INCAE: Wikis


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INCAE Business School
Established 1964
Rector Arturo Condo
Location Alajuela, Costa Rica & Managua, Nicaragua
Campus 2
INCAE Business School's Logo

INCAE Business School is a business school located in Latin America. It has 2 locations, the Francisco de Sola campus in Nicaragua and the Walter Kissling Gam campus in Costa Rica.


INCAE Business School

INCAE Business School was founded in 1964 by the Central American private sector,[1]. Harvard Business School, and US AID. The Francisco de Sola campus in Managua, Nicaragua was the first campus to be established (1964). A second campus, the Walter Kissling Gam campus was established in 1984 in Alajuela, Costa Rica. INCAE offers a two year MBA in Costa Rica, a fifteen month MBA in Nicaragua,semi-residential programs on both campuses and executive MBA programs throughout Latin America.

Life at the MBA Program at INCAE

Students consistently mention living on campus as one of the most important elements that shape the MBA experience at INCAE. The case method requires students to read and analyze cases before class. Students live on campus to facilitate case preparation and analysis in study groups. This fact nurtures close friendship and camaraderie among students. Living on campus also allows for moments of fun and relaxation among peers.

Some of the activities that students organize on campus include soccer tournaments between the 1st and 2nd year students and the Pan-American Festival, which is a tradition at INCAE. During the Festival students, from the different countries represented in the class, prepare traditional food and decorate the designated festival area with flags, traditional garment, musical instruments, and other representations of their culture.

Students often organize celebrate on campus and on weekends go out together. At the end of each study module, students often organize themselves in groups to visit touristic attractions in Nicaragua and Costa Rica, and even other countries in the Central American Region. The position advantage that both nations have, right in the heart of the region, provides students with flexibility in regards to the places they can visit.

Students also undertake socially oriented activities. In the past, these have included visits and support to nursing homes, schools and orphanages.

The ties forged during the program become key elements in the professional network of INCAE´s graduates.


On March 23, 1963, in the midst of an integration effort by the nations of Central America, United States President John F. Kennedy visited Costa Rica and met with the presidents of Guatemala, El Salvador, Honduras, Nicaragua, and Costa Rica. In the meeting, the presidents requested President Kennedy’s assistance in establishing a business administration program that would produce the future managers that would lead the business sector in the development of the region. On April 10th, President Kennedy wrote to George P. Baker, Dean of the Harvard Business School, thanking the school for taking interest in the initiative. Dean Baker sent three professors, George Cabot Lodge, Henry Arthur and Thomas Raymond, to gauge the level of support from the business community and society at large in each of the Central American countries for a project that would help develop and improve the managerial skills of business leaders.

The response they received was extremely positive, and Francisco de Sola, a respected Salvadoran business leader, took the leadership role in consolidating support for the project. On December 13, 1963, a provisional Administrative Committee was appointed to head the project that only a year later would be known as the INCAE Project. Francisco de Sola was named Chairman of the Administrative Committee, a position he would hold for the next twenty years. In a speech in 1963, Francisco de Sola identified five issues for the future of the region: There are five urgent issues that if not addressed, will be critical by the 21st century: education in a world anxious for progress; food for people in a hungry world; conservation of the environment in an era that threatens to damage our ecology; the demographics of a growing and poverty stricken human race; and peace, without which all of our efforts would be in vain . It was with this spirit and vision that INCA Business School looked to fulfill its mission in the region.

The First Program and the birth of INCAE Business School

INCAE’s first academic program was the Advanced Management Program, PAG for its name in Spanish. Between the 1st of July and the 7th of August, 1964, forty-five executives from every country in the region gathered in Antigua, Guatemala, each paying U$1,000 for the program. The first PAG was taught by HBS professors, who were assisted by young Central American professionals. In subsequent years, seventeen young professionals would later attend Harvard University’s International Teacher Program (ITP). Some of them would later go on to complete doctoral programs at HBS, and return to become part of INCAE’s faculty. Wanting to have a first-hand experience of the case method applied at HBS, several members of the Administrative Committee attended the first PAG. . To best incorporate the case method, HBS professors immersed themselves in the context of Central America, and wrote cases that were relevant and updated for the problems those executives faced. In the closing event of the first PAG, a decision was made to found INCAE, to build a campus in a place to be determined later, and to start a full-time MBA program, believed to be the first of its kind in Latin America. In that meeting a Regional Directors Council was elected, replacing the provisional Administrative Committee and in 1969, INCAE’s first MBA was inaugurated.

Two Campuses

Nicaragua was chosen as the country to house INCAE’s campus, and on June 20th, 1969 INCAE’s first campus was inaugurated in Montefresco, Nicaragua. The seventy hectares site was purchased with funds raised through donations from the private sector and the different governments of Central America, in a campaign headed by INCAE’s National Committee in Nicaragua. Montefresco was chosen from the other options in Nicaragua because of its beautiful scenery and relatively cool climate. It was also relatively close to Managua, the capital of Nicaragua. The campus infrastructure was built with a loan provided by the Central American Bank for Economic Integration (BCIE) with USAID funding. INCAE’s first fifteen MBA classes graduated in Nicaragua.

In 1983, INCAE decided it had to move its MBA Program, and opened its second campus in what used to be the Alajuela Racquet Club in La Garita de Alajuela, approximately 35 km west of San Jose, the capital of Costa Rica. The decision to move the MBA Program had been difficult, but as the conditions in Nicaragua in the 80’s became more difficult, particularly due to the rationing of goods and the inflation its currency suffered, making participants from other countries hesitant to apply, the decision to move was inevitable.

The use of the club was made available to INCAE through a 100 year lease from the Costa Rican government. Before settling in Costa Rica, other sites in Panama, Guatemala and Honduras were evaluated. Costa Rica was chosen because of its history of stable governments and the infrastructure that had already been built for the club. In 1983, the 16th graduating class, after completing its first year in Nicaragua, finished its second year in the Costa Rican campus at Alajuela. After 1983, the Montefresco campus housed seminars and the Functional Administration Program , PAF for its name in Spanish. In 1994 INCAE brought back the full-time MBA program to the campus, opening an intensive MBA section at, while in 1995 it transferred its Executive MBA program to Nicaragua,.

