Aalto University’s academic results remained on a good level in 2022 despite declining funding

Board approved the Annual Board Report and Financial Statements for 2022
Opiskelija lukuvuoden avajaisjuhlinnassa puhelin kädessä.
Photo: Aalto University / Heidi Strengell.

The Aalto University Board approved the Annual Board Report and Financial Statements for 2022 in its meeting on 15 March 2023.

Most of Aalto University’s operations are financed from public funds, where the main source is Ministry of Education and Culture. Despite the fact that the ministry funding in 2022 was 35% lower in real terms than the level of funding in the university’s first year of operation in 2010, the university’s academic results have remained on a good level. If the negative funding development continues in the coming years, it will be very challenging to maintain the current lever of academic results.

In both national and international comparisons, the scientific impact of Aalto University’s research remains at a high level. All of the key research areas were ranked first or second among Finnish universities on the basis of the impact of their publications in the Academy of Finland’s State of scientific research in Finland 2022 report. In terms of international rankings, Aalto University was ranked 6th in the world in art and design in the QS World University Rankings in 2022. Aalto University reached 37th place in the ranking for universities under the age of 50 (Young University Rankings of Times Higher Education). In early 2023, Times Higher Education listed Aalto University as the 47th most international university.

Altogether 1 491 (1 509 in 2021) students completed a bachelor’s degree, 1 925 (1 831) completed a master’s degree, and 193 (182) a doctorate. There is strong demand for experts in the fields represented by Aalto University. The number of applicants is increasing, and the employment rate of its graduates is high.

An attractive innovation ecosystem has grown around Aalto University and its campus during the past years. In 2022, Aalto University processed 116 (121) innovation proposals, filed 53 (54) patent applications and carried out 23 (18) transfers of technology or competence to businesses. Aalto University was the third most active organization filing patents in Finland in 2022. Aalto University campus is a home to more than 150 start-up companies and communities.

The university’s pro forma operative income totaled EUR 370 (370) million with government funding as the main source of income. Grant income was received mainly from the Academy of Finland, the European Union, and Business Finland. Personnel expenses formed 65% (69%) and facility expenses 11% (12%) of the operative expenses. The university’s other expense categories increased by 23% due to increased inflation and energy prices, as well as return of the operations to pre-COVID-19 levels. The university’s pro forma operative loss was EUR 27 (7) million.  Loss from endowment activities amounted to EUR 44 million (profit EUR 215 million) mainly consisting of a decrease in the market value of the investment funds. Aalto University balance sheet totaled EUR 2 032 (2 044) million at the end of the financial year.

Key figures of Aalto University Group

(EUR million)

  2022 2021
Operative income 385 387
Operative profit/loss -33 -10
Fundraising profit/loss 10 12
Endowment profit/loss -44 215
Profit/loss of the financial year -67 202
Change in cash and bank -25 -26
Total assets 2 036 2 049
Total equity 1 558 1 610
Total liabilities 478 440
Equity ratio 78% 80%
Gearing 14% 13%

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Aalto University Annual Board Report and Financial Statements 2022Aalto University key figures of 2022Aalto University endowment provided EUR 35 million in 2022 to education and research

More information:
Marianna Bom, Chief Financial Officer
[email protected], phone +358 50 575 3762

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