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Beta Gamma Sigma International

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A MARKETPLACE OF IDEAS FOR BGS MEMBERS AROUND THE WORLD

“If there’s ever been a time for leadership, it’s now.”

James Blanchard, CEO, Synovus, 2005 BGS International Honoree

From the Classroom to the Boardroom (and vice versa) BGS Examines Graduate Degrees in Business

Be on top of ground-breaking analysis for the challenges ahead Today more than ever you need the one magazine that brings crucial advance intelligence and expert advice to succeed in a business environment changing at breakneck speeds. Get the most resourceful tool used by leading business educators and corporate decision-makers.

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whatâ€™s inside 2

A Message from the BGS President

A Call for Leadership

From the Classroom to the Boardroom and vice versa

The eMBA

MBA by the Numbers

Is the MBA Right for You?

MBAs in the Workplace

BGS Poll Question

BGS Business Achievement Award

BGS Alumni Network

Gifts from Friends

Back Inside Cover

BGS Store Merchandise

BGS International Exchange Beta Gamma Sigma 125 Weldon Parkway Maryland Heights, MO 63043-3101

Summer 2005 Volume 4, No. 2 Circulation: 363,980

email: bgshonors@betagammasigma.org phone (US): 800-337-4677 outside US: 314-432-5650 website: www.betagammasigma.org If you have any questions or comments about this issue of the BGS International Exchange, please forward them to exchange@betagammasigma.org. Beta Gamma Sigma is a not-for-profit, 501(c)(3) organization.

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Sara Freedman, President of Beta Gamma Sigma, presents James Blanchard, CEO of Synovus Financial Corporation, with the 2005 BGS International Honoree Award April 22, 2005.

A Message from the BGS President

I hope as members of Beta Gamma Sigma you have noticed the Society’s recent efforts to involve and educate its members on important issues that face the business world. As an honor society with the principles of honor, wisdom and earnestness, it is imperative that our members – “the best in business” – not only know the current environment, but display the strength and courage to lead responsibly. Beta Gamma Sigma is proud to play a small part in helping the world’s greatest business leaders prepare to meet that challenge. Recently at the International Conference and Meeting (ICAM) of AACSB International in San Francisco, more than 1,200 business school representatives – including more than 700 business school deans – listened to the 2005 Beta Gamma Sigma International Honoree, James Blanchard, CEO of Synovus Financial Corp. His remarks affected many in attendance. It seems that this might have been his goal. “Maybe some of us will change a little,” Mr. Blanchard offered as an introduction to his thoughts. “Maybe we’ll walk out of this place with a higher step, with a greater determination, with a zeal for serving our fellow man.” Over the course of his speech, Mr. Blanchard shared the thought process and corporate culture that has resulted in Synovus’ selection to Fortune magazine’s “100 Best Companies To Work For in America” list every year since 1998. The answer to corporate success in 2005, he said, really isn’t all that complicated. “The secret, the clue, the common thread is simply how you treat folks,” he said. “How you value the worth of an individual, how you bring the human factor into real importance, and not just as a statement you make in your annual report.” Beta Gamma Sigma is also very proud of its commitment to the Association of Collegiate Honor Societies’ (ACHS) national ethics project – “A Matter of Ethics.” The Fall 2004 issue of the BGS International Exchange focused on the topic of business ethics, and reminding our members about the importance of ethics is a vital ongoing effort. An ethics session is included in the program at each Student Leadership Forum, and it challenges participants to view and interpret ethical dilemmas in complex situations.

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Last year our magazine focused on the alarming shortage of business doctoral candidates, and we are very pleased that dozens of Beta Gamma Sigma members responded by expressing interest in pursuing careers in management education. In addition, the Society sent emails to members informing them of upcoming doctoral fairs and Beta Gamma Sigma members responded and were one of the largest groups of people in attendance. Not only were we happy to help our members find exciting opportunities, but we believe these Beta Gamma Sigma members will advance society as well. When “the best in business” become interested in training the next generation of business leaders, everyone wins. Beta Gamma Sigma also continues as a Supply Alliance member supporting the efforts of the PhD Project, which aims to increase diversity at the front of the classroom in America’s business schools. A series of articles on this topic last year in the International Exchange showed that many Beta Gamma Sigma members are benefiting from and leading the way as this important project continues to grow. Members should be proud that their Society takes an active role in the PhD Project and other worthy efforts. In this issue, we take a look at graduate opportunities in business – a topic we believe adds value to the BGS lifetime membership while also benefiting the business world. Our outstanding lifetime members are tremendous candidates for the world’s business schools, and the best students of business become the best business professionals. Beta Gamma Sigma is committed to advancing the lives of its 540,000-strong membership while helping to advance important business and societal goals. As Mr. Blanchard, the 2005 International Honoree Award recipient put it: “We’re far too short (on leaders) in a time when there is tremendous demand and need for an example; for a role model; for somebody who brings order to the chaos; and for somebody who is predictable and consistent and displays those simple virtues that are fundamental strengths of mankind.” Beta Gamma Sigma is proud to play its small part in inspiring the best students in business to become the great leaders of the future.

“It’s a time for leadership. There’s never been a time in the history of the world where the face of change has been greater, where the challenges have been more daunting.” James H. Blanchard, CEO, Synovus Financial Corporation, speaking at the 2005 Beta Gamma Sigma International Honoree Luncheon

A Call for Leadership Beta Gamma Sigma’s 2005 International Honoree addresses the current state of business

f there’s ever been a time for leadership, it’s now. If there’s ever been a time for leadership that espouses a consistent set of values and principles, it’s now.” On a sunny afternoon in San Francisco on April 22, 2005, more than 1,200 business school representatives gathered for the Beta Gamma Sigma International Honoree Luncheon. On the program was an address by James Blanchard, CEO of Synovus Financial Corporation, the Society’s 2005 recipient of the International Honoree Award. Everyone expected a good speech. Most came away feeling they had heard a great one. With a self-deprecating sense of humor and the good business sense to deflect praise to others within his organization, Blanchard spoke plainly yet eloquently about his belief that any success is tied to treating people right. He told a story – he estimated that it might be the 4,000th time he has shared it – that he said “has had more impact on me – my philosophy, my approach to business – than any single document other than, say, the Bible.” In the year 1883, a young man from America died while on business in Europe. His middle aged, grieving parents returned with the body. They were heartbroken; they had loved their son very much. After the funeral they began to discuss some sort of a memorial. Not a tombstone or an ornate grave but a living memorial. Something that would help other young men like their son. And after considering many alternatives they decided that something in the field of education would be most appropriate. That would be the kind of memorial that would go on year after year helping educate young people. That would be the best kind of tribute to their son.

