FAST TRACKERS, SPECIALISTS AND UNSUNG HEROES UNDERSTANDING TALENT
IS A STRATEGIC PLAN REALLY THAT IMPORTANT FOR ENTREPRENEURIAL FINANCING?
It’s All All About About Access It’s TheFordham FordhamUniversity UniversityGraduate GraduateSchool School of of Business Business Administration’s Administration’s The
EXECUTIVEMBA MBA PROGRAM PROGRAM EXECUTIVE Offered at Fordham’s Lincoln Center and Westchester Campuses • •Offered at Fordham’s Lincoln Center and Westchester Campuses • Meets One Weekend a Month: Friday, Saturday and Sunday • Meets One Weekend a Month: Friday, Saturday and Sunday • Professionally Diverse Student Groups and World-Renowned Faculty • Professionally Diverse Student Groups and World-Renowned Faculty • International Capstone Trip Combines Practical Business Skills with • International Capstone Trip Combines Practical Business Skills with Cross-Cultural Experiences Cross-Cultural Experiences • Focus on Cura Personalis (Care for the Whole Person) — by Educating Mind, • Focus on Cura Personalis (Care for the Whole Person) — by Educating Mind, Body and Spirit. Body and Spirit.
Graduate School of Business Administration Graduate School of Business Administration Lincoln Center, New York, N.Y. +1 (212) 636-6167 Lincoln Center, NewHarrison, York, N.Y. +1 +1 (212) 636-6167 Westchester, West N.Y. ( 914) 367-3274 Westchester, West Harrison, N.Y. +1 ( 914) 367-3274 www.fordham.edu/emba www.fordham.edu/emba eeo/aa
TABLE OF CONTENTS
Table of Contents
MBA Review CEO Magazine
The MBA In 2013 – Deans’ Predictions Wendy Alexander, Dr Francis Petit, Dr Georges Nurdin, Dr Emad Rahim, Dr Jorge Farinha, Dr Kathy Schwaig, Laurie Walker and Dr Shawn Daly
Fast Trackers, Specialists And Unsung Heroes Preston Bottger and Jean-Louis Barsoux, IMD
A School That Doesn’t Stand Still, A City That Never Sleeps Dr Francis Petit, Fordham University
18 CEO MAGAZINE
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For Your Organization To Succeed In The 21st Century, You Need To Change How You Lead
Mark C. Crowley
Living And Learning In A Truly Innovative Environment Dr Terri Friel, Roosevelt University
Are You Becoming Clique-ish? Alvin Lee, INSEAD Knowledge
An Emerging Leader In Jesuit Business Education David McCallum, Le Moyne College
CHICAGO BOOTH HAS BEENBOOTH CALLED CHICAGO THE TOP HAS BEENBUSINESS CALLED SCHOOL THE THE TOP IN BUSINESS WORLD. IN WETHE ASKED SCHOOL WHY? WHAT’S WORLD. WE ASKED THE WHY?PROOF? WHAT’S THE PROOF?
The fact that we question every answer and test every result is what put us in this position in the first place. Our rigorous approach and free market thinking teach people how to think, not what to think. It’s an approach that has led to some pretty amazing results, including our consistent presence among the world’s most highly ranked business schools. Of course, we intend to stay at the top of the field, The factmore that we question every answer and unrivaled test every philosophy result is what but our serious commitment is to our of put us in thisand position in thethe firstnext place. Our rigorous approach and stimulating educating generation of innovative minds. free market thinking teach how to think, notawhat to think. It’s Chicago Booth—more than people just a business school, business force. an approach that has led to some pretty amazing results, including our consistent presence among the world’s most highly ranked business schools. Of course, we intend to stay at the top of the field, but our more serious commitment is to our unrivaled philosophy of stimulating and educating the next generation of innovative minds. Chicago Booth—more than just a business school, a business force.
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Setting The Moral Compass For Tomorrowâ&#x20AC;&#x2122;s Leaders Dr Paul Richardson, Niagara University
Raising The Bar In The Peach State Dr Alison Keefe, Kennesaw State University
Lifelong Learning With A Global Mindset Dr William Wells, Georgia Southern University
Is A Strategic Plan Really That Important for Entrepreneurial Financing? Dr Emad Rahim, Colorado Technical University
THE MILLSAPS COLLEGE Millsaps MBA AND EXECUTIVE MBA NEXT STOP, WHEREVER YOU WANT.
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Executive Coaching From Prince Hal Nigel Roberts, INSEAD Knowledge
Leading Innovation In Online Learning Dr Emad Rahim, Colorado Technical University
Teaching Future Business Leaders To Become Great Thinkers
List of Contributors
Dr Kim Burke, Millsaps College
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Colorado Technical University was ranked as a 2012 Top 10 online MBA program by CEO Magazine, a publication of the International Graduate Forum. Our online MBA program focuses on industry-current topics and executive-level skills that prepare you for real-world business opportunities. Plus, you’ll find degree programs for today’s Colorado Technical Universitywas wasranked ranked Colorado Technical University dynamic fields. Own every opportunity – starting with the right as a 2012 Top 10 online MBA program as a 2012 Top 10 online MBA program CEO Magazine, a publicationofofthethe by by CEO Magazine, a publication MBA program.
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Find disclosures on graduation rates, student financial obligations and more at www.coloradotech.edu/disclosures. Not all programs are available to residents of all states. CTU cannot guarantee employment or salary. 42-33086 0394063 12/12
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2013 MBA RANKINGS KPIs criteria weighting Male-to-Female Ratio
The International Graduate Forum (IGF) wanted to develop a set of MBA rankings for CEO Magazine that truly reflect the qualities and values that students seek in a business school. Based on research conducted with past and present students, two key areas came to the fore: the quality of the in-class experience, and the quality of the teaching faculty. Thus metrics such as smaller class sizes, student work experience, international diversity within the classroom, faculty-to-student ratios, and faculty qualifications â&#x20AC;&#x201C; both academic and professional - are given considerable weighting. With competition between business schools continuing to increase, it is important for schools to understand what students really want. Schools ranked highly by the IGF in CEO Magazine have been successful in this goal. Bigger is not always better, and our aim is to highlight schools that offer exceptional value and quality, and increase the choices available to our readers when faced with the difficult decision of where to study their MBA.
Range of Programmes
14% Faculty with Business Backgrounds
8% 12% Faculty with PhDs Study Abroad Option
8% 12% Teacher-toStudent Ratio
10% International Diversity
Average Experience in Cohort
GLOBAL MBA SUPER TABLE Appalachian State University - Walker Arizona State University - Carey Ashridge Business School Audencia Nantes Australian Catholic University Australian Institute of Business Australian School of Business (AGSM) Babson College: Olin Boston College: Carroll Boston University - School of Management Brigham Young University - Marriott California State University - Northridge Carnegie Mellon University - Tepper Ceibs CEU Business School City University - Cass Colorado Technical University Columbia Business School Copenhagen Business School Cornell University - Johnson Cranfield School of Management CUHK Business School Dartmouth College - Tuck Duke University - Fuqua EIPM Emory University - Goizueta ENPC - School of International Management ESADE Business School
North America North America Europe Europe Australia Australia Australia North America North America North America North America North America North America China Europe Europe North America North America Europe North America Europe China North America North America Europe North America Europe Europe
Fordham University - Graduate School of Business Administration
Georgetown University - McDonough Georgia Institute of Technology - Scheller Harvard Business School HEC Paris Hochschule Darmstadt Hong Kong UST Business School IE Business School IESE IMD Imperial College Business School Indian Institute of Management, Ahmedabad Indian School of Business Indiana University - Kelley INSEAD International University of Monaco ISCTE ISEG Jacksonville University - Davis Kennesaw State University - Coles Kent State University La Salle University Lancaster Management School Le Moyne College - Madden London Business School Lorange Institute of Business Zurich Lynchburg College Macquarie University Graduate School of Management Manchester Business School Melbourne Business School Michigan State University - Broad Millsaps College MIT - Sloan Monash University Nanyang Business School National University of Singapore Business School New York University- Stern Niagara University Northwest Missouri State University - Booth Northwestern University - Kellogg Ohio State University - Fisher
North America North America North America Europe Europe China Europe Europe Europe Europe India India North America France / Singapore Europe Europe Europe North America North America North America North America Europe North America Europe Europe North America Australia Europe Australia North America North America North America Australia Singapore Singapore North America North America North America North America North America
Paris School of Business Pennsylvania State University - Smeal Porto Business School Purdue University - Krannert Queens University of Charlotte - McColl
Europe North America Europe North America North America
Queensland University of Technology Graduate School of Business
Reims Management School Reykjavik University Rice University - Jones RMIT University Graduate School of Business and law Rochester-Bern Rotterdam School of Management, Erasmus University SBS Swiss Business School SDA Bocconi Southern Methodist University - Cox Stanford Graduate School of Business
Europe Europe North America Australia Europe Europe Europe Europe North America North America
Swinburn University of Technology Australian Graduate School of Entrepreneurship
Texas A&M University - Mays Texas Christian University - Neeley The Lisbon MBA (Nova and Católica-Lisbon)* The University of Adelaide The University of Pennsylvania - Wharton The University of Queensland Business School Thunderbird School of Global Management UCLA - Anderson University of Arizona University of Ballarat University of California - Davis University of California at Berkeley - Haas University of California Irvine - Merage University of Cambridge - Judge University of Chicago - Booth University of Florida - Hough University of Hong Kong University of Illinois at Urbana-Champaign University of Iowa - Tippie University of Maryland - Smith University of Massachusetts University of Michigan - Ross University of Minnesota - Carlson University of North Carolina - Kenan-Flagler University of Notre Dame - Mendoza University of Oxford - Saïd University of Pennsylvania - Wharton University of Rochester - Simon University of Southern California - Marshall University of Sydney Business School University of Texas at Austin - McCombs University of Texas, Dallas University of Toronto - Rotman University of Virginia - Darden University of Washington - Foster
North America North America Europe Australia North America Australia North America North America North America Australia North America North America North America Europe North America North America China North America North America North America North America North America North America North America North America Europe North America North America North America Australia North America North America Canada North America North America
University of Western Australia Graduate School of Management
University of Wisconsin, Madison University of Wollongong Sydney Business School Vanderbilt University - Owen Victoria University Graduate School of Business Wake Forest University Warwick Business School Washington University in St Louis - Olin Willamette University - Atkinson Yale School of Management
North America Australia North America Australia North America Europe North America North America North America
† Data Sourced from the Financial Times Global MBA Rankings 2013, Business Week MBA Rankings 2013, US News & World Report 2013 and the International Graduate Forum MBA Rankings Spring 2013.
*Incomplete data CEO MAGAZINE
International Graduate Forum MBA Rankings Spring 2013 The rankings below were created from data gathered from responses to the International Graduate Forum’s 2012/13 MBA Survey NORTH AMERICAN MBA RANKINGS
EUROPEAN MBA RANKINGS
Appalachian State University - Walker
Ashridge Business School
California State University - Northridge
Colorado Technical University
CEU Business School
Columbia Business School
Copenhagen Business School
Fordham University - Graduate School of Business Administration
Georgetown University - McDonough
ENPC School of International Management
Jacksonville University - Davis
ESADE Business School
kennesaw State University - Coles
Kent State University
IE Business School
La Salle University
Le Moyne College - Madden
International University of Monaco
Lancaster Management School
Northwest Missouri State University - Booth
Lorange Institute of Business Zurich
Queens University of Charlotte - McColl
Paris School of Business
University of California Irvine - Merage
Porto Business School
University of Rochester - Simon
Reims Management School
Wake Forest University
Willamette University - Atkinson
Tier Two Boston College - Carroll* Carnegie Mellon University - Tepper Georgia Southern University Grand Valley State University - Seidman McNeese State University Roosevelt University - Heller University of California San Diego - Rady University of Denver - Daniels University of Texas at Austin - McCombs* University of Washington - Foster Washington University in St Louis - Olin* 10
SBS Swiss Business School The Lisbon MBA (Nova and Católica-Lisbon)*
AUSTRALIAN MBA RANKINGS Tier One 1
University of Wollongong Sydney Business School
Macquarie University Graduate School of Management
Australian Institute of Business
The University of Queensland Business School
University of Sydney Business School
Melbourne Business School
Australian Catholic University
The University of Adelaide
Queensland University of Technology Graduate School of Business
University of Ballarat
University of Western Australia Graduate School of Management
Swinburn University of Technology Australian Graduate School of Entrepreneurship
RMIT University Graduate School of Business and law
Victoria University Graduate School of Business
Tier Two 16
University of Technology Sydney
University of Western Sydney
Murdoch University Business School
The IGF’s aim is to strip away elements such as salary increases, career progression, international/gender diversity in academic boards, number of doctoral graduates from the school (and how many then return to teach at said school) and so on. We want to keep the IGF MBA Rankings simple and look at what is on offer to the student once they get to the business school of their choice. Some ‘lesser-known’ schools, whom would often otherwise be marginalised, are very well positioned to service postgraduates, and our aim is to highlight this level of quality and value for future students.” Alexandra Skinner, Group Editor-in-Chief, CEO Magazine
THESE HALLS FIRST AND ONLY EXECUTIVE MBA IN THE CHARLOTTE REGION
CHARLOTTE’S ONLY PROFESSIONAL MBA WITH COACHING FOR EVERY STUDENT THE ONLY M.S. IN ORGANIZATION DEVELOPMENT IN THE REGION THE ONLY M.S. IN EXECUTIVE COACHING IN NORTH AMERICA
McColl School of Business www.queens.edu
THE MBA IN 2013 – DEANS’ PREDICTIONS
The MBA In 2013 – Deans' Predictions Alexandra Skinner The world is changing rapidly; 2012 saw the rise of the MOOC, the fall of the Euro and, in-part thanks to the London Olympics, a resurgence of the notion of ‘legacy’. The MBA market has not passed through 2012 without its own changes; the results of the GMAC 2012 Application Trends Survey showed that 51 per cent of programmes reported an increase in applications and 90 per cent reported that the applicants were as, if not more, impressive than in 2011. Notably, almost all programmes reported an increase in the number of foreign applicants.
ith the market’s thirst for the MBA continuing, the global pool widening and the number of MBA programmes available on the increase, there is tough competition amongst business schools for top applicants. To this end, the on-going evolvement of a business school’s MBA programme is crucial. In this feature, CEO Magazine speaks to those charged with overseeing this, and asks them what developments and key trends they see emerging in the 2013 MBA landscape.
Wendy Alexander: London Business School
Is the MBA past its sell by date? As finance de-leverages, consultancy adapts and economic activity shifts relentlessly east, this is the question haunting even the top schools. Historically an MBA was about securing a skillset - those business craft skills that any well-educated business person needed in order to succeed. Today an MBA needs to nurture a new mindset as much as a honed skillset. Demanding employers rightly regard exposure to great thought leadership as a given from the top schools. However, as online platforms like Coursera proliferate, knowledge is ever more ubiquitous and easy to access. So where is the contemporary value in a business school education for participants or their prospective employer?
1. Ever greater global reach Diverse classmates, faculty, case studies and alumni are simply the foundations. Today's business leaders need to do more than study globalisation, they have to live it. Top schools increasingly equip students to lead globally diverse teams by mimicking this new professional
2. Truly Know Thyself Our message is 'your IQ may have got you here, but it is your EQ that will invariably hasten your success hereafter'. As self-assessment techniques develop, the focus is not just on the traditional gap-filling around key skills, but systematic support to help participants know,
Today’s business leaders need to do more than study globalisation, they have to live it.” reality repeatedly during the MBA experience. Graduates who are able to lead global teams possess a precious capability in today's changing marketplace. Hence, at London Business School we throw global study groups in at the deep end working with entrepreneurs in African townships, and send students on global careers treks to find their next role and expose them to the inner workings of global companies.
and work with, their spikes. As the senior search firms observe, it is your spikes and passions that invariably get you noticed and promoted. 3. Stimulate Learning A great business education needs to do more than teach, it needs to stimulate learning. So look for a programme rich in experiential learning, exposure to practitioners and boundless opportunities to go
and visit, to look, to see and to learn. Being at the heart of a global business hub like London makes this easier for schools like London Business School. So what does this all add up to for 2013’s MBAs? Look out for programmes delivering ‘the new global’ - preparing MBAs who are ready to go anywhere and work with anyone to drive growth in new markets. They are likely to reach the c-suite first. Use a business school education to ensure your best people know themselves better and hence carry that learning into all their subsequent roles. Finally, look for programmes that nurture opportunities in entrepreneurship, in emerging markets and in creative roles. In short, we are witnessing a flight to quality amongst schools and students. However, for the best schools the ROI is incalculable, not simply in salary but in networks, in ideas and in mindset.
Wendy Alexander is the Associate Dean for Degree Programmes and Career Services at London Business School.
