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Lawrence Crosby Named Dean of CGU’s Drucker School of Management
On August 1, 2013, Lawrence Crosby became the Henry Y. Hwang Dean of Claremont Graduate University’s Peter F. Drucker and Masotashi Ito Graduate School of Management. In his previous position as dean of the Spears School of Business at Oklahoma State University from 2010 to 2013, Crosby created the Watson Graduate School of Management and the PhD in Business for Executives program. But perhaps most impressively, he improved the school’s US News and World Report rankings in large part due to Spears’ reputation as one of four schools in the U.S. to achieve 100 percent placement for MBA graduates within three months of graduation. So why the change?
“The legacy of Peter Drucker has helped maintain a focus on such overarching leadership issues as organizational effectiveness, innovation, employee and customer relationships, management of knowledge workers, social responsibility and individual well-being. All are approached from a transdisciplinary perspective,” explained Crosby. ”I admire how the faculty and students are bridging these topics with contemporary concerns around big data, the cloud, mobility, sustainability, ethical decision-making, governance, global competitiveness, design thinking, and the development of new business models.” Continue reading…
Smeal to Host Recruitment Event for Military Personnel and Veterans
Pennsylvania State University’s Smeal College of Business will host a special MBA informational event for military personnel and veterans on Monday, November 11. The event coincides with Veteran’s Day.
The Military MBA for a Day event will be similar to Smeal’s other MBA for a Day events. Prospective students will tour the business building, interact with staff and faculty, and sit in on MBA classes. Throughout the day, students will have opportunities to learn about the application process at Smeal, the MBA curriculum, and career and student services at Smeal. In addition to these events, the Military MBA for a Day program will give prospective students a chance to meet military personnel and veterans who are currently MBA students at Smeal, and a representative from Veterans Affairs will give veterans information about Yellow Ribbon, the GI Bill, and funding. The day will also include a coffee break event to honor Veteran’s Day. Continue reading…
Rutgers Launches New Center for Real Estate Studies
Newark real estate lawyers, developers, and investors recent attended a breakfast celebrating the launch of Rutgers Business School Newark’s new Center for Real Estate Studies. Rutgers had an MBA program in real estate, but it ended fifteen years ago. The new Center intends to revitalize real estate study at Rutgers, and to be “deeply involved” in real estate development across New Jersey and the revitalization of downtown Newark. The center will offer an MBA concentration in real estate, real-estate related courses, lecture series, and career development opportunities, while working with the local and global community on real estate related issues.
Rutgers’ goal to create a Center for Real Estate Studies became possible after Paul V. Profeta, a New Jersey real estate businessman, donated $1.5 million to Rutgers to develop a real estate curriculum and endow a chair of real estate. It was not Profeta’s first donation to Rutgers: in 2008, he created the Profeta Urban Investment Foundation at Rutgers, an organization that provides consulting and seed money to minority-owned Newark businesses.
Profeta observed that MBA students in the New York metro area have two primary areas of focus: Wall Street and real estate. He hoped that his donation would allow Rutgers to meet the needs of MBAs interested in real estate as it helps MBAs interested in Wall Street.
Rutgers announced in August of this year that it had chosen former banking and real estate executive Ronald Shapiro to become the director of the Center for Real Estate Studies. Shapiro has already begun planning events and lectures for the center, and has began conversations with local banks about partnerships to offer internships for real estate students.
Direct from the Dean: Stillman’s Joyce Strawser
Our series of dean interviews takes us this week to Seton Hall University’s Stillman School of Business, where Dean Joyce Strawser generously made time to walk us through the unique offerings that help set the school and its MBA apart from other business schools in the New York City metro area. Topping her list are Stillman’s focus on experiential learning, its tight-knit community of students, faculty and alumni, and the opportunity its students have to choose a concentration, or two, from eight different disciplines.