The Full-time MBA Program at INCAE Business School

INCAE’s full-time MBA program has three sections, two at the Walter Kissling Gam campus in Costa Rica and one at the Francisco de Sola campus in Nicaragua. One section at the Walter Kissling campus is primarily in Spanish, while the second section is bilingual; the section at the Francisco de Sola campus is primarily in Spanish. INCAE’s philosophy is that an executive in the 21st century is required to understand and speak English. If students do not fluently speak English, they receive courses during their first year. These language courses are added to a student’s regular workload. Students come from over fifteen countries in which INCAE actively recruits students through their sales offices or recruitment representatives. Students are separated into study groups, chosen by INCAE, and based on student's undergraduate study, age group, gender and nationality. The case method, as INCAE applies it, requires individual study, group discussion and eventually a class session, where all students participate. The course load is different between the first and second year. In the first year all students, depending on whether they are in the Spanish or bilingual section, have the same schedule of general fundamental courses, which includes quantitative methods, managerial decisions, financial accounting, leadership, microeconomics, and political tools . Some other courses incorporate the concepts of sustainable development, such as Leadership and Sustainable Development. The second year has both required courses and elective courses. Students choose their elective courses primarily in terms of the concentration that they want to receive. The Francisco de Sola Campus in Nicaragua offers a concentration in marketing.

Between the first and second year, students are required to complete a Management Consulting Practice. This project is organized through INCAE, which receives requests from companies throughout Latin America to send groups of students to perform a complete analysis of a company, or some aspect of the company, and provide a report. Students choose their own teams, and negotiate the details of the consulting practice directly with the company. Companies normally pay for travel, housing, food, and a small stipend during the MCP. Professors are assigned to assist the groups in their investigation and analysis of the company. Students have the opportunity to apply the knowledge that they acquire in their first year, and companies receive a consultancy from future MBA graduates with the assistance of an INCAE faculty member.

INCAE faculty evaluates the performance of its MBA students through a grade curve. 10% to 15% of students receive an A+, A, or A-. 10% to 15% of students receive a C, the equivalent of a failing grade. The rest received B+, B, or B-. If students accumulate six C’s , they are asked to leave the program. Every year approximately 10% of students leave the program, either from grades or simply because they do not wish to continue the program. INCAE students are naturally very competitive, practical, independent, and hard-working, and the rigors of the program demand that students raise the level of their skills and knowledge in a very short span of time. The competition for grades amongst students is very high.

Walter Kissling Gam Campus

The MBA program at the Walter Kissling Gam Campus lasts eighteen months, with a summer break between May to August designed so students can complete internships. The Spanish section has approximately seventy-five students and the bilingual section has approximately thirty-five students. The program are divided into eight modules that last seven to eight weeks, each consisting of five to six courses. Each course has twenty or more sessions that are scheduled throughout the module. Usually two or three sessions are scheduled each day, from Monday to Friday. The program starts in August of every year, and ends in May, two years later. The Walter Kissling Gam campus offers three concentrations: economics and finance, sustainable development, and industry and technology.

Francisco de Sola Campus

The MBA section in the Francisco de Sola Campus in Nicaragua is defined as the “intensive” section, as the entire course load is condensed into fifteen months. The section has approximately seventy students, and starts in February and ends in May of the next year. The primary difference between the sections in Costa Rica and the section in Nicaragua is that there is no time off between the first and second year. Structurally the section in Nicaragua is organized in ten modules, each consisting of three and a half to four courses, scheduled over a six week period. First year courses consists of eighteen sessions, while second year courses consist of twenty sessions. Half courses consist of ten sessions. Each day three to four sessions are scheduled. Courses in the first year are in Spanish, while some courses in the second year are offered in English.

Executive Education Programs

The primary purpose of INCAE is its teaching programs, which is developed all throughout Latin America. Early in INCAE's business model, executive education provided a vehicle through which INCAE could fulfill its objective, but also generate an important source of revenue to cover its costs. INCAE’s first program, the PAG, was an executive education program. There are three types of executive education programs: the Executive MBA program, the open seminars and the In-Company programs. In a single year, INCAE has close to sixty executive education seminars in fourteen different countries, not including the Executive MBA Programs. In addition to the two campuses in Costa Rica and Nicaragua, INCAE has sales offices that recruit for the MBA programs and executive education programs in Guatemala, Honduras, Panama, Colombia, Venezuela, Ecuador and Peru. There are also sales representatives in Mexico, Bolivia, Uruguay, and Paraguay. The executive education programs are imparted either on campuses, or in hotels.

The Executive MBA Program

The Executive MBA program (EMBA) was launched in 1991 in Costa Rica. Its objective was to fulfill the demand from the region for an INCAE MBA program that allowed its participants to work as they completed their MBA. The intensive sixteen month part-time MBA program is directed towards executives who are thirty years or older, and have acquired at least five years of executive experience. Students attend classes one week a month, in which they receive three or four sessions a day. They arrive on a Wednesday and leave the next Wednesday, this way minimizing the amount of time participants are away from their jobs. The program is divided into eight two-week modules, in which students attend sessions for two courses. The courses are similar to those in the other MBA programs, except that much of the more basic fundamentals are removed, as the profile of the participants is more demanding. INCAE has also opened several Executive MBA programs in and outside of the two campuses. It is also currently running a joint Executive MBA program in Peru with Universidad Adolfo Ibañez, and has developed an Executive MBA program in Panama for the Panama Canal Authority.

The Global Executive MBA Program

The original Executive MBA has evolved into the Global EMBA (GEMBA) program. The GEMBA program is imparted in the Francisco de Sola campus in Nicaragua, where students from all over the region arrive every month. INCAE, as in their other programs, includes housing and food in its tuition costs. Like in the other programs, INCAE’s GEMBA is extremely demanding of its students, and although the grading curve is slightly less rigid, 5% to 10% percent of those who entered the program are unable to finish the program.

Open Seminars and In-Company Programs

INCAE’s traditional open seminars last as little as one day and as long as a month for the PAG, and are available to the public in general. The topics strudied are in accordance to market demand and faculty input. The In-Company programs are formulated for particular customers, based on their requests. These programs are not open to the general public.

Knowledge Creation and Impact

INCAE is also an important producer of research about Latin America. INCAE publishes a magazine, the INCAE Business Review, with articles related to the business, social and political sectors in the region. The engine that drives INCAE’s research is its faculty. Apart from INCAE’s practitioner oriented magazine, its faculty publishes in peer reviewed journals.