“

They arranged an appointment with Charles Elliott, then-president of Harvard University. He received the quite ordinary, unpretentious couple in his office and asked them what he could do for them. They told him about the death of their son and apologized for taking up his valuable time. They explained that they wanted to establish a memorial to his memory. Elliott looked at the couple with some impatience and a certain suggestion of aristocratic disdain. “Perhaps you have in mind a scholarship,” he said crisply. “No,” said the woman, her mild manner belying the quickness and sharpness of her mind. “We were thinking of something more substantial than that, perhaps a building or something.” “I must explain to you,” said Elliott, with what seemed a patronizing air, “what you suggest costs a great deal of money. Buildings are very expensive.” It was obvious that President Elliott didn’t think from their appearance that they were capable of that kind of donation. There was a pause and the lady rose slowly and said, “Mr. Elliott, what does this entire university cost?” Elliott shrugged and muttered and stated a figure that amounted to several million dollars. “Oh, we can do much better than that,” said the lady who now seemed to have made up her mind about the entire thing. “Come dear,” she motioned to her husband, “I have an idea,” and they left. The following year, President Elliott of Harvard learned that the plain, unpretentious couple had contributed $26 million for a memorial to their son. The memorial was to be named Leland Stanford, Jr. University. “President Elliott was a very important person,” Blanchard continued, “leading the most important university of its time. And he was

Photos Courtesy AACSB

busy, he had proud speeches to make, he had people to see, he had places to go. And he missed out on the greatest opportunity of his lifetime... “There never should have been a Stanford (University). There should have been twice as much Harvard.” Blanchard’s commitment to treating people right is his basic management philosophy. It has served him and his company well: Each year since 1998 (the first year the list was compiled), Synovus was named to Fortune

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magazine’s “100 Best Companies To Work For in America” list. “There’s a common thread that runs through those very few organizations who are just busting out of the top all the time,” he said. “They’re meeting and exceeding their goals. They’re realizing their visions and their aspirations. They’re always over and above their expectations. In fact, there’s a much larger group that is kind of ordinary – they don’t really stand for a lot. They seem to fall just a little short all the time. They’re not sure what their value system is. They’re kind of bland, generic and indescribable. “And yet this group of robust, energized, enthusiastic, continually successful organizations, they seem to have a secret. And frankly, we have studied it, we have gone to school, we have consulted, we’ve done everything we can do to try to find that formula that says, ‘We’ll be one of these in this very small, select group that seems to achieve perpetual success.’” Blanchard continued: “The secret, the clue, the common thread is simply how you treat folks. It’s how you treat your fellow man, and how you treat your team members, and how you treat your customers, your regulators, your general public, your audiences, your communities. How you value the worth of an individual, how you bring the human factor into real importance and not just a statement you make in your annual report.” Blanchard said one of the main troubles with the business UNIVERSITY OF COLORADO AT BOULDER

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world of today is that there are far too few lifters (those that produce and help others around them) and far too many leaners (those who let others bear their portion of worry and labor). He closed his comments by sharing his vision of dying and being judged before his maker. “I’ve come up through the gates and there are golden streets and the choirs are singing, and I walk up to a big table in a big gymnasium,” Blanchard said. “It almost reminds me of registration at the University of Georgia. “And the attendant opens up this book – The Book of Life – and they find my name. And lo and behold, there’s not one thing in that book about Synovus. Nothing about my titles, my honors. There’s certainly no paper clip with a financial statement attached. “What’s in the book? Did I love my wife appropriately; did I raise my boys right; was I a friend when there was a need; was I a lifter and not a leaner; did I value and appreciate the world of my neighbors and my team and my customers and my community?” As Blanchard said, it’s a time for leadership. He said people are looking for principled leaders to show the way. “They are literally just begging for somebody to stand up and show that there is some order in the chaos; there is a rhyme and reason to it; that somebody knows where we are going. “If there’s ever been a time for leadership, it’s now.”

From the Classroom to the Boardroom

(and vice versa)

Beta Gamma Sigma Examines Graduate Degrees in Business

o MBA or not to MBA? That’s the question many ask themselves after a few years in the professional world. The benefits of the MBA are well documented, but the costs – financial, free time, family life, etc. – can be difficult for some to overcome.

best fit. Having a plan in place before beginning a program creates a higher level of satisfaction upon completion. But how does someone find a program that is the “right fit?” Well, a great place to start is with GMAC’s on-line tool designed specifically for potential MBA applicants: www.mba.com. With a wide variety of interactive features, applicants can find answers to questions they may not have even considered yet. Assess Careers and the MBA; MBA Pathfinder School Search; Take the GMAT; Apply Effectively; Most MBA programs require applicants to complete the Make Your Decision. These are just a few of the options on the Graduate Management Admission Test (GMAT), which site, and there are many, many more. GMAC’s is administered by the Graduate Management Admission www.mba.com can help get applicants started in the Council (GMAC). The test was taken in 2003-04 by more process, and enable them to be more efficient and successful than 205,000 individuals, down from the record of more while they consider how best to accomplish their graduate than 240,000 who sat for the test in 2001-02. Although not school goals. yet available, initial estimates suggest that the number of Another important consideration when choosing an test takers increased in 2004-05 for the first time in two MBA program is the financial cost and the applicant’s ability years. to afford a given program. Average BGS Member Household Income and Net Worth By Potential students faced According to BusinessWeek Highest Education Level Completed (in U.S. Dollars) with the decision of whether Household Income by Education Level Completed Online, in 2004 the total cost to go back for an MBA 1,000,000 $917,527 of an MBA program (tuition, Masters Undergraduate Degree Only must consider all the costs fees,College books, etc.) at business 800,000 and benefits. If someone is Master’s Degree schools accredited by AACSB considering a traditional, $553,305 International ranged from 600,000 full-time program, it almost less than $10,000 to more than certainly means that she will 400,000 $75,000. While finances must be have to give up her current considered, experts agree that $164,754 200,000 full-time job. Enrolling in $110, 517 finding the right a part-time program may fit – a program that specializes 0 allow her to continue with Average Annual Average Net Worth in an applicant’s chosen area and Household Income her career, but it will also delivers instruction in a manner Source: BGS Member Survey take considerably longer that fits with the applicant’s to complete (3-5 years) and lifestyle – is critical. will still cut into her family and free time. An executive Although the high cost may be a hurdle to overcome, it MBA (eMBA) allows for the professional to continue with shouldn’t be viewed as a permanent roadblock. her career – and usually to finish quickly (18-24 months “You have to look at the value of the MBA beyond average) – but family and free time are often sacrificed for the duration of the program (see the related story on page Beta Gamma Sigma would like to thank the Graduate 7). Management Admission Council (GMAC) for their Graduate school admissions professionals stress that assistance in putting together this special section of the potential students should decide what it is they do best International Exchange and for their continued support as and how they would like to enhance their marketable a BGS Partner. skills through graduate study. At that point, it is vital to do research on the programs available and find one with the 1000000

800000

600000

400000

200000

Household Income

Net Worth

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“You have to look at the value of the MBA beyond the immediate time of graduation...You have to look at the value that it brings to your career over your entire lifetime.” -Randy Williams, Director of the MBA Career Center at the University of California, Irvine

the immediate time of graduation,” said Randy Williams, Director of the MBA Career Center at the University of California, Irvine’s Paul Merage School of

Business. “You have to look at the value that it brings to your career over your entire lifetime. “I suspect if you go back and ask the people who earned their MBAs in the early 90s when we were in a recession, ‘Was it valuable to get your MBA over the length of your career?’ I’m sure the vast majority would say yes. “You need to look at the MBA beyond its initial catapult. If you look at it in a longer term and say, ‘What I’m going to learn here is really going to benefit me and help position me throughout my career,’” then there is no question the MBA is worth the cost, Williams said. Results from a survey of Beta Gamma Sigma members in 2004 – conducted with the help of BusinessWeek magazine – suggests that graduate study results in greater financial strength down the road (see the related graphs on page 5). For those with an undergraduate degree only, the average household income of BGS members was $110,517 annually, and the average household net worth was $553,305. By contrast, for those BGS members with a master’s degree, the average household income was $164,754 (+ 49 percent) annually, with an average household net worth of $917,527 (+ 66 percent). In another part of the BGS Survey, 22 percent of respondents identified themselves as “Senior Executives” within their organizations. Of those, 70 percent had completed a master’s

