Search results for career:
At Schools like MIT, MDs Seeking MBAs on the Rise
Since the rise of joint MD/MBA programs in the late 1990s, the incidence of physicians seeking business training has steadily grown; but recent years have seen a dramatic increase in the number of licensed doctors pursuing MBAs at some business programs, reports the Boston Globe.
While MBA programs have long offered specializations or even separate degree programs in healthcare management, many doctors now choose to pursue their business degrees through executive MBA programs, given the hectic nature of their careers. The MIT Sloan School of Management’s Executive MBA program notes that one in every five members of the class of 2014 works in health care, accounting for more students than any other industry.
Several reasons might explain an uptick in practicing physicians enrolling in MBA programs. The Globe cites Dr. Sree Koka, an alumnus of the EMBA program at Sloan and chairman of dental specialties at Mayo Clinic, as saying that improving the patient experience was his reason for seeking an MBA. “It’s not just about the teeth,” explained Koka, “but everything the teeth represent: patients’ quality of life, social esteem, self-confidence, pain, comfort, and their smile.”
But other doctors point to the recent changes in health care law, in part due to the Affordable Care Act, as their motivation to understand the business side of health care. According to Stanford Hospital and Clinics, the ACA favors doctors who yield the best outcomes while keeping patient and insurer spending at a minimum. It seems more and more doctors are educating themselves on issues that used to be the purview of hospital administrators in order to achieve this dual mandate.
“Doctors can be changed by the system or be part of the change,” said Dr. Ivan Salgo, senior director of global cardiology at Philips Healthcare’s ultrasound unit in Andover, as quoted by the Globe. “Physicians with business training can help lead the change.”
Growing Numbers of Wharton MBA Graduates Going the Startup Route
An increasing percentage of graduates of the University of Pennsylvania’s Wharton School are choosing to start their own ventures or join fledgling companies, according to Bloomberg BusinessWeek.
Wharton reported that 7.4% of 2013 MBA grads are creating their own companies, a dramatic jump from 2.6% in 2008. With regard to sector, financial services and consumer goods and food are among the more popular areas of specialization, accounting for 15% and 8% of new student ventures, respectively. An increasing number of first-year students are also choosing to spend their summer internships in startup environments, up to 70 this year from 61 last summer.
This change may be due in part to a shifting culture among Wharton students and administrators. Marissa Hu, President of the Wharton Entrepreneur Club, remarked on an increased emphasis in supporting students who are interested in entrepreneurship through the career management process and other institutional resources. Hu also attributed the jump in startup internships to a growing proportion of students entering the program with an interest in entrepreneurship but without a concrete plan or business idea of their own.
The internship provides exposure to the startup environment and imparts skills—which Hu notes are distinct from those required in a traditional corporate environment—that will be transferable to whatever venture students ultimately embark on. This illustrates the value of attending an MBA program with support for a range of career outcomes and corresponding training opportunities.
Fordham GBA Establishes Scholarship Fund for Former Board of Overseers Vice Chair
The Fordham University Graduate School of Business Administration is in the process of establishing the William Filonuk Jr. Memorial Scholarship in honor of William “Bill” Filonuk, Jr. Filonuk, a 1977 graduate of Fordham College at Rose Hill who received his MBA in finance in 1983 from Fordham GBA, passed away on May 25th of this year.
Once established, the Filonuk Memorial Scholarship will join a roster of other scholarship opportunities for Fordham GBA students. These include the Hitachi Minority Scholarship (available exclusively to MBA students), the Emily L. and Robert E. Smith Scholarship, and the Linda Perrin Taber Pollack and Roy Howard Pollack Scholarship. All scholarships are based on a combination of academic merit and financial need.
Filonuk served as a managing director at BNY Mellon (where he worked for three decades, including a six year stint abroad in Brussels), but nevertheless stayed active in the Fordham community. Filonuk was the first to hold the position of Vice Chair on the Board of Overseers at Fordham GBA, and was a member of the GBA Finance Advisory Board. He was known among his colleagues for going out of his way to share his professional experience and knowledge with current Fordham GBA students, making time for mentorship and inviting current students to his offices at BNY Mellon. He also made lasting contributions to both the development of career services and entrepreneurship initiatives at Fordham GBA.