Strawser was appointed Stillman’s dean in 2011, after serving as associate dean of undergraduate and MBA curricula for ten years and acting dean for a year. Among her other accomplishments, Strawser helped the school achieve reaccreditation from the Association to Advance Collegiate Schools of Business (AACSB) for its business programs as well as add accreditation for its accounting department. Having accreditation in both business and accounting places Stillman among a very select group of schools. Strawser was also part of the team that helped the Stillman MBA gain recognition as one of the Princeton Review’s Best 301 Business Schools.
And neither Strawser nor Stillman is standing still. Read on to learn about the school’s plans to let students choose between a traditional lecture format, an online version and a hybrid version for every one of its MBA courses, the launch of a new center focused on business ethics and more. . Continue reading…
Babson Launches Accelerator for Female Entrepreneurs
Babson College’s Center for Women’s Entrepreneurial Leadership (CWEL) has launched a business accelerator for female entrepreneurs called the Women Innovating Now (WIN) Lab to support startup and early-stage ventures. The program is a residency program that is open to Babson female undergraduates, graduates, and alumni.
The WIN Lab meets weekly throughout the school year, and it is divided into two series for the Fall and Spring Semester. Series I, which meets from September to December, will encourage female entrepreneurs to develop market-ready prototypes. Series II, which meets from January to April, will help entrepreneurs develop funding and launch strategies, and also focus on developing entrepreneurial teams. The WIN lab program will provide students with business pitch practice, networking activities, access to bank loans, introductions to angel investors, marketing strategies, basics of financial management and accounting, and other services and lessons essential to beginning entrepreneurs.
The program was developed with the help of Sharon Kan, an Entrepreneur in Residence at Babson. In her career, she has built four startups with the help of an MIT group: Demantra Inc., c-Ark, Zoomix, and Tikatok. All four startups were aquired by larger companies. Sharon Kan will be part of the Win Lab coaching team.
The inaugural group of entrepreneurs in the WIN Lab program consists of sixteen Babson women from nine countries. The WIN Lab program began in early September with a two day retreat in which students learned about goal setting, team composition, and design thinking.
Potential MBA students at Babson who are interested in participating in the WIN Lab program next year should contact Heatherjean MacNeil at hmacneil@babson.edu for more information.
Sloan Offers New Health Care Certificate
The Massachusetts Institute of Technology’s Sloan School of Management has launched a new Health Care Certificate to unify several existing activities around health management offered at MIT Sloan. The Health Care Certificate joins Sloan’s Sustainability Certificate to allow students to explore complex societal problems through interdisciplinary learning.
The Healthcare Certificate program is available to the entire population of MIT students, allowing management students to interact with students from the sciences and engineering who share an interest in health care. The certificate program aims to prepare MIT students for a range of career fields, including health care information technology, pharmaceuticals, health care delivery management, senior management in the health care industry, global health, and operations management. The certificate is intended for people who are interested in pursuing a career in the health care system, or for people who already work in health care and want to further develop career knowledge.
The Certificate consists of a set of core courses covering the economics of health care, health care delivery in the United States, and medical science (a class which covers both the science behind certain diseases and conditions and the technology that companies are developing to address health problems), and two electives from a set of options that allow students to customize their certificate based on their interests. Possible electives include Healthcare Ventures, Principles and Practice of Drug Development, Business Model Innovation: Global Health in Frontier Markets, and Innovation Teams.
The program requires that students enroll in an action learning lab. One potential action learning lab for business students is the H Lab, which allows students to work in teams with health care organizations on health care related projects.
Rutgers Receives Recognition for Pharmaceutical Management MBA
Rutgers Business School Newark/New Brunswick’s MBA in Pharmaceutical Management earned an accolade from the website Find MBA, which ranked it amongst the top 10 MBA programs for Pharmaceuticals, Health Care, and Biotechnology. The accolade highlights the strength of Rutgers’ resources for MBA students who are interested in pursuing a career within the pharmaceutical industry.