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Senior Executives by Education Level Completed

Senior Executive Members of BGS by Highest Education Level Completed

Senior Executives by Education Level Completed

Graduate Degree

Master’s Degree or Higher

Graduate Degree

Undergraduate Degree

30%

70%

Source: BGS Member Survey

That improvement is certainly not limited to California. According to the executive summary of GMAC’s “2005 Corporate Recruiters Survey,” recruiters are optimistic about the future of the economy and the job market. “The job market for MBAs is strengthening rapidly after several sluggish years and is set for dramatic improvement during 2005,” the report states. The survey also found “that recruiting and hiring activity will increase sharply this year, reflecting a widespread sense among hiring managers and executives that the economy is in better shape than it has been in any year since the survey was first conducted during the 2001-02 hiring season.” According to the MBA Career Services Council’s Spring 2005 Employment Survey, recruiters expect pay and signing bonuses to jump for this year’s crop of MBAs. Compared to 2004, 70 percent of recruiters expected an increase in average base salary, while 51 percent expected an increase in average signing bonus. Conversely only 4 percent and 6 percent, respectively, expected a decrease in these areas. So what does all this mean? In spite of all the costs, this may be a great time for BGS members to consider adding an MBA to their resumes. More recruiters are looking for MBAs. There are more choices when it comes to program delivery (part-time, full-time traditional, executive, professional, on-line, etc.) than ever before. Beta Gamma Sigma members who have earned an MBA tend to make more, and compile a higher net worth, than those who do not. Base pay levels and signing bonuses are expected to increase this year. To MBA or not to MBA? For BGS members without one, it may not be much of a question at all.

degree or higher. Only 30 percent of those identified as Senior Executives had completed an undergraduate degree only (see the related graph on this page). There is a great deal of anecdotal evidence that MBA graduates from the last few years have had a rougher time finding positions than those from preceding years. Williams said that is all part of the business cycle, and that recently the cycle is showing many signs of a turnaround. “In terms of the economy here in Southern California, it has probably improved at least 100 percent since two years ago,” he said. “A couple years ago, on our job board where employers post jobs specifically for MBAs, we had somewhere in the neighborhood of 400 to 500 jobs all year long. Already we’re well over 1,000 jobs that have been posted during this school year. Number of calls, number of visits to our website, just about everything you can mention – we’ve seen a dramatic improvement.”

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Congratulations!

The eMBA

ou’ve accumulated 10 years of professional experience but find that your options for advancement to senior executive levels are blocked because you lack an MBA. You can’t give up your position – or even cut back to half-time – but really need the skills and opportunities that an MBA can bring. You might consider an executive MBA. Usually reserved for individuals with seven or more years of professional experience, the executive MBA (eMBA) is tailored to fit the needs of men and women who seek the benefits of an advanced degree in management but who want to continue working full-time in their careers. (Some programs require fewer years of work experience.) Maury Kalnitz, Managing Director of the Executive MBA Council, said the typical eMBA student is different than someone earning a traditional MBA. “These are not part-time programs, so people are working full-time” on their careers and their education, he said. “They do not have to leave their place of employment. So as times get tough, potential students look at this as a way of enhancing their marketability and value while remaining in the workforce.” Kalnitz continued that an eMBA student “is significantly older, with 10-15 years of work experience, and has responsibilities. He or she can’t just take off from work to get an MBA.” And the experience learning from their peers – team members – is often more valuable than what they learn in classes, said Kalnitz. In fact, graduates of eMBA programs often say the opportunity to learn from their peers is the reason they chose an eMBA over a part-time MBA program. George Bobinski, Associate Dean in the School of Management at Binghamton University (SUNY), indicated that his students have said 20 to 33 percent of all learning in their eMBA programs has come through the in- and out-of-class interaction with other high achieving professional students. The ability for students to contribute to their classes is vitally important, said Bobinski, who also serves as Chair of the Board of Trustees of the Executive MBA Council. “Most programs run with a significant lock-step, cohort-based component, and a very significant portion of student learning

To the Alpha of Arkansas Chapter of Beta Gamma Sigma at the Sam M. Walton College of Business, University of Arkansas for being designated the Gold Chapter two times in the past three years! A special thanks to the faculty advisor: John M. Norwood

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MBA by the Numbers Beta Gamma Sigma takes a look at MBA statistics Full Time Work Experience of MBA Students

MBA and Salary Expectations Of the many questions potential MBA students will likely ask themselves, one of the most important focuses on the financial rewards of earning the degree. Because of the significant costs – financial, family, time, etc. – individuals often wonder, “Is the MBA really worth it?”

13%

12%

13%

1 to 3 Years 28%

A Year or Less

The GMAT For individuals interested in pursuing their MBA, a necessary first stop is the Graduate Management Admission Test. As shown below, the GMAT was administered nearly 207,000 times in 2003-2004. The graphs to the right provide a glimpse of how test takers broke down demographically.

$76,147

70,000 70,000 $56,499

Graduate Management Admission Test (GMAT) Tests Taken by Testing Year

50,000 50,000

250,000 250000

40,000 40,000

200,000 200000

30,000 30,000

150,000 150000

20,000 20,000

100,000 100000

10,000 10,000

4 to 6 Years 3 to 4 Years

17%

Average Annual Base Salary (in U.S. Dollars)

8 to10 Years 6 to 8 Years

Furthermore, half of all survey respondents reported that they expected to receive a signing bonus with their first post-MBA job offer. The mean bonus expected from these respondents was $12,421. Of those respondents who had already received and accepted a job offer, the average signing bonus was even higher at $14,801.

60,000 60,000

10 Years or More

10%

To address that concern, one need look no further than the difference between pre- and post-MBA salaries. A 2004 study conducted by the Graduate Management Admission Council (GMAC) found that, on average, MBA recipients realized a 35 percent increase in their annual base salary.

80,000 80,000

Annual Base Salary in Last Year Prior to Starting the MBA

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Annual Base Salary Expected in First Job After Graduation

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50,000 50000

94-95 95-96 96-97 97-98 98-99 99-00 00-01 01-02 02-03 03-04

Previous Work Experience

Salaries and Signing Bonuses by Work Experience of MBA Students (in U.S. Dollars)

Individuals with significant previous 100,000 full-time employment typically see 100,000 100,000 higher salaries after receiving their 80,000 MBAs. Across the board, previous 80,000 80,000 60,000 time in the workplace combined with an advanced degree in business 60,00040,000 60,000 equals greater base salaries and larger 20,000 signing bonuses. While graduates with less than three years of work experience can anticipate the greatest change in salary – a 58 percent increase on average – graduates with three to six years in the workforce can expect the largest pay boost with an average

40,000 40,000

6 Years and Up 3-6 Years Less than 3 Years

$85,409 $74,083 $66,937 $59,882 $51,407

$37,0887Before MBA

Post-MBA

Signing Bonus

20,000 20,000 $9,261

Before Annual BaseMBA Salary Before Starting the MBA

increase of $22,676.

