Index Methodology
To compute the Insider Monkey Global Education Index, we utilized three indicators:
1. The number of universities ranked among the top 1000 on the QS university rankings. (primary metric)
2. The average rank of the universities ranked among the top 1000. (secondary metric)
3. The per capita government expenditure on education. (tertiary metric)
To compute indicator 2, we calculated the average of the individual ranks of all universities in a given country that are ranked among the top 1,000 of QS World University Rankings 2024.
To compute indicator 3, we utilized the expenditure on education, total, as a percentage of GDP, dataset (indicator 4) from UNESCO Institute for Statistics. Data for indicator 4 is as of 2022, and we have assumed it as constant in 2023. For missing values, we did a regression analysis and found the correlation between education expenditure and GDP per capita for countries that had data. We then used our function to compute values for countries that were missing education expenditure percentages. Finally, we multiplied the percentage with the GDP per capita to compute the estimated per capita spending on education for each country, as of 2023.
We compiled data for 218 countries and territories and normalized all three of our indicators between 0 and 1. To compute our index, we computed a weighted sum of normalized values of all three indicators.
Our resulting index sorts countries in the following manner:
1. Countries that have universities in the top 1,000 are sorted according to the number of top universities.
2. Countries that have the same number of universities in the top 1,000 are sorted according to the average rank of their top universities.
3. Countries that score equally on indicators 1 and 2 are sorted according to the per capita government expenditure on education.
Our Sources:
- Government Expenditure on Education, Total (% of GDP) from UNESCO Institute of Statistics (UIS)
- GDP per Capita (2023) from the IMF
- QS World University Rankings 2024
The table below presents 218 countries in descending order of their Insider Monkey Global Education Index values.
Rank | Countries | QS Universities Total | Average Rank of Universities | Expenditure on Education (as a % of GDP) | GDP per Capita in US$ | Per Capita Spending in US$ | Insider Monkey Global Education Index |
---|---|---|---|---|---|---|---|
1 | United States | 142 | 433 | 5.44 | 80412.41 | 4371 | 0.999792487 |
2 | United Kingdom | 81 | 401 | 5.33 | 48912.78 | 2606 | 0.570427372 |
3 | China | 57 | 498 | 3.30 | 12541.40 | 414 | 0.401428842 |
4 | Germany | 45 | 415 | 4.53 | 52823.58 | 2393 | 0.317023912 |
5 | Australia | 36 | 324 | 5.56 | 63487.05 | 3527 | 0.253730350 |
6 | Italy | 36 | 572 | 4.13 | 37146.23 | 1534 | 0.253591239 |
