, L. T. L. ; SAMARA, A. M. ;
portuguese, cultural adaptation and validatation
BERTOLO, M. B. Undifferentiated spondyloarthritis:
of the systemic lúpus erythematosus quality of
a longterm followup. Journal of Rheumatology,
life questionnaire (SLEQOL). Acta Reumatológica
[S.l.], v. 37, n.6, p. 1195-1199, June 2010.
Portuguesa, v. 35, p. 334-339, 2010.
GALVAO JUNIOR, A. F.; FERREIRA, P. C.; PESSOA,
Papers published in Brazilian scientific journals
S. A.; GOMES, F. A. R. The effects of external and
ANDRADE, E. C. Higher education: (almost) free
internal strikes on total factor productivity. The
Quarterly Review of Economics and Finance,
Langford Lane, v. 50, p. 298-309, 2010.
GRAMANI, M.C.N.; FRANCA, P. M.; ARENALES, M.
N. A linear optimization approach to the combined
production planning model. Journal of the Franklin
Institute, [S.l.], 2010. Disponível em: <doi:10.1016/j.
tuition vs. Quotas vs. targeted vouchers. Estudos
Econômicos, São Paulo, v. 40, n. 1, p. 43-66, jan./
mar. 2010.
BARROS,
H.
M.
Tightening
appropriability
through the patenting process: an exploratory
analysis of pharmaceuticals. Revista Eletrônica de
Academic
Research
36
Administração, Porto Alegre, v. 16, n.3, p. 414-438,
MADALOZZO, R. C.; Martins, S. R.; SHIRATORI, L.
set./dez. 2010.
Participação no mercado de trabalho e no trabalho
BOEHE, D. M. The influence of coordination
doméstico: homens e mulheres tem condições iguais?
mechanisms on new product development in MNC
Revista Estudos Feministas, Florianópolis,v 18, n.2, p.
subsidiaries. Brazilian Administration Review, Rio
547-566, jan./abr. 2010.
de Janeiro v. 7, n.1, p. 79-97, 2010.
MADALOZZO, R. Occupational segregation and the
CABRAL, S.; LAZZARINI, S. G. Impactos da
gender wage gap in Brazil: an empirical analysis.
participação privada no sistema prisional: evidências
Economia Aplicada, São Paulo, v. 14, n. 2, p. 147-168,
a partir da terceirização de prisões no Paraná.
abr./jun. 2010.
Revista de Administração Contemporânea, Rio de
MELO, C.A.F. A reforma política e a reforma da política:
Janeiro, v. 14, n. 4, p. 395-413, May 2010.
diagnóstico e propostas. Digesto Econômico, [S.l.], v.
CABRAL, S.; LAZZARINI, S. G. Por uma maior (e
21, p. 6-21, 2010.
melhor) integração das perspectivas teóricas do
MIZUMOTO, F. M.; ARTES, R.; LAZZARINI, S. G.;
pensamento estratégico. Revista de Administração
HASHIMOTO, M.; BEDÊ, M. A. A sobrevivência de
Contemporânea, Rio de Janeiro, v. 14, p. 738-743,
empresas nascentes no estado de São Paulo: um
2010.
estudo sobre capital humano, capital social e práticas
CAMPOLINA, A. G., BORTOLUZZO, A. B., FERRAZ,
gerenciais. Revista de Administração, São Paulo, v. 45,
M. B., Ciconelli, R. M. The SF-6D Brazil: construction
p. 343-355, 2010.
models and applications in health economics.
MOURA, M. L.; ROSSI JUNIOR J. L. Price-setting policy
Revista da Associação Médica Brasileira, São
determinants: micro-evidence from Brazil. Economia
Paulo, v.56, n.4, p.409 - 414, 2010.
Aplicada, São Paulo, v. 14, n. 2, p. 169-182, 210, abr./
CLARO, D. P. ; LABAN, S. ; STREHLAU, V. I. Em busca
jun. 2010.
da identificação de valores regionais: subsídios para
ROSSI JUNIOR, J.L. Equity market timing: testando
discussão de estratégias mercadológicas. Revista
através dos IPOs no mercado Brasileiro. Revista
de Administração, São Paulo, v. 45, n.2, p. 116-
Brasileira de Finanças, Rio de Janeiro, v. 8, n.1, p.
129, abr./jun. 2010.
85-101, mar. 2010.
CURI, A.; MENEZES FILHO, N. A. Determinantes
ROSSI JUNIOR, J. L.; BORGES, R. Intervenções do
dos gastos com educação no Brasil. Pesquisa e
Banco Central e previsibilidade da taxa de câmbio:
Planejamento Econômico, Rio de Janeiro, v. 40,
evidências a partir da utilização de regras de negociação
n.1, p. 1-39, abr. 2010.
baseadas em análise técnica. Pesquisa e Planejamento
KIRSCHBAUM, C. Elementos para uma teoria
Econômico, Rio de Janeiro, V. 40, p. 349-366, dez. 2010.
Perspectivas
SANVICENTE, A. Z. ; DELGADO, R. T. Learning theory
Contemporâneas, Campo Mourão, v. 5, p. 5-21,
and equity valuation: an empirical analysis. Revista
out. 2010. Edição especial.
Brasileira de Finanças, Rio de Janeiro, v. 8, n.2, p.