$12,490 $13,962

Post-MBA Signing Bonus Annual Base Salary Expected Signing Bonus Expected in First Job After Graduation

GMAT Test Percentage By Race

Who’s Taking the GMAT?

White White

GMAT Test Percentage By Gender

Hispanic American Hispanic American

1 6

Females Females

Indian

Asian/Asian American Asian/Asian American

Males Males

American Indian American

Black/African AmericanAmerican Black/African

61 39

GMAT Test Percentage By Citizenship Non-U.S. Non-U.S. USA USA

GMAT Test Percentage By Age

56 40 and 40-49

over

31-39 31-39 24-30 24-30 Less than than 24 Less

GMAT Test Percentage By Intended Study 5

Undecided Undecided

EMBA EMBA Part TimeTime Part

Full Time Full Time

Statistics and information presented in this section compiled from 2003-2004 survey data of the Graduate Management Admission Council (GMAC)

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Is the MBA Right for You? Getting ready for an advanced degree in business What Makes a Good MBA Candidate?

Pre-MBA Checklist

Before fully dedicating yourself to pursuing a graduate degree in business, it’s important to determine whether or not an MBA is a good fit for you. To self-evaluate your readiness for the MBA, ask yourself the following questions adapted from www.mba.com. 1. Do you know the management field/job that interests you? 2. Have you identified the industry that interests you? 3. Do you know your preferred geographic location? 4. Can you explain the reasons you believe an MBA will help you achieve your goals with regard to your targeted industry and job function? 5. Can you explain the reasons you believe an MBA will help you achieve your goals with regard to your natural strengths and weaknesses? 6. Can you articulate the strengths (academic, personal and professional) that have helped you to be successful and/ or that your colleagues have praised? 7. Can you articulate the weaknesses that have hindered your performance or created obstacles? 8. Are you clear about the personal factors that must be considered in making your decision? 9. Do you know how you would have to modify your career goals if you do not obtain an MBA?

10. Do you know which of the following elements are important to you in choosing an MBA program? • Not being required to relocate • Career/placement services • Being able to continue working full time • A full-time, full immersion experience • Being able to pursue an MBA work internship • Being able to declare a concentration of electives in my field • Cross-cultural experiences, not just academic ones • A general management “core” foundation in accounting, finance, human resources, information technology, marketing, operations and strategy If you answered yes to all 10 questions, you might be ready to begin the process of obtaining an MBA. Additional selfassessment tools and MBA information is available online at www.mba.com.

Here’s some advice from mba.com for presenting yourself well as an MBA candidate. Be honest. Admissions professionals can tell when someone is just trying to please the admissions committee. Be truthful about your MBA expectations, what your goals, aspirations and passions are, and why you are interested in a given school and program. Be realistic. Make sure that your career goals are based on an accurate assessment of your experience and skills. Your credentials should match the typical admissions requirements of the schools to which you apply. Tell not only what you hope to gain but also what you want to contribute. Classmates are an important part of the MBA education. Show that you’ll be a valuable member of the learning community. Know about the school and program to which you are applying. In addition to talking in detail about yourself, you should show that you are familiar with the given school and why you are a good fit. Pay attention to school culture and corporate culture. Visiting campus and talking to students will tell you whether you will fit in with the school’s culture. Differences in culture may also affect the decisions you make about where to work. Go back to school at the right time. Your post-MBA employment options will depend largely on your pre-MBA exposure and experience. By gaining useful pre-MBA experience, your intended post-MBA career will be much more attainable.

Paying for the MBA One of the greatest concerns of those considering an MBA is how to pay for it. Shown below is a breakdown of the principle methods used by MBA graduates to finance their MBAs as reported in GMAC’s Global MBA Graduate Survey 2004.

Primary Method of Financing MBA 2% 1%

Loans

8% 10%

Employer

36%

Personal Savings Grants, Scholarships, etc. Parental Support

13%

Personal Earnings

14%

16%

Spouse’s/Partner’s Earnings Other

Source: Graduate Management Admission Council (GMAC) 10

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MBAs in the Workplace What employers are looking for in MBA Job Candidates The 10 most important characteristics looked for in MBA graduates by employers are as follows:

So you’ve finished graduate school and you have your MBA...now what? Like your fellow graduates, you are on your way to the top of the business world. And while your individual job interests and desired career path may vary from your former classmates, most of you will be starting your new post-academic lives in much the same way...the interview.

Strong communication/interpersonal skills Proven ability to perform

Just by having your MBA, you have made yourself a very attractive candidate for potential employers. Your degree represents hard work and dedication, and embodies a set of skills that employers would love to add to their workplaces.

Cultural fit with company Evidence of adaptability

A 2004 study conducted by the Graduate Management Admission Council (GMAC) reports that, regardless of the industry, employers are attracted to an MBA graduate’s ability to think both analytically and strategically. Other attractive skills include strong leadership, quantitative abilities and developed oral communication skills.

Quantitative knowledge/technical skills acquired in MBA program Management knowledge/skills acquired through MBA program History of increased job responsibility

So what, then, are employers looking for when they interview MBA graduates?

Prior work experience related to industry, job, or company

More than anything else, the GMAC study found that employers are looking for candidates with strong communication and interpersonal skills. Ranking second and third on employers’ wish lists were applicants’ proven abilities to perform and whether or not they would be good cultural fits with the company.

Reputation of MBA program History of leading teams

Corporate Reimbursement and Sponsorship Programs

80 Percent of Companies with Corporate Reimbursement and

In addition to recruiting and hiring new MBA graduates, many companies that realize the value of having MBAs on staff offer corporate reimbursement or sponsorship programs to develop MBA talent from within the company.

60 60

By investing in the business education of their existing staff, these companies are able to see a return that goes beyond mere dollars and cents. According to a 2005 survey of corporate recruiters conducted by the Graduate Management Admission Council (GMAC), only 29 percent of recruiters reported that their companies offered no form of MBA reimbursement or sponsorship. While the reasons for sponsoring an employee’s MBA are numerous, employers reported that they most wanted their employees to improve their leadership and management skills, and also to make the employee increasingly promotable.