THE MBA IN 2013 – DEANS’ PREDICTIONS
Dr Francis Petit: Fordham University
In terms of the Executive MBA market, I believe the following will occur in 2013: 1. Corporate Financial Sponsorship This will continue to decline. The Executive MBA Council, the official international governing body for Executive MBA programs worldwide, indicated that full corporate financial sponsorship for these programs was 25.9 per cent in 2012 down from 44 per cent in 2001. Companies, in general, are supporting these programs less and less. 2. EMBA Program Enrolment While full corporate financial sponsorship will continue to decrease, enrolment for Executive
MBA Programs will not decline: it will either remain flat or increase slightly. The reason behind this prediction is that prospective students are now willing to encumber more of the costs themselves to attend such programs. What will occur though naturally within this process is that prospective students
executive students will very likely receive less in terms of financial sponsorship from their employer. 3. Pricing of Tuition I believe that business schools will begin questioning their tuition pricing strategies for Executive MBA programs in 2013. Some business schools will continue with an aggressive premium tuition pricing strategy, while others will become more conservative. As a result, there will be a greater tuition price disparity across the industry. Such an increase in price disparity should be apparent among regional clusters of programs. For business schools who become increasingly neutral in their tuition pricing strategy for EMBA programs (verses a premium
There will be a reassessment of program practices and EMBA industry norms.” will be in the pipeline for longer as they are hesitant to take on increasing debt. With an increasing decline in full corporate financial sponsorship, what will also occur is an increase in the “self-sponsored” sector as well as a change in make-up with the partial financial sponsored sector. The partially funded
strategy), there will be a reassessment of program practices and EMBA industry norms. Such industry norms could be a re-evaluation of traditional amenities associated with Executive MBA programs. The decrease in the fully financially sponsored student will drive this reassessment. 4. Age of Candidates Lastly, there will be a younger candidate inquiring about EMBA programs. This candidate (below the age of 32) will not want to quit their job to obtain the MBA, but is increasingly unwilling to obtain the credential in an evening format. Hence, the EMBA structure will be quite appealing even if this prospective student has to pay themselves. Dr Francis Petit, Ed.D. is the Associate Dean for Executive MBA Programs at Fordham University, the Jesuit University in New York City.
Dr Georges Nurdin: Paris School of Business entrepreneurship. This means that business schools will re-angle their teachings accordingly. I think this year will be fundamentally iconoclast – that is, according to the original Greek etymology, the breaking of images (icons) – and, as a matter of consequence, the year of getting beyond the smokescreen and getting back the fundamentals. 1. Less Foggy Finance, More Real “Flesh and Bones” Enterprise, Please The world is in a finance hangover and, in particular, Europe has been seriously hit despite the financial crisis originating in the USA. The finance job market will be even more depressed in 2013. In contrast, I foresee more enthusiasm for, and more need to rediscover real
2. Less Theory, More Action and Decision-making Skills Wanted Going back to fundamentals will also emphasize the very core of what an MBA is all about – management. It isn’t so much about being an analyst, but about the ability to manage, and more specifically to manage under difficult situations, and to make more often than not hard-nosed decisions. This also leads to a command for a shift in teaching materials, methods and style. 3. Paradigm Shift and Adaptability: The Survival of the Fastest (to Adapt) - Not the Biggest, Not the Smartest 2013 will see many paradigms change. Some we can see coming;
an accelerated weakening of the European bond, religious-driven subject-taking, an ever-growing importance in society and economy, and world unemployment growing. There are others that nobody sees coming, in the same way that
be of the essence. This is something the military understood as being vital long ago in order to win battles. They called it the OODA loop (Observation, Orientation, Decision and Action). The one that spins his ODAA loop fastest wins; the others
MBA programmes will have to be ready to change and adapt quickly.” nobody foresaw the game-changing shifts that affected the world over the last few years; the subprime crisis, the Arab “spring”, tablets outnumbering laptops and so on. In this context, MBA programmes will have to be ready to change and adapt quickly. This will be where they will be able to demonstrate that they add value. Speed of adaptation will
lose. Military commandmentinspired teachings will make strong in-roads in the best MBA curriculums – and here we return back again to the fundamentals.
Dr Georges Nurdin, M.Sc., MBA, Ph.D, FInstD is the Dean at Paris School of Business.
THE MBA IN 2013 – DEANS’ PREDICTIONS
Dr Emad Rahim: Colorado Technical University
1. Online MBA Program Growth Continues When I started graduate school back in 2005 there were only a handful of traditional universities (research and state) offering online MBA degree programs accredited by the AACSB or ACBSP. There were a few more Executive MBA programs that offered evening and weekend options, but these programs still expected students to live and work locally. Now there are thousands of online degree programs being offered by traditional and proprietary schools that are accredited by the AACSB, ACBSP and AMBA. While enrolment has decreased in the last few years, I predict more schools will be taking their traditional MBA online in the next few years to meet the educational and flexibility needs and of their
students. I also believe that more Executive MBA programs will offer a fully online option for their students or increase the percentage of courses being taught online. Universities must overcome challenges relating to budget, resources and campus space. Developing more online options for students will create more opportunities for a university and combat some of these challenges. 2. Technology Innovation Piggybacking off of my first prediction, this increase in competition will lead to more technology innovation. The online MBA program that effectively utilizes technology in their online platform will standout to students and employers. Universities will have to invest more money, time and resources in developing their online content and platform. I believe we will see more proprietary e-learning platforms being created and universities
developing apps to support the usage of tablets and smartphones in the classroom (online and face-toface). Online MBAs will offer more opportunities to attend live lectures that are fully online to engage with their students from around the world in real-time.
The MBA programs that seem to get a lot of buzz in social media and on the ‘blogger-sphere’ are those that provide students with the opportunity to start their own business (Syracuse University, Babson College, Oklahoma State University), contribute to solving
Generation Y students are supporting more non-traditional education and experiential learning.” 3. Specialization and Experiential Learning Generation Y students are embracing more non-traditional education and experiential learning. They are resisting the traditional management focused MBA. Universities have seen a big increase in student interest and engagement around topics relating to entrepreneurship, sustainability and global leadership.
social and environmental problems (Stanford University, UC Berkeley, Cornell University) and have a voice to help shape our world (Tulane University, IESE Business School, Thunderbird School of Global Management). Dr Emad Rahim is University Dean for the School of Business at Colorado Technical University. Follow him on Twitter: @CTUBusiness
Dr Jorge Farinha: University of Porto Three Asian nations alone already boast 10 per cent of the best business schools in the world.” 1. Emergence of the Emerging Market MBAs Yes, American and European schools still dominate most of the MBA Global rankings, holding 82 out of the 100 top positions in the latest 2013 survey of a popular ranking. But look closely and you will find a visible new trend. If you combine Singapore, South Korea and China, then these three Asian nations alone already boast 10 per cent of the best business schools in the world. As a comparison, only five years ago that statistic was 3 per cent. Will this trend continue in 2013? Judging from the pace of new accreditations for emerging market MBA programmes by AACSB, EFMD or AMBA, the answer is definitely a yes. This is reinforced by the fact that of the 23 new entries in the top 100
in 2013, almost a third (seven) came from emerging markets, particularly China (with four new entries). The major emerging markets (Brazil and Mexico included) are growing stronger every year and have become fast learners on the MBA landscape. Even European and American students are starting to be attracted in increasing numbers by their MBA offerings. 2. Global Experiences and Dual Degrees The top positions on the Ivy League of the Executive MBAs show an additional trend - business school partnerships with the purpose of offering international programmes for experienced managers with immersions in different geographies. This is the case with the EMBA offerings by Kellogg/HKUST (US/
Hong Kong-China), Columbia/ LBS (US/UK), HEC/LSE/NY Stern (France/UK/US) and INSEAD/ Tsinghua (France/China), among numerous others. This shows how relevant globalization has become, not only for normal businesses, but also for teaching students how to manage in a global setting. It won´t be a surprise to observe more and more business schools engaging in similar partnerships in 2013 as they attempt to climb in international rankings. 3. More Technology The third major trend is not an entirely new one, but something where we will most likely observe an increasing pace of development. This will be huge investments in distancelearning technologies by business schools, both for physical presence programmes as well as distance ones.
This will tend to occur not just for improving the teaching of “hard” subjects (such as accounting and finance) but also, and increasingly, even for soft skills development. In fact, the trend is clearly out there for more and more embedded learning with a progressive blurring of the distinction between online and offline programmes, with the former distancing itself from a pure online offering to one where immersion periods with other students are seen as essential for reaching comparable levels of learning experiences to those of regular MBAs. Two consequences of this are that some schools with lower IT budgets will struggle to keep pace with the largest institutions, and that a spate of partnerships for sharing electronic teaching platforms is likely to occur between business schools. Dr Jorge Farinha is Vice-Dean of Porto Business School, University of Porto.
THE MBA IN 2013 – DEANS’ PREDICTIONS
Dr Kathy Schwaig: Kennesaw State University 1. Reposition MBA programs will reposition themselves to better serve the changing marketplace by providing more online options and flexibility to a demanding and busy customer base.
Successful corporations don’t operate in silos; neither do successful MBA programs.”
2. Relevance MBA programs will move towards a more integrated curriculum, rather than the traditional silo approach, in an attempt to increase the relevance and impact of the degree. Successful corporations don’t operate in silos; neither do successful MBA programs. Students and employees need to think and work from a crossdisciplinary stance in order to add value to their organizations.
3. Risk-taking MBA programs will embrace more and more principles of entrepreneurship and prepare students to apply these principles as entrepreneurs themselves, or as intrapreneurs in medium to large companies. Dr Kathy S. Schwaig is Dean, Dinos Eminent Scholar and Professor of Information Systems at Coles College of Business, Kennesaw State University.
Dr Shawn Daly: Niagara University Business schools will utilize the certification systems of respected professional associations.” 1. External Certificates and Internal Badges A nascent trend in higher education, the movement toward third party recognition gets underway in 2013. Business schools will utilize the certification systems of respected professional associations and outside “auditors” to assess knowledge, skills, and abilities beyond the traditional classroom testing system. At Niagara University, our advisory board has recommended four broad categories of skills – leadership, people and teamwork, technical competencies, and client acquisition. We’re working to operationalize such an assessment and reward system beginning
in 2013-14. In addition, Niagara University will be aligning the curriculum for students to achieve (or progress as far as possible) toward major certifications in the various business-management fields. 2. MBA Students Stop Getting Younger (and MBA Student Populations Stabilize) A two-decade trend that logically must end sometime - perhaps 2013 is the year? As more and more of the (formerly) traditional aged MBA students (27-35) already have MBAs, it stands to reason that the total MBA population will level-off or even begin declining. The growth of MBA programs has been fuelled
not only by increasing demand, but also an unsustainable dependence on widening the net of potential applicants to younger applicants. In addition, for most MBA programs a tipping point may occur in 2013, whereby the dominant population is no longer late 20’s/early 30’s students, but early to mid-20’s students. This, in turn, requires changes in the content and processes of the program in order to meet the needs of a less mature and experienced student body. 3. Technology is the Mainstream The creation and wide-spread usage of electronic communications engendered the online education revolution in the 90’s. 2013 may be
the year in which the trend is fully internalized into the business school system. Not merely via online programs and courses, but technology-enhanced hybrid courses, which subtly (or not so quietly) emphasize the managerial and communications skills required to participate effectively in the electronically mediated teams found in business, government and other organizations. Thus, the usage of such tools has become engrained in our business school ecosystem and hence – technology not as online business education, just business education. Dr Shawn P. Daly is Dean of Niagara University’s College of Business Administration.
THE MBA IN 2013 – DEANS’ PREDICTIONS
Laurie Walker: Kent State University Recruitment processes will be adjusted to accommodate the changing needs of potential applicants.” 1. Global EMBA Partners Established Executive MBA programs will increase emphasis on acquiring global EMBA partners in order to pursue growth on an international scale. These partnerships will assume a variety of forms, as is currently the case for existing Executive MBA partnerships. These different forms will reflect Executive MBA program creativity in crafting mutually beneficial partnerships that fit the unique needs of each program.
2. Corporate Tuition Reimbursement This will continue to decline in the United States. As a result, Executive MBA applicants will place added emphasis on program cost. Recruitment processes will be adjusted to accommodate the changing needs of potential applicants. By way of example, during the recruitment process programs will allow for adequate time to answer each applicant’s specific questions related to
program cost and the value of program content. Adjustments might include smaller recruiting session sizes that provide potential applicants with more opportunities to ask questions that are particular to their needs. 3. Increased Online Content As online classroom technology improves, the online content of Executive MBA programs will increase slightly. The trend will be toward fewer on-site class meetings.
Given that an EMBA program’s strength centers on live, in-class discussions between experienced business professionals, EMBA programs will not move toward an entirely online model. 4. Global Content The global content of Executive MBA programs will be further leveraged as a competitive advantage over other types of MBA programs. There will be an expansion in the number of Executive MBA project assignments that require visits to international locations.
Laurie Walker is Director of Executive MBA Programs at Kent State University.
★ Alexandra Skinner is Group Editor-in-Chief at the International Graduate Forum.
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FAST TRACKERS, SPECIALISTS AND UNSUNG HEROES - IMD
–Understanding The Three Talent Types Professor Preston Bottger and Senior Research Fellow Jean-Louis Barsoux Fast trackers. These are employees who are earmarked
hen executives talk about talent they usually mean their company’s emerging or established leaders: highly-trained people with MBAs or an equivalent level of streets smarts, and a track record of achieving business results. But this understanding of talent is both misleading and incomplete. It implies that there is a single kind of brilliant person who is capable of slotting into any context and handling any assignment, when the truth is that companies need a broad, rich variety of people with complementary talents, not just those with “leadership potential.” In our experience, senior executives need to be aware of three types of talented employee, their different career trajectories, and the different ways in which they should be developed to make the most of what they have to offer the company.
as future senior leaders. They might start out in one function associated with their educational background – engineering or marketing, for example – before taking on assignments in others to get more rounded experience. The main development challenge with fast trackers is giving them assignments that stretch their abilities while still allowing the function in which they are placed to draw on their previous experience and high energy levels. The department must get a meaningful contribution; the assignment should not represent a one-way gain. The assignment should also be for a period that is appropriate to the context, such as a full sales cycle or until a change is firmly embedded. Too often, fast trackers are rotated through assignments at set time intervals, such as every six months, which means that they become experts at only one thing – starting new initiatives.
Specialists. These are great individual contributors who work with their intellects and creative capabilities. They can come from all sorts of backgrounds, from research and accounting to engineering and law. Their output is often highly regarded by others in their profession, and many receive regular calls from head-hunters.
Developing the specialists poses a different set of challenges. Some specialists might want to move into management, often for better compensation, while others can be pushed into management when they surpass others in their specialism. However, this transition is likely to succeed only if they have a talent for managing people, have already received developmental experiences, and are accepted by their peers. Senior executives looking to switch a specialist into management should be cautious, and need to recognize that they are likely to need extra training in this area. For example, specialists often work in isolation from non-technical professionals, so they need to get used to working with colleagues in other disciplines, perhaps through secondments or participation in cross-functional teams. They also need limited-risk exposure to managing people, coupled with preparatory training in tasks such as delegation, communication, and making decisions when other people’s interests conflict with their own. It is also important to note that not all specialists will be interested in, nor cut out for, an executive role, but they still need to be kept fresh and energized in their specialist role. This requires varying their assignments and giving them time “off-line” to expand and deepen their learning. This could take the form of benchmarking visits to firms in other industries, or participation in professional conferences, for example.
FAST TRACKERS, SPECIALISTS AND UNSUNG HEROES - IMD
These are the middle managers who are not destined for senior leadership, but who possess highly developed management capabilities, deep knowledge of key processes, and play a critical part in making sure things happen. This talent category presents two types of challenges to the senior executives. The first, and perhaps the more difficult, arises when people imagine that their capabilities are greater than they really are. There will come a point when some of these ambitious and talented mid-level executives will learn that, in spite of their crucial past and continuing contributions, their bosses do not expect them to break through into the senior executive ranks. The challenge for the CXO is to help the person digest this setback; if they are successful, he or she may be able to keep the person contributing at the same high levels as before. Unsung heroes can start to feel undervalued when they see fast trackers bypass them and specialists gain more recognition. They can withdraw and start channeling more of their spare energy outside the firm. No one wins if they
become cynical and bitter. Where they once served as enthusiastic agents for improvement, they can turn into passive – sometimes even active – resistors. The team leader must pre-empt this loss of performance. To help talented executives
without the necessity of being told by others. Indeed, they are happy with the level of responsibility they have, and seek no additional responsibility or pressure. Despite this, the alert team leader will ensure that such a person remains fully
The truth is that companies need a broad, rich variety of people with complementary talents, not just those with ‘leadership potential’.” come to terms with disappointment, he or she can propose new developmental and learning challenges. For example, they can be lent to other units or be put in charge of particular projects. In some situations, however, it might be best for all involved to encourage the employee to broaden their horizons outside the firm. The team leader’s challenge is to anticipate this situation before talented individuals become toxic to their environment, rather than trying to deal with the fallout. The second type of unsung hero are the people who have accepted the reality of their mid-level management career
engaged in the business. One useful method is to maintain and perhaps increase their involvement in the resolution of significant and complex issues, special projects that lie beyond their immediate job scope.