LIMA, L. R. R. O. ; NOTINI, H. H.; GOMES, F. A.
113-139, jun. 2010.
institucional
intra-organizacional.
R. Empirical evidence on convergence across
Brazilian states. Revista Brasileira de Economia,
Rio de Janeiro, v. 64, n.2, p.135-160, Jan. 2010.
LISBOA, M.; MENEZES FILHO, N. A.; SCHOR, A.
The effects of trade liberalization on productivity
growth in Brazil: competition or technology? Revista
Brasileira de Economia, Rio de Janeiro, v. 64, n.3,
p. 277-289, Sep. 2010.
Books
GIANNETTI, E. A ilusão da alma: biografia de uma
idéia fixa. São Paulo: Companhia das Letras, 2010.
253 p.
Book Chapters
no Brasil: ensaios em homenagem a fernando
BOEHE, D. M. ; TONI, D. Di . Alavancando recursos
rezende. Brasília: ESAF, 2010, p. 521-557.
para a internacionalização de micro, pequenas
KIRSCHBAUM, C.; OLIVEIRA, M. C. Canadá,
e médias empresas. In: OLIVEIRA JUNIOR, M.
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BUGARIN, M. S. ; PORTUGAL, A. C. ; Sakurai, S.
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híbridos do tesouro nacional: uma análise sob a
Works in conference proceedings
ótica da economia da informação. In: Sousa, M. da
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C. S. de (Org.). In: Economia do setor público
Brazilian conference proceedings and 26 works in
international conference proceedings.
Academic
Research
2010 Academic Production – Part-Time Faculty
Papers published in international scientific
journals
PLUNKETT, B.; CHADDAD, F. R.; COOK, M. L.
Ownership structure and incentives to invest:
dual-structured irrigation cooperatives in Australia.
Journal of Institutional Economics, Cambridge,
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Papers published in Brazilian scientific journals
ALMEIDA, R. J. DE. Inclusão do risco país
na
38
metodologia
de
determinação
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custo
do capital próprio em avaliação de empresas
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www.financasaplicadas.net/ojs/index.php/
financasaplicadas/article/view/1 >. Acesso em: 3
mar. 2011.
AVRICHIR, I. A literatura gerencial sobre cultura
organizacional. Revista da ESPM, São Paulo, v. 17,
n.2, p. 80-85, mar./abr. 2010.
OYADOMARI, J. C. T. Os estudos internacionais de
BIAVA JUNIOR, R. ; OYADOMARI, J.C.T. Impactos
competências e os conhecimentos, habilidades e
da substituição tributária do ICMS na lucratividade e
atitudes do contador gerencial brasileiro: análises e
nos custos empresariais. Revista de Contabilidade
reflexões. Brazilian Business Review. Vitória, v. 7,
da UFBA, [S.l.], v. 4, n. 2, p. 71-91, 2010.
n.3, p. 91-113, 2010.
CAETANO, M. A. L.; YONEYAMA, T. Previsibilidade
DE SORDI, J. O. Análise da coesão entre seções de
de crises no mercado financeiro. Revista de
textos de documentos extensos a partir da aplicação
Economia do Mackenzie. São Paulo, v. 7, n. 3, p
conjunta das técnicas de análise de redes sociais e
37-58. 2010.
referências internas. Perspectivas em Ciência da
CARDOSO, R. L. ; OYADOMARI, J. C. T.;
Informação, Belo Horizonte, v. 14, n.1, p. 152-169,
MENDONÇA NETO, O. R ; CORREIO, A. C. A ilusão
jan./abr. 2009.
monetária e a informação contábil e financeira.
DE SORDI, J.O.; MEIRELES, M.A. . Identificação
Revista Universo Contábil, Blumenau, v. 6, n.2, p.
de atores do conhecimento e suas atividades no
47-60, abr./jun. 2010.
contexto de arranjos produtivos locais. Gestão &
CARDOSO, R. L.; MENDONÇA NETO, O. R.;
Regionalidade, São Paulo, v.26, n. 77, p. 88-98,
maio/ago. 2010.
Revista de Economia & Relações Internacionais,
DE SORDI, J.O.; MEIRELES, M.A. Análise da
São Paulo, v. 9, n. 17, p. 58-78, jul. 2010.
estratégia de pesquisa declarada como pesquisa-
HASHIMOTO M. Liderança empreendedora: o novo
ação por pesquisadores brasileiros da área de
papel dos gestores em organizações inovadoras.
administração. eGesta. Santos, v. 6, n.6, p. 1-20,
Revista da ESPM. São Paulo, 2010.
jan./mar. 2010.
JUNQUEIRA, E. ; OYADOMARI, J.C.T. ; MORAES, R.
DE SORDI, J.O.; MEIRELES, M.A. Extração de
Reservas orçamentárias: um ensaio sobre os fatores
maior valor dos sistemas de informação voltados
que levam à sua constituição. Contexto, Porto