Sponsorship Programs, by MBA Program Type

50 50 40 40 30 30 20 20

10 0

Full-Time MBA Full-Time MBA

Part-Time MBA Part-Time MBA

Executive MBA Executive MBA

Source: Graduate Management Admission Council (GMAC)

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The eMBA (Continued from page 7)

assistance from their current employers. In addition to the economy, one of the reasons for the decline occurs through exchanges with other participants in the class,” in the number of employers footing the bill is that they know he said. with an eMBA their employees are more valuable to other The Executive MBA Council is a global non-profit companies. Many companies require their employees to sign organization made up of approximately 215 institutions offering a contract, guaranteeing they will stay for a certain number of eMBAs, with 75 percent of those in the United States. According years after completing their programs. Others will “loan” the to Kalnitz, there is currently significant growth in the number of funds to cover an eMBA program to an employee and forgive a business schools outside the U.S. offering executive programs. certain portion of the debt for each year the employee stays until Critics of institutions that have added eMBA it is paid off. programs sometimes point to what they consider lower – or Even though students are picking up a larger portion of less stringent – standards. While the processes may be different, the bill – and an 18-month eMBA program can cost $70,000 Kalnitz said the programs are just as rigorous and often more or more – business schools continue to receive large numbers valuable to those that choose them. of applications. According to 2004 survey data gathered by “The academic requirements are as high – if not higher – than the Executive MBA Council, 63 percent of schools reported traditional MBA programs,” he said. “The academic rigor is an increase in the number of applications received, compared just as high as with other programs. These are fully accredited to 2003. For traditional MBA programs, research shows that programs. applications decreased over the same time period (see graph on “I’ve heard the ‘MBA Light’ term used by some. Well, try page 8). telling that to someone who is working 60 hours a week and For employers, experts suggest that companies consider spends another 30 studying for his program. I think people see the costs and benefits before agreeing to fund employees’ individuals working full-time and going to eMBA studies. school – carrying While they can a full load – and “The academic requirements are as high – if not higher – than traditional MBA multiply the they just figure, programs...the academic rigor is just as high as with other programs. These are fully effectiveness of ‘The only way they accredited programs.” could be doing Maury Kalnitz, Managing Director of the Executive MBA Council an organization’s most valuable that is if there is employees, they little rigor.’ It’s an also can create difficulties. Workplace disruption, temporary urban myth; it’s just not true. loss of productivity, significant financial costs and the potential “These are high achievers who learn rapidly how to balance negative effect of making your top producers more marketable their lives. They accept that there are some things they will not to other employers are just a few things to consider. be able to continue with while they are in school – families tend As the former co-chair of the Executive MBA Council’s to suffer a bit. But they learn quickly how to manage their time, Research Center, Bobinski indicated that graduates from eMBA which is a very valuable skill.” programs report a very high level of satisfaction in the value Bobinski agreed that proper balance is critical to the success of their education. From 2000-04, exit surveys have indicated of students in eMBA programs. that, in grading overall performance of the program, 82 percent “You have to have the ability to balance work and academic of graduates say their program performed extremely well. In schedules, and be able to give priority to both,” he said. “They overall quality, 81 percent rated their program as excellent. are – almost in all cases – fully employed and working far more If you’re interested in finding more information about eMBA than 40 hours per week. They have family responsibilities in program opportunities, you might visit the Executive MBA many cases. And they are pursuing a very aggressive schedule, Council website at www.emba.org. where they’re completing their program in 18 and 24 months.” In the past, most eMBA programs were fully funded by an individual’s employer. That is no longer the case. However, while the number of companies paying for the complete program has gone down to around 30 percent, the majority of The Purpose of DocNet is to promote students entering eMBA programs are getting some level of

BGS Poll Question

The Winter 2005 Issue of the Beta Gamma Sigma International Exchange will focus on the topic of entrepreneurship, and BGS wants your opinion on the topic. To take the online poll, click on the link located on the front page of BetaNet at www.betagammasigma.org. We are looking for the largest response possible, and we will include the results in the Winter 2005 issue.

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DocNet

doctoral education in business throughout the world.

DocNet hosts doctoral recruiting events at various locations, including those shown below.

Toronto, Canada Date: June 23, 2005 Time: 5-7 pm Place: York University’s Schulich School of Business

Atlanta, GA

Date: October 12, 2005 Time: 5-7 pm (tentative) Place: TBD

Beta Gamma Sigma Each year, Beta Gamma Sigma recognizes individuals who have attained business success while embodying the Society’s core beliefs of honor, wisdom and earnestness. These individuals have demonstrated their dedication not only to business success and leadership, but also to serving those in the community around them. As such, Beta Gamma Sigma is honored to recognize its 2005 Business Achievement Award recipients.

Martin Mintz

In a career that has spanned over 40 years, Martin Mintz has practiced business with one simple philosophy in mind: “Whenever possible, never say ‘no’ to a customer.” With that philosophy in play, Mintz has earned a reputation as both a successful businessman and a caring humanitarian. As CEO and President of Northern Pharmacy and Medical Supplies, Mintz has strived to keep his company competitive while also maintaining a high level of service to his customers. Shohreh Kaynama, Dean of Towson University’s College Martin Mintz (R) receives the BGS Business of Business and Achievement Award from Shohreh Kaynama Economics, said (L), Dean, Towson University and William when it came time to Smith, Associate Professor, Towson nominate someone University. for the BGS Business Achievement Award, Mintz immediately came to mind. “He is a self made entrepreneur,” she said. “All of the dimensions of a great leader – he possesses them.” Mintz, a 1960 graduate of Towson University, followed his undergraduate studies by receiving his graduate degree from the University of Maryland School of Pharmacy in 1965. In 1968, Mintz bought Northern Pharmacy, and shortly thereafter expanded its business to provide service to Maryland nursing homes as well as sell ostomy supplies. Since that time, Northern Pharmacy and Medical Supplies has become one of the largest and most diverse independent medical supply companies in Maryland with total annual sales growing from $250,000 in 1968 to $25 million in 2004. Mintz’s efforts have not gone unnoticed. In 2001 he was awarded the Innovative Pharmacy Practice Award from DuPont Pharmaceuticals, and in 2002 he was recognized with Towson University’s Distinguished Alumni Award. Mintz has also dedicated much time to serving on various boards and committees, including those

commissioned by Maryland’s governor’s office and the Maryland Department of Health and Mental Hygiene.

Joseph W. Moeller

Combining accomplishments as a business leader and dedication to his personal beliefs, Joseph W. Moeller embodies the essence of business achievement. Moeller, President and Chief Operating Officer of Koch Industries, Inc., started his 39 year professional career shortly after graduating with a degree in petroleum marketing from the University of Tulsa in 1966. Moeller passed on an opportunity to work for Humble Oil Company, now ExxonMobil, to Joseph Moeller receives the BGS Business Achievement Award at the take a chance on a small University of Tulsa. He is pictured private entrepreneurial oil company – Koch Industries. above with his wife Mary. By 1976, Moeller was leading all U.S. marketing, trading and distribution activities for Koch Refining Company and all its subsidiaries. In the years that followed, Moeller would serve in several more leadership roles within the corporation, including a 1995 appointment as President of Koch Industries International. In this capacity, Moeller planned Koch’s initial entry into various international markets and founded the corporation’s operations in Canada. A. Gale Sullenberger, Dean of the University of Tulsa College of Business Administration, recommended Moeller for this year’s Business Achievement Award. Sullenberger said values and beliefs have played a very large role in Moeller’s career. “His commitment to his ideals led him to choose a career at Koch Industries directly out of college, and 39 years later he’s still there - only now he’s the president and COO of one of the biggest companies in the United States.” During the time that Moeller has been with Koch Industries, the corporation has grown a thousand-fold. Currently, Koch Industries is the second largest private corporation in the United States, has a presence in 50 countries and employs more than 30,000. In addition to Koch’s worldwide operations, the corporation has also made significant contributions to philanthropic causes, donating time and money to organizations such as the North Wichita YMCA, Habitat for Humanity, Big Brothers Big Sisters, the Sedgwick County Zoo and the Youth Entrepreneurs of Kansas.

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Moeller has dedicated much of his own time and resources to humanitarianism, making personal donations to a variety of charities. He also currently serves on the University of Tulsa Board of Trustees. Moeller’s success has twice earned him recognition from his alma mater. He was named the University of Tulsa College of Business Administration Outstanding Alumnus for 1995-96, and in 2004 was named a University of Tulsa Outstanding Alumnus.

