The curriculum work was carried out in collaboration with the University of Jyväskylä and Gradia, both of which belong to Edufutura Jyväskylä, with the objective of creating flexible study paths and enabling cross-institutional studies.

Strong growth and investments took place during the financial year. With regard to information technology in particular, the investments waited for the commencement of the student administration system reform. Updates of certain information systems also took place during the financial year.

The operating year showed a loss of €495,250.12, but the increase in revenue generated by the growth in operations will be received as funding from the Ministry of Education and Culture in accordance with the performance indicators in the upcoming years.

The funding of universities of applied sciences has been based on the performance indicators of the Ministry of Education and Culture. From the point of view of the performance indicators of the Ministry of Education and Culture, the operations of JAMK University of Applied Sciences have been broad-based and comprehensively yielded good results. The Ministry of Education and Culture has published new financial indicators for 2021–2024 and, based on preliminary assessments, JAMK performs well also when measured with the new indicators.

Income statement: income 2019

Income statement: income 2019
59,8M€ 100%
Ministry of education funding 44,0M€ 73 %
Subsidies and financial support 1,5M€ 3 %
Income from education services 4,4M€ 7 %
Other sales income 1,9M€ 3 %
Income from R&D 7,3M€ 12 %
Other income 0,8M€ 1 %

Graph: Income statement: income 2019

Income Statement: Expences 2019

Income statement: expences 60,3M€ 100%
Personnel expences 42,0M€ 70 %
Services 8,7M€ 14 %
Material and supplies 0,8M€ 1 %
Allowances and benefits 1,2M€ 2 %
Rents 6,8M€ 11 %
Other expences 0,4M€ 1 %
Depreciation 1,0M€ 2 %
Financial yields -0,5M€ -1 %

Graph: Income statement: expences 2019

Financial indicators

  2019 2018 2017 2016
2019 2018 2017 2016
Turnover M€ 59,8 58,7 57,0 54,3 59,8 58,7 57,0 54,3
Change in turnover (%) 1,8 % 3,1 % 5,0 % 1,9 % 1,8 % 3,1 % 5,0 % 2,4 %
Profit M€ -1,02 0,41 0,88 0,35 -1,02 0,41 0,88 0,36
Profit, % of turnover

-1,7 % 0,7 % 1,5 % 0,7 % -1,7 % 0,7 % 1,5 % 0,7 %
Change in own capital (%) -0,02 % 2,6 % 3,6 % 1,5 % -0,02 % 2,6 % 14,4 % 1,5 %
Revenue from
own capital (%)
-1,6 % 1,0 % 3,0 % 1,5 % -1,6 % 1,0 % 3,2 % 1,5 %
Revenue from
invested capital at fair value (%)
 - Handelsbanken         6 % -1 % - -
 - OP Financial Group         13 % -4 % - -
Quick ratio 3,1 2,6 3,6 3,7 3,0 2,6 3,6 3,1
Days cash on hand 82,6 80,7 150,0 120,5 79,9 77,9 147,1 117,2
Rate of
self-sufficiency (%)
81,5 % 80,5 % 78,8 % 80,6 %  81,5 % 80,5 % 78,9 % 79,0 %
Net gearing (%) -44,5 % -42,0 % -34,8 % -36,9 % -43,0 % -40,5 % -33,2 % -40,7 %

In the liquidity ratios, the consolidated account of the City of Jyväskylä has been included in cash and cash equivalents.
The figures for the comparison years have been adjusted to comply with the new Ministry of Education and Culture's economic code.


Degree programmes in JAMK University of Applied Sciences produced 1,121 bachelor’s degrees in 2019 (1,114 in 2018), as well as 201 master’s degrees (194 in 2018). The number of ECTS credits completed in the Open Studies was 23,293 (15,281 in 2018), which is a new record.

The number of students at the Teacher Education College during the financial year was 829, and vocational teaching qualifications were achieved by 390 people (321 in 2018).