para redes: importância do domínio semântico
Alegre, v. 10, n.17, p. 19-29, 2010.
dos protocolos de comunicação pelos atores.
LEAL, V. M. DE ANDRADE, F. Uma abordagem
Perspectivas em Ciência da Informação, Belo
sobre métricas dos resultados do mix promocional.
Horizonte,,v. 15, n.1, p. 198-219, jan./abr. 2010.
ADM. MADE, São Paulo, v. 14, p 75-91, 2010.
DIAS, M. A.; MACHADO, E. L. Princípios do
MAIA, M. de C. Entendendo a necessidade de
Equador: sustentabilidade e impactos na conduta
renovação no processo de ensino e aprendizagem.
ambiental
RAE
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brasileiros.
Eletrônica. São Paulo, v.9, n.1, jan./
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pesquisa em currículo. . Curitiba: CRV, 2010, v. 1,
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SERRA, R. G. ; GALENO, M. M. ; CONTANI, E. A.
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R. ; TORRALVO, C. F. ; MARINHO, B. L. Vieses
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comportamentais na decisão de investimentos: um
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políticas: estado da arte 1960-2000. In: ALVARADO,
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ALBERTIN, R. M. M.; ALBERTIN, A. L. . Estratégias
de governança de tecnologia da informação. São
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D’ANDREA, R. Trade marketing - estratégias de
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Works in conference proceedings
Insper Part-Time Faculty published 18 works in
Brazilian conference proceedings and 13 works in
international conference proceedings.
Indicators
Financial Indicators1
2007
20082009
2010
Gross revenue
69,382
81,214
81,999
86,792
Direct expenses
25,952
29,914
31,607
31,936
Operational margin
36,992
43,665
42,333
48,499
Indirect expenses
11,508
13,135
13,697
12,666
General and institutional expenses
15,095
19,689
21,921
25,636
Administrative surplus*
14,549
17,920
15,319
15,436
Cash position (end of period)
32,216
45,393
55,925
59,129
Scholarship fund (end of period)
2,251
1,582
1,158
941
Investments - Total
4,229
2,962
6,861
16,092
Donations - Scholarship fund
141
122
645
715
Donations - Other
-
421
350
1,650
141
543
995
2,365 Donations - Total
1
*2007 and 2009 figures adjusted for provisions for charges on premiums
Investments1 Main Subjects
Managerial figures, not considering accounting(thousands of Reais)
42
2007
2008
2009
2010
Library
502
515
772
235
Scholarships and Training
523
443
634
269
Business Cases
62
85
99
68
Infrastructure
2,368
1,748
2,279
14,393
Technology
1,226
1,074
3,134
1,538
1
Scholarship Fund
Economic investments, not considering accounting classifications.(thousands of Reais)
2007
2008
2009
2010
Starting Balance (-) Scholarships Awarded
2,540 2,251 1,582 1,158
Scholarships Awarded
(943)
Refund
Ending Balance (Remunerated)
(1,402)
(1,630)
(1,622)
12 84 109 225
Donations
141 122 645 715
Undergraduate Program Revenue (1%)
234 309 330 371
2,251 1,582 1,158 941
(thousand of Reais)
Scholarships Awarded
2007
2008
2009
2010
Scholarship Students
70 101 108 98
Revenue by Program Category
2009
2010
10%
14%
41%
4%
4%
43%
40%
45%
Undergraduate
Executive Education
Undergraduate
Executive Education
Graduate Programs
Professional Masters
Graduate Programs
Professional Masters
Gross Revenue from 2008 to 2010
100
81,214
81,999
86,792
80
60
40
20
0
2008
2009
2010
(thousands of Reais)
Independent Accoutants’
Report
To the Board of Trustees and Management Insper Instituto de Ensino e Pesquisa
(formerly, Instituto Veris)
We have audited, the accompanying financial statements of Insper Instituto de
Ensino e Pesquisa (formerly, Instituto Veris), which comprise the statement of financial
position as at 31 December 2010, and the statement of income, statement of changes in
equity and statement of cash flows for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management’s Responsibility for the Special Purpose Financial Information
Management is responsible for the preparation and presentation of these financial
statements in accordance with the policies and instructions issued by Insper Instituto de