This is an edited extract from Leading in the Top Team, edited by Preston Bottger and Jean-Louis Barsoux, published by Cambridge University Press. Preston Bottger is Professor of Leadership at IMD, where he teaches on the EMBA and Orchestrating Winning Performance. Dr Jean-Louis Barsoux is a senior research fellow at IMD.
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FORDHAM UNIVERSITY’S GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
A School That Doesn’t Stand Still, A City That Never Sleeps Alexandra Skinner speaks to Dr Francis Petit at Fordham University’s Graduate School of Business Administration
Fordham Graduate School of Business EMBA in 2013 The Fordham Executive MBA (EMBA) “focuses on building each student’s personal portfolio in Management Development and Strategy that can be implemented immediately in the workplace”. Please can you further expand upon your value proposition? Fordham University is the Jesuit University of New York and our Executive MBA Programme is the Jesuit EMBA Programme of New York. As such, when students become members of our programme they become members of a community grounded in over 500 years of tradition. Overall, the Jesuit Philosophy of Education focuses on educating the entire individual. With that said, we offer The Professional and Personal Development Initiative (PPDI) which focuses on three pillars: Career Management/Career Coaching; Personal Wellness; and Social Skills. Our goal in building each student’s personal portfolio in management development goes beyond the academics. More specifically, we are building a portfolio for success within business and beyond, and that is what our Executive MBA Programme is all about.
The North American EMBA market is incredibly competitive, both at a national and regional level. What innovations have you made to your offering over the last 12 months to keep one step ahead of the competition? It is all about engagement. With that said, we have recently launched The Executive Certificate Programme for our current EMBA students and alumni. This initiative, more specifically, is a oneweek international Gateway Programme that focuses on strategy, business development and social responsibility within a specific region of the world in the context of the Jesuit tradition. Each “gateway” incorporates class sessions, corporate visits, government appointments and a cultural component. Our next Executive Certificate Programme will be offered this spring in Istanbul. The overall goal is to keep our “EMBA Community” thriving both from the student and alumni perspective. Engagement is what our EMBA Community is all about.
EMBA students at Fordham benefit from the knowledge of highly qualified faculty, both in terms of real-world experience and academic achievement. How do your faculty bring that ‘real world’ experience into the classroom? At Fordham’s EMBA programme we utilise both full-time and part-time faculty to teach within the programme. The fulltime faculty are dynamic teachers and consultants, as well as strong researchers who utilise New York City for their “sample set”. Our part-time faculty are current practitioners who bring in that real-world perspective from New York City – a leading hub for finance and commerce.
Amongst other things, potential students will often look to the makeup of a cohort when deciding on whether to apply. With this in mind, please can you tell CEO Magazine readers a little more about your EMBA cohorts and community?
As the Associate Dean for Fordham’s Executive MBA programme, I take great pride in the professional diversity and the dynamic classes we recruit each year. Overall, our students will learn more from each other than the faculty as they travel the “academic journey” together. With that said, my job is to put a dynamic, professionally diverse and eclectic group of students together. As a prerequisite, that requires a class that is representative of many industries, functions and life experiences. Our goal is to put together a cohort that each individual student adds unique value to. If that is the case, all students will take so much more away from the experience. It is all about “the people” and it is a job I take very seriously. Overall, our students range from many industries including finance, accounting, consulting, pharmaceutical, insurance, medical, government, non-profit, military, religious, professional athletes, university administrators, sports and professional services, to name a few.
You have two campuses – the Lincoln Center in Manhattan and the Westchester Campus in Harrison. What benefits can students accrue from living and studying in New York?
As an EMBA student at Fordham, you can pursue your studies at our Lincoln Center (NYC) Campus or our Westchester Campus. Our Lincoln Center (NYC) Campus has a fall start date and our Westchester Campus has a January start date for EMBA
FORDHAM UNIVERSITY’S GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
STUDENT PERSPECTIVE My initial interest in going to business school at all stemmed from the sudden financial ruin and closure of a hospital in which I served as an anesthesiologist for over 20 years, St. Vincents Hospital in Manhattan. I then decided to not only have a “backup plan” for the future, but also get some understanding of what went so terribly wrong at a wonderful hospital in the thriving neighborhood of Greenwich Village. When I decided to pursue an Executive MBA, I looked at several programs in Manhattan and chose Fordham University for a host of reasons. The proximity to my home (three subway stops away), the schedule (Friday, Saturday, Sunday once a month), the manageable tuition and most importantly the quality of education I knew I would get based on reviews and alumni comments. Another deciding factor for me was made after visiting
studies. Both campuses attract students from a diverse region. Our Lincoln Center (Manhattan) campus is located amid the Lincoln Center performing arts area while our Westchester Campus is located just 20 miles north of NYC. New York City is a destination like no other. Throughout time composers have written songs about our beloved New York. “If I can make it there, I’ll make it anywhere”!!!
This year has seen the launch of Fordham Startups (formally the Fordham Accelerator for Business). Kindly expand upon this initiative.
The Lincoln Center at night
classes and information sessions at various MBA programs. I found the atmosphere at Fordham to be “inviting” and “comfortable”. I was quite nervous about going back to school, having not been in a formal class since graduating medical school in 1985. As the current Director of the Department of Anesthesia at a Manhattan hospital, time management was a major issue for me. What was most challenging was deciding when to start an assignment when you know it’s not due until the next class (maybe four weeks into the future). Should I complete it as soon as possible and run the risk of forgetting it all before the next class, or should I start it closer to when it is due and run the risk of forgetting what I learned in the class pertaining to the subject, or even running out of time? Somehow it all seems to work out. What I found most interesting and unexpected was that the courses
that were the most intriguing to me were ones that really had very little to do with my personal profession of being the director of a department. I found that classes like operations management and leadership skills, although very applicable to my current role, were shadowed by courses on marketing and innovation! Even more surprising was that these courses also applied to the profession of medicine. In our course on entrepreneurial development I worked with great pride on a business plan for a plastic surgery clinic and spa in Cabo San Lucas, Mexico. Our personal development course put us in touch with human resource specialists who reviewed our resumes and gave us advice on how to “market” ourselves. The fact that it was taught by a Fordham alumnus gave it that much more weight. My personal experience was outstanding not only because the
The Fordham Startups is a programme that is dedicated to the success of entrepreneurs through community, empowerment and sustainability practices. It is a programme designed to educate and support entrepreneurs of all ages within the community.
MBA Talking Points There is an expectation from the market that business schools should be creating responsible leaders. How much emphasis do you place upon this, and on dynamics such as CSR and sustainable development within the EMBA? Business schools must create leaders who see beyond the numbers. More specifically, Fordham University, the Jesuit University of New York, is committed to developing principled leaders of character and integrity in order to build a just society. Recent corporate ethical scandals abound, and they are simply a failure in leadership. Jesuit education focuses on not only educating the whole person, but also the promotion of justice, self-awareness and acquiring knowledge in vigorous learning environments. Since EMBA students are professionals with power and influence within their organisations, we at Fordham believe we have a responsibility to create such ethical and principled leaders. Therefore ethics is indisputably a core element of leadership development.
professors were knowledgeable, patient and engaging, but were also for the most part available outside of class hours. The advantage of gaining more knowledge from classmates who were already working in many different disciplines in the business world could not be exaggerated. And being around classmates who were 20 to 25 years my junior kept me young.”
Lisa Ross, Director, Department of Anesthesia at Harlem Hospital Center, New York, NY and Associate Professor of Clinical Anesthesia, Columbia University College of Physicians and Surgeons. Current Fordham EMBA student, Class of 2013.
Some say that the greatest threat to the integrity of business education is the “students as customers” metaphor, whilst others feel it is important to provide personalisation. Where do you stand on this? Our Executive MBA students are the heart and soul of our programme. Our goal is to provide an EMBA culture that is collaborative and nurturing as well as allowing each individual to perform at their best. In one way, students are customers as they are paying a premium for the experience and want to learn. They are certainly customers in auxiliary functions including career management, registration, billing, catering and so on. In terms of curriculum, that is derived by our faculty. We always listen to our students for suggestions but in the end our faculty is responsible for the curriculum.
The Lincoln Center – in the heart of New York City
FORDHAM UNIVERSITY’S GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
A Closer Look at Fordham’s Professional and Personal Development Initiative (PPDI) I. Background In January, 2011, Associate Dean, Francis Petit, of the Fordham Executive MBA (EMBA) programme approached me with an idea to enhance the EMBA student experience by adding a new element specifically focused on the professional and personal development of the students. Five years earlier, after I had retired from a career in business, dean Petit offered me an opportunity to share my business experiences by teaching as an adjunct professor of management at the EMBA programme. It was an honour for me to return to my alma mater which had shaped me in my early years and inculcated me with Jesuit values and a tradition of educating the whole person. Throughout my career, I had recognised the importance of coaches and mentors for individual career growth and in the development of talent in organisations. I was fortunate to have had the benefit of excellent coaching and mentoring during my career in the U.S. Army and at AT&T. I eagerly accepted dean Petit’s offer to develop a programme that would answer a unique need for the EMBA students.
leading organisations and in talent development to serve with me as counselors. I quickly learned that the most critical element of the programme was the quality, values and enthusiasm of counselors who were willing to share their time and experiences to help others. IV. Operation of the PPDI We did not know what to expect when we launched the PPDI programme. Our initial expectation was that most EMBA students might want to discuss job or career changes. What we found was, in addition to advice on job and career changes, many were interested in discussing how to handle current job situations, performance appraisals, compensation negotiations, lateral transfers, training opportunities, etc. We learned that, although we were dealing with accomplished and educated individuals, some lacked confidence and were neophytes in handling the challenges of the 21st century workplace. We emphasised self-reliance and encouraged them to “take charge of their careers.” Our conversations with the participants were a combination of face-to-face meetings over
We emphasised self-reliance and encouraged them to “take charge of their careers.” II. The PPDI Model Fordham already had an established career development programme for its business students, including EMBAs, with facilities and staff available at its Lincoln Center campus. It was important that we not duplicate those efforts, but rather answer the needs of the working EMBA students whose classes meet for one weekend per month during their 22 month programme. The model we developed was unique to the needs of the EMBA population, which was older (average age 33 years old); typically employed, more experienced than other business students, and generally not available for meetings during working hours. Accordingly, we set out to learn whether our plan could accommodate their needs with a personalised approach with no out-of-pocket cost to the student. Further, this programme would offer flexible meeting locations and appointment schedules, including nights and weekends. III. Outreach We launched the programme in January 2011 with little fanfare. The extent of our outreach was a letter from the dean to the roughly 120 Fordham EMBA students. The programme grew basically by word-of-mouth, and at the end of the first year we had approximately 40 participants. Fortunately, we were able to recruit two former associates of mine with extensive experience in
coffee, conference calls, telephone calls, mock interviews, emails, texts, etc. The important aspect was that we were available when we were needed, and many of our conversations took place during evening hours and on weekends to suit the schedules of the students. V. Lessons Learned In the spirit of continuous improvement, we continue to solicit feedback from the participants, some of whom have been consulting with the PPDI team for nearly two years. The programme has grown to more than 75 participants and we continue to receive uniformly positive feedback. We have added to our outreach by addressing each new EMBA cohort at their initial orientations and have added a career development segment to the EMBA curriculum. An important lesson learned by the counselors was that helping others with their careers was a significant source of satisfaction, not only to the students, but to the counselors themselves.
Mr Bill Catucci, former CEO of AT&T Canada. Adjunct faculty and Career Coach at Fordham University’s Graduate School of Business Administration.
These programmes allow students to think in an entirely different way in creating, delivering and sustaining value in the marketplace.” The MBA and the Job Market Fordham GBA offers students the option to take part in a Professional and Personal Development Initiative. How important do you consider the provision of such services to be to today’s professionals? The PPDI is built on three pillars including Career Management/ Career Coaching, Personal Wellness and Social Skills. The goal of the PPDI programme is to enhance one’s personal portfolio in business and management development.
The Three Pillars of the Professional and Personal Development Initiative (PPDI): 1. Career Management/ Career Coaching 2. Personal Wellness 3. Social Skills
A key element in the PPDI programme is the career coaching that is offered. Our EMBA students have access to unlimited career coaching. Our coaches are not “outsourced” - they are former Fordham graduates who want to be involved. In fact, one of our coaches was the former CEO of AT&T Canada. His work goes beyond the traditional career coaching initiatives (i.e. asking your boss for a raise, preparing for a performance review) to that of evaluating business plans and career life planning. Since EMBA students are now paying increasingly out of pocket, they rightly expect increased career management initiatives. Our PPDI programme has addressed this need within the context of Fordham and the Jesuit Tradition.
An MBA was once viewed as a ‘golden ticket’ to promotion and a salary increase. However, the job market has become more demanding, and an MBA is no longer a water-tight guarantee of success. What advice would you give to would-be MBAs who are considering taking this route for the aforementioned reasons?
FORDHAM UNIVERSITY’S GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
“My primary area of specialization is the marketing of financial services. This is an area that has witnessed significant changes over the past decade due to changing regulations, economic shifts and emerging technologies used in the financial services sector. With the presence of Fordham in the New York area and dominance of financial services firms, our MBAs need exposure to financial services marketing concepts. I have written a textbook on this topic which is adopted worldwide by many MBA programs and I am also the co-editor of the International Journal of Bank Marketing. My teaching focuses on a combination of concise lecturing and application modules. Concise lecturing is needed since MBAs do not have a lot of time to waste. It is critical to provide them with the essential knowledge that has direct application without unnecessary ambiguity. In addition, I rely very much on the use of distance-learning tools to enhance the students' learning process and to provide them access to learning materials that may not be easily available in face-to-face settings. The instructional technology available to the students at Fordham is truly state-of-theart and provides our students with great learning opportunities. Once the base knowledge has been established through this approach, we move into the straight application of concepts. This involves cases, but more often the use of computer simulations that emulate market conditions and let my students apply the concepts covered. The simulation-based approach to teaching also allows the students to learn more about their own decision styles as managers and their own approaches to managing business risk.
“I think that the topic of management systems is vital to today’s EMBA students. The EMBA program is a program in transnational management – it’s building on management systems to embrace the world through taking a global perspective on running organizations. Management runs across a variety of functional areas within an organization, so in order to be equipped to advance, especially in a globally competitive environment, executives need the kind of skills that the management systems department specializes in. This is especially true in an EMBA program. Here it is a core subject – it’s central to what an EMBA student is doing. The department has evolved and the area has diversified remarkably in my time at Fordham. Chiefly, in the area of internationalization – we’re a much more global department with international interests than we were when I first arrived. We bring the international element into the classroom in several ways. Firstly, we do it through the international trip, which all of the EMBA students take, and through the electives for other international trips that some of the EMBA students take. This gives them the opportunity to learn what they are doing in various parts of the world. In recent years students have visited Beijing, Istanbul and London. Some of these trips involve projects for a client company that will be based on an international site. The elective in London involves intensive trips to corporations in the London metropolitan area. Aside from the trips, we also use visiting speakers who have international experience and backgrounds, and the cases that we use in the classroom are most often focussed on international issues facing business. I approach teaching interactively. I think that the course works best when it functions as a dialogue, and it works best when it combines the academic elements with real world experience that students have, and that I bring to the classroom. I use a lot of factual business case material, as well as drawing on the pool of common experiences that we have, and I compliment that with the academic background and theoretical material. The course really adds the most value to students when there is a lot of interaction – we use simulations and role plays to encourage this.”
Students investing their time, money and resources for an MBA programme must realise that this is a long-term investment. While it may not be that “golden ticket’ it used to be in terms of immediately securing your dream job, the degree is there for the long haul. More specifically, the EMBA experience can be life-changing and transformational. These programmes allow students to think in an entirely different way in creating, delivering and sustaining value in the marketplace. My experience is that prior to applying, return on investment is a big issue on the minds of prospective students. During and certainly after they have completed the programme it becomes much less significant given how these programmes
The Fordham MBA students are enthusiastic about learning. This makes being a professor here a very rewarding experience. They are also highly professional in how they interact with each other and with their faculty, as well as with companies they come into contact with through Fordham. They are simply a joy to work with. Fordham is distinctive for many reasons beyond its students and faculty. Our pedagogical philosophy aims to develop the whole person -- a concept embedded in Jesuit teaching methods. We believe that as managers, our MBAs should not only be technically strong but also examine the societal impact of their decisions as well as the long-term effects of their decisions on businesses which they will lead. Fordham is also distinctive because of our proximity to the many industries and the large number of companies headquartered in the New York area. This gives our students the opportunity to come into contact with industries, companies and business leaders that many other schools, due to their location, may have difficulty connecting with. At the same time the mindset of the school, its administrators and faculty is very global and we have the ability to provide exchange programs for our MBAs that give them a truly international flavor. Hooman Estelami is Professor of Marketing at the Graduate School of Business Administration, Fordham University. He received his Ph.D. in marketing from Columbia University and his MBA from McGill University.
have transformed the lives and mindsets of those who participated and endured.