An important focus of applied research and influence at INCAE is the Latin American Center for Competitiveness and Sustainable Development (CLACDS for its name in Spanish). CLACDS was founded in 1996, with the explicit objective of promoting change in public policy, business strategies and social activities to allow Latin America to reach higher levels of competitiveness and sustainable development. The first project CLACDS undertook was to provide coordination and support for the implementation of the Central American Agenda for the 21st Century, which established a long term strategy for development in Central America, as well as its integration into the global economy.

By 2009 CLACDS had developed projects in three areas: sustainability in Latin America; competitiveness and business environment; and SEKN (Social Enterprise Knowledge Network). Sustainability projects in Latin America focused on environmental and social issues, and included the Sustainability Management Program, the Program for Sustainable Energy Policy, Ecobanking, Sustainable Tourism, and the Strategy Project for the Galapagos Islands. The projects on competitiveness and business environment aimed at helping to develop and improve the skills of different industries and segments in Latin America. Some of the projects that CLACDS had organized included a diagnostic analysis for the fashion cluster in Bogota, the 2005-2025 strategy for the dairy sector in Costa Rica, the development of a strategy for Nicaragua to better attract foreign direct investment, and an analysis of the role of sustainable agriculture to improve Latin America’s competitiveness. Projects related to SEKN included the research and writing of business cases about social and family entrepreneurs. CLACDS would also schedule several seminars, free or subsidized for participants. These seminars were on issues relating to the private sector, competitiveness and sustainability.

INCAE also took a role as a facilitator of dialogue between different segments of society and politics. Most recently INCAE has helped in communicating to the business sector and society at large about the CAFTA-DR free trade agreement. Other projects that INCAE has developed included the Center of Leadership for Women, The Center for Entrepreneurship, the Center for Innovation, and the Center for Intelligence about Sustainable Markets (CIMS).

The Case Method

One of the fundamental practices that separates INCAE Business School from other schools in Latin America is both the use and expertise with which its faculty applies the case method. Since its inception, INCAE adopted the case method, used by Harvard Business School professors, as the best and most efficient means to develop the analytical skills necessary to make real managerial decisions. The case method was an extension of the Socratic Method, which used questioning as a means to find the truth. The case method was been pioneered in Harvard Law School by Christopher Columbus Langdell, based on the premise that rather than studying highly abstract summaries of legal rules, the best way to learn law was to read the actual judicial opinions which later became law. The use of the case method at the Harvard Graduate School of Business Administration dates back to its founding in 1908. The first Dean of the School, Edwin F. Gay, was persuaded that the “laboratory method of instruction must be introduced, wherever possible, if the School is to fulfill efficiently the intention of its founders ”. It was with the same philosophy that INCAE Business School applied the case method.

The case method drastically alters the dynamics of a typical classroom experience. The professor does not play the role of owner and provider of knowledge, instead the professor acts as facilitator for the students to express their understanding of the principal points of the case. Preparing for a case method class is considerably more complex and time consuming for both the faculty and students. Professors have to be prepared for any comment that one of the sixty or seventy students in a classroom might offer, which means hours of preparation. On the other hand, students experience an “active” classroom, where the professor will call on a student, sometimes to dramatic effects, asking for a decision on the “problem” faced by the protagonist of the case. Normally the analysis of the case is complex, demanding a multi-functional perspective, i.e. marketing, finance, organizational behavior, macroeconomics, politics, etc. This is particularly the case in second year classes, which generally use more comprehensive cases. Nonetheless, while the case discussion might take almost any path, professors normally have one or two objectives they want their students to understand. However, this does not mean that there is a single correct answer at the end of a session, and this is a difficult process for many students to assimilate, as they are normally accustomed to a more traditional classroom dynamic where there is one solution at the end.

The cases INCAE professors utilize in the sessions come from many different sources, though primarily professors use cases written by INCAE faculty and researchers. These are chosen because they have great relevance to Latin American students, as those cases are usually about Latin American firms, dealing with Latin American issues. But INCAE also uses cases written at HBS, Stanford, INSEAD, Kellogg, Wharton, IESE, and a number of other business schools throughout the world. The cases are provided to students before the start of the course, and students are expected to read and analyze each case the day before the class discussion, using whatever technical reading material the professor assigns. The technical readings provide focus for the type of analysis a student should develop, nonetheless, the range of decisions made by students are quite varied, as students have different backgrounds, cultures, experiences and perspectives. These differences lead to a “cross-pollination” discussion, which adds to the INCAE experience. Coming to the exact conclusion that the professor offered, particularly in a quantitative analysis, is not easy. One INCAE finance professor, who completed his MBA at INCAE, tells his students that in his two years at INCAE, never once did he have the same numerical response as his professors.


One of INCAE’s greatest resources is its faculty. In 2009, INCAE had forty-two faculty members, who imparted classes in the MBA Program and the executive education programs. 92% of its faculty has a doctorate degree. In addition, the doctoral degrees that faculty members possess are from the most respected and well known business schools in the world. INCAE requires their faculty members to have direct contact with the business sector, so that the material they present in the classroom is up to date and relevant. Professors have direct contact through consulting work for firms. Professors are also encouraged to perform research and publish their findings in peer reviewed journals.

INCAE’s faculty is extremely demanding of its students. This is part of INCAE’s culture. It is best described in an anecdote from Harry Strachan, INCAE’s third rector. He was given the task of teaching a new course on managing financial institution, for which all the cases he was to use were in English. The fifteen cases, each roughly about twenty-five pages of text and fifteen pages of exhibits, had to be translated, overwhelming the translation department. Students would receive the cases, hot off the printing press, late in the afternoon, leaving them with only a few hours to prepare for the class. Many of the cases had translation errors, particularly because of the specialized finance terms that the case used. A few sessions into the course, the class convinced one of its top students to ask Prof. Strachan to reduce the number of cases they would read. The student argued that it was not fair that they had to deal with so much difficulty. Harry Strachan’s response to his plea was the following:

You are right, it is not fair! It is not fair to ask all of you to perform a more arduous task than business students in the United States. It is not fair that you did not have access to the universities that they attended. And it will be even less fair when you go to interviews where you will be discriminated against because of your poor English and background. But the only way that Central America will succeed in overcoming the advantage that more developed nations have, will be by INCAE demanding more from you, not less! You have to work more, not less! Analyze more, not less! Invest more time! INCAE is not here to make things more just. We are here to help you overcome the injustices that demand more effort, ability, and better work habits from you, which you currently consider impossible. Let’s get back to the case! (Strachan 14-15).