Rutgers is in the middle of a bio-pharma corridor that is spread across New Jersey. It’s location allows it to collaborate easily with titans of the pharmaceutical industry, including Johnson & Johnson, Bayer Healthcare, Novartis, Eisai, Merck, and Bristol-Myers Squibb. Representatives from all of these companies sit on the board of advisors for the Pharmaceutical Management MBA at Rutgers. Rutgers is also near several large hospitals that provide MBA students with additional opportunities in health care management.
Rutgers also has the Blanche and Irwin Lerner Center for the Study of Pharmaceutical Management Issues, which aims to support research into managing pharmaceutical development and commercialization. The center also researches the impact of government programs on pricing, reimbursement, and competition in the pharmaceutical industry, and the impact of government policies on access to pharmaceutical and diagnostic products.
For a select few students, Rutgers provides even more opportunities within the pharmaceutical industry as part of an MBA education. A few MBA students are chosen each year as Industry Scholars. The Industry Scholars Program provides students with a full tuition scholarship, a pharmaceutical internship, and special employment opportunities in the pharmaceutical industry after graduation.
The Rutgers MBA in Pharmaceutical Management is a 60 credit MBA with 18 credits in pharmaceutical marketing and pharmaceutical industry. Course offerings include The US Health Care System & Pharmaceutical Managed Markets; Legal, Regulatory, and Ethical Issues in the Pharmaceutical Industry; and Pharmaceutical Product Management.
Wharton’s MBA Admissions Director Steps Down
The director of M.B.A Admissions and Financial Aid at the University of Pennsylvania’s Wharton School, Ankur Kumar, is resigning effective Friday. Departures like this are rare in the middle of an application season (the deadline for Wharton’s first round of MBA applications was yesterday). Until a new director is found, the Wharton admissions team will operate under the oversight of Maryellen Lamb, the deputy vice dean for MBA admissions, financial aid, and career management.
The announcement of Kumar’s resignation comes right after an article in the Wall Street Journal headlined “What’s Wrong With Wharton?” highlighted the fact that Wharton has seen a 12 percent decrease in its number of MBA applications over four years. However, it is unclear whether her resignation is related to the article. A professor and admissions consultant with ties to Wharton told the media that Kumar had told her staff about her departure last week.
Wharton’s application rate has been declining even as other schools of its caliber have reported gains in the number of MBA applications they receive. Ms. Kumar and her staff suggest that Wharton’s lower application figures and higher yield in the past few years mean that Wharton has gotten better at targeting candidates, not that a Wharton degree is in lower demand.
Wharton has had high turnover in its admissions staff in the past decade. Rose Martinelli left to direct admissions at the University of Chicago’s Booth School of Business in 2005, while her successor, Thomas Caleel, left in 2008. J.J. Cutler served for two years after Caleel before returning to his pre-Wharton position at Aramark. Ankur Kumar became director of admissions in 2011.
Wall Street Journal Asks: “What’s Wrong With Wharton?”
The MBA community was whipped into a frenzy on Friday by a Wall Street Journal article that posed the question: “What’s Wrong With Wharton?”
The query was prompted by a 12% decline in the number of MBA applications for positions at University of Pennsylvania’s Wharton School over the past four years. This year, Wharton received fewer applications overall than Stanford, which has half as many spaces in its class as Wharton. The article also comes after major business news sources reported that 52% of business schools reported an increase in the number of applications they received this year. Why is Wharton, the nation’s first collegiate school of business and one of its most prestigious, lagging behind?
The Journal suggests that the decline was caused by a shift in the interests of potential MBA students. In recent decades, Wharton–now ensconced in the plush Huntsman Hall in the University City district of West Philadelphia–has established a reputation as a gilded path to Wall Street. But the financial crisis has dulled the allure of finance careers for MBA students, who have instead increasingly pursued fields like entrepreneurship and technology.
As Wharton professor Adam Grant pointed out in a rejoinder in the Huffington Post, Wharton really does have a strong entrepreneurship program–boasting alumni like red hot internet eyewear startup Warby Parker, among many others. In the past six years, the number of Wharton MBA students who launch a startup after graduation has increased from 1.5% to 7.7%, greater than the 5% average for most business schools and the 7% of graduates who launch businesses out of Harvard. Professor Grant’s piece observes that 11% of recent Wharton graduates went into the tech industry, while only 13% went into investment banking, and that Wharton students consistently land offers at Google and Facebook, along with startups like SoFi, Etsy, and ZocDoc.