7 | Japan | 32 | 549 | 3.32 | 33949.71 | 1126 | 0.225443580 |
8 | Korea | 31 | 516 | 4.80 | 33147.23 | 1592 | 0.218425256 |
9 | India | 31 | 619 | 4.64 | 2612.45 | 121 | 0.218361040 |
10 | Canada | 28 | 386 | 4.14 | 53246.98 | 2204 | 0.197377321 |
11 | Spain | 28 | 529 | 4.59 | 33090.24 | 1517 | 0.197301884 |
12 | Russian Federation | 26 | 582 | 3.70 | 13005.71 | 481 | 0.183188759 |
13 | France | 25 | 439 | 5.25 | 46315.20 | 2429 | 0.176238374 |
14 | Malaysia | 19 | 478 | 3.51 | 13034.07 | 457 | 0.133967113 |
15 | Taiwan | 15 | 489 | 5.00 | 32339.70 | 1617 | 0.105818474 |
16 | Saudi Arabia | 14 | 634 | 7.80 | 32586.17 | 2542 | 0.098720043 |
17 | Netherlands | 13 | 168 | 5.14 | 61769.70 | 3172 | 0.091910499 |
18 | Kazakhstan | 13 | 691 | 4.21 | 12968.43 | 545 | 0.091633444 |
19 | Poland | 12 | 752 | 4.94 | 22393.03 | 1107 | 0.084571220 |
20 | United Arab Emirates | 11 | 522 | 3.90 | 50602.33 | 1971 | 0.077651362 |
21 | Mexico | 11 | 652 | 4.63 | 13803.74 | 639 | 0.077575539 |
22 | Argentina | 11 | 664 | 4.65 | 13297.43 | 618 | 0.077569714 |
23 | Switzerland | 10 | 206 | 5.04 | 102865.60 | 5189 | 0.070796791 |
24 | Brazil | 10 | 541 | 5.77 | 10413.00 | 601 | 0.070590000 |
25 | South Africa | 10 | 547 | 6.18 | 6190.74 | 383 | 0.070584482 |
26 | Turkiye | 10 | 604 | 2.85 | 13383.92 | 381 | 0.070557498 |
27 | Colombia | 10 | 616 | 5.27 | 6975.87 | 367 | 0.070551566 |
28 | Belgium | 9 | 307 | 6.23 | 53656.83 | 3345 | 0.063691147 |
29 | Finland | 9 | 359 | 5.69 | 54507.14 | 3104 | 0.063663420 |
30 | Indonesia | 9 | 499 | 3.05 | 5108.94 | 156 | 0.063566732 |
31 | Chile | 9 | 580 | 5.63 | 17253.75 | 971 | 0.063535886 |
32 | Pakistan | 9 | 638 | 1.97 | 1471.10 | 29 | 0.063498983 |
33 | Sweden | 8 | 179 | 6.68 | 55215.85 | 3688 | 0.056717107 |
34 | New Zealand | 8 | 254 | 5.54 | 48071.75 | 2663 | 0.056670850 |
35 | Ireland | 8 | 418 | 2.98 | 112247.70 | 3350 | 0.056598913 |
36 | Austria | 8 | 433 | 4.99 | 58013.27 | 2893 | 0.056587209 |
37 | Portugal | 8 | 485 | 4.71 | 26878.87 | 1267 | 0.056546047 |
38 | Czechia | 8 | 563 | 5.05 | 30474.53 | 1540 | 0.056511404 |
39 | Lebanon | 8 | 646 | 1.67 | 4059.90 | 68 | 0.056456540 |
40 | Thailand | 8 | 665 | 2.61 | 7297.99 | 191 | 0.056448867 |
41 | Hong Kong | 7 | 172 | 3.73 | 51168.05 | 1908 | 0.049663548 |
42 | Israel | 6 | 421 | 7.42 | 53195.88 | 3945 | 0.042526467 |
43 | Iran | 6 | 451 | 3.20 | 4233.99 | 136 | 0.042473214 |
44 | Greece | 6 | 591 | 4.06 | 23173.06 | 940 | 0.042414243 |
45 | Ukraine | 6 | 837 | 5.74 | 5224.59 | 300 | 0.042290151 |
46 | Denmark | 5 | 207 | 6.04 | 71402.14 | 4313 | 0.035593903 |
47 | Hungary | 5 | 703 | 5.00 | 21075.62 | 1054 | 0.035323109 |
48 | Singapore | 4 | 252 | 2.39 | 87884.16 | 2099 | 0.028510975 |
49 | Norway | 4 | 317 | 5.04 | 99266.30 | 5005 | 0.028509439 |