This anecdote exemplified INCAE’s culture within the classroom.

INCAE’s Students

INCAE students are recruited from all over Latin America and North America, and recently from outside of the Americas. Students are required to have an undergraduate degree and at least two years of relevant work experience. INCAE’s application requires one of two admission exams, the GMAT in English or the LASPAU exam in Spanish. INCAE’s students are normally engineers, administrators, economists, and accountants, with some lawyers, psychologists, and medical doctors. The majority of students are male, with a median age of 25 to 26. Over 90% of INCAE’s students received some financial aid, but all students implicitly received an INCAE subsidy for their tuition.


Accreditations and associations

INCAE is accredited by SACS (Southern Association of Colleges and Schools) in the United States to grant the masters degree. It is also accredited by EQUIS (European Quality Improvement System) and by AACSB (Association to Advance Collegiate Schools of Business).

INCAE is one of only eight business schools outside North America which have been accredited by AACSB. In 1994, it was the first business school to be accredited by SACS outside North America. Today, INCAE is one of three higher-level institutions accredited outside the United States. [2]

INCAE is affiliated to business school associations, such as: AACSB International (Association to Advance Collegiate Schools of Business), NASPAA (National Association of Schools of Public Affairs and Administration), and The Business Association of Latin American Studies - BALAS .[3] Additionally, it is a member of the Latin American Business School Council.[4][2]

Also, in 2009 INCAE was ranked the top business school in Latin America by AméricaEconomia magazine. Since the beginning of the decade, INCAE had been the only business school to be consistently ranked #1 or #2 in the magazine’s evaluation of Latin American business schools. INCAE competed with business schools that had many more resources and much larger markets, but nonetheless was ranked #1 because of the quality of its faculty, the amount of published research their faculty produced, and the appreciation given by its graduates. These alumni, or INCAISTAS as they were commonly called, are recruited for the best jobs in the region through INCAE’s Career Services, which held a week-long job fair in March for the graduating classes. INCAE had also received a top ten ranking from international recruiters in a Wall Street Journal survey.


According to a study done by América Economía INCAE ranked as the number one (1) business school in Latin America for the years 2003 to 2006 [5] and number 2 for the years 2007 and 2008 [6]. INCAE was ranked #10 among international business schools by The Wall Street Journal [7] in 2005 and 2006. In 2006 it was ranked among the top 100 MBA programs by Financial Times [8] and among the top 50 executive education programs in the world in 2009 [9]. In 2008 INCAE was selected by Eduniversal as one of the three most influential Business Schools in Latin America [10]. Eduniversal classified INCAE as a "Universal Business School with major international influence" and graded it with 5 palms (the maximum grade) [11].


Ninety-five percent of classes are taught by Faculty members with doctoral degrees from Harvard University, Stanford University, Yale University, Princeton University and the University of Pennsylvania among others. In addition, INCAE students-to-faculty ratio is 6:1, thus ensuring almost personal faculty support to students.[12]

Academic Honors

Upon graduating, INCAE´s best students may receive either the “High Distinction” or “Distinction” academic recognition, depending on the student´s raking among the graduating class.

INCAE may also grant the “Distinguished Scholar” award to students with exceptional performance in the MBA program. Throughout its history, INCAE has only granted this recognition to nine graduates.

Honorary Doctorates

Throughout its history, INCAE has conferred honorary doctorates to individuals who have positively impacted society. Among the most distinguished are:

  • (1977) George F.F. Lombard, Associate Dean Harvard Business School
  • (1984) Luis Alberto Monge, President of Costa Rica, 1982-1986
  • (1987) Marc Lindenberg, Rector of INCAE, 1982-1987
  • (1988) Oscar Arias, President of Costa Rica, 1986-1990, 2006-2010
  • (1991) Hernando de Soto, Peruvian economist and ideologist
  • (1991) Pablo Antonio Cuadra, Nicaraguan poet and ideologist
  • (1993) Stephan Schmidheiny, Swiss businessman
  • (1994) George Cabot Lodge, Emeritus professor of Harvard Business School and key person for the establishment of INCAE
  • (1996) Michael Porter, Prominent Academic and professor of Harvard Business School
  • (1997) Violeta Barrios de Chamorro, first woman president of Nicaragua 1990-1997
  • (1999) Walter Kissling Gam, Costa Rican businessman
  • (2005) Alberto Motta Cardoze, Panamanian businessman and philanthropist
  • (2005) F. Alfredo Pellas Ch., Nicaraguan businessman


INCAE has agreements with many Latin American and U.S. Universities. The school has two basic types of agreements. First, INCAE has exchange and/or dual degree programs with the following universities:

  • Bordeaux Business School
  • Case Western Reserve
  • College of William and Mary
  • Duke University - Fuqua
  • Emory University - Goizueta
  • Erasmus University - Rotterdam School of Management
  • ESADE, Barcelona
  • ESC Toulouse
  • European Business School, Oestrich-Winkel
  • Florida International University
  • HHL - Leipzig
  • Instituto de Empresa - Madrid
  • LKAEM - Poland
  • National Chengchi University
  • New York University - Stern
  • NUCB - Nagoya
  • Pepperdine University - Graziado
  • Rice University - Jones
  • Thunderbird School of Global Management
  • University of Michigan - Ross
  • University of Minnesota - CSOM
  • University of North Carolina – Chapel Hill – Kenan Flagler
  • University of Southern California - Marshall
  • University of St. Thomas - Opus
  • University of Texas at Austin - McCombs
  • University of Wisconsin
  • USBE - Sweden
  • Vanderbilt University - Owen
  • WHU - Koblenz
  • ZLC - Zaragoza

The second type of agreement provides discounts, for the MBA program, to accepted applicants who earned their undergraduate degrees from the following schools:

