IE Business School is an independent graduate school located in Madrid, Spain. It was founded in 1973 with the name Instituto de Empresa. According to Financial Times IE has one of the most competitive MBA programs in the world offering both full-time and executive MBA programs. Forbes ranked the MBA program 3rd worldwide in 2009. The Executive MBA program was ranked 1st worldwide by The Economist in 2010, 3rd worldwide by America Economia in 2010, and 1st in Europe by Wallstreet Journal in 2010. Bloomberg BusinessWeek ranked IE 3rd worldwide in their non-US school ranking in 2010. The School runs master's degree programs, executive master's degrees, executive education programs, PhD and DBA programs. Approximately 1,900 students from 88 countries undertake degree programs at IE each year. There are approximately 5,600 annual participants in the school's executive education programs. In 2008, 48.5% of the professors were of non-Spanish origin, and there were 81 nationalities on campus. The School has offices in 22 countries and approximately 40,000 alumni residing in 102 countries. IE Business School is situated in Madrid's financial district.