Fordham GBA and the Future As an ever-evolving school, what exciting developments can readers expect from Fordham GBA over the next 12 to 18 months? Fordham GBA will continue to reposition its MBA programme as well as offering new and exciting MS programmes in the market. In addition, we are also expanding our Executive Education initiatives which I am championing. Every great business school is active in Executive Education and I look forward to the charge of growing this portfolio!!
John Hollwitz is University Professor of Psychology and Rhetoric and Professor of Management Systems at Fordham University’s Graduate School of Business Administration.
Biography ★ Dr Francis Petit is the Associate Dean for Executive MBA Programs at Fordham University’s Graduate School of Business Administration. In his overall work with executive students, Dr. Petit has established executive programs in North America, South America, Europe, Asia, Africa and the Middle East and has also presented to organizations such as the New York Society of Security Analysts (NYSSA), Kaplan, the Executive MBA Council and UNICON. He holds a Doctorate in Economics and Education from Columbia University. In addition, Dr. Petit has completed Executive Certificates in Pricing from Columbia Business School and Strategy and Innovation from MIT’s Sloan School of Management. Dr. Petit was also the recipient of the Dean’s Award for Faculty Excellence as voted by the Fordham 2009 MBA Graduates.
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21ST CENTURY LEADERSHIP
For Your Organization To Succeed In The 21st Century, You Need To Change How You Lead Mark C. Crowley Virtually every time-stretched CEO I’ve ever worked with asked me to communicate with them in essentially the same way. They’ve all said: "Be direct. Give me any bad news up front. Don't overwhelm me with details – and, bring me solutions." It’s in the spirit of this previous guidance that I write this article. You Have A Big Problem: A Lot Of Your Employees Are Unhappy hile you may have seen similar statistics in the past, you'd be wise to let these sink in: job satisfaction across the globe has been on a steep and steady decline for over a generation. In the US today, more than half of all workers effectively hate their jobs. According to Gallup, 7-in-10 people are either not engaged at work – or have become actively disengaged. While it’s human nature to dismiss trends like these as being someone else’s problem, I’d urge you to consider the possibility that the ranks of your own organization may be disproportionately filled with discontented employees. There’s a reason why so many people, seemingly all at once, feel worse about their jobs, bosses and companies than ever before. It’s because our common approach to leadership has not adequately evolved to address and support the needs of the 21st Century worker.
CEO take-away: Employee satisfaction and engagement scores cannot and will not rebound until we adapt new management practices.
Employee Expectations Of Work Have Become Far More Complex Seventy years ago, psychologist, Abraham Maslow, introduced the idea that people are motivated by a “hierarchy of needs.” You’ll recall that Maslow’s hierarchy is depicted as a pyramid where the bottom tier represents a person’s most essential needs for food, water and shelter. “Maslow’s theory” said that just as soon as these primary physical requirements
Dating back to the early 20th Century, when our traditional ideas about workplace leadership first were established, people took jobs in order to meet their most essential needs – to put food on their tables and a roof over their heads. In exchange for their work, they received money, and money alone was entirely sufficient. But as we fast forward to today, all forms of pay – as a motivator of initiative, engagement and productivity – rank no
Our common approach to leadership has not adequately evolved to address and support the needs of the 21st Century worker.” are met, human needs progress to the next level, the needs for safety and security and, as people advance further up the pyramid, more psychological and even spiritual needs take priority. Ultimately, people seek feelings of self-esteem, accomplishment and self-actualization – a process of growing and developing as a person to maximize one’s full human potential. Importantly, Maslow believed that people naturally strive to fulfill all their higher needs, but only once their lower needs have been met. And there’s the rub.
higher than fifth in importance to workers worldwide. Certainly, earning equitable pay will always be an important driver of job satisfaction. But, over time, as people’s basic needs became more easily satisfied, higher needs for things like respect, recognition and even personal fulfillment have become far more important. Just as Maslow predicted, employees today have progressed to the top of the pyramid and are seeking to fulfill dreams at work their companies and leaders thus far have failed to address.
CEO take-away: In business, so much investment and focus is given to motivating worker behavior tied to pay and benefits. But pay in the absence of a more caring form of leadership is ruinous to employee engagement.
21ST CENTURY LEADERSHIP
What employees want more than anything today is to work for a true advocate, someone who genuinely cares about their well-being, finds ways to develop them and gives them appropriate credit.”
Over and above fair pay, here’s what employees across the planet need today in order to thrive in their jobs: To work for and contribute to the success of an organization whose values and practices they respect. People want to know that the work they do matters and makes a difference. They want to feel a sense of pride in associating with their company and to respect the people who lead it. In this regard, it all comes down to a binary question of integrity. As jobs inevitably become more plentiful and people again have more choices, your top talent will stay only if they feel your values match theirs.
The Drivers Of 21st Century Employee Engagement Are Universal Lest you presume that all this talk of worker distress and higher needs is isolated to the US, Europe – or some outlier industries – you should know that research has proved the most important drivers of engagement are identical across the globe. The good news is that if you master the leadership practices that will fully restore employee loyalty and commitment at your organization, you can implement the very same ones anywhere else you go. For now, however, it’s my assumption that your overriding ambition is to make your current company exceptional in every sense of the word. Which brings up an important point. There is no person more influential in establishing and reinforcing the culture of a company than its CEO. Without your resolute leadership in setting a new direction,
and vigilantly ensuring it’s sustained, there’s little chance of it succeeding. The Bottom Line Workplace leadership is failing today because it has yet to acknowledge the importance of “emotional currency™ ” – a form of pay that makes people feel supported, valued, developed, important and appreciated. In fact, science now knows that it’s feelings and emotions that determine our level of engagement in life, what motivates us and what we care most about. Organizations like Starbucks, Google, SAS and Qualcomm already have proved that their firms return far more to their owners and shareholders when employees are made to feel they truly matter. To succeed in the 21st Century, therefore, leadership must come from both the mind and the heart. And, as a final reminder to you as CEO, it must start with you.
They want to work for a trustworthy and empowering boss – someone who cares about them and ensures they’re given opportunities to develop and contribute to their highest capacity. What employees want more than anything today is to work for a true advocate, someone who genuinely cares about their well-being, finds ways to develop them and gives them appropriate credit. All too often, however, employees feel their managers compete directly with them, hoard information and routinely serve their own interests. These kinds of managers kill spirits and therefore engagement. A third of all American workers polled by Parade Magazine recently said they would forgo a substantial pay raise as an alternative to seeing their direct supervisor fired. Managerial malpractice is a big reason why so many people are unhappy and disengaged in their jobs. They want to have their efforts recognized and sincerely appreciated. One of a human being’s deepest needs is to feel valued and acknowledged for the contributions they make to an organization. Too often, managers ignore the importance and power of recognition and move on to the next goal or challenge without ever taking the time to savor the victory and applaud the efforts of the people doing the work. 21st Century workers want to know that their work has significance. The hearts in people take a beating, therefore, when their work has been done especially well and no one takes the time to notice. In my experience, you can almost never thank people enough and there should be enough appreciation to go around to every person who helps your firm succeed.
Biography ★ Mark C. Crowley is the former Senior Vice President and National Sales Manager at WaMu Investments, and the author of Lead From The Heart: Transformational Leadership For The 21st Century. He’s also a frequent contributor to Fast Company Magazine. Mark’s mission is to fundamentally change workplace leadership by bringing the heart in balance with the mind. Much of his work demonstrates how enlightened organizations, guided by their CEOs, are creating a greatly expanded bottom-line by implementing leadership practices that support the human needs in workers. www.markccrowley.com
ROOSEVELT UNIVERSITY â&#x20AC;&#x201C; HELLER COLLEGE OF BUSINESS
Living And Learning In A Truly Innovative Environment Alexandra Skinner speaks to Terri Friel at the Heller College of Business, Roosevelt University
Buckingham fountain in Grant Park and the Chicago skyline at night
The Roosevelt University Heller College of Business MBA Offering The HCB MBA is known as the most innovative in the Chicago area. What are some of the innovative features that make your programme stand-out from others? The HCB was one of the first U.S. colleges to sign the PRME, the UN programme to encourage the dissemination of the Principles of Responsible Management Education. We proudly display our values statements on our website and believe strongly in social justice and equality. We are now working to become one of the of the few US MBA programmes accredited by AMBA. Our programmes are unique in the area of sustainability, social justice and equity. We have a Master of Science in Accounting, Real Estate, Human Resources Management and Accounting Forensics. The real estate and forensics programmes are recognised as high quality by our competitors. The real estate programme is one of the largest in the country and has been listed in the top 10 along with Wharton and Yale by the Urban Land Institute (ULI). The forensics programme is one of the only face-toface degrees in the nation on this topic. In total, our MBA has more than 20 possible concentrations. We recently initiated the new undergraduate major in social entrepreneurship as well as a concentration for the MBA in social entrepreneurship. We focus on helping students develop business plans and launch companies that are designed to not only make money, but also to help solve a social ill. We also focus on practical as well as theoretical education. In the accounting programme, nearly all of our faculty are practicing Certified Public Accountants (CPAs). Our law faculty are practicing
lawyers. Several of our finance faculty have developed expertise in fraud and are all Certified Fraud Examiners (CFEs). Many of our management and marketing faculty have consulting firms. In addition, many of the full-time faculty publish and conduct research regularly. Some of the unique services that we offer all of our students include: free mentoring with advisory board members and successful alumni, free access to an online career planning software called TheCareersCollege.com, reduced cost to attend the Chicago Career Transition Center, courses by international faculty in short format (one to two days or weekends), free events sponsored by organisations and individuals with interesting perspectives, and access to organisations in Chicago such as the Executives Club and the Council on Global Affairs. We also have free help to write resumes, prepare for interviews and find an internship. For coursework, we offer free tutoring in statistics, math writing, accounting and finance.
Within the MBA, emphasis is placed on problem-solving and decision-making abilities. How are these skills brought into the schoolâ&#x20AC;&#x2122;s pedagogical approach?
We have a team approach to teaching and combined with our diversity and our practically focused faculty, our students learn in close-to-real corporate settings how to solve problems and develop longterm solutions. We encourage our students to consider credentials beyond the degree such as the PRHM, CFE and CPA. In fact, we recently began supporting the CFE in our programme and nine students have taken this exam and passed it; 100 per cent success! CEO MAGAZINE
ROOSEVELT UNIVERSITY – HELLER COLLEGE OF BUSINESS
The Wabash Building - Home to the Heller College of Business The Wabash Building opened in March 2012 and houses the HCB on floors 10, 11 and 12. Floors 1 to 6 house administrative offices, the health club and the cafeteria. Floors 7-9 are science labs and meeting rooms. Floors 14 to 32 are dormitories. The HCB has several very hightech classrooms that provide our students with unique opportunities to engage and learn. Two classrooms are designed as LearnLabs.
You can learn more about LearnLabs at: http://www.youtube.com/ watch?v=CnU58hbYN1M. These labs increase collaboration and engagement in the classroom. The LearnLab boards are smart boards that can capture lecture notes and send them to students, eliminating the need for notetaking. This allows students to focus on the class activities and understanding, rather than
worry about copying everything that is said. HCB also has a student incubator room where student entrepreneurs can set up a business and store their inventory. We also have a Cisco Telepresence room for interacting internationally via television conferences. Dotted throughout the space are many small meeting rooms with white boards available around the clock for students to meet and work in teams.
The LearnLab boards are smart boards that can capture lecture notes and send them to students eliminating the need for note-taking.” We also have a course that focuses on consulting with businesses each summer. Students team up to help a company resolve its real-life issues with a faculty advisor. Finally we welcome our advisory board members into the classroom to give guest lectures on real-life issues on the topic of the class.
There is a deliberate focus at HCB on having small sized classes for the MBA. (a) How important do you feel that this is, in terms of adding value to the learning experience? A small class encourages active engagement with the faculty member and with other members of the class. When you are one of just 22, it is difficult to hide in the back of the room! Faculty also learn your name and begin to develop a more personal relationship and concern for your future when they know you well. In a smaller group of students, knowing your cohorts better is also more possible. There is time to share experiences in the workplace from all participants, not just the more extroverted students. There is time to consider how these experiences might be better with the new information
in the class, hear possible solutions from others who may have had similar experiences, and the learn from your cohorts as well as from your professor.
(b) Please can you tell us more about the typical profile of your MBA classes?
We have about 700 students in our master’s programmes and approximately 500 in the MBA. Our average MBA student is 31 with a range from 23 to 65! We are 48 per cent Caucasian, about 12 per cent international and 24 per cent African American. The majority have undergraduate degrees in business, but not all. We have predominantly part-time students in the programme and many are from the Chicago region and work full-time. Many of our full-time students are international students. We have approximately a 50-50 gender split, and 65 per cent attend in downtown Chicago.
Since its inception, Roosevelt University’s mission has been “to make higher education available to all students who qualify academically, regardless of their socio-economic status,
Entrepreneurship at HCB – “Support from Birth to Launch” Entrepreneurship is an integral part of HCB. We have an annual entrepreneurship summer camp for students in the Chicago Public Schools that is offered free of charge. We are supported by Motorola Solutions Foundation to provide up to 60 students each year with this opportunity to learn the basics of how businesses run, how to write a business plan and how to present this plan to potential investors who are real bankers volunteering to review these business plans. The winning team receives scholarships for all members to Roosevelt University and all students are awarded one college credit-hour. We want these kids to see themselves as college students, eventual graduates and future business leaders. Many of these students would not have such an opportunity without this programme. We have an undergraduate major in social entrepreneurship. Students are required to take several classes that progress with them as they develop an increasingly more sophisticated business plan. They are encouraged to participate in the Acara Challenge (http://acara.environment.umn.edu) and are supported by a faculty member who has developed winning teams in the past. We also have a freshman class that introduces entrepreneurship to first year students and helps them develop a business idea and a “proof of concept” activity where they actually sell their product. We have a special room where these students can set up their business, sell their products and store their inventory. At the graduate level we have a concentration in social entrepreneurship that allows students to develop a real business plan with the hope that they will be ready to apply for funding upon graduation. In addition we offer executive education classes in entrepreneurship for the entrepreneur that does not want a degree, but needs assistance to get their company started. Finally, we sponsor an office incubator programme where very small businesses needing office space, meeting space, WIFI, computers and printing support can compete for an office free of charge for a full year. We currently have nine office incubator residents this year. I like to call this set-up of activities “support from birth to launch.”
ROOSEVELT UNIVERSITY – HELLER COLLEGE OF BUSINESS
racial or ethnic origin, age or gender.” How do you foster this philosophy at the Heller College of Business? HCB admission requires a transcript, written statement, resume and (optional) GMAT for graduate students and (nonoptional) ACT or SAT for undergraduate students. We review all documents, and if a student appears to be a good candidate but their grades are less than stellar, we do several things to help them. First, we look at the GPA of the major. Often less mature students will not realise the importance of all their academic work, and will be more interested and focused on their major, thus doing better in this area. We realise this and use the individual’s GPA history as one indication of capability. We often read the personal statement closely. We have given many a student a “second chance” at college when they did poorly in their first attempt because we realise that people mature, and their attitude toward education becomes one of desire for a better future rather than a continuation of mandatory study. We do ask that graduate students with less than a 2.0 submit a GMAT as another indication of ability to overcome a less than stellar past. In addition, we have a very high level of diversity and approach every person with no pre-conceived notion of their
We want all of our students to be successful and productive citizens in the world.” ability. We want all of our students to be successful and productive citizens in the world, and we want to provide them with the opportunity to live and learn in a truly diverse environment.
In trying to produce effective managers and the business leaders of the future, ethical, social and environmental concerns have been high on the list of many business schools. To what extent has HCB integrated the aforesaid points into its MBA offering and how important is the triple bottom line - people, planet and profit - to today’s high potential managers?
Being a signatory of the PRME we have a very strong focus on sustainable business principles. We have a student group called NetImpact that is supported by the PRME. Each fall we sponsor a sustainable business week with events focused on these issues offered free of charge to our students. We conduct a review of all the syllabi used in the courses at HCB to determine the amount of ethics integrated in our classes. Faculty are requested to clarify any mention of ethics in relation to the extent, amount of time and the
expectations for the students in learning and work. We also require an ethics class as part of the undergraduate curriculum. Of course, our programmes in accounting forensics and the credential in business fraud have ethical behaviour as their basis. We have strong expectations for students in their behaviour in the classroom, which is stated on every syllabus in the college. Our annual Signature Lunch focuses on these issues as well. We have hosted Sherren Watkins, the whistleblower at Enron, Michael Oxley, the co-author of the Sarbannes Oxley Act, Bob Woodward, the whistleblower of Watergate, and Harry Markopolos, the whistleblower in the Bernie Madoff affair. Each of these speakers has given a free, pre-event lecture to our students.