  • Universidad Argentina de la Empresa, UADE - Argentina
  • Universidad Privada Bolivariana, UPB - Bolivia
  • Universidad de Talca - Chile
  • Universidad del Pacífico - Chile
  • Universidad Externado de Colombia - Colombia
  • Universidad Autónoma de Bucaramanga - Colombia
  • Universidad de Costa Rica - Costa Rica
  • Instituto Tecnológico de Costa Rica - Costa Rica
  • EARTH - Costa Rica
  • ULACIT - Costa Rica
  • Universidad San Francisco de Quito - Ecuador
  • ESPOL - Ecuador
  • Universidad Católica de Guayaquil - Ecuador
  • Universidad Espíritu Santo - Ecuador
  • Universidad Tecnológica - El Salvador
  • Escuela Superior de Economía y Negocios ESEN - El Salvador
  • Universidad Don Bosco - El Salvador
  • Universidad Rafael Landívar - Guatemala
  • Universidad Francisco Marroquín - Guatemala
  • Universidad de San Pedro Sula - Honduras
  • Escuela Agrícola Panamericana Zamorano - Honduras
  • Universidad de las Américas Puebla UDLAP - Mexico
  • Ave María College of the Americas - Nicaragua
  • Universidad Americana UAM - Nicaragua
  • Universidad Latina de Panama - Panama
  • Universidad Católica “Nuestra Señora de la Asuncion” - Paraguay
  • Universidad Nacional - Paraguay
  • Universidad del Pacífico - Peru
  • Universidad de Puerto Rico - Puerto Rico
  • Universidad del Este - Puerto Rico
  • Universidad Metropolitana - Puerto Rico
  • Universidad Turabo - Puerto Rico
  • Instituto Tecnológico de Santo Domingo - Dominican Republic
  • University of West Indies - Trinidad y Tobago
  • Universidad Católica de Uruguay - Uruguay
  • Universidad Andrés Bello – Venezuela

Notable students and alumni


  • Emilio Anselmo Etchegorry
  • Marco Antonio Colindres Fraño
  • Gustavo Gennuso


  • Jaime Antonio Borda Claure
  • Bernardo Requena
  • David Crespo Godoy
  • Manuel Fidel Cuevas Velásquez
  • Marcelo Paredes Ayllón
  • Luis Fernando Guardia Sánchez
  • Jorge Kuljis Santos
  • Rosendo Ernesto Barbery Paz
  • Luis Alfonso Ibañez Montes


  • Lianne Freire Ribeiro
  • Valdir Raul Steuernagel
  • Carlos Antonio Rocha Vicente


  • Stefan Larenas Riobo


  • Fernando Gomez Campos
  • Alberto Uribe Maya
  • Humberto Vallejo Salazar
  • Guillermo Enrique Peña Bernal
  • Mauricio Ospina Ortiz
  • Carlos Enrique Betancourt Tobon
  • Alfredo H Osuna

Costa Rica

  • Alvaro Aguilar Gonzalez
  • Jorge Eduardo Alcázar Morales
  • Guillermo Alonso Guzman
  • Rolando Alvarado Avellán
  • Jacobo Alberto Alvarez Lastra
  • Paul Andre Tinoco
  • Anwar Arana Abel
  • Carlos Enrique Araya Lizano
  • Roberto Artavia Loría
  • Hernan Esteban Azofeifa Delgado
  • Carlos Jose Baeza Montes de Oca
  • Gary Barquero Arce
  • Federico Barquero Mora
  • Francisco Javier Berrocal Dominguez
  • Gerardo Antonio Brenes Trejos
  • Roger Cabezas Garita
  • Jaime Cabezas Peterson
  • Luis Ignacio Campos Cantero
  • Felipe Carballo Vega
  • Ernesto Castegnaro Odio
  • Carlos Fernando Castro Carranza
  • Rolando Castro Loria
  • Jorge Gerardo Cespedes Gutierrez
  • Milton José Colindres Uceda
  • Jose Francisco Correa Navas
  • Enrique Del Barco Silva
  • William Delgado Pacheco
  • Carlos A. Dengo Garrón
  • Francis Durman
  • Carlos Esquivel Escalante
  • Carlos Alberto Fischel Mora
  • Marlene Fonseca Gutierrez
  • Leonardo Garrido Quesada
  • Marco Vinicio Garro Mora
  • Rafael Arturo Gaviria Mejia
  • Enrico Giordano Sesia
  • Mauricio Antonio Gomez Picado
  • Roberto Jorge Gonzalez Alcala
  • Tommaso Graziano
  • Lorena Alejandra Grundy Castaños
  • Manuel Antonio Guevara Huete
  • Francisco Jose Gurdian Mata
  • Jorge U Herdocia Mantica
  • Gilberto Hernandez Mora
  • Javier Alejandro Herrera Guido
  • Jose Alvaro Jenkins Rodriguez
  • Benigno Jimenez Segura
  • Manfred Kissling Jimenez
  • Randolf Kissling Jimenez
  • Javier Lara Bolaños
  • Francisco Lay
  • Jose Leon Chang
  • Eladio Madriz Garcia
  • Luis Humberto Marin Espinoza
  • Randall Miguel Martinez Chinchilla
  • Gastón Monge
  • Mario Montealegre Saborio
  • Arturo Montero Calderon
  • Luis Diego Montero Rosabal
  • Víctor Manuel Mora Delgado
  • Osvaldo Mora Gonzalez
  • Ernesto Morales Grau
  • Roberto Mauricio Morera Calvo
  • Jose Antonio Murillo Barrantes
  • Carlos Murillo Scott
  • Jorge Oller Alpirez
  • Freddy Oviedo Soto
  • Francisco Pacheco Kitzing
  • Pedro Pablo Perez Macias
  • Jaime Piza Lopez
  • Victor Manuel Piza Lopez
  • Ernesto Quirós Fallas
  • Rolando Ramirez Mora
  • Daniel Emilio Robert Bonilla
  • Jorge Rodríguez Quirós
  • William Rosales Contreras
  • Jose Francisco Ruiz Gutierrez
  • Alonso Saborío Rodríguez
  • Marcos Antonio Salazar Gambero
  • Rodrigo Alberto Sanchez Brenes
  • Ronald Sasso Rojas
  • Konrad Sauter
  • Ronald Sauter Echeverria
  • Eduardo Solano Estrada
  • Oscar Alfredo Soto Brenes
  • Manuel Terán
  • Greivin Torres Chacón
  • Carlos Trejos Carvajal
  • Rodrigo Uribe Saenz
  • Luis Eduardo Valverde Gonzalez
  • Walter Vargas Ortiz
  • Ronald Vargas Carmona
  • Jorge Eduardo Vega Antonini
  • Roberto Sadot Venegas Renauld
  • Alfredo Jose Vieto Rudin
  • Orlando Vilaplana Cortes
  • Carlos Alberto Villalobos Carvajal
  • Gerardo Volio
  • William Gerardo Yong Sing
  • Rafael Angel Zuñiga Cortes
  • Manuel Francisco Zuñiga Sibaja
  • Karla Gonzalez
  • Aurelia Garrido Quesada