Ensino e Pesquisa (formerly, Instituto Veris) management, and for such internal control
as management determines is necessary to enable the preparation of financial statements
that is free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
44
Our responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with International Standards on Auditing.
International Standards on Auditing require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the financial statements. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material misstatement of the
financial information, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the entity’s preparation and presentation
of the financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the entity’s internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting estimates, if any,
made by management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the
financial position of Insper Instituto de Ensino e Pesquisa (formerly, Instituto Veris) as
at 31 December 2010, and its financial performance and its cash flows for the year then
ended in accordance with Brazilian Financial Reporting Standards.
Emphasis of Matter
As described in Explanatory Note 9, the Instituto filed request of tax immunity regarding
the Tax on Services (ISS, as per the name in Portuguese) before the Municipality of the
City of São Paulo, as granted by disposition of the Federal Constitution. The municipal
Treasury carried out a tax audit in connection with this request, reviewing fiscal years
2004 to 2009, having completed such due diligence in December 2010. As a result of
that audit, municipal tax authorities issued a Notification in the amount of R$ 4,262,732
related to ISS plus fines for fiscal year 2005, which would be the earliest non-expired
period. Based on the opinion of legal counselors, the Instituto´s Management decided
not to provide for such alleged debt, as the counselors sustain that the constitutional
requirements are fully met by the Instituto for all the years under discussion.
São Paulo, March 21, 2011.
Celso Luiz da Costa Lobo
CRC 1 SP 251.526/O-6
NEXIA VILLAS RODIL AUDITORES INDEPENDENTES
CRC 2 SP 019.098/O-1
Independent firm, member of Nexia International
Financial
Results
Statement of Financial Position as at 31 December (in Reais)
Assets20102009
Current
Cash and cash equivalents (note 3)
60,770,423
58,409,213
Accounts receivable (note 4)
9,868,215
11,372,405
Allowance for doubtful accounts
(1,012,410)
(632,387)
Other receivables
1,273,788
1,130,030
70,900,01670,279,261
Non-current assets
Judicial deposits and collaterals
Accounts receivable (note 4)
4,109,137 5,003,685
Property and equipment (note 5)
27,540,203
15,427,446
Deferred charges (note 6)
4,501,169
5,047,116
Intangible assets (note 7)
1,779,403
1,621,079
38,629,55227,763,422
Total Assets
Liabilities and net Assets20102009
Current liabilities
Trade accounts payable
1,596,670
1,415,564
Salaries and social security charges
1,709,952
1,794,527
Accrual for vacation pay and charges
2,895,378
2,653,803
Taxes payable 172,251
411,791
Services to be provided (note 8)
7,042,602
12,175,041
Other accounts payable
26,586
13,416,85318,477,312
Non-current liabilities
Long-term liabilities Services to be provided (note 8) 1,072,348
1,069,867
Accrual for contingent liabilities
78,349
762,586
1,150,6971,832,453
Net assets
Capital contributions 27,000
27,000
Statutory reserves (note 10)
13,657,975
13,657,975
Accumulated surplus
81,277,043
64,047,943
94,962,01877,732,918
Total Liabilities and net Assets
The accompanying notes are an integral part of the financial statements.
699,640
109,529,568
664,096
98,042,683
46
109,529,568
98,042,683
Statement of Operations for the years ended 31 December (in Reais)
Revenues20102009
Courses - tuition fees
86,721,597
83,662,573
Donations received
1,967,450
1,333,008
Gross revenues88,689,04784,995,581
Cancelled services and rebates
(1,336,898)
(1,442,162)
Taxes on sales
(2,574,115)
(2,610,133)
Net revenues84,778,03480,943,286
Expenses
Personnel and social security charges
(45,565,393)
(41,164,003)
Third party services
(6,035,754) (8,575,745)
Advertising(3,621,205)(3,981,428)
Depreciation and amortization
(3,847,184)