How important do you think it is for universities and business schools to provide students with career services in today’s economic climate, and what efforts do you have in place to this end? I believe this is essential for our students to see the link between their educational efforts and their life. At HCB we have worked hard to augment
Chicago Riverwalk CEO MAGAZINE
ROOSEVELT UNIVERSITY – HELLER COLLEGE OF BUSINESS
We believe that ethics is an important aspect of being truly successful in life and in a career.” the university’s career services by partnering with the Chicago Transition Center, initiating mentoring and offering TheCareersCollege free of charge, offering resume-builder and interviewing help and partnering with local businesses when we can. For example, we have an annual fall trip to the Federal Reserve Bank of St. Louis for up to eight finance and accounting students. They invited us, the only university invited outside their region, because of our diversity.
The Heller College of Business and the Future As discussed, the Heller College of Business has a reputation for being innovative. What developments, at a school or programme level, can CEO Magazine readers expect to see over the next 12 to 18 months and beyond? We have recently added a one credit-hour class for both graduate and undergraduate students called “Careers in Business”, which will be a weekly lecture in the hour before evening classes normally start, led by advisory board members and alumni. Each week a different area of business will be highlighted, and a guest lecturer or a panel will present their career histories and allow students to ask questions about
the background, progress, mistakes and successes and advice of each speaker. We hope that this will help students to envision how their career might progress through their life. We are working on adding still more ethics focus to our programme by rearranging the programme rather than adding a new requirement. We believe that ethics is an important aspect of being truly successful in life and in a career. As Dean, I will be teaching a one credit-hour class on Business Ethics this fall as well. I have just returned from a two-week effort to recruit even more international students. We hope to continue to increase the diversity of the programme, instilling the idea that the world of business is reflective of the global population. This coming fall we will offer a new concentration and credential for the CFA (Chartered Financial Analyst). We are also working on a new MBA with a focus in Latin Studies. This will require a trip to Latin American and, in collaboration with one of our organisational partners HACE (the Hispanic Alliance for Career Enhancement), we will require each student to participate in the HACE leadership development training in addition to the courses in the MBA
designed to support the Latin focus. We hope to provide this programme to anyone interested in Latino culture and the future of business in North America, where interest in expanding in Latin America is burgeoning. We are also expanding our offerings of one week courses abroad. We have hosted trips to Paris and Krakow at very affordable rates. We will offer Madrid, Melbourne and possibly Buenos Aires in the future. Each week can be a one, two or three credit-hour experience, and is focused on offering students corporate visits, cultural visits and classroom lectures in partnership with a local university. In Paris we are partners with La Sorbonne, in Krakow we partner with the Cracow University of Economics, in Madrid and Buenos Aires we work with La Fondacion Ortega y Gassett, while in Melbourne we are working with the University of Melbourne. Finally we are working on an English dual degree programme with the Crakow University for executives in Poland.
Biography ★ Dr Terri Friel is Dean of the Walter E. Heller College of Business at Roosevelt University, Chicago.
INSEAD KNOWLEDGE – ALVIN LEE
Alvin Lee New hires often seek professional advice from colleagues of the same nationality or background as a means of settling into a new environment. But this reliance on compatriots can work against you.
irds of a feather flock together” is often used to describe the concept of “homophily”, a term coined by sociologists Robert Merton and Paul Lazarsfeld at Columbia University. It describes how people tend to associate with those who share similar characteristics with them, ranging from ethnicity to gender, religion etc. This commonly observed behaviour has been the subject of extensive studies, but for INSEAD Professor of Organisational Behaviour, Martin Gargiulo, one aspect of homophily has not been adequately addressed: how it affects work performance. In a Working Paper entitled “ Does Homophily Affect Performance?” Gargiulo and Assistant Professor of Strategic Management at Singapore Management University, Gokhan Ertug (INSEAD Ph.D. in Management, 2008) focused on nationality as a shared characteristic, and how it affects job performance on investment bankers. “ If you are new, you’ve just been hired at an investment bank or consulting firm, it’s a difficult environment, you are likely to look for people who could be more helpful,” Gargiulo explains. “ You don’t know it, but you would expect people of the same nationality as you, especially if you’re a minority, will be more naturally inclined to help. That’s why we chose nationality.”
Gargiulo continues, “ We chose investment bankers because we wanted a context in which informal relationships of knowledge transfers are very consequential for the performance of the individual. I mean, this is true of any organisation today, but in this knowledge-based organisation such as investment banking and consulting, it is particularly the case.”
“For new hires, the accessibility of others is more important probably than the quality of the knowledge that they have. They’d better get something rather than nothing,” says Gargiulo. “But once you have gone through your first promotion, now you’re a player. We have hopes that you may continue to become a managing director, partner, depending on the particular system.
For new hires, the accessibility of others is more important probably than the quality of the knowledge that they have.” Show me the money! The paper studied 1,746 investment bankers at a major international bank, with their performance measured by the bonuses they earned. These bankers were classified into four ranks, from most junior to most senior: Associate Director; Director (VicePresident); Executive Director (Senior Vice-President); and Managing Director. After controlling for factors that might affect how much bonus a banker earns e.g. tenure, rank, age, function, etc, Gargiulo came to one main conclusion: homophily helps a new hire, but hinders an experienced banker gunning for a promotion into senior management.
Now we’re taking you seriously. You don’t need to go around relying on people like you anymore.” Gargiulo elaborates, “At the same time, if I rely on people like me, almost by definition, I restrict the pool of potential suppliers, if you will. There may be some good people that could be providing advice and help to me that I don’t seek.” Choose your office friends wisely This is consistent with another finding of the research: a junior banker is likely to approach a senior banker of the same nationality for advice even if he knows of a senior banker with superior knowledge CEO MAGAZINE
INSEAD KNOWLEDGE – ALVIN LEE
Those relationships can easily become too comfortable and difficult to change later on in time – they may become a trap” of a different nationality. Such behaviour might not hurt a new hire much, and can actually help his prospects, but it can be limiting as time goes on and the new-hire’s network should have expanded... So how does one avoid falling into the trap of relying exclusively on one’s countrymen? “There are two reasons for which you may get trapped. Number one is that you just don’t shed ties as you move up,” Gargiulo explains. “These are mutual relationships and obligations, you feel comfortable with these people. But also, you may learn the wrong lesson: you may think that this is what really works, and you continue to do the same. So I think one of the implications of this paper is that managers – and this is what I do for most of my teaching – should actively manage their networks and realise that there are different networks for different stages of their careers. If they don’t manage their networks, their networks manage them.” While the findings apply to investment bankers, Gargiulo says workers in jobs
that require a high amount of information sharing – knowledge workers, for example – would likely find themselves in similar positions. For these workers, Gargiulo advises, “The first thing that they should be aware of is that they may be making a tradeoff between access and quality. They should try, as much as possible, to seek out people that can provide them with the best advice and support within the same nationality as themselves. And they should also be aware that those relationships can easily become too comfortable and difficult to change later on in time – they may become a trap. But by all means, when you are trying to survive, you should reach for any resource that is available to you. So it’s OK to be homophilous provided that you realise that this is something for you in this stage of your career and later on you need to renew your network.”
Biography ★ Alvin Lee is the Web Editor for INSEAD Knowledge.
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Do more at Niagara. Niagara University College of Business Administration MBA Oﬃce mba.niagara.edu
LE MOYNE COLLEGE – MADDEN SCHOOL OF BUSINESS
An Emerging Leader In Jesuit Business Education Alexandra Skinner speaks to David McCallum, S.J. Dean of Madden School of Business at Le Moyne College
Michael Madden (pictured) provided a founding gift of $7 million to establish the Madden School of Business in 2012. Madden, currently managing partner of BlackEagle Partners, LLC, was previously a senior partner at Questor Management Company, LLC. He began his career at Kidder, Peabody & Co., where he ultimately rose to become head of Global Investment Banking, a position he also held at both Lehman Brothers Holdings and PaineWebber. After graduating magna cum laude from Le Moyne in 1971 with a bachelor’s degree in economics, he earned an MBA in finance, with distinction, from the Wharton School, University of Pennsylvania.
Your MBA programme is designed to “develop managers capable of making sound decisions in an increasingly complex world, and who combine the art and science of leadership in a global perspective”.
(a) How do you bring this philosophy into the classroom?
At the Madden School of Business, we strive to develop managers who are capable of making sound decisions in an increasingly complex world, who understand that leadership is an art as much as it is a science, and who bring a holistic, global perspective to their work. We strive to bring this into the classroom through carefully selected readings and case studies that engender rich classroom discussion in which students grapple with questions such as: ‘How do businesses impact both the communities in which they are based and the broader global community?’, ‘What are my responsibilities to my customers, suppliers and competitors?’ and ‘What are the alternatives to a particular decision?’ In many cases our students use what they have learned to assist businesses in the local community as part of their coursework, for example creating marketing plans for non-profit organisations. All of this prepares our graduates to communicate effectively, make ethical and strategic decisions, and work successfully as part of a team.
The Madden School of Business Value Proposition “ Few institutions have a greater impact on life in the 21st century than those that conduct business. New technologies, expanding markets and the rapid pace of change in the worldwide, knowledge-based economy have created unprecedented opportunities for the growth and creation of wealth. At the same time, globalization, the limits of natural resources, and the constant challenges of complexity, conflict and uncertainty demand more than ever before of today’s business leaders. The value of a Madden School of Business education is that it prepares graduates who are equal to this task, who are not just competent, but also ethical, moral and inspirational ”. “ At the core of the Madden School of Business is the nearly 500-year-old religious tradition upon which it was founded. The Society of Jesus is renowned
for its commitment to a rigorous education that is centered on a commitment to social justice. To that end, the Madden School of Business prepares graduates to be thoughtful citizens capable of providing goods and services that meet the needs of a diverse society. It is characterized by a curriculum that is relevant, adaptable and dynamic, while addressing the social, economic and environmental forces shaping the world today. Beyond the classroom, our students have the opportunity to conduct original research, be mentored by successful professionals, study abroad, and work as interns for a wide array of prestigious organizations. It is through those experiences that they put their knowledge into context and begin to emerge as leaders.” David McCallum, S.J., Interim Dean of the Madden School of Business.
The Madden School of Business – completion is scheduled for August 2013 CEO MAGAZINE
LE MOYNE COLLEGE – MADDEN SCHOOL OF BUSINESS
STUDENT PERSPECTIVE My experience in the Le Moyne College MBA program has been absolutely terrific. They provide a very well rounded, professional curriculum in a setting that supports their Jesuit value structure. The smaller class sizes, and higher facultyto-student ratio, has provided me the opportunity to take textbook learning and apply it to my
current work assignments. The faculty has been great at seeking ways to bring my current work issues and challenges to projects and assignments that come with each course, thereby making it that much more valuable to my career growth. Through the parttime program, I have been able to pursue my MBA in a manner that fits with both my work and
family life. When talking with other colleagues and co-workers interested in pursuing their MBA, I always recommend Le Moyne.”
Jim Reed, Senior Vice President, Marketing and Sales Excellus BlueCross BlueShield. 1993 Le Moyne graduate and current MBA student.
Meeting Modern Business Needs “In order to keep pace with today’s ever-changing business environment, the MBA program within the Madden School of Business relies first and foremost upon its world-class faculty members, whose own work has brought them to business communities locally and abroad. It is those experiences – in which these educators were brought faceto-face with the opportunities and threats facing today’s economy – that inform their teaching. Beyond that, the Madden School employs an advisory board composed of highly successful business leaders – including numerous Le Moyne alumni – from a wide variety of industries. Their regular input is invaluable in identifying the curriculum and educational resources necessary to shape outstanding 21st century business leaders. Lastly, since the majority of our MBA students are working professionals, they bring a depth of experience and insight to the classroom that enrich and enliven discussion.” Dr George Kulick, Director of Le Moyne’s MBA Program.
Your MBA course is taught in small classes, one day a week. (a) What advantages does this smaller class size bring to students? There is a tremendous value to the small classes that characterise our MBA programme. Perhaps most importantly, faculty members have the opportunity to interact with each student, and to
We have been fortunate to have a very diverse cohort within our MBA programme. The current cohort, for example, has a good gender balance (skewed more towards males) with students of all ages currently enrolled – while more than half matriculated and non-matriculated students are in their 20s, roughly 40 per cent are older than 30. There are more than 1,100 alumni of the MBA programme.
The quality of a business school’s faculty, from both an academic and business experience perspective, is an important consideration for a student. With this in mind, please can you tell CEO Magazine readers more about the MSB faculty?
The high quality of our programme is in large part due to the outstanding faculty. All of these talented and dedicated individuals are doctorally qualified. In addition to their academic credentials and scholarship, they bring a substantial amount of business experience to their classrooms. To give you an idea of the calibre of our MBA faculty, consider these examples:
Dr. Martha Grabowski - Professor of Management Information Systems
faculty members with smaller classes have more flexibility in how they promote learning and evaluate student work. A core value of Jesuit education is the care for the whole person- head, heart, and hands. We translate this in terms of the relationship between faculty and students, and the context this relationship provides for supporting
Beyond the classroom, our students have the opportunity to conduct original research, be mentored by successful professionals, study abroad, and work as interns for a wide array of prestigious organizations.” engage him or her in classroom discussion in a way that is meaningful. Likewise, students have a greater opportunity, and responsibility, to regularly contribute to classroom dialogue – thereby demonstrating their mastery of the material and honing their critical thinking and public speaking skills. Beyond that,
(b) Please can you further expand upon the make-up of your cohorts?
and challenging students beyond their comfort zones. This relationship is also important for the way we seek to not only introduce new knowledge, and practical skills, but also to inspire the heart, model good ethical conduct, and help students discover meaning and purpose in their professional work.
Professor of Management Information Systems Dr Martha Grabowski is one of the world’s leading experts on offshore oil shipping and drilling accidents, as well as tsunami detection and warning systems. She spent 10 years at General Electric in a variety of technical and managerial positions. Additionally, her service as a shipboard merchant marine officer has undoubtedly stimulated her research interests in shipboard, navigational information systems and naval accident avoidance. Dr Grabowski currently serves on several committees of the National Research Council’s Transportation Research and Marine boards. Dr Daniel Orne, Professor of Business Administration, focuses his research on the epistemology of the field of management. In addition to having held an executive position in industry, he has been an independent consultant and/or executive educator for AT&T, BOC, Boeing, Digital, Eastman Kodak, Exxon, General Electric, General Motors, IBM, HewlettPackard, United Technologies, Xerox and the People’s Republic of China. Dr Bernard Arogyaswamy is a Professor of Strategic Management. He initially pursued an engineering career, and teaches and publishes extensively on International Business Leadership and Entrepreneurship. In 2002, Professor Arogyaswamy received a Senior Fulbright Professorship for research and teaching at Warsaw University – where he continues
LE MOYNE COLLEGE – MADDEN SCHOOL OF BUSINESS
to remain on their faculty as a visiting professor, teaching short courses there several times a year. Additionally, Dr Arogyaswamy coordinates and accompanies MBA students on an annual 10 day study abroad experience in Poland.
Understanding Ethical Decision Making and Value Analysis “The world of business and the mindset of most business leaders is founded on the premise that more is better, particularly when it comes to profits, sales and assets. ‘I don’t care how you do it so long as you get it done’ and ‘I want you to find more ways to make money more quickly,’ may well sum up the guiding principle of many business titans now and in the past. An outlook based on the pursuit and creation of ever more wealth has, of course, served the people of this country – and indeed of our globalizing world – well, with economic growth benefiting large swathes of the population. However, the need to be conscious of and weigh the ethical dimensions to decisions made in business is also, and clearly, beyond argument. Whether it be in predatory lending, discharging harmful effluents, or affecting the livelihoods of marginal populations, leaders must possess the ability to reflect, and to construct decision criteria in terms of value and values. In addition, while making decisions that follow a strict moral code is critical to being a responsible leader, it is equally important to do more than this. Business leaders need to see themselves as forces for good (rather than being “not evil”) by getting involved in acting in a socially responsible way, taking the initiative to foster social justice in a world where disparities are widening.” Dr Bernard Arogyaswamy, Professor of Strategic Management.
ALUMNUS PERSPECTIVE While undergraduate degrees focus on developing expertise within one discipline, Le Moyne’s MBA program develops an understanding of, and appreciation for, complementary disciplines. In today’s business model – one in which accounting and finance personnel are expected to fully participate
as partners with operations personnel – a broad-based knowledge is critical to the effective execution of a company’s business objectives. The MBA program converts philosophical theory into practical business application which better prepares students for real life situations. The program curriculum and professors are flexible which is
MBA Talking Points How important do you think it is for universities and business schools to provide students with career services in today’s economic climate? Career preparation is more important than ever as employers expect graduates to possess the skills and knowledge to hit the ground running. There are economic, social and professional benefits to students who go through a process of self-discovery and career discernment well before beginning a career. At Le Moyne, the career development process begins as soon as students set foot on our campus. During first-year orientation, faculty and career advisors begin to talk about the “College to Career” process. Throughout their four years, students are guided through a series of recommended exercises that will help them begin to know themselves, develop career goals and put them on the path to professional success. In order to ensure the success of our graduates we are very intentional in the advisement we give to students regarding both curricular and cocurricular activities. Experiences outside the classroom such as internships, research, club participation and athletic involvement provide meaningful learning opportunities that both enhance and develop transferable skills.
particularly beneficial for working adults and students with families. I know my Le Moyne MBA has contributed greatly to continued growth and success throughout my career.”