Administration, described Fitzpatrick as a “highly effective, dedicated, humble and socially responsible leader, absolutely deserving of this recognition.” Fitzpatrick, who received both his bachelor’s degree and MBA from La Salle University, has been with SLM since 1998. Under Fitzpatrick’s leadership, SLM awarded $28 million to help charter schools in Washington, D.C. and funded the “First in My Family” program to raise awareness among Hispanics that college is both valuable and affordable. SLM also awarded $20,000 in scholarship funds to La Thomas J. Fitzpatrick Salle University’s BUSCA program. The program, meaning Of the many factors that contribute to one’s potential “to search for” in Spanish, provides success, few are as powerful as Spanish-speaking students the education. One individual who has opportunity to pursue a college helped make a college education a education without first taking reality for countless others is Thomas courses in English as a second J. Fitzpatrick, President and COO of language. SLM Corporation. Fitzpatrick has personally donated More commonly known as Sallie more than $100,000 to La Salle Mae, SLM is the Unites States’ University. His most recent gift to the leading provider of educational school allowed for the installation funding, currently owning or of video conferencing technology in managing loans for over seven the business school’s classrooms. In million borrowers totaling over $81 honor of his dedication to the school billion in student loans. SLM also Thomas Fitzpatrick (L) receives the BGS Business of business, Fitzpatrick was inducted offers resources to guide families Achievement Award from Gregory Bruce, Dean, as an honorary member of the La through the financial aid process. La Salle University School of Business. Salle University Collegiate Chapter Gregory Bruce, Dean of the La of Beta Gamma Sigma in 2004. Salle University School of Business

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While Beta Gamma Sigma strives to provide a lifetime of benefits for all its members, nowhere are these benefits as apparent as they are within the Alumni Network. Alumni Chapter members of Beta Gamma Sigma are able to network entrepreneurial training to low- and with other BGS lifetime members, and moderate-income individuals wanting have access to professional contacts to start their own businesses. The and development opportunities that are presentation, which coincided with otherwise unavailable. a computer upgrade at Schmidler’s One member who has benefited workplace, caught his attention. from his membership in the BGS Schmidler called Harris Alumni Network is Martin the next week. “I liked Schmidler, Vice President your presentation,” he of Information Technology said, remembering the for UniPro Foodservice. conversation. “You’re doing Schmidler joined the Atlanta a lot of good work. Can you Area Alumni Chapter use these computers?” shortly after moving from While Harris was Cincinnati in 2003. He unable to find use for the explained that in an attempt computers, she was able to to get situated with his new put Schmidler in contact surroundings, he looked with another organization, up the local BGS Alumni Martin Schmidler Tech Corps, a group Chapter and started to UniPro Foodservice dedicated to narrowing the attend their meetings. digital divide through improvements “I really found a number of the in educational technology at the presentations to be inspirational, and K-12 level. Through this connection, I was very impressed by the quality of Schmidler and UniPro Foodservice the presenters,” he said. donated 100 desktop computers to the In 2004, Schmidler attended an national non-profit organization. alumni meeting in which Patricia Since that time, Schmidler says Harris, CEO of Cobb Microenterprise that UniPro has donated another Center, gave a presentation regarding 10 computers to Tech Corps, and is her organization’s work in providing

Beta Gamma Sigma planning to donate another 50 later in the year. Schmidler gives credit for the donations to the Alumni Network. “Before attending that meeting, I would just thumb through the phone book looking for somewhere to dispose of these kinds of things. I just wasn’t aware. But that presentation got me thinking.” Continuing, Schmidler said “It shouldn’t be about what the network can do for me, but how I can use the network to help other people.” And Schmidler has done just that, having not only made his own friendships within the network, but also introducing friends capable of mutually benefiting each other. “This is truly one of the biggest benefits of the alumni network,” Schmidler said. “It’s not just about collecting business cards...but meeting people.” For more information on joining the Beta Gamma Sigma Alumni Chapter in your area, check the alumni section of BetaNet located at www. betagammasigma.org/alumni.htm.

To support the alumni chapter efforts in your area, renew your chapter membership, or become a new alumni chapter member today! Annual dues for Alumni Chapter Membership have been standardized for all chapters, excluding New York City and San Diego. For more information about these chapters, or for additional membership levels at all chapters, please check the BetaNet website or contact Jean Tucker at jtucker@betagammasigma.org. The New Member and Annual Renewal Form is Below. Please return the form by mail to: Beta Gamma Sigma, 125 Weldon Parkway, Maryland Heights, MO 63043-3101. You can also fax the form to 314-432-7083, or email the necessary information to alumni@betagammasigma.org.

Alumni Network New Member and Annual Renewal Membership Form Annual Membership Dues: Regular Membership (Annual) - $30

New Inductee Membership (within one year of induction) - $10

Mr. Mrs. Ms. Prof. Dr. Other:__________________ Local Alumni Chapter Name/City:________________________________________________________________________ Check One: Regular Member (Renewal) Regular Member (New) New Inductee (1st Year) Name:_______________________________________Maiden/Previous Name: ____________ Member Number:__________ Home Address:________________________________________________________________________________________ Company Name:__________________________________________________ Title:_________________________________ Bus. Address: _________________________________________________________________________________________ Bus. Phone: _______________________________ Fax: _____________________ Email:____________________________ School where inducted:___________________________________________________ Year Inducted:___________________ Enclosed is my check or money order in the amount of $_________. Please make checks payable to Beta Gamma Sigma Charge my alumni membership to: MasterCard Visa Discover AMEX

Card #:__________________________________________ Exp. Date:_________________________________

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Gifts from Friends

Beta Gamma Sigma gratefully acknowledges the support of the following individuals, as well as the organizations listed on the back inside cover. Without this assistance, the Society would be unable to continue adding value to the lifetime membership. Chairman’s Board $2,000-$4,999 Mississippi State University Sara M. Freedman Temple University John J. Mehalchin

Director’s Table $1,000-$1,999

University of Alabama and University of Arkansas Lynne D. and Woodrow D. Richardson University of Arkansas John M. Norwood University at Buffalo, SUNY Paul F. Eckel California State University, Long Beach Robert H. Smith University of California, Irvine David H. Blake University of Georgia James E. Brinson Jacksonville State University Carl W. Gooding James Madison University Robert D. Reid The University of Michigan John W. Madigan University of North Carolina at Greensboro James K. Weeks University of Pittsburgh Donald R. Beall Purdue University Dennis J. Weidenaar University of Rhode Island James A. Viehland University of Toledo Thomas G. Gutteridge Valdosta State University Kenneth L. Stanley

President’s Cabinet $500-$999

University of Alabama Marinda J. Wood Baruch College, CUNY Lee A. Feldman Baylor University Tim D. Brewer Boston University Constantinos P. Yiorkadjis University of Chicago James R. Sanger University of Colorado John P. Lymberopoulos University of Denver Charles H. Albi Duquesne University Steven R. Berlin Indiana University Jack R. Wentworth Kent State University George E. Stevens Michigan State University Bruce D. Bottomley University of MissouriColumbia Duncan L. Matteson New York University Graduate School of Business Yasuto Tsuruta Kinne Sigety Yon Michael David Yon Northwestern University Ronald N. Paul Temple University Stephen H. Morris Western Illinois University Vicki Klutts

