Good results culminated in five-star quality certificate granted to Laurea University of Applied Sciences in 2024
Review by the President.
In spring 2024, Laurea University of Applied Sciences underwent an external evaluation following the EFQM model that focused on research, development and innovation (RDI). Laurea achieved a record score of 502 in the evaluation, which is 65 points more than in a similar evaluation conducted in 2022. Laurea’s star rating also went up from four to five stars. As the strengths of Laurea’s RDI activities emerged systematic and dynamic knowledge-based management, the organisation and operating models of RDI activities, and a positive operating culture with active cooperation and interaction. The volume of competitive external R&D funding went down to EUR 6.7 million in 2024 from the previous year’s peak level (2023: EUR 8.2 million).
More UAS degrees were completed at Laurea in 2024 than ever before, or 1,942 in total (2023: 1,867). Examined by the funding model's degree baskets, the degrees were divided as follows: Social services and health care 981 degrees (2023: 923), Business management and services 787 degrees (2023: 787), and Business Information Systems 174 degrees (2023: 157). A record number of Master's degrees was also completed at Laurea in 2024, or 440 in total (2023: 410).
The number of first-choice applicants to Laurea's degree education was 4.3 (4.2 in 2023) per starting place in the joint application process of spring 2024. Once again, Laurea had the highest level of attractiveness of all universities of applied sciences in Finland. Consequently, there appears to be sufficient demand for degrees completed at Laurea in the labour market, and student feedback on the education also developed positively in 2024.
Laurea’s business revenue, excluding that of teaching restaurant BarLaurea, was EUR 4.2 million in 2024. The business revenue increased by approx. 45% from the previous year (EUR 2.9 million in 2023). This increase comes from an expansion of education exports, which have roughly doubled compared to the previous year.
Laurea has been conducting stakeholder surveys to monitor feedback from its partners for the last decade. In 2024, Laurea achieved a good overall score of 4.1 (2023: 4.0). Respondents who were more familiar with Laurea’s activities gave more positive assessments of Laurea and the success of the cooperation, and key partners awarded higher scores than other partners. The level of satisfaction with Laurea's key partner programme was also high at 4.1 (2023: 4.0).
In 2024, Laurea adopted its new strategy, according to which Laurea’s vision is to be an internationally competitive higher education institution with working life relevance in 2035. In line with its mission, Laurea creates a sustainable future together with working life. The strategy identifies four critical needs for change for Laurea: 1. The growing shortage of experts in society calls for the renewal and development of international working life competence for the future, 2. The declining public funding requires sustainable international growth, 3. The future requires closer systematic and business-funded cooperation with companies, and 4. Sustainable renewal takes place through digitalisation and technology. In keeping with the policies of the new strategy, Laurea aims for international growth to balance out the straitened funding situation.
Laurea University of Applied Sciences Ltd’s financial operating result for 2024 is significantly more positive than projected in the budget (approx. EUR +1.57 million). The result for the financial year, which includes income and expenses from fundraising as well as investment-related income and expenses, was approx. EUR +6.34 million.
Jouni Koski, PhD, President, Managing Director