Preparing Students for Success in the Global Economy Act of 2011

Preparing Students for Success in the Global Economy Act of 2011 - Directs the Secretary of Education to allot formula grants to states and, through them, award competitive subgrants to high-need local educational agencies (LEAs) or educational service agencies serving such LEAs to improve preschool and elementary and secondary school science, technology, engineering, and mathematics (STEM) education.

Allots such grants to states pursuant to a formula that takes into account each state's share of elementary and secondary school students and each state's share of such students who are impoverished.

Awards the grants to states on a competitive basis if this Act's funding falls below a specified amount. Authorizes the Secretary to award capacity-building grants to states to help them qualify for competitive grants.

Requires subgrants to be used for activities that include: (1) recruiting, supporting, evaluating, and training STEM teachers; (2) developing and improving high-quality STEM curricula and instructional supports to improve student achievement in those subjects; and (3) integrating STEM instruction with instruction in reading, English language arts, or other academic subjects.

Authorizes states to require subgrantees to obtain a commitment from one or more outside partners to match, from nonfederal funds, a portion of the subgrant funds.

Directs the Secretary to award competitive grants to partnerships between states or LEAs and outside entities experienced in improving the effectiveness or retention of STEM teachers, to establish and operate STEM master teacher corps programs.

Requires the partnerships to: (1) select a group of highly-rated STEM teachers to serve as corps members in high-need schools; (2) provide corps members with instructional leadership responsibilities, research-based training, and a salary supplement; and (3) build a community of practice among corps members.

Directs the Secretary, acting through the Director of the Institute of Education Sciences, to establish performance metrics and use those metrics to evaluate this Act's programs and identify best practices to improve STEM instruction.