The Fordham GBA Board of Overseers, administration and staff are currently accepting contributions to the Filonuk scholarship fund. The scholarship is in memory of Filonuk’s kindness, optimism, intelligence, and continual service to the Fordham GBA community.
Connect with the Simmons School of Management at the Boston Forté Forum
The Forté Foundation has invited Simmons School of Management to participate in several of their Forté Forum events, including one in Boston on Tuesday, August 20. The Forum is specifically geared toward women seeking MBAs.
Founded in 2001 to address why fewer women attend MBA programs in comparison to graduate programs in medicine or law, the Forté Foundation encourages women to pursue degrees in business to help them achieve successful, fulfilling careers. The Forté Foundation’s primary obstacle to helping women realize their professional potential are the misperceptions many women have about careers in business, namely that they are inflexible and require a highly specialized set of skills. Consequently, the Forté Foundation endeavors to provide women with the information and resources they need to make informed decisions regarding a career in business.
The Foundation’s partnership with Simmons School of Management seems natural given the latter’s commitment to producing female leaders; Simmons offers an MBA program designed to help women develop their business and managerial skills, fully cognizant of the unique gender dynamics women may face in their professions. In addition, Simmons sponsors leadership development programs with the goal of advancing women in business, holds an annual women’s leadership conference, and fosters progressive research on issues related to women, leadership and management.
Reaching beyond the scope of a typical information session, the Forté Forum event will include guidance from women with MBAs in various industries and stages of their careers, as well as opportunities to interact with Simmons admissions staff. The Forum will also shed light on how an MBA can lead to success in any number of industries, and facilitate conversation among those interested in pursuing their MBA.
The August 20 event in Boston will be held at the Sheraton Boston Hotel on 39 Dalton Street, from 6-9pm. Simmons representatives will travel to a number of additional Forté Forum locations this summer and fall, including New York City, which will host a two-day event on September 3 and 4.
The Forté Foundation encourages woman of all ages and professional experience to attend, welcoming college students and MBA candidates alike. For those who pre-register, the cost to attend a Forté Forum is free; there is a $5 fee for those who opt to register at the event. Those interested can register online with the Forté Foundation.
Former Bank of England Head Joins Stern as Visiting Professor
New York University’s Stern School of Business announced this week that Sir Mervyn King, former head of the Bank of England, will join the Stern economics department as a distinguished visiting professor this coming fall semester. Sir Mervyn just stepped down from his position as Governor of the Bank of England on June 30 after ten years in the role. Stern will share Sir Mervyn with the NYU School of Law, where he will also have a visiting faculty appointment.
Peter Henry, Dean of the Stern School of Business, spoke enthusiastically about Sir Mervyn’s upcoming September-to-December teaching appointment on the NYU campus: “His more than two decades of experience at the Bank of England, encompassing his leadership through the 2008 financial crisis and its aftermath, will be a rich source of insight for the entire Stern community.” He went on to add that Stern faculty who have been immersed in research concerning the crisis and recovery would be particularly poised to gain from Sir Mervyn’s firsthand leadership experience during this period.
Sir Mervyn holds a degree from Cambridge and attended Harvard as a Kennedy Scholar. Prior to his career with the Bank of England, he held visiting professorships at MIT and Harvard and served as a faculty member at the London School of Economics. His teaching commitments are no doubt still under development at this point, but Stern MBA students—particularly those with an interest in finance and economics—can look forward to having a valuable new perspective on campus this coming term.
Rutgers MBA Students Receive Wisdom from Former Athletes
MBA students at Rutgers Business School had the opportunity earlier this summer to hear from a panel of distinguished athletes turned entrepreneurs and philanthropists on the qualities that have made them successful in both business and sports.
Organized by finance and economics professor James Bicksler, the panel included entrepreneur and former heavyweight boxing champion of the world Larry Holmes, foundation spokeswoman and former University of Iowa basketball center Marla Hanks, business owner and professional boxing referee Ricky Vera, as well as rowing official and acting dean of the Rutgers University School of Law in Newark Ronald Chen. The panel was moderated by nonprofit founder and hall of fame rhythmic gymnast Wendy Hilliard.