Kathleen A. Kolodziejczyk, Associate Director – R&D Finance, Bristol-Myers Squibb Company. 1996 Le Moyne MBA graduate.
Innovation and Entrepreneurship at the Madden School of Business “One of the core tenets of the Society of Jesus is the need to exercise ingenuity, the ability and desire to take on new challenges, marked by a sense of ‘indifference’ to the outcomes. The Madden School looks at business education through new prisms and encourages our students to think creatively about issues such as sustainability and globalization. We evaluate student learning based predominantly on projects and discussions that help us foster a sense of innovativeness among our students and we are as interested in student learning outcomes as we are in their ability to apply their knowledge to real world challenges.” “One example – in their ‘capstone’ course, students develop a strategic plan for an existing local organization, some are small enterprises and many are not-for-profits. Our goal is to combine creative thinking, service to others, and the pursuit of another key Jesuit tenant ‘magis’ (a qualitative sense of “more,” a commitment to excellence), as we work to develop all dimensions of our students’ capabilities, in this course and, more generally, in the program.” Dr Wally Elmer, former Director of the MBA Program and current Professor of Marketing.
STUDENT PERSPECTIVE The Le Moyne MBA program has been a unique and exciting experience. The program helped me to advance my core business skills, but it has also extended beyond the core curriculum and enabled deeper learning and personal growth. The Jesuit pursuit of holistic knowledge, the strong connections and mentorships I have formed, and the talent of my professors have raised a foundation of success upon which I now stand. But it will not end there – the education I received at Le Moyne will extend for a lifetime.”
Brad Canino, current MBA student. Student Meeting with a Mentor – an Integral Part of Madden CEO MAGAZINE
LE MOYNE COLLEGE – MADDEN SCHOOL OF BUSINESS
ALUMNUS PERSPECTIVE As Chief Operating Officer at St. Joseph’s Hospital, I use what I learned in Le Moyne’s MBA program every day. Aside from acquiring excellent business skills, I have a much better understanding of what it takes to be a great leader. Most of the MBA students in my class were mid-career professionals and came from many different industries. I found it fascinating to hear what was happening in other sectors. Class discussions
were lively, and group projects were a simulation of all the things we had learned, including team building, conflict resolution, goal setting and process improvement. Faculty members were very accessible (even on weekends) and most of them provided their cell phone numbers to students. I vividly remember calling my statistics professor on a Sunday night to ask for assistance on an assignment. He was more than happy to help.
How do you maintain and develop your relationships with local and national companies, and how important is their feedback?
Business community engagement is a key strategic initiative of the MBA programme. In collaboration with the office of Career Advising and Development, we have implemented a multi-pronged approach to developing an expansive “relationship web”
The high quality of our programme is in large part due to the outstanding faculty. All of these talented and dedicated individuals are doctorally qualified.” within the business, not-for-profit, and civic communities. To begin building this web, we have enhanced our administration to include an Entrepreneur-in-Residence recruited from within the start-up community, an Executive-in-Residence who is the former President and CEO of Oneida Ltd. (Viners of Sheffield in the UK),
Lastly, but not least important, the Jesuit tradition at Le Moyne is very similar to the culture of St. Joseph’s, so it felt very comfortable. We share many of the values and beliefs, and we both place a strong emphasis on ethics.”
Mary Walsh Brown, Chief Operating Officer, St. Joseph’s Hospital Health Center, Syracuse, N.Y. 2002 Le Moyne MBA graduate.
and a Director of Financial Technology, a former UTC globe-trotting executive and financial expert. Each of these business leaders assists our students in keeping their fingers on the pulse of what’s happening in the business world. With these key individuals in place, we have strengthened our efforts to facilitate relationships between businesses and our students in a number of ways, including: 1. Advisory Boards – Created for the overall school and for various disciplines within the school, these advisory boards are chaired by the respective academic discipline chairs and populated with a healthy blend of professors and leaders within the business community. 2. Internships – We are growing the number of internships – creating more than 50 internships over the past six months – by leveraging the recently created advisory boards. We have also added a second career fair during the academic year and instituted an aggressive campaign to “knock on every door” of the Top 100 employers within the region. 3. Madden Mentors – With over 90 mentor relationships developed in the past six months, this programme connects each business student with accomplished professionals who will serve as role models, sounding boards and advisors. Mentors will become student advocates by offering professional references, helping them secure internships and interviews with
Biography ★ David McCallum, S.J., (pictured left) is Interim Dean of the Madden School of Business, Le Moyne College, Syracuse, New York.
prospective employers, and developing an individual career plan. It is a visible manifestation of magis – an opportunity for Le Moyne alum and community partners to connect with current students and to develop the next generation of reflective and ethical society and business leaders. This programme is a critical component of the School’s innovative College to Career student development initiative, which is designed to provide students with more comprehensive career guidance and compile student-learning outcomes. 4. Study abroad – Recognising that business is increasingly conducted in a global context, the Madden School has business-specific academic agreements (with the option of internships and experiential learning experiences) with the University of Warsaw in Poland, Ramon Lull University in Barcelona, Spain, and Universidad Iberoamericana in Mexico City. Students may study abroad through these agreements for a semester or an entire academic year. Those pursuing an MBA may also take part in a two-week trip to study at the University of Warsaw as part of the programme’s capstone course.
The Madden School of Business and the Future What can readers expect from the Madden School of Business at Le Moyne over the next 12 to 18 months? The Madden School of Business is scheduled to move into a completely renovated facility at the end of August 2013. This new space will contain a state-of-the-art trading floor and financial education centre, an analytics and marketing research lab, an applied research and executive education lab, a forensic accounting lab, and multiple technology-enhanced classrooms. Beyond that, the Madden School will offer its students a number of valuable new programmatic and experiential opportunities through partnerships it has formed with other business programmes, including Cornell University, Syracuse University and the leading international business school, ESADE, in Barcelona. Particular emphasis will be placed on offering Madden students internship and mentorship opportunities that will provide them with the practical experience necessary for success in their careers. In addition, an extensive review and refreshing of the school’s Master of Business Administration curriculum is currently underway and is expected be completed during 2014. Our intention is to provide our students with coursework that is responsive to the needs of 21st century business leaders through interdisciplinary and integrative coursework and meaningful experiential activities.
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VISION STRATEGY VISION OPPORTUNITY STRATEGY OPPORTUNITY
NIAGARA UNIVERSITY – COLLEGE OF BUSINESS ADMINISTRATION
My most important responsibility is to provide an exceptional learning experience and superior professional outcomes for our students.”
What do you feel makes the Niagara University MBA distinct from the competition?
The Niagara University MBA is distinct by virtue of its unique location and exceptional programmes. Located at the crossroads of U.S.-Canadian commerce, the Niagara University MBA is truly an international programme in scope and heritage. Our faculty and programmes infuse the most advanced theory with best industry practices in fostering strategic and operational excellence in reaching markets worldwide. Taken together, these programmes have no peer in meeting executive demands for superior business education in areas such as finance,
Setting The Moral Compass For Tomorrow’s Leaders Alexandra Skinner speaks to Paul Richardson at Niagara University’s College of Business Administration The Niagara University MBA Value Proposition “As director of the Niagara University MBA Program, my most important responsibility is to provide an exceptional learning experience and superior professional outcomes for our students. The Niagara University MBA stresses strong, collaborative relationships throughout the MBA program. Each student meets regularly with an advisor to design a personalized program so that the unique goals of each individual are met. Concentrations are offered in all functional areas of business including marketing, finance, accounting, and management. Programs are also offered in healthcare administration, strategic wealth management and financial planning. The Niagara University MBA is known for its focus on strategic development and execution in reaching new markets worldwide. Ethics and community service are also an important part of our Vincentian heritage. MBA faculty are not only world-
class scholars, but also seasoned executives who understand how to create value on a global basis. Classes blend the most advanced theory with best practices to create impactful and relevant learning opportunities. For example, class projects may include consulting for Fortune 500 firms, trading on Wall Street, meeting with executives in Shanghai, or analyzing corporate data for advertising and pricing strategies. The Niagara University MBA seeks students who desire engagement, growth, and success. A key question we ask when considering a potential student is not only whether the student is academically qualified but also whether the student is motivated to take advantage of all the opportunities that we offer. We hope that potential students will wish to contribute to and benefit from the Niagara University MBA network throughout their careers.” Paul Richardson, MBA Director
strategic wealth management, healthcare systems, supply chain management, accounting, marketing and strategy.
Niagara University’s MBA programme employs a ‘multidisciplinary pedagogy’. Please can you further expand upon this? The Niagara University MBA stresses multidisciplinary pedagogy by advancing a common learning model with key learning outcomes across the curriculum. Our programme infuses active and integrative learning by engaging students in real-world case studies and interactive projects that foster an interdisciplinary understanding of business functions. Key learning outcomes include excellence in communication, leadership, fluency in data and analytical decision making, a global perspective and ethics.
Your MBA programme can be completed in as little as 16 months, following a Saturday or evening format, and in a variety of disciplines. Please can you tell CEO Magazine readers a little more about the MBA options that are available?
NIAGARA UNIVERSITY – COLLEGE OF BUSINESS ADMINISTRATION
St Vincent statue
The Niagara University MBA is the programme of choice for a growing number of students because it delivers real value through the provision of full-time and part-time options. Some students appreciate the option of taking the programme on a full-time basis to escalate the speed of completion. Our part-time programme option appeals to students with active careers who do not wish to compromise their work schedules. Regardless of the programme selected, classes are offered during the evenings and on Saturdays for maximum flexibility.
As part of your electives, students can take a study abroad option. (a) Where have students visited in the past, and what do you have planned for 2013? For students who desire greater international exposure, we offer a study abroad course called the Global Trade Mission. In this course, students are accompanied by a senior New York State Government Trade Development Officer and faculty, to meet with the CEOs of leading global corporations around the world. In the past, destinations have
Advisory Board Member Perspective “ The main reason that I attended graduate school was due to the exposure I received to the complexities of the business world while completing my undergraduate degree at Niagara University. I realized that to be more competitive in the job market, I had to have something more to differentiate me as a candidate. My association with Niagara was the catalyst for my career, and as part of the Vincentian philosophy it reinforced me to give back. In 2007, a new dean came to the School of Business intent on enhancing the advisory role of the board. I work closely at CTG with one of the university’s Board of Trustees members, James Boldt, and he discussed the opportunity with me. It was an honor to be considered and I pride myself in playing a part in this exceptional educational institution. From my perspective, there are two primary ways that Niagara University’s MBA offering is effectively evaluated and reviewed - through the diligence of the accreditation committee from
the AACSB combined with input from industry. Deans from other select business schools audit, evaluate and make recommendations which validate and reinforce the offering. Industry also plays a significant role. One recent example is the addition of the MBA with a concentration in Healthcare Administration. Niagara and its MBA students have a strong reputation within the Ontario and Western New York community while growing its reputation and gaining recognition outside of the area. Probably the best judge of the reputation of Niagara MBA graduates is confirmed by the high placement rate, the types of positions they are capable of handling and the number of companies that repeat the experience by seeking out more Niagara MBA graduates.” Arthur W. Crumlish, Senior Vice President – Strategic Staffing Services, CTG. Advisory Board Member, College of Business Administration, Niagara University.
As a mechanical engineer working in the electrical utility industry, I have found that success in my field requires individuals to have sharp technical and managerial skills. While I currently hold my professional engineering license and have extensive experience in the technical aspects of engineering, I was looking for training that would formalize my business knowledge. I wanted a well-rounded program that would not only offer a wide range of business topics, but also would encourage my ongoing work in my field. Niagara University’s (NU) MBA program gave me this opportunity. What drew me most to NU is that their MBA program serves a variety of student needs under a single umbrella. Other schools offer different programs based upon their students’ current career path, such as conventional daytime business students, full-time working students and Executive MBA students. While this enables students to either focus on their studies full-time or to continue working, it can limit their knowledge and experience. All students at NU have equal access to the same business and managerial training. As a result, students with different backgrounds and levels of experience are encouraged to mix and to learn together. Given the multi-generational environment of today’s workplace, I found this to be one of NU’s greatest strengths. While students take courses together regardless of career path, NU ensures that the program offers enough flexibility that each student is able to progress in their studies. The program’s advisors and professors are responsive to students’ needs, tailoring course offerings to support both full-time and part-time students. NU ensures that required courses are offered frequently, and the mix of evening, Saturday, and independent study classes allowed me to adjust my course load in response to the demands of my daytime work schedule. NU’s professors are equally dedicated to giving students practical experience along with a strong foundation in business. Professors such as Jack Ampuja (Executive Director, Center for Supply Chain Excellence) make the complexity of logistics comprehensible by mixing theoretical instruction with his real-world experience as a senior executive at Rich Products. The practical skills this gives are invaluable when applying the formal knowledge from the MBA to my career. NU’s nurturing yet rigorous learning community makes it an excellent choice for the student who is looking to work and study at the same time.”
Mr Angel D. Rivera, P.E. Mechanical Engineer and Maintenance Supervisor, Niagara Power Project, New York Power Authority. Current Niagara University MBA student.
NIAGARA UNIVERSITY – COLLEGE OF BUSINESS ADMINISTRATION
presentation and interactive forum. The executives then discuss and evaluate students’ recommendations. This represents an invaluable opportunity to learn and make global business contacts.
(a) How important do you feel it is for faculty teaching on an MBA to have real-life business experience?
Learning outcomes include excellence in communication, leadership, fluency in data and analytical decision making, a global perspective and ethics.”
included a number of corporations in China, Hong Kong and other nations of the Far East and Europe. In 2013, trips are planned for Europe and China.
(b) Typically, what can students expect from the study abroad elective? A key benefit of the Global Trade Mission opportunity is that students study the firms prior to the visit and make recommendations on how they would solve critical business problems directly to the executives during a personal
ALUMNUS PERSPECTIVE Immediately following the completion of my undergraduate degree I knew that I wanted to further my education with an MBA. There were many factors that I considered when looking at schools. For me the three most important ones were; an AACSB accreditation, an involved faculty and a curriculum that could be applied in the realworld. I found all of these things at Niagara University. When I began my studies I was immediately impressed by the calibre of my classmates. Through the school’s evening and weekend classes I was surrounded by a diverse group of seasoned professionals and highly motivated recent graduates like myself.
Leveraged with an outstanding faculty, this spurred stimulating classroom discussions and provided for excellent networking opportunities. The networking opportunities ultimately landed me an internship in the marketing department of a publicly traded medical device company with offices throughout North America and Europe. In addition to this, the curriculum also afforded me the opportunity to participate in a technology transfer class. In this class a small team of students and I worked hand-and-hand with managers at one of the world’s largest automotive parts manufacturers to create a market entry plan for a new class of products aimed to
reduce vehicle emissions. These experiences, coupled with the knowledge learned in the classroom, led me to secure full-time employment offers prior to my graduation. Now employed in my current position for over a year, I find myself using the critical thinking, leadership, and strategic thinking skills gained at Niagara on a daily basis. Overall, my experience at Niagara was transformative and infinitely important. It has given me invaluable tools that will be employed over the rest of my professional life. For those considering graduate schools, I give Niagara University’s MBA program the highest recommendation.”
Ron Biehl, Analyst, Futures Margin, Citigroup. Niagara University MBA 2012 graduate.
As an AACSB accredited College of Business Administration, our MBA programme is staffed by academically and professionally qualified faculty. Faculty have, on average, ten years of executive experience in diverse areas including engineering, healthcare, portfolio-management, logistics, architecture, biochemicals, information systems and other diverse industries. Real-life business experience is a valuable asset that our faculty bring to their teaching and this is important in our programme. However, we also place great value on scholarship as well. Our faculty publish in top tier business journals and bring this to their teaching as well.
(b) Please could you tell us more about the profile of your faculty?
Regardless of professional or academic orientation, faculty are noted for their outstanding commitment to excellence in teaching and learning. Niagara University hosts the area’s largest symposium in teaching research. Our faculty are distinguished in their mastery of the most advanced teaching and learning techniques and have published widely in this area. Importantly, the Niagara University faculty have held important positions in industry and government, including several corporate CEO’s, CFO’s, hedge fund/private equity managers, and one Prime Minister (Somalia). Towards the end of last year the College of Business added several full-time faculty with strong business backgrounds to its existing staff.
MBA Application and Selection What are the prerequisites in order to be considered for the MBA? The prerequisites to be considered for our MBA programme are a strong academic record and a demonstrated commitment and motivation to take advantage of the extraordinary opportunities that we provide for personal and professional growth. We seek individuals who wish to engage and be challenged by faculty and their fellow students in order to achieve the highest levels of success.
Application processes vary from school to school. Please can you tell our readers about the Niagara University MBA application process?