Nevertheless, the school’s entrepreneurial brand just doesn’t seem to be on par with Harvard Business School and Stanford GSB, the schools it competes with directly as a legacy member of the MBA “big three.”
Indeed, Wharton’s claim to this title is growing tenuous. From 1994 to 2000, Businessweek ranked Wharton the top business school in the country, ahead of HBS and Stanford. Since then, it has been edged out of the top three by both the University of Chicago’s Booth School of Business and Northwestern University’s Kellogg School of Management.
Harvard Business School experienced a 3.9% application bump this year. Stanford GSB reported a 5.8% increase. And Chicago Booth and Kellogg both posted double digit gains. Even Columbia Business School, which experienced a shocking 19% drop in applications last year–evidence used to support the conclusion that finance-oriented schools have suffered most in the wake of the financial crisis–rebounded by increasing them 7% this year. In contrast, Wharton’s applications fell 5.8%.
Wharton’s admissions office doesn’t agree with the conclusions drawn by the Wall Street Journal. They believe in the saying “quantity does not equal quality.” The average GMAT score for applicants to Wharton rose to an unprecedented high of 725 this year, and the yield of accepted applicants who actually decide to enroll at Wharton has risen dramatically.
Ankur Kumar, Wharton’s director of MBA admissions, claims that “[Wharton’s admissions’] focus is on the quality of our applicant population, and that remains as high as ever.” Admissions representatives also observe that the decline in applications may be a result of the group discussion component added to the MBA admissions process in recent years, which may intimidate potential applicants who speak English as a second language.
Even with the decrease in applications, Wharton is still one of the best business programs in the world and provides a top notch education to MBA students. Poets and Quants, an MBA news site, suggests that, like an out of favor stock, the Wharton brand may be temporarily undervalued, and that demand for a Wharton degree will correct the decline in applications in the long term.
Of course, if it were easy to distinguish an undervalued stock from a bad one we’d all be Warren Buffett. The immediate fact is that Wharton has experienced a major dip in application volume as other top programs experience a surge. Whether or not it’s a good indicator of Wharton’s perceived strength in entrepreneurship and technology–or the quality of the students actually admitted–the drop in application volume is potentially damaging because of this disparity.
For some, “What’s Wrong With Wharton?” will naturally raise another question: what will be done to right the ship?
Related articles
- Wharton Changes Course Selection Method (metromba.com)
- Wharton Offers First-Year Courses Online for Free (metromba.com)
Columbia Alumnus Donates $4 Million for Scholarship, Manhattanville Classroom
Dong-Bin Shin, Chairman of the Lotte Group and a 1981 MBA graduate of Columbia Business School, has donated $4 million to Columbia to establish a scholarship in his name. Shin explained that his educational experience at Columbia and Columbia’s extensive alumni network had given him an advantage in his business career, and that he wanted other students to have the chance to gain a quality business education.
The Lotte Group is made up of more than 70 companies in a variety of different industries, including entertainment, petrochemicals, financial services, real estate development, manufacturing, retail, and candy and ice cream. The group is based in Japan and South Korea.
Shin’s donation will also fund a classroom in the business school of Columbia’s Manhattanville campus called the Dong-Bin Shin ’81 and Lotte Classroom. This news comes after the recent announcement that two alumni, Arthur Samberg and Mario Gabelli pledged $40 million dollars to help with the construction of the Manhattanville Campus. Samberg, Gabelli, and Shin all sit on Columbia’s Board of Overseers. At the latest count, Columbia had raised approximately $500 million for the new campus.
