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KAIST (formally the Korea Advanced Institute of Science and Technology) is a public research university located in Daedeok Innopolis, Daejeon, South Korea. KAIST was established by the Korean government with the help of American policymakers in 1971 as the nations first research oriented science and engineering institution. KAIST also has been internationally accredited in business education. KAIST has approximately 10,200 full-time students and 1,140 faculty researchers and had a total budget of US$765 million in 2013, of which US$459 million was from research contracts. From 1980 to 2008, the institute was known as the Korea Advanced Institute of Science and Technology. In 2008, the name was shortened to KAIST. Currently, KAIST has successfully become a well-respected member of the worldwide science community. In the future, KAIST must become a university in which the world lays its eye upon, by discovering the best leaders, offering the best education, and becoming the envy of the academic world, not only within Korea but all over the world through the university’s first invention. Admission to KAIST is based on overall grades, grades on math and science courses, recommendation letters from teachers, study plan, personal statements, and other data that show the excellence of potential students. It is Korea’s first test-free admissions system. Full scholarships are given to all students including international students in the bachelor, master and doctorate courses. Doctoral students are given military-exemption benefits. In addition, many courses are provided in English. According to JoongAng Daily National Rankings, more than 80% of major courses taught at KAIST are conducted in English. Governed by a special law, the university has an autonomous and flexible academic system. Other South Korean colleges and universities are required to abide by government-directed admissions and curriculum requirements. Undergraduate students can join the school through an “open major system” that allows students to take classes for three terms and then choose a discipline that suits their aptitude. In addition, undergraduate students are free to change their major anytime. KAIST has also produced many doctorates through the integrated master’s and doctoral program and early-completion system. Students must publish papers in internationally renowned academic journals for graduation. KAIST is organized into 6 colleges, 2 schools and 33 departments/divisions. KAIST also has three affiliated institutes including the Korea Institute of Advanced Study (KIAS), National Nano Fab Center (NNFC), and Korea Science Academy (KSA). KAIST produced a total of 48,398 alumni from 1975 to 2014, with 13,743 bachelors, 24,776 masters, and 9,879 doctorate degree holders. As of April 2014, 10,146 students were enrolled in KAIST with 3,980 bachelors, 2,918 masters, and 3,518 doctoral students. More than 70 percent of KAIST undergraduates come from specialized science high schools. On average, about 600 international students from more than 70 different countries come to study at KAIST, making KAIST one of the most ethnically diverse universities in the country. In 2015 Thomson Reuters named KAIST the tenth most innovative institution in the world. In 2013/14 QS World University Rankings ranked KAIST 60th overall in the world and 12th within Asia, coming 16th in Material Sciences and 24th in Engineering and Technology. In the 2009 THE-QS World University Rankings (in 2010 Times Higher Education World University Rankings and QS World University Rankings parted ways to produce separate rankings) for Engineering & IT, the University was placed 21st in the world and 1st in Korea and was placed 69th overall.