(3,362,979)
Occupancy
(7,974,661)
(8,719,284)
Maintenance and repairs
(2,517,554)
(1,519,520)
Teaching material
(1,615,137)
(1,586,818)
Other revenues (expenses)
(1,961,284)
(4,210,186)
Taxes and charges
(185,700)
(371,152)
Operating results
Net financial results
5,764,189
5,609,733
Non-operating results
10,749
194,385
11,454,162
7,452,171
Excess of revenues over expenses for the year17,229,10013,256,289
The accompanying notes are an integral part of the financial statements.
Financial
Results
Statement of cash flows for the years Ended 31 December (in Reais)
48
Cash flows from operating activities20102009
Excess of revenues over expenses for the year
Amounts not affecting cash:
Allowance for doubtful accounts
380,023
(141,091)
Accrual for contingent liabilities
(684,237)
69,786
Depreciation and amortization
3,847,184
3,362,979
Monetary correction on judicial deposits
20,736,52616,547,963
Decrease (increase) in operating assets
Accounts receivable
2,398,738
(4,423,686)
Judicial deposits and collaterals
(653,862)
Other receivables
2,254,980(5,001,609)
Increase (decrease) in operating liabilities
Trade accounts payable
181,106
(738,746)
Salaries and social security charges
(84,575)
330,790
Accrual for vacation pay and charges
241,575
561,821
Taxes payable
(239,540)
57,772
Services to be provided
(5,129,958)
3,335,855
Other accounts payable
(26,586)
20,183
(5,057,978)
17,229,10013,256,289
(35,544)
(143,758)
75,939
3,567,675
Cash from operating activities
17,933,528
15,114,029
Cash flows from investing activities
Acquisition of fixed assets
14,781,984
4,524,653
Additions to intangible assets
790,333
680,698
15,572,317
5,205,351
Cash flows from financing activities
Net borrowings
(38,142)
(38,142)
Increase in cash and cash equivalents
At beginning of the year
58,409,213
48,538,677
At end of the year
60,770,423
58,409,213
2,361,211
The accompanying notes are an integral part of the financial statements.
9,870,536
Financial
Results
Insper Instituto de Ensino e Pesquisa (formerly,
Instituto Veris)
the Instituto apart from two namesake institutions
Notes to Financial Statements for the years
based in Rio de Janeiro (Ibmec and Instituto
ended 31 December 2010 and 2009
Brasileiro de Mercado de Capitais).
1. Operations
2.Presentation
Insper Instituto de Ensino e Pesquisa, initially
50
Instituto de Ensino e Pesquisa. Such renaming sets
of
financial
statements
and
significant accounting practices adopted
incorporated as Instituto Fiesole on 20 October
2.1 Presentation of the financial statements
2003, and later renamed Instituto Veris, is a non-
The
financial
statements,
approved
by
for-profit entity engaged in the development
Management 21th March 2010, were prepared
and dissemination of knowledge in areas such
and are being presented in accordance with the
as
Law
Brazilian Accounting Standards, specifically NBCT
and business in general, teaching, technical and
Economics,
Business
Administration,
– 10.4 – Foundations, approved by Accountancy
professional education and improvement at various
Federal Council (CFC) Resolution No. 837/99 and
levels in such areas, and holding of interest in
are in line with the accounting practices adopted
otherentities providing university studies.
in Brazil.
The Instituto became operational on 1 April
2.2 Significant accounting policies adopted
2004, as a successor to the operations of the São
Paulo branch of IBMEC Educacional S.A., then
receiving the donation of net assets calculated
on the basis of a valuation report issued by
The main accounting policies adopted are
summarized as follows:
• The preparation of financial statements
includes the use of estimates when measuring
certain assets, liabilities and transactions. The
Instituto financial statements thus include
on new premises built as per an agreement signed
estimates related to useful life of fixed assets,
with Elwing Empreendimentos Imobiliários and
accruals regarding the realizable
independent appraisers.
In February 2006, the Instituto began to operate
Matec Engenharia to be the first built-to-suit
facilities for an educational institution in Brazil, i.e.
a building constructed to suit a user’s needs, in this