MBA students in Bicksler’s Investment Analysis class were able to engage the members of the panel. Resilience, determination, and discipline were themes that emerged from the panel discussion as participants recounted their personal formulas for success in both their athletic endeavors and subsequent business ventures. Hilliard highlighted an ability to take direction as important in sports and business, while Holmes emphasized the role of perseverance in the face of naysayers as instrumental in his career. Chen set forth fairness as a common thread between his officiating and academic careers, while Hanks stated that branding has been an increasingly important focus for athletes, creating skills that are transferrable to other career directions down the road.
Students in attendance remarked on the rarity of such an opportunity, expressing gratitude that their instructor drew on his networking connections to bring such distinguished guests to campus and commenting that the small class size enhanced each students’ access to panel participants.
Boston University Releases MBA Application for Fall 2014
Boston University’s Graduate School of Management posted its MBA application essays and deadlines today; prospective applicants can now begin the application process for Fall 2014 matriculation. A list of required supportive documents, submission deadlines, and essay questions will be included in the application form.
BU lists the supportive documents it requires MBA applicants to include with their application: a resume, two letters of recommendation, official academic transcripts, a GMAT or GRE test score, and three required essays and one optional essay.
BU accepts applications in three rounds:
The first application deadline is October 16, 2013; admission status will be given by December 20, 2013.
The second application deadline is January 8, 2014; admission status will be given by February 21, 2014.
The third application deadline is March 12, 2014; admission status will be given by April 18, 2014.
The three required essay questions are as follows:
1. Describe your decision to pursue an MBA degree, highlighting the following:
a. Why do you feel this is the right time in your career to pursue an MBA and what specific
skills are you hoping to develop? (up to 250 words)
b. How have you determined that the Boston University School of Management is the right
fit for your studies? (up to 250 words)
c. What are your immediate post-graduation career plans, and how do they fit into your
longer term professional goals? (up to 250 words)
2. The Boston University School of Management prepares innovative and ethical leaders who
understand the impact of business on society and who seek to create value for the world. Please
describe a situation in which you created value for an organization or group. What was the
outcome? We encourage you to consider your contributions in both professional and community
settings. (up to 250 words)
3. Choose three of the following six short answer sentences: (up to 100 words for each answer)
a. The one word colleagues would use to describe me is…because…
b. An interesting fact about me is…
c. I am most passionate about…
d. The mentor who had the most impact on my professional development is…
e. My greatest life experience was when…
f. The failure I have learned the most from is…
For any questions about BU’s MBA program and/or its application, email mba@bu.edu or call the BU Admissions Office at 617-353-2670. Applicants, we wish you the best of luck!
Program Spotlight: BU’s Public and Non-Profit MBA Program
A July 10 New York Times article, “A Social Entrepreneur’s Quandary: Nonprofit or For-Profit?” profiled ThinkImpact, an organization that began by building schools in rural, impoverished South Africa and has since expanded its reach to include many health, social, and educational projects throughout Africa. Despite achieving widespread success, ThinkImpact’s founder Seth Garlick–who launched the organization in 2002 as the “Student Movement for Real Change”–claims that it has had to face down numerous business challenges to survive. This underscores the value that the advanced business training of an MBA can provide to aspiring social entrepreneurs, who must use business principles to achieve their social, environmental or humanitarian objectives.
One specialized program is the Public and Non-Profit MBA program at Boston University’s Graduate School of Management, which teaches students how to lead social enterprises very similar to ThinkImpact. BU began its Public and Non-Profit (PNP) MBA in 1973, and PNP MBA students can opt to concentrate in Entrepreneurship, Finance, International Management, Leadership and Organizational Transformation, Marketing, Operations and Technology Management, or Strategy and Business Analysis. PNP students build their skillset outside of the classroom through single-day consulting projects, semester-long management consulting field courses and many volunteer opportunities. Moreover, PNP MBA students learn to strategize locally through the Collaborative Consulting Project and have the opportunity to travel abroad through the International Field Seminar.
