Annual Report 2024
A Year of Success and Growth
The year 2024 was a year of growth and development for VAMK. During the year we updated our strategy, which now emphasises sustainable development, social impact and people’s wellbeing. Thank you to the students, staff and partners who made 2024 a successful year. Together, towards new achievements and a well-being economy!
– President and CEO Hannu Vahtera
Key Figures
691 graduated students
Student's employment rate 88,8%
29 degree programs
Teaching and administrative staff 200
4 068 students
681 international students
3 681 applicants to Finnish degree programs
11 196 applicants to English degree programs
82 international partners
292 publications
Turnover 23 203 852,40 euros
External finansing of RDI activities 1 797 149,38 (36,4% rise)
Year 2024 was a Theme Year for Internationalisation
The year 2024 was themed around internationalisation at Vaasa University of Applied Sciences (VAMK), during which numerous initiatives, events, and projects promoting international engagement were implemented. The theme year included co-developing VAMK’s international programme, producing an international publication, and organising a range of events from staff development days to VAMK’s International Days.
Growth and International Impact – Successful Strategy Period for RDI Activities 2021-2024
The results of RDI activities in 2024 were overall excellent and we significantly increased external funding. In the project activities, particular emphasis was placed on clean energy projects and the West Coast cooperation coordinated by us.
Our development work is driven by business needs and our key partnership program has already 13 companies from the region. We continuously expand and develop the partnership program, carefully listening to the needs of businesses.
Highlights of the Year and Thematic Publications
The key theme of the year was the renewal of the strategy for 2025–2035. In the new strategy, VAMK takes a strong forward-looking approach and positions itself as a promoter of the wellbeing economy. VAMK’s attractiveness among international applicants reached its peak when, in the autumn joint application, the Energy Technology degree program had nearly 100 applicants per available place. At the end of 2024, internationalisation program and anthology publications of research, development and innovation activities, as well as international operations, were published.
The publication features a diverse selection of articles that broadly examine the significance of research and development activities from a business perspective. The articles, written in both Finnish and English, cover fascinating projects ranging from the welfare economy to CDF modelling and branding.
The publication presents a diverse range of articles exploring key aspects of international education from innovative student recruitment strategies to fostering global partnerships.
Our Internationalisation program is designed to empower our students, faculty, and partners by fostering cross-border collaboration, cultural exchange, and the development of global competencies.
Sustainable Development and Responsibility at VAMK in 2024
Vaasa University of Applied Sciences contributes to the clean transition in the energy sector by training new professionals and offering further education to those already working in the field. A key part of responsible operations also includes the promotion and strengthening of ethical practices. Below, we have compiled some of the sustainability actions taken in 2024.
H2Excellence Project Builds a National Centre of Vocational Excellence for Green Hydrogen
VAMK coordinates H2Excellence project aimed at establishing a center of excellence for green hydrogen in the Vaasa region and in Finland, with international significance. The project supports the EU’s green transition goals and brings together expertise from ten countries to develop education and innovation in clean hydrogen technology.
In addition to innovations and business in hydrogen technology, the project led by VAMK, focuses on developing expertise and education. The aim is to make Finland one of the leading players in building a sustainable hydrogen ecosystem.
News Highlights 2024
Nominations and Celebrations
Collaborations
Annual Report and Financial Statements 2024
The operating profit for the 2024 financial year was in surplus, and the overall result was also clearly positive. Turnover increased by 9.7%, even though it fell short of the budget by €140,652.
Operations remained within the budget framework, and the company achieved its financial targets. The economy was successfully balanced by controlling costs — expenses were more than half a million euros below the budget. Tuition fee revenues clearly exceeded the budgeted amount and were a significant contributor to the growth in turnover. Revenue from educational services, such as JOTPA projects, also increased.
Investment activities were partly loss-making due to unrealized changes in value, but investment asset management was actively developed, including divesting one investment target. Grant income and business revenues increased. The overall result was also positively affected by a recognition of over €400,000 from the tuition fee fund.
Read the full Annual Report and Financial Statements (pdf in Finnish)