Columbia’s Manhattanville campus will be located on a 17-acre site in West Harlem a mile from Columbia’s iconic Morningside Heights campus. The new campus will feature 6.8 million square feet of space for research, teaching, support services, and parking. Manhattanville will include a new business school campus which will provide more space than the two buildings on the Morningside Heights campus that house 2,300 graduate students and 300 faculty members. The new campus is expected to open in 2018.
Smeal APEX Program Features International Collaboration
The latest year of Penn State’s Smeal College of Business’ Applied Educational Experience Program (APEX) offered MBA students the chance to collaborate with international colleagues on a real world project. APEX is a second year capstone experience for MBA students at Smeal, who work in teams of four or five people to advise real world businesses on possible solutions to challenges the businesses face. In Spring 2013, a group of Smeal students worked with Management Development Institute (MDI) MBAs in India to determine growth opportunities for a multinational company called Sealed Air.
Sealed Air produces several protective products to ensure food safety and security, infection control, and assist with building care. Sealed Air’s headquarters are in New Jersey, but it operates in sixty two countries and has been growing rapidly in India. However, the MBAs from MDI and the Smeal College of Business students believed that Sealed Air could capture a larger market share in India. The Penn State and MDI groups divided work based on location. Smeal students did most of the research using Penn State’s electronic systems, while MDI members performed in-person interviews with people in India.
The Smeal students who were part of the international APEX project group were all interested in emerging markets. One Smeal MBA student used his experience with the international APEX group to apply for (and eventually receive) a position through MBAs Without Borders. This upcoming year, he will be working with a company located in India called SustainTech.
As businesses increasingly become part of a global network, business schools have sought ways to introduce their students to international collaboration in the business world. An international setting presents new challenges for businesses, including working with team members in multiple locations and working with people from unfamiliar cultures. It is tough to explore these challenges and others in a classroom setting, so Smeal is trying to incorporate international experiences into their curriculum.
Direct from the Deans: Lubin’s Neil Braun and Daniel Baugher
He has served as president of NBC Television Networks and CEO of Viacom Entertainment, among other career highlights, but Neil Braun never went to business school. So how did he come to be dean of Pace University’s Lubin School of Business? “I took everything I am and everything that I have done and asked myself, ‘Where can I add the most value?’” he told MetroMBA. Deciding that the answer to that question was to become dean of a business school, he did a Google search and discovered that Pace was looking for one. That was 2009, and by June 2010 he was appointed Lubin’s new dean.
In addition to his extensive experience in the media industry, Braun also has been involved in multiple new business start-ups focused on corporate environmental sustainability as both entrepreneur and investor. At Lubin, which stresses the importance of professional experience and experiential learning in combination with academic excellence, Braun has a lot to offer. “I came to Lubin to bring the dimensions of what I had learned in those roles,” he says.
Learn More about Pace’s MBA Programs Here >>
Smeal Provides Free Consulting Services to Student Entrepreneurs
The Small Business Development Center (SBDC) at Penn State University’s Smeal College of Business has developed an opportunity for Penn State students who are interested in entrepreneurship to meet with consulting groups on campus. SBDC consultants and consultants from Nittany Consulting Group (NCG) will provide free and confidential advice to students about challenges they face starting or maintaining a small business.
Penn State entrepreneurs can now meet with consultant from 4 to 5 PM on Tuesdays and Thursdays in the Kunkle Activities Center, at the junction of the Hammond and Sackett Buildings. To ensure accessibility, the sessions will occur every week of the fall semester, and students can return for multiple sessions. Continue reading…
Sloan Offers New Alumni-Student Mentoring Program
Connections are all-important in the business world, and one of the best sources of connections at the beginning of your career is your school’s alumni network. The MIT Sloan School of Management recognizes this fact, and is trying to make its alumni network more accessible to current students. A new program called the MIT Sloan Alumni-Student Mentoring program will match Sloan graduate students (including MBAs and EMBAs) to Sloan alumni all over the world through an online platform.
The program intends to connect students to the alumni network as soon as they arrive on campus, so that students can gain career guidance and insight about the business world throughout the course of their degree program. Career advice and explanations of the business world can help students make decisions about which electives to take and which fields to explore. The program will also give alumni the chance to remain connected to the school and share their experiences in building their career with future MBAs.