NIAGARA UNIVERSITY – COLLEGE OF BUSINESS ADMINISTRATION
We offer rolling admissions so that students may enter the programme at the time of their choosing. Application materials are available on our website. Personal visits to the campus are highly encouraged. Each student must meet with an advisor on at least one occasion each semester to design a personalised programme to assure that all professional goals are met. Orientation sessions are also held periodically and are required for new students.
Niagara University and the Future What can our readers expect from the Niagara University College of Business Administration over the next 12 to 18 months, in terms of programme additions and/or innovations? Your readers can expect news of important innovations with respect to new programmes.
Our faculty are distinguished in their mastery of the most advanced teaching and learning techniques and have published widely in this area.”
Dr Jay Walker, Assistant Professor of Economics
Key Faculty Perspective “In addition to being a recent academic, I bring over 35 years of experience in the global consulting engineering industry, including 10 years as the general manager of an international toll bridge authority. Professional business services within a global contact are an area of significant growth, and are directly relevant to today’s competitive landscape. Students that are comfortable in many different cultural settings and are able to grow businesses around the world will find a rich and rewarding career. Infrastructure development, sustainable business models, finance and exciting new delivery models are changing the way we
address the built environment. Teaching business strategy and international management keeps me at the forefront of the engineering and construction industries and enables me to share insights on globalization and business practices that students find extremely valuable. Our program has grown in both student enrollment as well as content – that is as timely and relevant today as it will be in the future. We have professors with hands-on, global business experience that impart practical knowledge to our students. I believe our students leave our program well prepared to offer real value to their employers. One example is
our technology commercialization program which enables students to work with actual businesses to take products to market and deal with all aspects of business finance, marketing, intellectual property, production, logistics and more. We focus on integrating and synthesizing business disciplines so that our students understand how the entire enterprise works and their role within the organization. We strive to develop a strategic thinking capability in all of our MBA graduates. Some distinguishing features of our MBA program are found in our focus on synthesizing business disciplines, building critical and strategic thinking skills and
capitalizing on the skills and experience of our faculty. Our MBA students receive a solid balance of theory and real-world applications and knowledge. They are prepared to enter meaningful careers from day one.” Stephen F. Mayer, Ph.D., P.E., Assistant Professor (former CEO of the Buffalo and Fort Erie Public Bridge Authority and former President of The International Bridge, Tunnel & Turnpike Association and the Association of International Border Agencies). Stephen teaches graduate MBA courses in three areas-International Management, Business Strategy and Technology Commercialization.
Biography ★ Dr Paul Richardson is Director of the MBA Program and Associate Professor of Marketing at the College of Business Administration, Niagara University, New York. He has obtained a Ph.D. in Marketing from the State University of New York at Buffalo, as well as a M.I.M. International Management from the American Graduate School of International Management. Dr Richardson also received a B.A. from the Central University of Iowa.
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KENNESAW STATE UNIVERSITY - COLES COLLEGE OF BUSINESS
Raising The Bar In The Peach State
Alexandra Skinner speaks to Alison Keefe at Kennesaw State University’s Coles College of Business
Atlanta From Piedmont Park
The Coles College of Business EMBA Offering At the Coles College of Business, EMBA students are known as "associates". Kindly expand upon the culture that is nurtured at Coles, both inside and outside of the classroom environment. The EMBA programme at Coles College of Business is centered around those individuals who have achieved a more advanced level of professional status in their career than those who are just entering the workforce. We believe that they should also enjoy a higher status in their school life as well. The term “associates” was developed to differentiate the Executive MBA student from the model of a typical MBA student in that they are not only held to a higher standard based on what they bring into the programme, but that they are treated to a greater level of service and opportunities. We understand the rigours and demands of a typical EMBA student’s personal and professional life and strive to make the transition back into school, and their time in the programme, as easy as possible so that they can concentrate solely on taking away as much information as they can from the Coles EMBA curriculum and faculty.
Since our programme is designed around the “CEO’s point of view”, our integrated six-day “Kickoff Residency” introduces the associates to the foundations of lifelong learning, the fundamentals of economics, accounting, finance, statistics and the principles of coaching. They also begin with
Our accelerated EMBA programme is designed for busy executives with a convenient one weekend a month (Saturday/ Sunday) format over 19 months. Team meetings, distance learning and meetings with professors take place between class sessions. This schedule enables busy professionals the flexibility of pursuing
The EMBA programme begins with a Kickoff Residency aimed at developing both academic and personal skills within associates. What does the residency involve?
The course is delivered in an accelerated format. Please can you expand upon this form of delivery and whom the programme is aimed at?
One requirement for our faculty is that they stay current on business trends and must have a robust business background.” the basic building blocks of experiential teaming which is a core-competency of the Coles EMBA programme. Finally, this residency is also designed to facilitate development of an individual through personal and team coaching, and to apply team-building principles focused on the formulation of the skills necessary to build trusting relationships and cohesive groups within an organisational setting. This aspect of the residency truly sets the Coles EMBA apart from other institutions – we just don’t require them to work as a team, we teach them how.
an advance education while balancing work and family time. The Coles Executive MBA has been designed for seasoned, ambitious professionals including executives, mid-level managers and entrepreneurs from diverse backgrounds who want a world-class MBA.
Coles has an EMBA-only faculty team. (a) What advantages does this bring to associates?
A multitude of advantages exist when you have an EMBA-only faculty team. Not only does it provide a far greater CEO MAGAZINE
KENNESAW STATE UNIVERSITY - COLES COLLEGE OF BUSINESS
personal experience for the associates, it also allows the faculty to remain current with their outside business ventures. One requirement for our faculty is that they stay current on business trends and must have a robust business background. The EMBA faculty are sought out by the business community for consulting and known by our students and alumni for their personal attention and accessibility. A key differentiator for us is that the Coles EMBA is the only programme that has a core EMBA faculty team dedicated solely to our students. This is just one of the reasons why our alumni rank our faculty higher than peer school faculty in terms of accessibility, mentorship and business acumen each year.
(b) Please can you tell CEO Magazine readers more about the quality of the faculty at Coles?
Across the board, Coles is increasing the standards that it sets for its students. Whether it is the EMBA or MBA admissions requirements or graduation requirements, Coles is improving its level of student. In the EMBA programme, we do have a higher admission standard than other programmes – we require at least five years of work experience and you must have managerial experience. These two aspects allow the associates to have a fuller academic experience in the classroom and bring a richness to the entire cohort that you just cannot obtain otherwise.
Executive MBA associates and faculty on a company visit in Brazil
At Coles you strongly believe in diversity within the classroom. With this in mind, what can potential students expect from their would-be cohort?
Key Faculty Perspective: The Coles Difference “The individuals teaching in the program are experts in their field on the cutting edge of what is happening. A good example is the topic of coaching. KSU is recognised as having one of the leading programs in coaching – a very important topic in an EMBA program. The faculty have actually been coaches of many individuals in the corporate world and can bring that experience to the classroom. The full-time focus on teaching EMBAs also enables faculty to focus their teaching in their area of specialization and be more knowledgeable about their field. It brings consistency into the classroom and curriculum. When you change faculty each person has academic freedom and tends to interpret the topics from their own perspective. This creates variability in the delivery of topics in the classroom. The KSU approach ensures that the message to students is consistent and on topic, from semester to semester. I teach data analytics. The use of information and data to improve decision-making in business is pervasive and growing exponentially, and indeed is now referred to as the era of “big data”. I have been working in the field of data analytics for more than 40 years and have the leading text in the world for the first course in data analytics at universities globally. Each year I give several keynote presentations on the role of big data and data analytics. In the past couple of years I have made presentations in Germany, India, Austria, Australia, South Africa, England, Sweden, and Malaysia, as well as numerous locations in the U.S. Finally, the Coles College has one of
the leading family business programs in the world, and in fact the only family business focused EMBA program in the world. The faculty teaching the topic of family business - a very important topic as over 80 per cent of all businesses globally are family run – are world-class scholars that can share knowledge that is not available at any other university in the world. Diversity is very important in the Coles EMBA programme. Today’s EMBA graduates are increasingly confronted with a global business environment, and must understand and properly respond to differences in cultural and business decision-making approaches. This can only be achieved through first-hand exposure to these differences. One of the highlights of my working in the KSU EMBA program has been my involvement in the joint project with Romanian students. Most programs have joint programs with universities in developed countries, but KSU’s program is with a university in a developing country. Being involved with another university in a developing country provides a much richer experience for students, teaching them about diversity and its role in learning and successfully overcoming obstacles that arise because of differences in an individual’s background and experiences.” Dr Joe Hair is DBA Founder, Senior Scholar and Professor at Kennesaw State University.
In the EMBA programme, associates can expect a fully diverse student cohort. In a typical class, 38 per cent of the cohort is female, 45 per cent African-American, 13 per cent Hispanic, and 16 per cent international all with an average work experience of 16 years and eight years of management experience. Our typical associate is 38 years old, working in a wide range of areas – approximately 50 per cent of our associates do not have a business undergrad.
The Coles Advantage What would you say are the key differentiators that make the Coles College of Business EMBA offering stand out from others in the market? In the Coles EMBA programme our differentiators are truly unique. Our associates continually provide us feedback that our teaming, coaching, and leadership programme aspects are what brought them to KSU, and is what they will tout in the marketplace as it makes them stand out from their competition as well. Associates come to Coles with considerable management and leadership experience; however, the Coles Executive MBA prepares students for the next level. This is not just learning to lead; it’s learning to be an effective leader who can craft and implement a strategic vision. It is learning to be comfortable with public speaking, motivating dynamic cross-functional teams, and using sound business fundamentals to make informed decisions. Just as important is the ability to work and lead high-performing teams. Within the Coles EMBA dynamic learning environment, teams have been created to promote collaboration, decisionmaking, resourcefulness, ingenuity, and entrepreneurship. Each learning team is more than a study group — it’s a crossfunctional unit that challenges and
KENNESAW STATE UNIVERSITY - COLES COLLEGE OF BUSINESS
supports you throughout the 19 months. Teams consisting of five to six students are assigned to collaborate on assignments. Every team is designed for diversity of personality, experience and business skills. The team structure therefore encourages trial and error, risk-taking, and possibly creative friction among members as they learn to collaborate and lead within a group of peers. Being part of a team not only improves your communication skills – it empowers you to manage and motivate highly successful dynamic seasoned professionals. With no formal leader, teams rely on individual team members to lead specific tasks and projects. As such, the learning team experience is similar to that of a team of senior executives working with a great deal of autonomy under a CEO’s leadership or in a strategic alliance. Finally, the Coles EMBA is one of two global programmes that offers programme-long executive coaching. Coles executive coaching pairs students with an executive volunteer of the student’s choice. For the entire 19 month programme, the coach provides strategic guidance on the student’s professional development. The associates are also provided a teaming coach to help assist with the teaming process. This provides further strategic guidance for students
ALUMNUS PERSPECTIVE When I returned to the Michael J. Coles College of Business I had a very specific goal: to finish what I had started. I began the MBA program in 2008, but left for a couple of years as I wanted to spend more time with my family. During my hiatus, I frequently came to the KSU library to conduct research, and I actually wrote my business plan in 1996 for Soverse, a company I founded, while at the library.
My partner and I built the company to 50 million dollars in 18 months, taking it public on NASDAQ where it then grew to 125 million. Despite its success, I felt as though I was missing business acumen. In August of 2011, I received a call from Dr Charles Hofer, Regents Professor of Strategy and Entrepreneurship at Coles, who
encouraged me to return and finish my MBA. I agreed because I hate to start something and not see it through completion. Also, I was really drawn to the program because of quantitative elements such as finance, accounting and economics – topics that I had avoided when I was an undergraduate student at KSU. If I were to describe the Coles MBA program in three words I would say it was mind-expanding, intense and rewarding. Dr Hoffer really had a great impact on my success and I give him all of the credit. If it were not for him, I would not have been in the program in the first place. I really like how he promoted Coles and brought lecturers into the classroom that had real-world experience.
For those who are contemplating the Coles MBA program – it’s worth it. It’s a commitment, but it will pay dividends for the rest of your life as no one can ever take away your education! You will make life-long friends and you will be exposed to a new network of people, which will lead to new opportunities. I’ve gotten a great value out of my MBA!
Joyce Bone is the founder of Soverse, a website application company, MillionaireMoms.com, an online community for entrepreneur-focused women and co-founder of EarthCare, a private services-industry company. Joyce graduated magna cum laude with an MBA from KSU in December 2012.
KENNESAW STATE UNIVERSITY - COLES COLLEGE OF BUSINESS
Students are challenged to work on real business and entrepreneurial ventures with international counterparts. This is not just visiting global companies; it’s a one-of-a-kind international experience.”
STUDENT PERSPECTIVE I always wanted to pursue an MBA. When I compared the KSU MBA to similar programs, I found it to be very affordable and adaptable to my already busy life, but with the depth that I was looking for. No other program in the region could give me that combination.
in the programme. This is not just a class on coaching – it is a dynamic, longterm, one-on-one relationship fostering personal and professional growth.
How much influence does the feedback from businesses have on the structure of your MBA offering, and what other methods of assessment do you use to ensure that you are meeting market expectations?
The classes are quite intense, but every professor that I have studied with has gone out of her or his way to be available to me when I asked for help. In addition, staff and online resources were made available to help me to complete the program successfully. In this last semester, I am taking my capstone which brings together everything I have learned throughout the program. The class has been an eyeopener in terms of how I view the world; I frequently catch myself thinking “I had never thought of this!” That is exciting! Most students I have met through the program are middle level managers in middle-size to large corporations, who have already defined what they wanted out of an MBA. I have also met several entrepreneurs and aspiring entrepreneurs. To interact with the two groups has been in itself an interesting and valuable experience. It was hard to be back in school after 15 years because it is hard to stay focused sometimes. Since I don’t have an 8 to 5 working schedule, adding one or two classes to a busy week of work and family is not easy. The flexibility of the program has been the saving grace for me. I am very happy that I was right about how much an MBA would add to me as a professional and as a person. I feel that I understand global issues better, my options as a professional, and what I need to do to stay on the leading edge of my professional life. I think if I were a person looking for an MBA program, I would be looking for the ROI of time, money and energy invested. You cannot go wrong with the KSU MBA.”
We rely heavily on businesses based on our faculty’s ability to stay connected and up-to-date on current trends. This aides us greatly in directing our EMBA curriculum as we are continually reviewing our curriculum to stay relevant in the marketplace. Their feedback is essential for us and our associates to understand the latest business concepts such as Corporate Social Responsibility and Executive Coaching. Although the
Roque Marinho, Director of Business Intelligence at COBB EMC. Current Kennesaw State University MBA student. Coles College of Business faculty 46
KENNESAW STATE UNIVERSITY - COLES COLLEGE OF BUSINESS
fundamentals for the Programme will never change, business focus does and we have to change with it to stay relevant in the marketplace. Within the last decade, executive coaching has emerged as a proven method for achieving personal and professional goals, and we have taken full advantage of that emergence.
Looking Ahead Over the next 12 to 18 months, what can new and existing students expect, in terms of programme innovations, from Kennesaw State University and, in particular, the Coles College of Business? The Coles EMBA faculty have always taken pride in the fact that we believe in continuous learning and improvement, not only in terms of the curriculum, but also in how we deliver it. This is one of the reasons that we only have those faculty with many years of business experience to teach in the programme so that they can provide the associates with cuttingedge business knowledge. Based on that, the faculty recognise the need for key differentiators to better brand the Coles EMBA. Our teaming, coaching, and leadership speak for themselves, but another truly unique differentiator will be our applied global experience not offered in any other programme. Students are challenged to work on real business and entrepreneurial ventures with international counterparts. This is not just visiting global companies; it’s a one-of-akind international experience. A focal point of the EMBA Global Commerce course is the opportunity to learn in an interactive international teaming environment as well as employ acquired business frameworks and skills in an international immersion experience. In conjunction with highly recognised companies, Coles College Executive MBA students, faculty, and staff will travel to South America for a 10 day residency to participate in and complete an innovative consulting project. Students work sideby-side with company officials during this international residency, culminating in a virtual presentation of the project’s results to the company leaders. This real world consulting project adds a richness and authenticity that most international residencies cannot provide, as well as allowing students to integrate and apply the business theories and concepts acquired over four semesters of coursework. As a further incentive to expand cultural awareness and experience business environments in other parts of the globe, Coles College Executive MBA students also embark on a virtual business project with the largest Executive MBA-only educational institution in Eastern Europe; ASEBUSS, located in Bucharest, Romania. This
EMBA associates and student coaches at the Kickoff Residency
team project will be conducted over four months and ultimately conclude in the U.S. when the ASEBUSS students travel to Atlanta to participate in both an academic and business excursion. The residency will culminate in a live presentation of the project’s findings. In the interim, the combined U.S./Romanian teams work virtually using remote collaboration technologies on teamselected projects focused on international business practices. Both international immersion experiences impart the critical skills and knowledge required of managers at all levels to operate effectively in a global economy.
Biography ★ Dr Alison Keefe is EMBA Program Director and Assistant Professor of Economics at the Coles College of Business, Kennesaw State University, Georgia.