Dean’s Club $250-$499

College of Charleston Guy E. Beatty Hofstra University Bernard M. Eiber University of Houston Emile A. Bussemey University of Maryland Curtis L. Scribner

Miami University Robert J. Kamerschen Michigan State University Philip E. Lippincott The University of Michigan Richard C. Slayton Philip L. Smith University of MissouriColumbia Carl S. Quinn New York University Edward Peters North Carolina A&T State University Quiester Craig Northwestern University Paul R. Seegers The Ohio State University Charles W. Plum Oregon State University P. Leon Giles University of Pennsylvania Robert C. Nevin University of South Florida Edward B. Smith University of Southern California Doreen Lee Gee Yash P. Gupta Temple University Scott Ghiz University of WisconsinMadison James F. Kress

Century Club $100-$249

Herndon Foundation Anonymous University of Akron Michael J. Berthelot Debbie A. Hummert University of Alabama Whit Armstrong Samuel A. Di Piazza, Jr. Joseph M. Farley John F. Yeager University of Alabama at Birmingham John A. Pinkston Appalachian State University Betty S. Carreiro University of Arizona Jack D. Billingsley Howard S. Bremond James W. Grantman Bruce C. McAlister David P. McElvain University of Arkansas Harry C. Erwin Ward N. Marianos Nancy K. Quinn George W. Vest Doyle Z. Williams University of Arkansas at Little Rock Susan G. Rogers Auburn University at Montgomery Kath M. Carter Ball State University John J. Carter Baruch College, CUNY Anthony K. Adjei Peter D. Hopkins Samuel M. Miller Edwin B. Morris John Nappo William E. Oakley Murray L. Pfeffer Dr. & Mrs. Samuel G. Ryan, Jr. Jerome A. Seidman William H. Shron George T. Wendler Boston College Mary G. Desimone Henry K. Kelly Boston University Arthur C. Anton Harvey A. Creem Thomas A. Greenquist Frank P. Himmel Gregory E. Hudson University of Bridgeport Andrew M. Dolny Rita A. Galgano University at Buffalo, SUNY Calvin J. Haller

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Brigham Young University Randy K. Cox University of Calgary M. Rachel Colabella University of California, Berkeley Leonard A. Aplet Marc J. Desoer Jennifer L. Eccles Leland E. Leisz Carter C. Miller Herbert G. Meyer Gerald E. Myers University of California, Irvine James F. Elliott University of California, Los Angeles Bernard D. Fischer Irwin D. Goldring Joseph C. Schabacker Earl M. Weitzman California State University, Bakersfield David F. Glossbrenner California State University, Long Beach David S. Parkin Susan V. Parsons Susan L. Volmer Russell E. Walker Thomas W. Wilson California State University, Los Angeles George J. Walendowski Canisius College Reginald B. Newman, II Robert E. Rich, III College of Charleston Jerry Zucker University of Chicago John T. Baily Gerald R. Bouwkamp Mark S. Hoplamazian Richard J. Weiland University of Cincinnati Robert E. Dobbs Hugh H. Hoffman Clark University Claire Maday Dawn Murphy Clemson University Martha S. Clamp Philip B. Dubose John P. Harman Marvin J. Pinson, Jr. Cleveland State University Linda H. Rogalski University of Colorado Harvey A. Everett Carol R. Gruen Lexis F. Higgins Edward C. Mitchell University of Colorado at Colorado Springs Monica E. Tucker University of Colorado at Denver Susan K. E. Heinzeroth Colorado State University Richard L. Robinson Columbia University Carl E. Favelukes Brett Hoenninger Earle W. Kazis Paul Montrone Paul Morimanno Diana M. Sattelberger Mitchell M. Stein Washington Sycip University of Connecticut Gregory K. Phelps H. Douglas Porter George G. Roller Creighton University Bryan K. Brown + University of Dayton Terry D. Carder University of Delaware Judith A. Rusch University of Denver Allan A. Gemmell Lowell A. Hare DePaul University Howard S. Goss University of Detroit Mercy Kathleen D. Aznavorian J. F. Bradley, Jr. Mark R. Carver E. Daniel Grady Francis E. Westmeyer Drake University J. Robert MacNaughton

SUMMER 2005

Drexel University Brian W. Moran Duquesne University Joanne R. Beattie William H. White East Carolina University August F. Malson, II Ray G. Stephens East Tennessee State University Allan D. Spritzer Eastern Illinois University Gregory A. Bonnell Emory University Katherine B. Davis Scott J. Sanders University of Florida John C. Appel John J. Slaboch Walter J. Smith Liu Pang-Yu Florida Atlantic University Carlene R. Walker Florida State University Robert Gilliam James S. Howell Jr. Sharon L. Lechter John A. Lemine Fordham University Ford J. Levy Michael J. King John-Charles Van Essche George Washington University Donald B. Downs Mary M. Lewis Georgetown University Robert J. Almerini Georgia Southern University Ralph M. Andrews Lewis M. Stewart Georgia State University W. Daniel Barker William H. Edwards Soga Ewedemi L. Fred Miller University of Georgia Charles H. McMillan Gonzaga University Ann M. Brown University of Houston Kenneth Y. Rosenzweig Elizabeth Starkey University of HoustonClear Lake Jo Ann Petersen Idaho State University George A. Daft University of Illinois at Chicago Nsikak E. Akpakpan Mary S. Blust University of Illinois Thomas B. Sleeman Henry D. Strunk Mary M. Wykes Indiana University John W. Argo Wayne D. Boberg Donald C. Danielson David E. Greene Warren O. Hilton Thomas S. Hoelle Erwilli R. Jackson Allen E. Rosenberg Warren S. Widing Indiana UniversityNorthwest Paul R. Fotia Indiana UniversityPurdue University at Fort Wayne Susan M. Hinds University of Iowa Vernley R. Rehnstrom Kansas State University Michael A. Duncan University of Kansas Edward C. Burns W. C. Hartley Richard D. Love Thomas G. Reed Kennesaw State University Katie H. Brown Lehigh University Paul Caster Michael Fava University of Louisiana at Monroe Joseph P. Farr Saul A. Mintz Louisiana State University Robert S. Greer