Bachelor's and Master's Degrees in JAMK 2019

Degree goals of JAMK University of Applied Sciences for 2017–2020

Classification in accordance with the
agreement with the Ministry of
Education and Culture
2017-2020 on avg.
Result 2018 Result 2017 Result 2016
Bachelor’s degrees in total 1 063 1 121 1 114 1 165 1 121
- Arts and cultural fields, educational
fields, social sciences (Bachelor)
38 38 41 61 56
- Humanistic fields, medical science and health and wellness fields (Bachelor) 325 330 347 364 347
- Business management, administration
and law and service fields (Bachelor)
320 330 356 359 346
- Natural sciences, business information technology and telecommunications, technology fields and agriculture and
forestry fields (Bachelor)
380 423 370 381 372
Master’s degrees in total 205 201 194 195 179
Those with completed Teacher Education training 390 390 321 404 436
Foreign degree students in total - 484 506 499 496
Number of exchange students leaving from and arriving to Finland:          
- Those in exchange abroad more than 3 months - 231 261 290 295
- Those in exchange at JAMK more than 3 months - 330 421 413 318


As an indication of the quality of education, JAMK was the first Finnish-speaking higher education institution to pass the third-round audit of the Finnish Higher Education Evaluation Council.

In line with the strategy of the new-generation institute of higher education, JAMK’s new DigiCentre was opened in spring to support teaching staff in particular in the digitalisation of teaching.

Research and development activities

2019 was again a record-breaking year for JAMK’s RDI activities, marking an increase of 4 % compared to the previous year. External funding for RDI activities amounted to €8.1M (€7.9M in 2018), marking a growth of approximately €0.2M compared to the previous year. As expected, the total volume kept increasing, reaching €11.4M (€11.0M in 2018).

The RDI efforts was developed with a focus on the strengths specified by JAMK’s strategy, including bioeconomy, applied cybersecurity, multidisciplinary rehabilitation, and automation and robotics. The efforts to increase the effectiveness of RDI activities were continued. For the development of RDI activities, an assessment of the organisation’s project maturity, among other things, was carried out to pinpoint areas for development. The key development measures included the certification of project managers and the development of portfolio management. The EduFutura co-operation with key partners, the University of Jyväskylä and the municipal education consortium was diverse. JAMK’s experts are actively engaged in the preparation and implementation teams of the various development platforms in the region.

External funding of the RDI projects 2019 (8.1 M€)

External funding of the RDI projects 100% (8,1M€)
EU 56 %
Business Finland and Academy of Finland 1 %
Other public funding 35 %
Private Funding 6 %
Municipalities 2 %

External funding of the RDI projects

Other activities

The service business turnover was about €4.6 million (€4.6 million in 2018), in addition to which services counted as RDI activities accounted for €0.6 million (€0.2 million in 2018).

Education exports grew by about 20% (exports in 2019 €2.1 million; in 2018, €1.7 million). The main areas of education exports have been China and Kazakhstan. In addition to these, new potential target countries were also examined during the current financial year. Education export cooperation in teacher education was continued with EduCluster Finland Oy. A significant factor in the growth of education exports was also the tuition fees collected from students from outside the EU/EEA, which comprised about 40% of the education export revenue.

JAMK has focused its service operations on competence areas where the competence is based on the public educational mission, thus maintaining the staff’s competence. This way, the services particularly develop and strengthen the quality of the education and keep it relevant and up-to-date in terms of working life.

Investment activities

JAMK University of Applied Sciences initiated active investment activities in the autumn of 2018 to enhance the efficiency of the management of its cash assets. A return of about 5.9% has been accumulated to date on the invested capital. The investments are made with rather moderate risk and may not compromise liquidity. The key aspects of the investment policy are responsible investment, the utilisation of investment expert services and risk management. Investment assets have been measured at fair value starting from financial year 2018 based on the code of financial administration for higher education institutions updated by the Ministry of Education and Culture in 2018.


The average number of staff at JAMK University of Applied Sciences during the past financial year was 743 (739 in 2018) and the number of person-years amounted to 656. The staff expenses increased by €2.1 million.

  2019 2018 2017 2016
man-years people
man-years people
Teaching staff 373 306 372 303 376 294 359 281
RDI staff 86 79 69 94 51 46 38 74
Other staff 284 271 298 231 290 264 289 227
Total 743 656 739 628 717 604 686 582
Wages and salaries €
34 901 698 € 32 956 391 € 31 500 866 € 30 395 783 €

Significant events after the end of the financial year

The spread of the coronavirus to Finland after the end of the financial year, with its various consequences, will have a significant impact on financial year 2020. With regard to degree-awarding education, turnover will remain at the predicted level, but with regard to RDI activities, sale of services and education exports, turnover will fall significantly from the predicted level. The result for the financial year will inevitably remain negative irrespective of the corrective actions taken.

