Integrated Financial Sustainability Models For Higher Education: A Qualitative Study Of Indonesia’S Top Universities

Introduction/Main Objective: To investigate the diversified revenue stream among universities and the strategies required to achieve financial sustainability that supports institutional resilience and aligns with key indicators of World-Class University. Background of the Problem: Global competition in higher education has increased the need for strategic and sustainable financial management to remain competitive. Research gaps/Novelty: Existing studies focus on academic or policy dimensions, overlooking the strategic financial sustainibility to support global competitiveness. Novelty this study by qualitatively analyzing how sustainable financial strategies from perspective leading universities in Indonesia. Research Methods: This study employed a qualitative research design, in-depth interviews with Vice Rectors for Financial Affairs at seven top Indonesian universities. Thematic analysis was conducted using NVivo 12 software to code and categorize interview data. Findings/Results: The study reveals that integrated financial sustainibility strategiesspecifically in business revenue generation, strategic asset utilization, research funding diversification, tuition optimization, and institutional efficiency are pivotal to enhancing university performance within global ranking frameworks. Leading Indonesian PTNBH institutions have demonstrated that diversified income streams and structured reinvestment into research and internationalization significantly contribute to higher QS WUR standing. These strategies collectively support institutional autonomy, reduce reliance on state subsidies, and build resilience in an increasingly competitive higher education landscape. Conclusions and implications: The implementation of the Integrated Financial Sustainability Model (IFSM), encompassing five key pillars Business Revenue, Asset Utilization, Research Revenue, Tuition Fee Revenue, and Efficiency provides a comprehensive roadmap for Indonesian universities aiming to achieve World-Class University (WCU) status. These financial strategies not only align with global performance indicators but also reinforce academic excellence, innovation capacity, and operational agility. The findings contribute to the development of a contextualized, evidence-based framework for financial sustainability that can inform higher education policy and guide institutional strategic planning across emerging economies.