case the Instituto, which would lease the property
for 18 years.
The companies referred to above contributed
capital to the construction work and continue to
be the owners of the building while the Instituto
signed a long-term lease agreement.
The Instituto would then support the fittingout costs such as internal layout, furniture and
equipment. Such costs were almost fully funded
through individuals and legal entities donations.
In May 2009, the Instituto changed its name
from Instituto Veris - Ibmec São Paulo to Insper
value of assets, contingent liabilities and the
like. The ultimate result of those facts may
present variations in comparison with
Management estimates..
• Excess of revenues over expenses for the
year is determined on an accrual basis, and
revenues are recognized to the extent that
services are actually provided, the tuition
fees received in advance being taken to the
liability side.
• Current assets, wherever applicable, are
reduced
probable
through
allowance
realizable
values.
to
their
Current
liabilities, wherever applicable, include
charges incurred to balance sheet date.
• Property and equipment and intangible
of Corporate Income Tax and Social
assets, represented by computer software,
Contribution
are recorded at the acquisition or capital
contribution cost. Depreciation /
amortization is calculated at the straight
as revenues in the year they are received,
line method at rates which take into
as they are not subject to any condition that
consideration the useful lives of assets, and
may make the Instituto return the funds
is directly taken to income for the year.
to the donor. Prior to fiscal year 2008,
• Deferred charges are recorded at acquisition
donations received were taken to the net
assets group, under Statutory Reserves, as
permitted by the accounting practices then
adopted in Brazil.
will
be
amortized
over
the
contractual period of lease of the property.
The costs related to development of new
projects
will
be
amortized
over
excess
of
revenues
• Donations received are recognized directly
cost. The layout projects of the new
facilities
on
over expenses.
the
estimated period the courses and seminars
will take place. The amortization is directly
taken to income for the year. In accordance
with an option allowed by Law 11.638/07,
deferred charge balance as at 31 December
2007 were kept as assets and will be
amortized according to the policies initially
set forth by Management.
• The Instituto is exempt from the payment
3. Cash and cash equivalents
Banks
2010
2009
1,296,29015,255
Short-term investments
59,474,133
60,770,42358,409,213
Short-term investments comprise of fixed rate investment fund shares.
4. Accounts receivable
These consist of receivables from students presented as long- and short-term assets in view
of due dates, as described in Note Nº 2.2.
58,393,958
Financial
Results
5. Property and equipment
2010
2009
DepreciationAccumulated
rate- % p.a.
Cost
depreciation
Net
Net
Land9,414,420
52
9,414,420
Leasehold improvements
20
4,428,156
(3,570,251)
857,905
583,930
Machinery and equipment
10
551,891
(81,407)
470,484
301,760
Facilities
1011,519,230
Library
101,129,296
Computers and peripherals
20
2,686,928
(1,295,501)
1,391,427
1,911,880
Furniture and fixtures
10
2,897,807
(686,156)
2,211,651
1,929,433
5,967,854
5,967,854
3,462,753
Construction in progress
38,595,582
(4,919,398)
(502,666)
(11,055,379)
6,599,832 6,475,098
626,630 762,592
27,540,20315,427,446
Depreciation for 2010 amounted to R$ 2,669,229 (2009 – R$ 2,278,998).
6. Deferred charges
2010
2009
AmortizationAccumulated
rate- % p.a
Cost
amortization
Net
Net
5,55
6,021,319
(1,719,141)
4,302,178
4,640,413
20
1,026,339
(827,348)
198,991
406,703
Internal layout projects for
occupancy of new facilities
Costs with development of
new courses
7,047,658
(2,546,489)
Amortization for 2010 amounted to R$ 545,946 (2009 – R$ 539,730).
4,501,169 5,047,116
7. Intangible assets
2010
2009
AmortizationAccumulates
rate % a.a
Cost
amortization
Net
Net
(3,471,922)
1,619,703
1,461,379
Computer software
20
5,091,625
Registration of trademark
159,700
5,251,325
(3,471,922)
159,700
159,700
1,779,403
1,621,079