Many of the pressing issues Garlick cited as obstacles to ThinkImpact’s growth–notably fundraising and donor relations–are well-covered terrain for BU’s PNP MBA graduates. Although the non-profit world will never be a career choice for the faint of heart, these MBA grads can hope to steer clear of many of the industry’s financial pitfalls and expand their societal impact.
Lerner Sees Early Success with Online MBA
The University of Delaware’s Lerner College of Business and Economics announced that its recently launched online MBA program has proven popular with UD students.
Lerner’s fully online MBA, an AACSB-accredited program that can be completed in as little as sixteen months, enrolled its first cohort of 40 students in May 2013. Students weighed in on the offering, praising the rigor of the courses they’d completed this term and expressing appreciation of the convenience and flexibility inherent in the online format. Denise Waters, Assistant Director of Graduate Recruitment, emphasized the cost effectiveness of the Lerner online MBA as compared to other accredited programs, further enhanced by the availability of affiliate partner and Dean Merit scholarships, both awarding $5,000 to eligible students.
Mirroring Lerner’s on-campus, part-time program, the online program was created to cater to professionals who travel frequently for work, members of the U.S. military, individuals with demanding family commitments, and others who are unable or would prefer not to travel to campus as regularly as students in a traditional MBA program. Courses consist of multimedia micro-lectures, readings, case studies, and participation in online discussions, as well as experiential learning through simulation exercises. All courses are taught by doctoral-level UD faculty, and involve both individual and team projects and assignments. Students also receive personalized career coaching and attention from faculty throughout enrollment.
Lerner College Deputy Dean Rick Andrews described this new degree offering as a response to the changing landscape of higher education and the influence of technology on students’ learning styles. Indeed, the successful launch of this program suggests that students value the opportunity to advance their education and careers simultaneously in the most flexible format available.
Strategic Marketing within the NYC Tourism Industry Creates Record Revenue and Industry Job Growth
Today marked the release of the first comprehensive overview of New York City’s tourism industry, and the findings were extremely encouraging. Written and distributed by NYC & Company, a public and privately funded marketing and tourism entity, the report, titled, “New York City Tourism: A Model for Success,” looked at the tourism industry’s growth since the establishment of NYC & Company in 2006. Since that year, the City has hosted 52 million visitors and made $55.3 billion from tourism. Moreover, the high demand and increased revenue bumped job growth up 27% in the leisure and tourism markets. Remarkably, the growth of tourism and its many associated industries between 2006 and 2013 has outpaced all other NYC industries.
NYC & Company Chairman, Emily Rafferty, is very direct about the source of the NYC tourism industry’s growth—business boomed when NYC & Company created highly detailed business plans and marketing strategies that targeted untapped markets of international visitors, in particular, and promoted tourism within all of New York City’s neighborhoods rather than a select few. The strategizing hasn’t stopped yet. Rafferty is calling for continued support from the city’s public officials and business professionals to reach a new economic goal for NYC tourism by 2015: 55 million visitors and $77 billion in revenue.
The recent report will likely prove to be as trend-setting and inspiring as its source, NYC & Company. The company’s hybridization of tourism and marketing with public and private support has proven enormously successful. In fact, the collaborative and innovative entity has become “a model for success” itself. Municipals and corporations have looked to NYC & Company as an example of the successful pairing of civic resources and business strategies. MBA students and graduates in NYC have yet another reason to study and conduct business in the Big Apple. Industry growth continues and NYC will be a beacon for MBA students who are pursuing careers in tourism, marketing, technology, finance, and other industries bolstered by the New York City economy.
Northeastern’s D’Amore-McKim MBA Students Report on Their Stints as Corporate Residents
Second-year MBA students at Northeastern University’s D’Amore-McKim School of Business just completed the first month of their six-month corporate residencies, which run from June through December. A few students shared about their different workplaces and how their projects are progressing during a Corporate Residency Debriefing Day on June 25. The debriefing served primarily as a learning opportunity for first-year MBA students, who are currently immersed in classroom content; these students, who will be entering their second year of graduate business education this fall, listened to testimonials that illustrated how the abstract tenets of business study translate into practical experience in the workplace. Continue reading…
Will Spotify’s NYC Expansion Change the Game for Tech MBAs?