Forecast of future development

A vision for higher education extending up to 2030 has been drawn up under the direction of the Ministry of Education and Culture, which includes an objective of raising the portion of those with a higher education degree to 50% of the age group (people of 19 to 35 years of age). In order to meet this objective, the Ministry of Education and Culture has increased the degree objectives of higher education institutions from 2021 onwards. As far as JAMK is concerned, the increase amounts to more than 200 degrees a year. No such central government funding that would completely cover the increase is currently foreseen.

The volume of RDI activities has seen good development and is anticipated to remain at the current level in 2020.

Service business is expected to retain its current level in Finland or grow slightly. Education exports have become a strong pillar of support for business operations. In addition to controlled business growth, our performance and quality will continue to be developed.

Key risks and uncertainties

The new funding model for universities of applied sciences has been approved and will enter into force in 2021. The new funding model gives JAMK an opportunity to reach an even better performance level, provided that JAMK’s curriculum work succeeds and develops increasingly versatile, high-quality and effective learning opportunities in degree programmes. In reaching the goals of the curriculum work, failure forms the greatest foreseeable financial risk to JAMK’s operations. Another risk related to the funding model is the competition between universities of applied sciences and JAMK’s relative success in this mutual performance measurement.

In other respects, the risks are specified in the risk register, which is updated twice a year. The principal risks are related to the acquisition of funding outside of central government funding and the factors related to personnel. Risks are managed according to the annual schedule, in addition to which various surveys, audits and inspections are carried out on an annual basis.

Environmental issues

The environmental legislation and its changes do not require any particular measures as regards the company’s business, but environmental issues will be taken into account in all activities.

Administration and organisation

The parent company’s Board of Directors convened 9 times during the year of operation. Additionally, one evening session of the Board was held. In November, JAMK’s Board and management team made a joint visit to Germany to compare a few higher education institutions. The trip was part of the preparations for JAMK’s strategy update.

The key decisions of the Board included regular matters concerning the budget and financial statements.

Rector Jussi Halttunen served as the president, Vice Rector Heikki Malinen as the president’s deputy, BDO Oy as the auditor and Pertti Hiltunen (Chartered Accountant, Chartered Public Finance Auditor) as the principal auditor.

Management team

Chair  Jussi Halttunen, President, Rector
  Heikki Malinen, Vice Rector
  Mikko R. Salminen, Director of Administration
  Pertti Malkki, Director, School of Health and Social Studies
  Pasi Raiskinmäki, Director, School of Technology
  Pekka Risku, Director, Teacher Education College
  Asta Wahlgrén, Director, School of Business and Services
Staff representative (1.1. – 31.7.2019) Heljä Kautto, Executive Secretary
  (1.8. – 31.12.2019) Pekka Natunen, Senior Lecturer
Secretary Heli Toivola, Marketing Manager

Board Members

Board members of JAMK University of Applied Sciences Ltd. 1 January – 31 December 2019:

Sinuhe Wallinheimo, Chair of the Board  
Aila Paloniemi, Vice-President  
Lotta Ahola Vesa Arkko
Jouni Kurkela Ahti Ruoppila
Jari Vähäpesola    

Staff representative
Minna Tunkkari-Eskelinen (1.1.-6.5.2019)
Mirja Nojonen (6.5.2019-31.12.2019)

Student representative  
Sami Jussinmäki (1.1.-6.5.2019)
Mikael Rauhansalo (6.5.-31.12.2019)

and Eino Leisimo as controller for the City of Jyväskylä. 
Mikko R. Salminen, Director of Administration, served as the Board’s secretary.

The Annual General Meeting was held on 6 May 2019.

The JAMK University of Applied Sciences Group is a subgroup of the Jyväskylä City Corporation. The domicile of the City Corporation is the City of Jyväskylä.

A copy of the consolidated financial statements is available at: City of Jyväskylä, Talouskeskus public utility, Heikinkatu 3 B, FI-40100 Jyväskylä.

Company shares

The parent company has 160 shares of the same type, with a nominal value of €168.19 each.

The owners of JAMK University of Applied Sciences Ltd.

Owner Number of shares
City of Jyväskylä 144 90 %
City of Jämsä 8 5 %
Vocational Education Institute of Northern Central Finland 8 5 %

Board of Directors’ proposal to the Annual General Meeting

The Board of Directors proposes to the Annual General Meeting that the financial statements be approved and that the parent company's loss for the financial year of EUR 495,250.12 be recognized in the retained profit account.