50 | Egypt | 4 | 602 | 2.50 | 3770.13 | 94 | 0.028323011 |
51 | Philippines | 4 | 612 | 3.58 | 3859.19 | 138 | 0.028318548 |
52 | Lithuania | 4 | 719 | 4.84 | 28481.99 | 1379 | 0.028280013 |
53 | Jordan | 4 | 733 | 3.24 | 4850.66 | 157 | 0.028261030 |
54 | Uruguay | 4 | 769 | 4.37 | 21377.63 | 934 | 0.028251790 |
55 | Peru | 4 | 785 | 3.89 | 7668.67 | 299 | 0.028237560 |
56 | Viet Nam | 4 | 784 | 2.90 | 4316.34 | 125 | 0.028236039 |
57 | Venezuela | 3 | 721 | 1.30 | 3474.33 | 45 | 0.021226629 |
58 | Kuwait | 3 | 791 | 6.60 | 32215.03 | 2126 | 0.021214374 |
59 | Bahrain | 3 | 761 | 1.99 | 28464.17 | 566 | 0.021212752 |
60 | Bangladesh | 3 | 781 | 1.97 | 2621.29 | 52 | 0.021198119 |
61 | Latvia | 3 | 818 | 5.70 | 24929.18 | 1421 | 0.021194451 |
62 | Qatar | 2 | 242 | 3.23 | 81968.34 | 2651 | 0.014444132 |
63 | Macao | 2 | 380 | 5.25 | 54295.66 | 2851 | 0.014380070 |
64 | Brunei Darussalam | 2 | 456 | 4.40 | 34383.53 | 1513 | 0.014329861 |
65 | Estonia | 2 | 505 | 5.91 | 30998.32 | 1832 | 0.014309872 |
66 | Belarus | 2 | 594 | 4.61 | 7477.29 | 344 | 0.014251916 |
67 | Slovenia | 2 | 736 | 5.67 | 32350.02 | 1834 | 0.014199020 |
68 | Cuba | 2 | 746 | 11.52 | 9499.60 | 1095 | 0.014186731 |
69 | Costa Rica | 2 | 748 | 6.28 | 16213.26 | 1018 | 0.014185238 |
70 | Slovak Republic | 2 | 811 | 4.40 | 24471.09 | 1076 | 0.014155408 |
71 | Romania | 2 | 826 | 3.25 | 18413.47 | 599 | 0.014143387 |
72 | Ecuador | 2 | 851 | 3.65 | 6500.05 | 237 | 0.014127742 |
73 | Luxembourg | 1 | 381 | 4.64 | 135605.40 | 6291 | 0.007375519 |
74 | Cyprus | 1 | 368 | 5.62 | 34790.58 | 1955 | 0.007337759 |
75 | Oman | 1 | 454 | 5.40 | 21265.63 | 1148 | 0.007288388 |
76 | Serbia | 1 | 721 | 3.30 | 11301.22 | 373 | 0.007152648 |
77 | Bulgaria | 1 | 741 | 4.49 | 16086.57 | 723 | 0.007146618 |
78 | Croatia | 1 | 751 | 5.20 | 20876.46 | 1086 | 0.007145518 |
79 | Georgia | 1 | 801 | 3.81 | 8164.86 | 311 | 0.007113709 |
80 | Malta | 1 | 851 | 5.63 | 38715.19 | 2179 | 0.007108712 |
81 | Kyrgyz Republic | 1 | 851 | 7.96 | 1829.59 | 146 | 0.007088082 |
82 | Ethiopia | 1 | 851 | 3.74 | 1473.36 | 55 | 0.007087163 |
83 | Panama | 1 | 951 | 3.89 | 18493.47 | 719 | 0.007046005 |
84 | Tunisia | 1 | 951 | 7.30 | 4190.60 | 306 | 0.007041815 |
85 | Iraq | 1 | 951 | 4.70 | 5882.89 | 276 | 0.007041517 |
86 | Ghana | 1 | 951 | 2.91 | 2328.97 | 68 | 0.007039399 |
87 | Uganda | 1 | 951 | 2.56 | 1163.03 | 30 | 0.007039014 |
88 | Liechtenstein | 0 | 0 | 6.24 | 197504.50 | 12324 | 0.000124999 |
89 | Iceland | 0 | 0 | 7.73 | 78836.85 | 6095 | 0.000061806 |
90 | Greenland | 0 | 0 | 10.20 | 57116.30 | 5826 | 0.000059080 |
91 | Faroe Islands | 0 | 0 | 7.60 | 66979.30 | 5090 | 0.000051619 |
92 | Isle of Man | 0 | 0 | 5.05 | 79530.60 | 4015 | 0.000040709 |
93 | Monaco | 0 | 0 | 1.42 | 240862.20 | 3429 | 0.000034767 |