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GENEROUS DONORS SUPPORTING BETA GAMMA SIGMA November 10, 2004 - April 30, 2005 Loyola College in Maryland I.H. Hammerman, II Loyola University Chicago Kenneth R. Weigand Marquette University Steven J. Borkenhagen Dale Norman Hoemke David J. Hushek Gerard J. Martin Catherine J. McLane David A. Straz, Jr. University of Maryland Robert H. Carmack Larry E. Groves Louis I. Rosen McNeese State University Joe T. Miller, Sr. University of Memphis Patricia M. Dick Alice M. Fray-Sellers University of Miami Zsolt Tibor Agardy Mary V. Fisher Arthur H. Hertz The University of Michigan Fred A. Erb Peter M. Kardel Lawrence J. Pilon Joel D. Tauber Linda Irene Voss J. D. Williamson Michigan State University Rex Chong S. Scott Dean Dennis W. Duquette Steven J. Frisbie Edward E. Hagenlocker Alexander C. McKeen Douglas M. Klein Gayann Reynolds Richard W. Warren Middle Tennessee State University Robert E. Lea University of Minnesota James B. Dagnon Harold M. Gellman Douglas W. Kirk + Jed D. Larkin Mississippi State University Hubert L. Keasler, Jr. University of MissouriColumbia Richard G. Fick Montclair State University David C. Zimmerman University of NebraskaLincoln Alan D. Chunka University of Nevada, Reno Gene R. Sheldon New Mexico State University M. Don Kidd New York University Alice R. Buedden Stuart S. Flamberg Dwight A. Kellogg Richard A. Leibner Lester H. Lieberman Joseph P. Martori Charles Mele Sanford J. Moster Geoffrey M. Parkinson, Jr Peter Simigan New York University Graduate School of Business Michael A. Cibelli Virginia C. Ashcraft Everitt David D. Hoguet Lucy A. Kramer Leslie B. Orr North Carolina A&T State University Bowman K. Burton, Jr. Phillip Mark University of North Carolina at Chapel Hill William K. Rollins Leslie A. Rubin J. Dale Whitworth University of North Florida John F. Swietnicki University of North Texas Sandra Jacaman Northeastern University Jonathan P. Kutrubes Dennis R. Shaughnessy Lorraine P. Steele Northern Illinois University Denis M. Desmond William F. Krumske, Jr.

Northwestern University Aldert J. E. Blank Albert J. Bows John R. Hannah Don H. Reuben Paul T. Wilkinson University of Notre Dame Peter J. Dolan Robert M. Tobben Jeffrey W. Yingling Oakland University C.S. Bud Kulesza George H. Seifert The Ohio State University Richard J. Beebe Norman S. Crystal John R. Ervin Barry S. Feldman Stephen J. Hopkins Philip E. Mark James G. McMillan Ohio University Paul J. Dunphy Shelley J. Haskins Larry R. Webb R. Budd Werner University of Oklahoma William R. Howell John W. Nichols Old Dominion University Christopher M. Lloyd University of Oregon Constantinus J. Fauconnier Pacific Lutheran University Brendan L. Glaser University of Pennsylvania Michael S. Blechman Anthony J. DeLeon Noreen Quinn Fisher Clayton R. Jones, Sr. Edward A. Schrag The Pennsylvania State University Robert M. Griffin University of Pittsburgh James A. Lawson Portland State University George E. Miller University of Portland Robert B. Pamplin, Jr. University of Rhode Island Margo L. Cook University of Richmond Robert S. Ukrop University of Rochester Ramachandra Bhagavatula Serge Deteindre Gary P. Johnson Shigetaka Yamakawa Roosevelt University Donald H. Ho Fung James F. O’Bert Rutgers, The State University of New Jersey Camden Debra A. Purfield Rutgers, The State University of New Jersey Newark Leslie E. Goodman Jack L. McIntosh Frank L. Stifelman San Diego State University Carla M. Kuhns Gene A. Lynes Cheryl J. Stanislawski University of San Francisco David R. Dull Samantha J. Leach San Jose State University Dave L. Coles Santa Clara University Mark J. Bluth Anthony J. McKeon Mary D. Niemiller Seattle University William B. Gavin Terrence C. Kabanuck Shippensburg University Brad P. McMullen University of South Carolina A. E. Rountree

University of South Dakota Theodore J. Jelke William F. Turner John R. Waltner University of South Florida Candice M. Jacobe University of Southern California Steven D. Crowe Frank J. DiNoto Jay H. Grodin James M. Muller John S. Patton Richard J. Smith William R. Woodward Southern Illinois University at Carbondale Roy A. Causey University of Southern Maine Clifford D. Beckwith, Jr. Southern Methodist University Robert E. Henderson Jari O. Honkanen Cher E. Thomas Jacobs James H. Keet Lee T. Norman University of Southern Mississippi Harold C. Brashears St. John’s University Iris Altilio Saint Louis University David A. Gardiner, Jr. Stephen F. Austin State University Charles P. Engel Christopher Simard Susquehanna University Raymond C. Lauver Syracuse University Donald D. Brown George R. Burman Earl E. Evens, Jr. Walter W. Hemming Frederick H. Weeks Temple University Daniel R. Burkus Marvin Comisky George Goldstone James R. Krouse Richard J. McAlonan Gary Mozenter Ralph W. Newkirk, Jr. Texas Christian University David E. Bell Texas Tech University Ray L. Robbins The University of Texas at Arlington Mark C. Hensel, Jr. The University of Texas at Austin Donald G. Calhoun Grant A. Fuller Glen A. Rosenbaum Carol F. Shepherd The University of Texas at San Antonio Deborah A. Pool Texas A&M UniversityCommerce Cedric G. Robinson Raik Kleiss-Schmid University of Utah Robert E. Hafey Joseph B. Pereles Valdosta State University W. Ed Crane Virginia Commonwealth University James R. Bedenbaugh Virginia Tech University John G. Rocovich, Jr. University of Virginia Derwood S. Chase Washington & Lee University Reid T. Campbell James A. Meriwether Julian B. Mohr Howard A. Rubel Washington University Howard E. Lovely Maria W. G. Schweizer + Henry L. Seifert Terrance M. Smith Joe E. Strawn, Jr.

University of Washington Philip R. Bogue Raymond L. Oatfield Wayne State University Debra L. Bernstein West Virginia University George G. Bauernfeind Richard M. Gardner Western Carolina University James A. Valkenaar, Jr. College of William & Mary Kathryn J. Lincoln Sheila P. Pate Hays T. Watkins University of WisconsinMadison Keith A. Bouterse, Jr. Jack W. Boyle Fred H. Dohmen Bruce R. Ellig David A. Geraldson Michael T. Maxwell Anjanie L. Ramnarine University of WisconsinMilwaukee Brenton H. Rupple Tara L. Zerby University of WisconsinOshkosh Frank H. Heckrodt Larry Koeppen Mary P. Locatelli University of WisconsinWhitewater Janice R. Amos

Four-Year Commitments to the BGS Century Fund

Arizona State University David M. Nicol ($100 annually) Colorado State University Scott T. Baker ($50 annually) Columbia University Patrick Wielemans ($250 annually) University of Florida Yannis N. Karayannis ($50 annually) Indiana University Kokomo Robin L. Clark ($10 annually) University of Maryland Cheryl L. Querry ($30 annually) New York University Graduate School of Business Michael Yakir ($100 annually) University of Rochester Engelbertus Pennings ($50 annually) Washington State University Lisa R. McMullen ($30 annually) College or University Unknown Patrick McCarty ($25 annually)

Matching Gifts

Aon Foundation Robert L. Boumann AXA Foundation Eugene L. Meyers Houghton Mifflin Company Thomas E. Deming J.P. Morgan Chase Foundation Iris Altilio Saul D. Behr Pfizer Foundation Bruce R. Ellig E. Thomas Thurber

+ Multiple/more than club level contributions

Thank You! FOR YOUR GENEROUS SUPPORT

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Beta Gamma Sigma thanks those organizations that generously support the Society’s programs and services Beta Gamma Sigma is always seeking ways to make its lifetime membership more valuable. If your company or organization would like to join those listed by supporting the Society’s programs and services, please contact the Central Office at: partners@betagammasigma.org 800-337-4677 (US) 314-432-5650 (outside US)

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