Registration of trademark comprise expenses for preparation and development of the new
logo Insper - Instituto de Ensino e Pesquisa.
Amortization of computer software amounted to R$ 632,009 in 2010 (2009, R$ 544,251).
8. Services to be provided
request, reviewing fiscal years 2004 to 2009, having
Amount to be allocated to P&L, consisting of
completed such due diligence in December 2010.
receipts in advance in connection with courses that
As a result of that audit, municipal tax authorities
have not yet been delivered, as mentioned in Note
issued a Notification in the amount of R$ 4,262,732
Nº 2.2.
related to ISS plus fines for fiscal year 2005, which
would be the earliest non-expired period. Based
9. Tax on services
The Instituto bears all the characteristics to be
declared Service Tax (ISS) immune, according to
article 150, VI, item c, of Brazil’s Federal Constitution.
However, to be granted such tax immunity, the
Instituto must file a formal application with the City
on the opinion of legal counselors, the Instituto’s
Management decided not to provide for such
alleged debt, as the counselors sustain that the
constitutional requirements are fully met by the
Instituto for all the years under discussion.
10. Statutory reserves
These consist of donations from individuals
Hall of São Paulo.
The Instituto filed request of tax immunity
regarding the Tax on Services (ISS, as per the
and legal entities, until 2007, to fund the following
expenses:
• playout projects and installations as well as
name in Portuguese) before the Municipality of
the City of São Paulo, as granted by disposition of
the acquisition of furniture and equipment
the Federal Constitution. The municipal Treasury
for the new facilities.
carried out a tax audit in connection with this
• granting of scholarships to students in need.
Financial
Results
11. Financial instruments
The Instituto does not engage in any derivative
market
transaction.
Book
value
of
financial
instruments recorded in the balance sheet, e.g. cash
and cash equivalents, does not differ significantilly
from market values.
There are no off-balance sheet operations
with financial instruments. Instituto operations are
subjected to the following general risks:
Exchange rate risk
It is related to the possibility of variation of the
exchange rates used by the entity to buy and sell
services. The volume of service imports and exports
is not significant; so, the Instituto is not exposed to
exchange rate risk. The Instituto is not engaged in
54
loans denominated in foreign currencies.
Credit risk
This risk relates to the possibility of default
regarding
accounts
receivable.
Management
mitigates this risk by previous analysis of the financial
position of its counterparts and by monitoring
permanently the outstanding receivables.
Interest rate risk
It relates to the possibility of the Instituto to
incur in gains or losses caused by variations in
the interest rate affecting its financial assets and
liabilities. Financial assets are subject to pre-fixed
interest rates.
Programs
Academic
Undergraduate Programs (Bachelor)

Undergraduate Program in Business Administration

Undergraduate Program in Economics
Graduate Programs
Masters Programs (Degree)

Professional Masters in Business Administration

Professional Masters in Economics
Graduate Programs (Lato Sensu)
MBA Programs

Executive MBA

Executive MBA in Finance

Executive MBA in Healthcare Management
56
54
Certificates

CBA – Certificate in Business Administration

CFM – Certificate in Financial Management

CMM – Certificate in Marketing Management
LLM – Master of Laws

LLM – Contract Law

LLM – Financial and Capital Market Law

LLM – Corporate Law

LLM – Tax Law
Executive Education

Continuous Improvement – Open Enrollment Programs:
• People
• Marketing
• Operations
• Finance

Customised Programs for Companies
1
Commencement - Undergraduate Class of 12/2010
Hospital Israelita Albert Einstein
To learn more about Insper’s programs go to:
www.insper.edu.br/en/programs
Rua Quatá, 300 | 04546-042
Vila Olímpia | São Paulo | SP | Brasil
T (11) 4504-2400 | F (11) 4504-2350
[email protected]
www.insper.edu.br
www.insper.edu.br/en