94 | Channel Islands | 0 | 0 | 4.93 | 67960.70 | 3351 | 0.000033978 |
95 | Gibraltar | 0 | 0 | 4.87 | 61700.00 | 3004 | 0.000030450 |
96 | Cayman Islands | 0 | 0 | 2.87 | 99624.90 | 2855 | 0.000028946 |
97 | Bermuda | 0 | 0 | 1.92 | 118774.80 | 2283 | 0.000023141 |
98 | Aruba | 0 | 0 | 5.50 | 35717.95 | 1964 | 0.000019908 |
99 | Virgin Islands (U.S.) | 0 | 0 | 4.67 | 41976.00 | 1960 | 0.000019861 |
100 | San Marino | 0 | 0 | 3.11 | 58540.80 | 1820 | 0.000018442 |
101 | Guam | 0 | 0 | 4.61 | 35904.90 | 1654 | 0.000016762 |
102 | Sint Maarten (Dutch part) | 0 | 0 | 4.61 | 35873.10 | 1653 | 0.000016746 |
103 | New Caledonia | 0 | 0 | 4.61 | 35745.20 | 1646 | 0.000016682 |
104 | Curacao | 0 | 0 | 7.02 | 20501.80 | 1439 | 0.000014573 |
105 | British Virgin Islands | 0 | 0 | 2.87 | 46997.00 | 1349 | 0.000013662 |
106 | Puerto Rico | 0 | 0 | 3.60 | 37093.33 | 1335 | 0.000013526 |
107 | Andorra | 0 | 0 | 2.67 | 44107.32 | 1176 | 0.000011910 |
108 | Palau | 0 | 0 | 6.80 | 15113.30 | 1028 | 0.000010405 |
109 | Bahamas | 0 | 0 | 2.95 | 34370.86 | 1013 | 0.000010260 |
110 | Seychelles | 0 | 0 | 4.74 | 20889.55 | 990 | 0.000010025 |
111 | Nauru | 0 | 0 | 8.33 | 11756.99 | 979 | 0.000009910 |
112 | Barbados | 0 | 0 | 4.51 | 21442.45 | 967 | 0.000009787 |
113 | Guyana | 0 | 0 | 4.45 | 20564.64 | 915 | 0.000009264 |
114 | St. Martin (French part) | 0 | 0 | 4.45 | 20320.70 | 904 | 0.000009154 |
115 | American Samoa | 0 | 0 | 4.44 | 19673.40 | 874 | 0.000008848 |
116 | French Polynesia | 0 | 0 | 4.44 | 18984.90 | 842 | 0.000008525 |
117 | Turks and Caicos Islands | 0 | 0 | 3.29 | 24917.60 | 819 | 0.000008285 |
118 | Maldives | 0 | 0 | 4.58 | 17558.75 | 804 | 0.000008139 |
119 | Northern Mariana Islands | 0 | 0 | 4.42 | 17302.90 | 765 | 0.000007738 |
120 | St. Kitts and Nevis | 0 | 0 | 4.03 | 18158.49 | 731 | 0.000007397 |
121 | Antigua and Barbuda | 0 | 0 | 3.56 | 19068.28 | 679 | 0.000006873 |
122 | Botswana | 0 | 0 | 8.06 | 7758.37 | 625 | 0.000006322 |
123 | St. Lucia | 0 | 0 | 4.20 | 13572.26 | 570 | 0.000005759 |
124 | Mauritius | 0 | 0 | 4.84 | 11751.51 | 569 | 0.000005755 |
125 | Trinidad and Tobago | 0 | 0 | 2.64 | 19621.79 | 518 | 0.000005235 |
126 | St. Vincent and the Grenadines | 0 | 0 | 5.46 | 9359.90 | 511 | 0.000005168 |
127 | Montenegro | 0 | 0 | 4.36 | 11338.80 | 494 | 0.000004994 |
128 | Turkmenistan | 0 | 0 | 3.78 | 12934.24 | 489 | 0.000004939 |
129 | Dominica | 0 | 0 | 5.13 | 9356.05 | 480 | 0.000004851 |
130 | Micronesia | 0 | 0 | 10.54 | 4357.64 | 459 | 0.000004639 |
131 | Grenada | 0 | 0 | 3.94 | 11436.94 | 450 | 0.000004546 |
132 | Namibia | 0 | 0 | 9.36 | 4785.68 | 448 | 0.000004523 |
133 | Marshall Islands | 0 | 0 | 6.98 | 6141.23 | 429 | 0.000004327 |
134 | Dominican Republic | 0 | 0 | 3.75 | 11248.79 | 422 | 0.000004260 |
135 | Jamaica | 0 | 0 | 5.52 | 6830.87 | 377 | 0.000003805 |