MBA applicants and graduates interested in the tech industry have long succumbed to the allure of Silicon Valley’s startup scene. But Graham James, spokesperson for music-streaming and playlist-sharing tech startup Spotify, says that’s going to change.
James spoke out recently about why the company plans to increase its presence in the New York City metro. His answer? Spotify thinks that NYC is becoming the primary hub for the tech industry. The company plans to move from its current uptown address to one in Chelsea and will add an additional 130 engineers to its 70 person NYC employee-base before 2015.
Mayor Michael Bloomberg made the announcement about Spotify’s move to Chelsea from the company’s current location. Bloomberg has been integral to the tech industry expansion in New York. The mayor has encouraged the growth of “Silicon Alley” and has also been vocal about New York’s need to create a well-trained base of engineers to meet tech industry demand.
Spotify’s investment in New York is significant because of what it says about the city’s ability to lure the next generation of tech leaders. If James is right, New York may someday augment its well-established media and financial dominance with tech dominance. This would make MBA programs like Columbia Business School, NYU’s Stern School of Business, Fordham’s Graduate School of Business Administration, Pace’s Lubin School of Business, Baruch’s Zicklin School of Business and St. John’s Tobin College of Business, among others, bigger targets for MBA applicants aiming for careers in the tech industry. It would mean stronger summer internship opportunities for MBA students in these programs and greater extracurricular options for involvement and collaboration. And it would mean that MBA graduates–from finance specialists to operational experts to entrepreneurs–would have plenty of tech industry career opportunities right here on the east coast.
(But we don’t want to think about what it would mean for rent prices.)
Spotify’s main headquarters are in Stockholm, Sweden. The company has approximately 25 million users, 6 million of whom are paid users. Its NYC-Chelsea headquarters will be second in size only to its base in Stockholm.
St. Joe’s Hosts 2013 Regional Congress on Talent and Education
On Tuesday, June 25, over 200 business and education leaders in the Philadelphia metro met at Saint Joseph’s University for the 2013 Regional Congress on Talent and Education. The event was organized by the Mainline Chamber of Commerce. CEOs and college presidents met to strategize ways of keeping the most talented graduates of MBA and undergraduate business programs–including St. Joe’s own Haub School of Business–in Philadelphia as they launch their careers.
The Philadelphia business leaders in attendance suggested that strengthening isolated industries, e.g. healthcare, is one solution to the problem of retaining top talent. Strong industries would create the jobs graduates want–jobs with longevity and room for upward mobility. Educators, for their part, grappled with how to best train students for particular industries while continuing to offer the balanced, multi-dimensional education of traditional MBA and undergraduate programs. Education representatives said that they want students to fit industry-niches, but not at the expense of a solid, broad education.
Vertex, Inc., a leading corporate tax solutions firm, partnered with Mainline Chamber of Commerce and directed a great deal of Tuesday’s discussion. Vertex urged Philadelphia CEOs to step up their recruitment procedures and enhance communication with the region’s education leaders in order to better compete for top-notch graduates.
Wharton HCM Director Comments on Strong Job Prospects for MBAs in Healthcare Management
June M. Kinney, associate director of Wharton’s Health Care Management program, is featured in a recent U.S. News and World Report article which reports that MBA graduates can count on job opportunity and growth in the healthcare industry. The 2013 Corporate Recruiters Survey–conducted annually by GMAC, the organization that designs and administers the GMAT–recently revealed that 89% of healthcare entities worldwide anticipate hiring MBA graduates. This rate increased 12% from 2012 to 2013 alone.
Kinney encourages MBA seekers to think broadly when it comes to healthcare study and job prospects. Healthcare companies employ MBA graduates for consulting work and operations, but the industry also provides opportunities for MBAs to invest and create new business ventures.
Kinney’s research into job growth in the health care industry explains why health care ventures continue to grow and hire when other industries cannot. Kinney believes that the Affordable Care Act, or Obamacare, is partially responsible. The Act has forced health care providers to restrategize, leading many to seek out MBA consultants for advice on how to adjust their business infrastructure.
Kinney also credits the constant evolution in technology to the rise of MBA healthcare hires. The industry seeks out new, creative means of connecting with potential patients and investors alike. MBA-trained business specialists assist health care professionals by supplying a continuing string of creative communication platforms. These same technology-savvy MBA graduates can also provide the sophisticated level of data analysis required to excel in today’s competitive healthcare market.
