and Cambridge, where each constituent college keeps its independence while being grouped under a 'university'. The University System's first academic year started in September 2015. According to Dominique Vernay, chairman of the foundation developing Paris-Saclay, the university aims at a top-ten position in the Academic Ranking of World Universities (ARWU), but "the first goal is to be the top university in continental Europe". Furthermore, the university aims to contribute to maximizing the economic and business potential of the Paris-Saclay project through research, via university and research spin-offs, as well as industrial research collaboration with established companies. In January 2020, it replaced University of Paris-Sud (Paris XI) and in 2025, Université de Versailles-Saint-Quentin-en-Yvelines (UVSQ) and Université d'Évry-Val-d'Essonne (UEVE) will merge with it as well. In June 2020, Paris-Saclay University ranked 14th in Shanghai Ranking's top 1000 universities in the world, and first worldwide for Mathematics by Academic Ranking of World Universities (ARWU) and 9th worldwide for Physics (1st in Europe). Organisation The Paris-Saclay University consists of five faculties in Sciences, Medicine, Pharmacy, Law-Economics-Management, and Sports Sciences; an Engineering school; three technical institutes specialised in scientific and technical subjects in Cachan, Orsay, and Sceaux; and an undergraduate university school. The University also brings together four grandes écoles: CentraleSupélec, AgroParisTech, ENS Paris-Saclay and the Institut d'Optique Graduate School, with two associate institutions: Versailles Saint-Quentin-en-Yvelines University (UVSQ) and University of Évry Val d'Essonne (UEVE). It combines resources from the following French universities and grandes écoles, as well as partial resources from various research organizations and the Systematic Paris-Region cluster: Initially, the community of universities also included five other grandes écoles: École Polytechnique, Télécom Paris, Telecom SudParis, ENSTA Paris and ENSAE Paris. However, due to differences in University set-up, these five grandes écoles created their own separate university Polytechnic Institute of Paris. This was announced by French President Emmanuel Macron during a speech in Paris-Saclay. Both of these clusters plan to co-operate and they engage in organization of several master's degrees with the Paris-Saclay University. Faculties and Institutes Grandes Écoles and graduate schools Associated universities Research organizations The following research organizations have established research centers within the Paris-Saclay University. The resources contributed by these organizations will remain largely independent from other member institutions. Once the University of Paris-Saclay is fully integrated, its research centers are expected to achieve a profile similar to the Jet Propulsion Laboratory of Caltech: CEA (Atomic Energy and Alternative Energies Commission)