Dominican Republic

  • Van Elder Espinal Martinez
  • Pedro Tomas Esteva Troncoso
  • Rodrigo Fernando Sanchez Sanchez
  • Clara Idalia Tavares Valencia
  • Raul Santiago Alfau Cuesta
  • José Altagracia Zapata Sánchez
  • Roberto Francisco Mata
  • Moises Antonio Lora Collado


  • Cristina Marisol Arias Acosta
  • Cesar Alvarez Villota
  • Esteban Alberto Borja Suarez
  • Carlos Enrique Borja Ulloa
  • Pablo Esteban Calle Enriquez
  • Javier Cardenas Uribe
  • Bolivar Alfonso Cevallos Calero
  • Jaime Gustavo Del Hierro Cordero
  • Bernardo Gomez Calisto
  • Gustavo Rafael Manrique Miranda
  • Gaston Menendez Romero
  • Roberto Merino Samaniego
  • Juan Carlos Moscoso Pazmiño
  • Judy Nagy
  • Paul Enrique Palacios Martinez
  • Carlos Alberto Palan Tamayo
  • Santiago Francisco Teran Dammer
  • Cesar Antonio Teran Sanchez
  • Ivan David Vallejo Bonilla
  • Blanca Esmeralda Veliz Franco
  • Lizzie Vera Pazmiño
  • Edison Guillermo Verdesoto Bolaños
  • Carlos Alberto Villarreal Arregui
  • Fausto Rene Villota Larrea
  • Marco Vinicio Vivanco Herrera
  • Lenin Patricio Zuñiga Condo
  • Fabian Esteban Baca Cobo
  • José Antonio Cordero Moscoso
  • Victor Celestino Coronel Izquierdo
  • Wilson Rafael Galarza Solis
  • Aldo Fredd Jarrin Gonzaga
  • Andres M Jervis Gonzalez
  • Saúl Reemberto Lara Paredes
  • Mauricio Pacheco Hervas
  • Gonzalo Fernando Quintana Galvez
  • Thanya Paulina Silva Albuja
  • Jaime Ernesto Bucheli Alban
  • Edgar Patricio Andino Sosa
  • Armando Ignacio Cabanilla Velasco
  • Alex Emilio Moran Vicuña
  • Monica Ordonez Baca
  • Bolivar Patricio Recalde Silva
  • Fernando Xavier Ochoa Duran
  • Jorge Enrique Cordovez Davalos
  • Mario Hernan Galarraga Cevallos
  • Byron Fidel Duran Pitarque
  • Mauricio Peña Romero
  • Gustavo Malo Malo
  • Mauricio Raul Ayala Salcedo
  • Wellington John Garcia Mosquera
  • Ivan Eduardo Larrea Andrade
  • Borys Alfredo Mejía Aguirre
  • Alonso Vivanco Ríofrio
  • Rolando Eloy Ochoa Rodas
  • Carlos Patricio Albuja Torres
  • Esteban Aldar Guarderas Crovella
  • Jaime Rodolfo Castellanos Suarez
  • Efrain Vieira Herrera
  • Alberto Sandoval
  • Fausto Rene Ortiz

El Salvador

  • Carmen Irene Alas
  • Giuseppe Angelucci Silva
  • Mauricio Argueta Montes
  • Jose Orlando Arteaga Figueroa
  • Manuel de Jesus Avelar Lizama
  • Sigifrido Bautista Valle
  • Carlos Ernesto Boza Delgado
  • Ma. Eugenia Brizuela de Avila
  • Leonidas Ernesto Calderon Luna
  • Rafael Castellanos
  • Ruth Del Castillo de Solórzano
  • Rolando Arturo Duarte Schlageter
  • Gian Paolo Einaudi
  • Alberto Escamilla Rodriguez
  • Baltasar Ricardo Ferreiro Gutiérrez
  • Manuel Enrique Flamenco O
  • Freddie Frech
  • Julio Cesar Gomez Valle
  • Marco Andrés Guirola Martin
  • Vilma Hernández de Calderón
  • David Rafael Huezo Ramos
  • Christian Köhler
  • Rodolfo Jose Kopper Ramirez
  • Jose Nelson Lopez Barbon
  • José Mauricio Loucel Funes
  • Joaquin Mancia Moran
  • Jose Fernando Marquez Figueroa
  • Gerardo Martin Menendez Castañeda
  • Carlos Merazzo Pinto
  • Jose Roberto Navarro Escobar
  • Maximiliano Guillermo Novoa Chavez
  • Cesar Augusto Orellana Murillo
  • Edgar Edmundo Ortiz Diaz
  • Gerardo Osegueda Gine
  • Bolivar Peñafiel Gonzalez
  • Alfredo Peraza Alas
  • Oscar Armando Perez Merino
  • Ricardo Enrique Posada Magaña
  • Leonardo Posada Magaña
  • Raul Prudencio
  • Eduardo Quevedo Moreno
  • Jose Dimas Quintanilla Quintanilla
  • Eduardo Quiñonez Caminos
  • Rolando Ernesto Ramirez Smith
  • Danilo Oswaldo Ramos Arauz
  • Jose Roberto Rivera Erazo
  • Albino Roman Ortiz
  • Macario Armando Rosales Rosa
  • Jose Ricardo Ruiz Munguia
  • Carlos Eduardo Saade Hasbun
  • José Luis Saca Jiménez
  • Edwin Henry Sagrera Bogle
  • Salvador Ernesto Sanchez Hernandez
  • Rafael Ernesto Sol Aguilar
  • Rafael Ernesto Sol Alvarado
  • Roberto Antonio Trabanino Ramirez
  • Luis Armando Urrutia Abrego
  • Manuel Arturo Valiente
  • German Orlando Vega Valdes
  • Roberto Vilanova Molina