The greater Philadelphia metro is home to many of the strongest healthcare players in the country, and virtually all of the city’s largest employers are healthcare companies. Accordingly, many MBA programs in the Philadelphia metro offer concentrations, specializations or other special programs focusing on healthcare management, including Wharton. The strength of the Philly healthcare market and the results of the 2013 Corporate Recruiters Survey indicate that an MBA in healthcare management is an excellent choice for Philadelphia professionals seeking greater career opportunities and impact.
[Image credit: K. Ciappa for GPTMC]
Related Articles:
- The Ten Fastest-Growing Publically Traded Companies in Philadelphia (metromba.com)
- Upcoming Summer Information Sessions at Fox Business School (metromba.com)
- Campus Philly Hosts Fifth Annual Opportunity Fair for Recent Grads (metromba.com)
Campus Philly Hosts Fifth Annual Opportunity Fair for Recent Grads
Recent college graduates in Philadelphia attended the fifth annual Campus Philly Opportunity Fair today from noon to 3pm. There they networked with graduate programs, potential employers and volunteer organizations. The event was hosted by the University of Pennsylvania and drew a large number of former students and representatives from Philadelphia businesses, nonprofits and educational institutions. Attendees were advised to come dressed in business attire with resumes at hand, ready to jump at any opportunity that came their way.
Representatives from Philadelphia business schools attended the event to recruit local talent to their MBA programs. For many recent graduates, a local MBA offers the potential for higher future earnings and expanded managerial potential across a range of possible careers.
Drexel LeBow MBA June and July Information Sessions
This evening, from 6:00 p.m. until 7:30 p.m., Drexel University’s LeBow College of Business will host two separate information sessions for applicants with different professional backgrounds and educational needs. The more general “MBA Information Session” familiarizes potential applicants with LeBow’s full-time, part-time, and online MBA programs. Prospective students can learn and ask questions about the MBA application process, the GMAT, and how LeBow intersects with their personal and professional goals.
LeBow’s “Executive MBA Information Session” caters to working professionals with at least seven years of career experience. The Executive MBA Information Session aims to show established professionals how LeBow can help them reach career goals via the curriculum and connections of its program.
Both of this evening’s information sessions take place in Pearlstein Business Learning Center, located at 3218 Market Street, Philadelphia, PA 19104. Free parking for attendees can be found at Drexel University Garage which is at the intersection of 34th and Market Streets. Guests report their parking space number to the Parking Office before going to their session of choice.
LeBow will offer an additional MBA and Executive MBA Information Session next month on Wednesday, July 17th at 6:00 p.m. The MBA Information Session location will change to the Paul Peck Alumni Center (located at 3142 Market Street, Philadelphia, PA 19104). The second Executive MBA Information Session will again be held at Pearlstein Business Learning Center.
LeBow will also offer personalized “one-on-one” information sessions for prospective MBA students throughout July. On July 9th and July 23 the school will host one-on-one sessions at its Malvern, PA campus, located at 2 West Liberty Blvd, Malvern, PA 19355. These will be held at 11:00 a.m. and 10:00 a.m., respectively. On July 11th prospective students are invited to a 11:00 a.m. one-on-one information session at 3600 Market Street.
Exports Critical to Growth for NYC Small Businesses, Forecasts New Report
Small businesses based in New York City are increasingly dependent on exporting their products and services, according to a report from Manhattan Borough President Scott Stringer that was reported by the Wall Street Journal on June 11th. The news is relevant to prospective MBA students intending to pursue careers at small businesses or startups in New York City. These professionals will increasingly design, market and sell their products or services to international markets, and should consider MBA programs with concentrations in international business and global supply chain management.
Larger businesses headquartered in NYC have long exported on a global scale. Today, however, smaller ventures serve as the chief source of job growth in the city. Exports to new international markets saved many of these firms from the sharpest pains of the economic recession, while many of the city’s larger firms and financial institutions struggled.