136 | Moldova | 0 | 0 | 5.81 | 6410.93 | 373 | 0.000003761 |
137 | Fiji | 0 | 0 | 5.97 | 6024.78 | 360 | 0.000003631 |
138 | Bosnia and Herzegovina | 0 | 0 | 4.32 | 7778.30 | 336 | 0.000003391 |
139 | North Macedonia | 0 | 0 | 4.32 | 7672.01 | 332 | 0.000003344 |
140 | Bolivia | 0 | 0 | 8.44 | 3857.84 | 325 | 0.000003282 |
141 | Belize | 0 | 0 | 4.47 | 7141.54 | 319 | 0.000003220 |
142 | Tonga | 0 | 0 | 5.65 | 5487.67 | 310 | 0.000003123 |
143 | Algeria | 0 | 0 | 6.30 | 4874.71 | 307 | 0.000003095 |
144 | Kiribati | 0 | 0 | 15.59 | 1968.03 | 307 | 0.000003091 |
145 | Solomon Islands | 0 | 0 | 12.80 | 2285.40 | 293 | 0.000002947 |
146 | Bhutan | 0 | 0 | 8.14 | 3500.49 | 285 | 0.000002871 |
147 | Equatorial Guinea | 0 | 0 | 4.31 | 6502.19 | 280 | 0.000002823 |
148 | Cabo Verde | 0 | 0 | 6.04 | 4502.78 | 272 | 0.000002738 |
149 | Kosovo | 0 | 0 | 4.30 | 5912.08 | 254 | 0.000002561 |
150 | Libya | 0 | 0 | 4.30 | 5872.22 | 253 | 0.000002544 |
151 | El Salvador | 0 | 0 | 4.53 | 5557.58 | 252 | 0.000002534 |
152 | Albania | 0 | 0 | 3.09 | 8057.49 | 249 | 0.000002506 |
153 | Tuvalu | 0 | 0 | 4.30 | 5772.92 | 248 | 0.000002500 |
154 | Morocco | 0 | 0 | 5.77 | 3979.87 | 230 | 0.000002309 |
155 | Mongolia | 0 | 0 | 4.26 | 5348.07 | 228 | 0.000002290 |
156 | Eswatini | 0 | 0 | 5.69 | 3995.03 | 227 | 0.000002287 |
157 | Azerbaijan | 0 | 0 | 2.90 | 7529.70 | 219 | 0.000002198 |
158 | Suriname | 0 | 0 | 3.81 | 5667.11 | 216 | 0.000002168 |
159 | Paraguay | 0 | 0 | 3.64 | 5842.96 | 212 | 0.000002135 |
160 | Samoa | 0 | 0 | 4.48 | 4638.15 | 208 | 0.000002088 |
161 | Armenia | 0 | 0 | 2.49 | 8283.12 | 207 | 0.000002075 |
162 | Gabon | 0 | 0 | 2.21 | 8831.82 | 195 | 0.000001958 |
163 | Guatemala | 0 | 0 | 3.23 | 5407.24 | 175 | 0.000001751 |
164 | Honduras | 0 | 0 | 5.36 | 3245.02 | 174 | 0.000001744 |
165 | Sao Tome and Principe | 0 | 0 | 5.16 | 2904.72 | 150 | 0.000001499 |
166 | West Bank and Gaza | 0 | 0 | 5.43 | 2753.60 | 150 | 0.000001498 |
167 | Djibouti | 0 | 0 | 3.75 | 3761.24 | 141 | 0.000001411 |
168 | Uzbekistan | 0 | 0 | 5.28 | 2509.16 | 133 | 0.000001325 |
169 | Nicaragua | 0 | 0 | 4.09 | 2599.26 | 106 | 0.000001057 |
170 | Senegal | 0 | 0 | 5.64 | 1714.65 | 97 | 0.000000961 |
171 | Cote d'Ivoire | 0 | 0 | 3.52 | 2728.08 | 96 | 0.000000953 |
172 | Kenya | 0 | 0 | 4.08 | 2187.65 | 89 | 0.000000884 |
173 | Republic of the Congo | 0 | 0 | 2.95 | 2857.61 | 84 | 0.000000835 |
174 | Vanuatu | 0 | 0 | 2.17 | 3491.86 | 76 | 0.000000750 |
175 | Nigeria | 0 | 0 | 4.26 | 1755.33 | 75 | 0.000000739 |
176 | Lesotho | 0 | 0 | 6.40 | 1050.00 | 67 | 0.000000659 |
177 | Tajikistan | 0 | 0 | 5.45 | 1180.06 | 64 | 0.000000632 |
178 | Angola | 0 | 0 | 2.33 | 2550.00 | 59 | 0.000000583 |
179 | Zambia | 0 | 0 | 3.58 | 1435.89 | 51 | 0.000000502 |