Sloan uses an online platform to connect students and alumni. The program uses data about community members like class year, program, region, and industry to suggest mentor matches for students. Once a student and alumnus are connected, they can define how often and how they will keep in touch themselves. Mentors and mentees can talk on the phone, on skype, over email, and possibly in person.
More than 600 alumni already expressed interest in the program. With over 20,000 alumni in 90 countries and a variety of different industries, Sloan should be able to match students with mentors with similar interests and a wealth of valuable experiences.
Lubin Dean Connects with Prospective and Current Students through Video Series
Neil Braun, the Dean of Pace University’s Lubin School of Business, has released a series of short videos called “Dean Talks” to provide important information to prospective and current students at Pace University. Each video is no more than two minutes long.
In one of the Dean Talks, Braun provides his answer to the question “Why Study Business at Pace University?” He focuses on the connection between the campus and the real world: “A lot of our marketing classes are actually developing campaigns for real world clients. We had an MBA class that did a project for the New York Stock Exchange”. He observes that Lubin values experiential learning and tries to give students the chance to gain substantial experience in the business world before graduating.
A few other Dean Talks focus on prospective students, including “Graduate Business Programs at Pace University,” and “Entrepreneurship at Pace University.” The Dean also encourages current students to come talk to him with a video about his open door policy. Another called “Networking, Cover Letter, and Resume” provides advice on searching for jobs that would be useful to all people considering a career in business. All of the videos have been posted on the Dean Talks page.
Dean Braun was reappointed as the Dean of the Lubin School of Business in August 2013. He first became Dean of the school in 2010 after 10 years on the Board of Overseers at the University of Pennsylvania. During his tenure, the Lubin School created an Arts and Entertainment concentration for Management students and an Entrepreneurship lab. In 2012, Dean Braun was featured in the National Association of Corporate Directors’ “100 People to Watch” list.
Learn More About Pace’s MBA Programs Here >>
MBA Recruitment Now Happens Earlier in the School Year, Sometimes Even Before Classes Start
At many MBA programs, the notorious recruiting process for summer internships now begins before the school year does. The trend for corporate networking events has been skewing earlier and earlier in the academic year, to the point where first-year MBA students arrive on campus with their summer internship plans in place.
Continue reading…
Apple, Jack in the Box Welcome LeBow MBA Students into Their C-Suites
Most MBA students know better than to think they’ll start out in a company’s C-suite right off the bat. Not so at Drexel University’s LeBow College of Business. That’s because Lebow, with its C-Suite Co-op™ program, aims to have its students complete summer internships working right alongside chief executives at leading organizations across a range of industries. And more than a dozen companies–including Apple, Jack in the Box, Cisco, eBay and Urban Outfitters– have already signed up to take part.
“We have leading companies on both coasts in a variety of industries,” Ron Nordone, assistant dean for graduate programs at Drexel LeBow, said in a statement. “No other MBA program offers students this kind of experience working with people at the very top.” Continue reading…
Meet Philadelphia Metro MBA Admissions Directors at September MBA Fair
Want to speak face to face with admissions directors from four Philadelphia metro MBA programs in a single evening? You’ll have just that opportunity when the QS MBA World Tour touches down in Philadelphia on Tuesday, September 17, 2013. Participating business schools from the Philadelphia metro area include Drexel University’s LeBow College of Business, Temple University’s Fox School of Business, the Wharton School at the University of Pennsylvania and Penn State University’s Smeal College of Business.
Philadelphia is the fifth of more than 20 cities the tour will visit while in North America this fall. In addition to admissions directors from local Philadelphia Metro MBA programs, the event will also feature representatives from business schools throughout the United States and around the globe. A five-hour line-up of programming will include information sessions on individual schools (including Drexel’s LeBow College), a panel discussion on choosing an MBA program (including a presenter from Temple’s Fox School) and an alumni career panel featuring a Wharton graduate. Continue reading…