NYC’s small business owners and entrepreneurs may not have to go it alone much longer when they export. Business leaders in cities like Seattle and Los Angeles have worked toward creating independent councils focused on developing communication channels and opportunities chiefly for exporters.
Many established small business owners in New York are pushing for similar support as they consider where and how to distribute their products. Stringer’s report proposes uniting the functions of over 17 different New York City agencies into a single independent regional export council, an idea that has been endorsed by New York City Council Speaker and prominent mayoral candidate Christine Quinn.
The Ten Fastest-Growing Publically Traded Companies in Philadelphia
The Philadelphia Business Journal has published a list of the fastest-growing publicly traded companies in the Philadelphia metro based on 2011 to 2012 revenue increase percentages.
The tenth fastest growing was Epam Systems, Inc. of Newtown, PA. A software development servicer, Epam experienced a 29.7% revenue growth last year, an increase of nearly $5 million in profits under the leadership of CEO Arkadiy Dobkin. Epam utilizes delivery centers in Central and Eastern Europe for its complex software engineering and technology services designed primarily for clients in the tech industry.
The ninth fastest growing was Prudential Bancorp Inc. Prudential Bancorp, chaired by Tom Vento, is a community bank with traditional banking and lending services. In 2011, it saw a 42.2% increase in profits, raising its net income from $112,000 to $2.6 million.
In the eighth spot was DFC Global Corp. of Berwyn, PA. DFC offers banking and financial services to individuals who don’t have access to traditional banking sources. Led by CEO Jeff Weiss, DFC’s revenue grew 34.67% from 2011 to 2012, reaching $1.1 billion. Much of that growth comes from ventures into internet and secured pawn lending.
The seventh fastest growing company in the Philadelphia metro was Auxilium Pharmaceuticals of Malvern, PA. Between 2011 and 2012, Auxilium, which develops pharmaceutical products that focus on urology and sexual health, grew its revenue by 49.6%. CEO Adrian Adams oversaw a $93.6 million payment from Pfizer that greatly boosted company profits.
In sixth spot was Bancorp Inc. of Wilmington, DE. In 2011, Bancorp, which offers commercial and retail banking services, increased its revenue from $84.7 million to $112.6 million (a 33% increase). Bancorp’s CEO, Betsy Cohen, previously chaired the highly-profitable JeffBanks Inc. for 25 years.
In fifth was PhotoMedex Inc. of Montgomeryville. PhotoMedex, a company that provides skin-health products and services, grew revenue 67.07% in 2011 when CEO, Dr. Dolev Rafaeli, oversaw the absorption of Radiancy Inc. into the PhotoMedex brand.
In fourth was Five Below Inc. Five Below went public as recently as July 2011, and watched its share price increase 41% in just 6 months. The company, a chain of more than 250 stores, sells a variety of merchandise aimed at teens and pre-teens priced between $1 and $5. Its CEO, Tom Vellios, previously created Encore Books and Zany Brainy.
The third fastest-growing publicly listed company in the region was Republic First Bancorp. Republic First Bancorp has 12 locations in the greater Philadelphia area and $926 million in assets. The bank’s revenue increased 79% when CEO Harry Madonna and his team reduced problematic loans and reworked the brand to be more accommodating to retail marketplaces.
In second spot was InterDigital Inc. of Wilmington, DE. InterDigital’s revenue took off by 119.79% in 2011, growing from $301.7 million to $663.4 million. The company, which develops technology used in wireless communications systems, saw this boom in revenue when CEO William J. Merritt made a deal with California-based Intel Corp that earned InterDigital $375 million.
Finally, the fastest-growing publicly listed company in the Philadelphia metro over the past few years has been Malvern Bancorp of Paoli. The 125 year old Pennsylvania institution increased its revenue by $684 million (or 120.97%) during 2011. CEO Ron Anderson initiated a conversion from a two-tier mutual holding company to a stock holding company structure that ultimately produced $36.4 million for the bank.
Prospective MBA applicants in the Philadelphia metro will note that six of the ten companies listed are financial services companies. Finance is one of the oldest and most popular disciplines of MBA study and finance careers offer many of the the most lucrative salaries for MBA graduates. Explore our listing of the business schools in the Philadelphia metro that offer specializations, concentrations or major in finance.