  • Maria del Carmen Aceña Villacorta
  • Luis Guillermo Aguilar Mendez
  • Yara Emmanuella Argueta Castañeda
  • Jose Alejandro Botran Diaz
  • Jaime Camhi Cappon
  • Mairon David Cardona Herrera
  • Alvaro Estuardo Castillo Monge
  • Rodolfo de Jesús Castillo Zepeda
  • Luciano Cisneros Gallo
  • Guillermo Eduardo Coll Solares
  • José Roberto Cuesta Cárcamo
  • Juan Jose Cuesta Fernandez
  • Juan Carlos Eggenberger Hernandez
  • Flora Marina Escobar de Ramos
  • Mario Roberto Fuentes Destarac
  • Manuel Humberto Hernandez Valenzuela
  • Alejandro Luna Richardson
  • Jorge Mauricio May Navarrete
  • Gunther Minor Melendez Galindo
  • Marco Tulio Morales Arevalo
  • Alvaro Horacio Morales Marcucci
  • Ileana Najera Urruela de Rivera
  • Sergio Abelardo Paiz Andrade
  • Jorge Mario Paiz Mendoza
  • Mario Enrique Pallais Godoy
  • Gloria Consuelo Palomo Zea
  • Diego Alonso Pulido
  • Carolina Quan Rosales
  • Ernesto Alfonso Reimers Galvez
  • Mario Roberto Reina Alonzo
  • Aníbal Roberto Rodriguez Esquivel
  • Rafael Rossito Contreras
  • Yehudi Sabbagh Espineira
  • Jose Arquímides Sanabria Martinez
  • Emmanuel Seidner
  • Danilo Enrique Soto Zamora
  • Jacobo Gustavo Tefel Farrer
  • Jose Miguel Torrebiarte Novella
  • Luis Antonio Velasquez Quiroa
  • Jorge Ricardo Andrade Morales
  • Juan Carlos Paiz Mendoza


  • José Alejandro Alvarez Alvarado
  • Roberto Arturo Casco Benavides
  • Margaret Mary Abbott de Funes
  • Norman R Anino Zelaya
  • Carlos Roberto Bueso Sandoval
  • Carlos Roberto Caraccioli Craniotis
  • Elsa Margarita Casula Flores
  • Nelson Delgado Paredes
  • Aline Flores
  • Belford Jose Jarquin Blandon
  • Marlon Guillermo Lara Orellana
  • Arnoldo Enrique Lezama Rios
  • Ivis German Lopez Ayestas
  • Juan Carlos Lopez Irias
  • Reinaldo Rafael Medina Jimenez
  • Carlos Alberto Mendoza Barrientos
  • Miguel Angel Molina Sierra
  • Oscar Danilo Montealegre Zepeda
  • Daniel Alberto Otero Muñoz
  • Henry Gustavo Paz Gustavo
  • Fernando Peña Cabus
  • Rafael Eduardo Pineda Vidaurreta
  • Yani Rosenthal
  • Douglas Edgardo Sierra Laitano
  • Jorge Francisco Salomon Occhiena


  • Rafael José Arria Ramos
  • Mario Enrique Chiu Oliva


  • Xavier José Arguello Barillas
  • Salvador Abdalah Aleman
  • Ernesto D Arguello
  • Víctor Hugo Arguello Balladares
  • Miguel Angel Argüello Selva
  • Luciano Astorga
  • Duilio Jose Baltodano Cabrera
  • Martin Roberto Barcenas Levy
  • Eduardo Belli Pereira
  • Nicolas Bolaños Jones
  • Alonso Chamorro Argeñal
  • Emiliano Jose Enriquez Lacayo
  • Ramon Ernesto Espinoza Maradiaga
  • Armando José Garcia Campos
  • Donaldo Xavier Guerrero Salinas
  • Juan Ignacio Gutiérrez Izquierdo
  • Edwin Rommel Holmann Pastora
  • Mauricio Horvilleur Caso
  • Carlos Alfredo Huete Romero
  • Mario Hurtado Jimenez
  • Frank J. Kellys T
  • Alfredo Fernando Lacayo Sequeira
  • Jaime Jose Levy Gomez
  • Carlos Ramon Lola Carrasco
  • Joaquin Molina Gabuardi
  • Rodrigo Ernesto Obregon Robles
  • Francisco Alcides Ortega Miranda
  • Max José Padilla Reyes
  • Huascar Ignacio Pereira Alegria
  • Gaston Reyes Icaza
  • Ernesto Javier Robleto Falla
  • Carlos Jose Rojas Lopez
  • Jorge Isaac Roque Medina
  • Carlos Humberto Sandino C
  • Gabriel Ignacio Solorzano Perezalonso
  • Adolfo M. Solórzano Pérez-Alonso
  • Ricardo Terán
  • Daisymaria Torres Barbosa de Gutiérrez
  • Eduardo Vigil Egner
  • Julio Adolfo Vivas Downing
  • Rodolfo Ernesto Zapata Bendaña


  • Jorge Luis Escobar Jaramillo
  • Lucas Raul Aleman Healy
  • Ernesto Aleman Lanzas
  • Carlos Eduardo Anguizola
  • Carlos S Anguizola Rabago
  • Giancarlo Arias Dormond
  • Luis Arrieta de la Guardia
  • Juan Ramon Brenes Stanziola
  • Luis Alberto Broce Escudero
  • Luis Carlos Castillero Espino
  • Carlos Alberto Castillo Moreno
  • Felipe Chapman
  • Gustavo F Dahigren C
  • Diego Alonso De Obaldia Vergara
  • Carlos Gustavo De Obaldia Villarreal
  • Alexander Delgado Tsang
  • Fernando Federico Duque Maldonado
  • Mónica García de Chapman
  • Carlos Garcia De Paredes
  • Jacqueline García Maritano Paz
  • Max Carlos Gomez Sousa
  • Monica Del Cisne Hidalgo Lopez
  • Mario Ernesto Jaramillo Castillo
  • Jaime Lacayo Salazar
  • Aurelio Linero Archibold
  • Jose Alberto Lisac Velez
  • Ricardo Maduro Icaza
  • Lamberto Mantovani
  • Ricardo Martinelli Berrocal
  • Javier Arias Dormond
  • Ramón Eduardo Martinez Stagg
  • Marylin Melo De Simons
  • Sebastian Menendez Ch
  • Tomas Alberto Montenegro Serrano
  • Rolando Moreno Scott
  • Orlando Daniel Olivares Rodriguez
  • Orlando Reyes Chinchilla
  • Eliana Francesca Roberts Coronado
  • Felix Javier Ruiz Dias
  • David Segundo Salamin Perez
  • Carlos Ernesto Samaniego Ordoñez
  • Ricardo Alberto Solís Ponce
  • Alfredo Stargardter De Andreis
  • Robert Isaac Toledano De Alba
  • Carlos Eduardo Troetsch Saval
  • Jorge Tzortzatos Coutsoumbos
  • Jorge Enrique Vallarino Strunz
  • Juan Antonio Varela Clement
  • Rogelio J Vaz Alvarez
  • Mario Enrique Vilar Garcia