180 | Nepal | 0 | 0 | 3.65 | 1352.61 | 49 | 0.000000480 |
181 | Rwanda | 0 | 0 | 4.75 | 1031.69 | 49 | 0.000000477 |
182 | Papua New Guinea | 0 | 0 | 1.87 | 2581.18 | 48 | 0.000000471 |
183 | Burkina Faso | 0 | 0 | 5.28 | 888.03 | 47 | 0.000000455 |
184 | Benin | 0 | 0 | 3.21 | 1449.11 | 47 | 0.000000452 |
185 | Mozambique | 0 | 0 | 7.03 | 647.14 | 45 | 0.000000441 |
186 | Cameroon | 0 | 0 | 2.62 | 1721.95 | 45 | 0.000000437 |
187 | Timor-Leste | 0 | 0 | 2.97 | 1497.41 | 45 | 0.000000432 |
188 | Tanzania | 0 | 0 | 3.24 | 1326.63 | 43 | 0.000000416 |
189 | Zimbabwe | 0 | 0 | 2.05 | 2005.88 | 41 | 0.000000397 |
190 | Sri Lanka | 0 | 0 | 1.20 | 3316.25 | 40 | 0.000000383 |
191 | Togo | 0 | 0 | 3.80 | 1004.47 | 38 | 0.000000367 |
192 | Mali | 0 | 0 | 4.04 | 912.64 | 37 | 0.000000353 |
193 | Comoros | 0 | 0 | 2.43 | 1377.02 | 33 | 0.000000319 |
194 | Cambodia | 0 | 0 | 1.67 | 1915.63 | 32 | 0.000000304 |
195 | Guinea | 0 | 0 | 1.99 | 1542.76 | 31 | 0.000000290 |
196 | Mauritania | 0 | 0 | 1.28 | 2337.91 | 30 | 0.000000283 |
197 | Myanmar | 0 | 0 | 2.14 | 1381.06 | 30 | 0.000000280 |
198 | Eritrea | 0 | 0 | 4.25 | 656.83 | 28 | 0.000000263 |
199 | Guinea-Bissau | 0 | 0 | 2.70 | 1028.22 | 28 | 0.000000261 |
200 | Korea | 0 | 0 | 4.25 | 639.60 | 27 | 0.000000256 |
201 | Haiti | 0 | 0 | 1.27 | 2125.32 | 27 | 0.000000255 |
202 | Yemen | 0 | 0 | 4.25 | 617.67 | 26 | 0.000000246 |
203 | Lao PDR | 0 | 0 | 1.39 | 1878.71 | 26 | 0.000000245 |
204 | Niger | 0 | 0 | 4.10 | 630.80 | 26 | 0.000000242 |
205 | Gambia | 0 | 0 | 2.73 | 903.29 | 25 | 0.000000230 |
206 | Sudan | 0 | 0 | 4.25 | 533.85 | 23 | 0.000000210 |
207 | Liberia | 0 | 0 | 2.60 | 800.21 | 21 | 0.000000190 |
208 | Democratic Republic of Congo | 0 | 0 | 3.00 | 675.48 | 20 | 0.000000185 |
209 | Malawi | 0 | 0 | 3.32 | 579.70 | 19 | 0.000000175 |
210 | Chad | 0 | 0 | 2.54 | 702.85 | 18 | 0.000000161 |
211 | Madagascar | 0 | 0 | 3.14 | 529.56 | 17 | 0.000000148 |
212 | Syrian Arab Republic | 0 | 0 | 4.25 | 361.15 | 15 | 0.000000135 |
213 | Afghanistan | 0 | 0 | 4.30 | 315.80 | 14 | 0.000000117 |
214 | Sierra Leone | 0 | 0 | 3.05 | 414.96 | 13 | 0.000000108 |
215 | Burundi | 0 | 0 | 4.87 | 245.81 | 12 | 0.000000101 |
216 | Central African Republic | 0 | 0 | 2.12 | 539.24 | 11 | 0.000000095 |
217 | South Sudan | 0 | 0 | 1.60 | 417.44 | 7 | 0.000000047 |
218 | Somalia | 0 | 0 | 0.27 | 717.41 | 2 | 0.000000000 |
Index Creator: This index is created by Inan Dogan, PhD. Inan Dogan has more than 20 years of experience researching and investing in the financial markets. Dr. Dogan is the co-founder and research director of Insider Monkey. He has a Ph.D. in financial economics from University at Buffalo and he has been doing quantitative stock research focusing on insider trading and hedge fund portfolio disclosures.