IMD’s operating revenues reached a record at 148.1 M CHF in 2022, a double-digit increase of +24 % (+28 M CHF) compared to 2021. Total revenues generated by Executive Education reached 78% of total operating revenues with Open Programs accounting for 29% (+6 pts vs. 2021) and Custom Programs accounting for 49%. Degrees programs, MBA and EMBA, generated 16% of total revenues.
In 2022, 47% of IMD programs were delivered with some technology-mediated interactions (47%). However, once Covid restrictions were relaxed in April 2022, we saw a solid return to face-to-face programs which represented 53% of revenues (+20% year on year). In terms of the residence of our corporate clients and participants, operating revenues show a significant share of revenue in Europe (63% of total revenues in 2022), including our home country of Switzerland which represents 24% of total revenue.
IMD revenue with participants from the Middle East and Africa increased by +68.3% in 2022 vs. 2021 and +68.1% of Asian clients from South-East Asia, Japan, and North-East Asia, which allowed IMD to make significant progress on diversity while developing programs. At IMD we invest more than 71% of our budget in faculty, research, and direct support to programs to deliver world-class services to our clients and participants.