  • Luis Carlos Elías
  • Alexis Manuel Frutos Ruiz
  • Beltran Macchi Salim
  • Cesar Pappalardo Brugada


  • Freddy Santiago Regalado Guerrero
  • Frantz Olazabal Ibañez
  • Walter Javier Pasache Carbajal
  • Roberto Carlos Martínez Castillo
  • María Graciela Elejalde Franco
  • Rafael Villanueva
  • Carlos Leyton


  • Ligia Carvajal Morales


  • Harald Lueling

United States

  • Jorge Alberto Gonzalez Ramirez
  • Mario Xavier Balda Hernandez
  • Erick Brenner Silva
  • Manuel Antonio Caceres Fonseca
  • Aquilino De la Guardia
  • Patricio Ivan Del Salto Cisneros
  • Pedro Miguel Delgado Campaña
  • Enrique A Diaz Lacayo
  • Roger Ariel Duarte Rodríguez
  • Fernando Alfonso Gallo Aguilar
  • Sylvia Goyez
  • Francisco Javier Herdocia Mantica
  • Nestor Raul Hoyos Rendon
  • Ariel Koll-Nescher Valenzuela
  • Michael Patrick McCarthy Dineen
  • Carlos Antonio Mejia Alferez
  • Manuel Enrique Ortiz M
  • Alfonso Paredes Villar
  • Julio Velasquez Escobar


  • Jarvis Atilio Castellanos Manrique
  • Luis Cid Villarino
  • Manuel Octavio Torrealba Guzmán
  • Francisco Argenis Chirivella Oviedo
  • Soraya Josefina Ríos Regalado
  • Petra del Carmen Hernández Orta
  • Yargen González
  • Argenis Alberto Carrillo Morantes
  • Carmen Elena Maal Lopez


FMECA Scholarship (Foundation for Management Education in Central America)

The fund provides partial support to candidates with a record of academic excellence and who have demonstrated financial need. Of the total amount allocated to a student, a percentage is considered scholarship and the remaining a loan. This is determined by the Financial Assistance Committee (FAC).

The loan portion of the financial support package is repaid after graduation. The repaid funds are used to support new generations of INCAISTAS. In order to apply to this funding scheme, the accepted applicant must complete the Scholarship Form and submit it to INCAE´s office in his/her country.

Honor Fund

The specific objective of Honor Fund is to stimulate academic and professional development of students interested in the residential MBA program at INCAE. The typical recipient has excelled in his/her undergraduate studies and requires partial funding to complete the master's program.

The amount awarded by the Honor Fund must be reimbursed by the recipient after the completion of the program. A formal Letter of Agreement is subscribed between the recipient and INCAE. The recipient signs a promissory note or another appropriate legal document.

Pellas Scholarships

Thanks to the initiative of Carlos Pellas, INCAE has a fund to provide partial scholarship / financing to Central American students admitted to the Intensive MBA that start in February at the Campus Francisco de Sola, in Nicaragua.

The candidates must:

  • have a history of academic excellence
  • need the funding to cover the costs of their studies.

After a candidate is accepted to the program, he/she must complete the Scholarship Form and submit it to the INCAE office in his/her country. A portion of the total amount granted is scholarship and the other is a loan. The Financial Assistance Committee (CAC) decides on this issue. This repayment scheme helps ensure that future generations of INCAISTAs will have the necessary funding.

Oscar Montealegre Scholarships

The aim of this scholarship program is to develop new Honduran leaders that may positively impact their country and the region. This is a partial scholarship. Total funds depend on the annual yield on the scholarship endowment. Students receiving this scholarship can choose to study the MBA at either of INCAE´s two campuses. The scholarship is granted by the Financial Assistance Committee (FAC), in coordination with the donor. After a 4-year grace period, INCAE will require the grantee to reinstate 25% of the total amount awarded. The candidate must also commit to reside in Honduras for 5 years after graduation.

INCAE MBA Scholarships: Leaders for Change

This scholarship was established to support outstanding people of the Americas. This program applies to candidates who wish to study the MBA Program at the Campus Francisco de Sola, in Nicaragua. This scholarship will cover the period between February 2010 and May 2011. The scholarship covers 70% of the tuition costs. More information can be found at: You may also contact:

Lindenberg-Quant Scholarship for Sustainable Development

The Lindenberg-Quant Scholarship provides financial support to students in the Intensive MBA program beginning in February at the Campus Francisco de Sola, in Nicaragua. The scholarship is geared towards individuals committed to work in the solution of social problems, poverty, and environmental degradation in Latin America.

The purpose of the scholarship is to promote the development of future regional leaders in the field of sustainable development. The scholarship honors the memory of Marc Lindenberg (1945-2002), who as Rector of INCAE, vice president of operations for CARE and Dean of the Evans School of Public Policy at the University of Washington, dedicated his life to the cause of human development. The program also recognizes the long and distinguished career of Roger Quant in mobilizing resources for social good while at INCAE, civic organizations and government. This scholarship will be awarded to the candidate who best meets the profile. Applicants must meet the following requirements:

  • An essay of no more than 1,200 words on why the candidate thinks he/she deserves the scholarship. This essay should describe past achievements and future career goals related to sustainable development.
  • A resume that demonstrates experience or interest in sustainable development.
  • A statement of financial need (for applicants with similar qualifications, preference is given to students with demonstrated financial need).

OAS Scholarships and LASPAU

INCAE has an agreement with the Organization of American States (OAS) and LASPAU. These institutions can provide full scholarships to outstanding Latin American students wishing to study at INCAE.

You can find documentation about the requirements and the selection process at the following places: (the 2010-2011 application cycle starts in February 2010):

  • Organization of American States
  • Guide for applicants to OAS Scholarships for Postgraduate Studies and Research, OAS Scholarships Academic Studies
  • OAS Fellowship Portal

Any queries regarding the process may be directed to:



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