STUDENT PERSPECTIVE I chose the Coles College of Business Executive MBA program as it offers a balanced approach. In addition to the challenging business administration coursework, the program offered personal and professional development, advanced team and leadership training, and global business exposure. The true value of the program is in the balance, which not only addressed the what, where, and when, but also the who. Frank Lloyd Wright said, “The truth is more important than the facts.” The program provided knowledge through an experienced teaching staff and welldesigned course structure. Wisdom came through the engagement of the seasoned business professionals who lectured and mentored us, in addition to the facilitated
self-discovery. Faculty, lecturers and staff were extremely interactive with the students – literally encouraging the students to call them any hour of the day. This was a highlight of the program; anyone can sell knowledge – wisdom coupled with knowledge is how this program excels over others. My cohort was an extraordinary group of people. The group was diverse, engaging and enjoyable. The individuals in my cohort, and especially on my team, will be lifetime sources of friendship, knowledge, and wisdom. We all supported each other as, for many of us, it had been years since completing our undergraduate work. I would highly recommend the Coles College of Business Executive MBA program at Kennesaw State University.”
Steve Barnette, Chief Financial Officer for Paulding County School District. Current Kennesaw State University EMBA student.
P R E P A R I N G G LO B A L L E A D E R S LEADING MANAGEMENT THINKING MBA | Fully Employed MBA | Executive MBA | UCLA - NUS Global Executive MBA | Executive Education
GEORGIA SOUTHERN UNIVERSITY - COLLEGE OF BUSINESS ADMINISTRATION
Lifelong Learning With A Global Mindset Alexandra Skinner speaks to Bill Wells at Georgia Southern University’s College of Business Administration
Of course, technology is the key driver in the WebMBA. Faculty employ a variety of technologies to deliver content in interesting and informative approaches. Today’s graduates must be prepared to utilise cutting-edge technology to compete in today’s economy.
The global war for talent is not limited to corporations - business schools also want the very best students attending their institutions. With this in mind, have you been tempted to offer specialised MBAs in order to differentiate yourselves from the competition?
Absolutely. In addition to a traditional MBA, we offer three emphasis areas in our campus-based programmes. A student may earn an emphasis in International Business, Healthcare Management or Information Systems. These areas require a nine-hour concentration.
Accreditation We have long talked about the value of accreditation, and Georgia Southern University (GSU) can boast AACSB accreditation. How important is this third party validation to potential students and employers? AACSB accreditation is the gold standard for business schools. We are very proud to be an accredited member of this internationally recognised leader in business education. Students and employers recognise the significance of this achievement and can be assured that we are providing a quality educational experience.
Q Introduction As part of your mission statement, you talk about cultivating an invigorating academic environment that supports lifelong learning, individual growth, and a global mindset. How do you ensure these qualities are realised. We begin with faculty who have earned PhDs from AACSB accredited universities. Our faculty remain current in their fields of study through scholarly research and consulting activities.
You have an active alumni network of 73,000 graduates. To what do you attribute this success, and what benefits can potential students expect to accrue from the aforementioned?
Over the past few years, we have engaged in several strategies to reach out and connect with our alumni. Achieving a close relationship with our alumni provides several benefits. Alumni return to campus to meet with students and share their personal experiences. In addition, alumni give to the college which creates support for faculty research and student activities.
The WebMBA removes both geographical and time barriers.”
You offer an online and on-campus (evenings) study option for your MBA. How important is this level of flexibility to current and potential students? Our main campus is located in a rural area. While we successfully deliver a traditional MBA programme on the main campus and at our facility in nearby Savannah, GA, many working professionals are simply unable to dedicate specific days and times to complete their graduate education. The WebMBA removes both geographical and time barriers. Students around the country and globe have an opportunity to complete an MBA through an asynchronous, high quality programme.
The College of Business Administration
We have seen a greater integration of technology in MBA programmes, both as a subject and as a mode of delivery. To what extent is technology a driving force in your MBA offering? CEO MAGAZINE
GEORGIA SOUTHERN UNIVERSITY - COLLEGE OF BUSINESS ADMINISTRATION
We consider all relevant factors. It is not uncommon to find applicants who have taken career and personal paths that do not reflect a linear series of professional positions.
Preparing for Life after Business School Career services have become an integral part of a business school’s MBA value proposition, and something students now expect. Kindly expand upon the career tools that you offer. Because our programme is part-time and geared to the working professional, career guidance has not been a significant requirement of our students. However, the university supports a career services unit which offers support for our MBA students. GSU on the Future GSU was founded in 1906, offered an MBA in 1969, and the WebMBA in 2001. You have certainly not been standing still. What can we expect from
Q Georgia Southern University MBA Students
Admissions Standards (a) Would it be fair to say that the prevailing economic climate has driven some schools to relax their admissions standards? MBA admissions tend to be counter cyclical. In 2009 we experienced a tremendous growth in our traditional programme. In 2010, we began to see increased enrolments in the WebMBA. MBA enrolments have been trending slightly downward, recently. A number of factors can be identified to explain the slowdown.
1. The economy seems to be rebounding. As jobs increase, people delay graduate school. 2. Companies have been less generous in covering graduate school tuition and other expenses. 3. Financial aid has become more costly. Rather than panic and lower our standards, we have elected to focus on quality over quantity.
Can you walk our readers through the admissions process at GSU?
The process begins when a student contacts our MBA recruiter. We emphasise personal attention. Applicants are directed to a webpage which guides each individual through the process. Applicants must submit a recent GMAT score, official transcripts, resume and an essay. In some cases, letters of reference may be requested. After all of the required documents have been received, the MBA director makes the acceptance decision and students are notified by letter from the College of Graduate Studies.
We emphasise personal attention.” GSU over the next 12-18 months? Good question. We are considering collaborative programmes with colleges across campus. These partnerships will produce joint degrees, graduate certificates and a focus on leadership skills.
What advice do you have for those individuals who may have taken a career break and are worried about how an admissions committee may view their employment status?
(b) What impact does this have on a school’s long-term growth and the quality of the learning environment?
While short-term enrolment may be lower, a focus on attracting highly qualified students will benefit our reputation and assure that we will continue to be successful.
The Georgia Southern MBA was convenient for my schedule, and giving presentations and working on group projects with classmates resulted in professional contacts and relationships that continue to grow 10 years later.”
★ Dr William Wells is Dean of the College of Business Administration at Georgia Southern University.
Kelly Rogers, Assistant Program Manager Corporate Program Lifecycle Management, Gulfstream Aerospace. Georgia Southern University MBA graduate.
DR EMAD RAHIM – ENTREPRENEURIAL FINANCING
Really That Important For
Entrepreneurial Financing? Dr Emad Rahim
Entrepreneurial financing might be one of the most difficult and intimidating aspects of business ownership. While entrepreneurs are usually filled with ideas and passion, they are often starving for capital to jump-start and grow their business. There are a number of ways to categorize financing for startups, but for simplicity we will break it up into early stage financing and growth stage financing. Within these stages there are two types of financing – debt financing and equity financing. Early Stage Financing arly stage financing refers to funds that are used to cover the costs associated with getting your business on its feet. These costs include the development of your business idea, writing a business plan, developing and testing a prototype, capital investments, product development, prototype testing and establishing operations. Then there are significant marketing costs associated with introducing the product to the market, such as building channels of distribution to make the product available to the consumer, and advertising and promotion to inform consumers about the product and to get them to try it. At this stage, profits are typically negative due to the high startup costs, low sales volume, and the inability to take advantage of economies of scale. Finally, it is critical to have sufficient working capital to keep your business running. The size of the startup, asset structure, organization type, growth orientation, and owner’s characteristics are all relevant to how the company should get financed. Based on standard thought, the size of the startup company directly relates to the amount of financing needed. However, regardless of size, startup companies share common struggles. This is the stage where they are not generating significant revenue, yet are faced with the challenge of establishing themselves within a market. At this point, startup companies must depend on their innovation to catch the interest of consumers. Higher
risks exist during the early stages, and income rarely equals/exceeds the company’s debt. As a result, lower profits are expected. During the early stage of the business it is common for entrepreneurs to rely on personal income, funds from friends and family, funds from commercial banks and funds from finance companies. Government grants are also an option, however applications take a long time to process and they are difficult to obtain. Although these financing options exist, they may have a negative effect on the business. Unlike traditional financing, non-traditional financing does not require business plans, detailed presentations, or collateral. Traditional financing options with venture capital firms and angel investors are not common. Venture capitalists (VCs) rarely participate in early stage financing for two reasons. VCs target large deals and consider early staged investments as too risky. The presence of agency costs and conflicts of interest between lenders and business owners repel VCs investments. Based on existing literature, it is virtually impossible for startup firms to secure financing from VCs. Despite the overwhelming obstacles, one scenario may lead to VCs backed investments. Hypothetically, startup firms could attract VCs with large quantities of tangible assets. Most startup businesses begin with nothing, therefore this occurrence is highly unlikely. The second opportunity for entrepreneurs is to seek out angel investors. They invest in companies both in the startup and growth stages, and
have an opportunity to capitalize on the change in focus of the VCs toward later stage investments. Although some entrepreneurs view equity financing as a last resort, this might be their best option. With business angel investments, entrepreneurs should expect to pay up to an 80% return rate. More clearly stated, that rate of return is not an interest payment. Instead, it is on projected revenues.
DR EMAD RAHIM – ENTREPRENEURIAL FINANCING
While entrepreneurs are usually filled with ideas and passion, they are often starving for capital to jump-start and grow their business.” Here is a comprehensive summary of financing options for the Early Stage and their pros and cons to the entrepreneur and the company. Debt Financing: The business owner raises money by taking out loans and paying them back using an installment plan with set interest rates. This type of financing is not dependent on whether or not the business succeeds. If successful, the owner is responsible for paying back the loans, but he/she keeps all of the profits and control of the company (Field, 2007).
Customers and Suppliers: Customer financing is when customers fund the product development in exchange for customization. Supplier financing is when suppliers extend payment terms, which effectively increases your working capital. Another form of supplier financing is when a supplier holds inventory, in exchange for a guaranteed payment by a certain date (Field, 2007).
Equity Financing: The business owner raises money by selling shares or ownership in the company in exchange for cash (Field, 2007).
Venture Capitalists: Investment organizations provide money and advice in return for partial ownership of the company. This means that the owner must be willing to give up control over major decisions and be willing to sell the business, or have an IPO within seven years of receiving an investment (Field, 2007).
Personal Loans: The business owner borrows money from family and friends. At the very early stages of any startup, entrepreneurs tend to raise money from relatives, colleagues and other people they know well. This type of loan will give quicker access to funds with fewer stipulations (Field, 2007), but could threaten the relationship if the business fails and you cannot repay the loan. Banks: The business owner uses traditional commercial banks to borrow money. They can be a good source for loans ranging from microloans of hundreds of dollars to major loans of six figures. Banks provide an option to open a line of credit where you don’t need to pay back interest until you reach your maximum. Banks require much more proof of financial responsibility, with the owner often having to demonstrate that they already have established credit in order to be eligible for a loan. Banks can also take longer to process loans (Field, 2007). Unless the owner has a good credit rating and a sizeable bank account, banks will hesitate to lend money to start a business. Grants: An award of financial assistance given out by the federal government or an organization that does not have to be paid back. Grants are highly competitive and have strict guidelines on how the funds are spent (Field, 2007). Bootstrapping: An Entrepreneur uses whatever resources available to get the business off the ground. While a large part comes from personal savings and homeequity loans, credit cards are also used. (Field, 2007).
Regardless of financing option, emerging entrepreneurs should undergo strategic planning to determine: (1) the mission and goals of the company; (2) the direction that the business will take; and (3) how the business will achieve its mission and goals. At the basic level, the entrepreneur needs to make choices based on the available options for these issues. As a starting point, it is important to structure the thought processes so the entrepreneur does not get lost in the forest and to ensure that all the relevant issues are covered. Having a clear strategic plan will increase the likelihood of having a successful venture.
The size of the startup, asset structure, organization type, growth orientation, and owner’s characteristics are all relevant to how the company should get financed.”
Biography and Reference ★ Emad Rahim, DM, PMP is Dean of Business and Management at Colorado Technical University. Follow him on Twitter @CTUBusiness ★ Field, A. (2007, October, 18). Great ways to finance a startup: From credit cards – hey, it worked for Google – to your own customers and suppliers, there’s money out there if you get creative. Fortune Small Business. Retrieved from the Business Source Premier database.
INSEAD KNOWLEDGE – NIGEL ROBERTS
Executive Coaching From Prince Hal
An increasing number of executives are turning to Shakespeare for advice on how to run their businesses. Nigel Roberts reflects on the Bard’s stories, myths & archetypes.
hen Shakespeare was writing there were no corporations, no managers and certainly no courses in leadership. Jung and Freud hadn’t been born and the academic disciplines of organisational change and employee engagement were not on the curriculum of the few ancient universities that existed in the 16th century. Yet the Bard managed to capture some universal truths about human nature, and the complex way that individuals relate to each other which can provide useful lessons for today’s corporate leaders.
the battle of Agincourt, he is faced with a dilemma familiar to many managers: how to persuade a recalcitrant workforce of foot soldiers and untrustworthy middle managers (his noble lords) to go into battle with the French competition and put their lives (jobs) on the line. That was the challenge facing a U.S.based client who had a serious problem with its European operation. Poor performance and a need to cut costs meant that they dispatched the global IT director to restructure the division. The director had prepared a rational justification for the closure which made perfect sense in the Midwest of the U.S. but was likely to be explosive in Europe. Hal’s Leadership Lessons His prepared text for a company meeting shared many similarities with George W. Bush’s rhetoric in the ‘Axis of Evil’ speech. Here was a Midwestern cowboy shooting from the hip and telling those pesky
telling them they had no choice. He had to persuade, not just order them to do what he wanted. We deconstructed Hal’s Crispin Crispianus speech, examined the clever rhetorical devices that appealed to people’s emotions, and then reconstructed a presentation that pushed all the right emotional buttons with the audience. By crafting a call to action that focused on the positives rather than the negatives and appealed to a higher calling than individual self-interest, he managed to persuade them to accept the restructuring. A similar process was adopted in developing the messaging and strategy for negotiations with a pugnacious Works Council. The end result was a seamless restructuring with no sabotage or industrial action. He won a battle that he had looked like losing. The reason why exploring the characters created by Shakespeare can help 21st century corporate managers perform better is partly because it gives them a fresh perspective on their challenges which helps them to reframe their response to events. But the other reason is that it provides a narrative that helps to communicate more effectively with their stakeholders. Don’t just transmit information and hope it is received and understood – weave that information into a story and it is more likely to persuade people to behave the way you want them to.
The Bard managed to capture some universal truths about human nature, and the complex way that individuals relate to each other.” Increasing numbers of companies are using the plays of Shakespeare as templates for change. The dilemmas of ancient Kings and Princes provide a fresh perspective on the challenges facing CEOs in the 21st century. Henry V is a case study in leadership and how to create loyalty. The Tempest a template on how to manage change without destroying the very thing you are trying to create. Julius Caesar an object lesson in how not to build a team. All the challenges faced by today’s executive were pre-empted and laid bare by Shakespeare many centuries ago. When Henry V delivers his famous Crispin Crispianus speech on the eve of 54
Europeans to get off the ranch. That might play well in the Midwest but would fail to impress in Europe. Instead of modelling himself on George W. we reframed and rewrote his address to his troops by looking at Henry V’s call to action before the battle of Agincourt. We made him realise, that like Hal, he faced an almost impossible task. Trying to persuade his men to sacrifice themselves for the greater good of the company required a fundamental change to their mindset. Many of Hal’s soldiers faced certain death. Some of his workforce faced certain redundancy. How do you sell that? Certainly not by shooting from the hip and
Telling Tales I would argue that most companies fail to communicate effectively because they don’t tell their story effectively. They present information but fail to have a meaningful conversation. As another playwright George Bernard Shaw said, “ The problem with communication is the illusion that it has taken place.”
INSEAD KNOWLEDGE – NIGEL ROBERTS
Most companies generate a huge volume of internal and external communication with no way of knowing whether it has been received and understood. One client told me: “We’re very good at cascading information down through the company but as a management team we’ve never acquired the habit of listening. Listening and watching the lessons of Shakespeare has made me a better story teller and manager.” Storytelling is the heart of communication. From the cave painters through Greek myth to the fiction factory of Hollywood, people have sought to make sense of their world by developing a compelling narrative. This serves not just to record where they have been but also to help work out where they want to go. No executive or organisation can afford to ignore the power of storytelling. No other narrative structure can move hearts and minds in the way that a well crafted story can. Whether you are making a corporate presentation, holding a press conference, communicating strategy or leading your company in a competitive environment, stories help you engage your audience. Stories are part of our collective unconscious. Jung argues that, in addition to our personal unconscious (a unique personalised psychic dumping ground for all our experiences, anxieties, neuroses and repressed thoughts) we all also share the same template in the form of archetypes, which help us understand and explain the world in which we live. The collective unconscious is rather like the operating system on our computer, and it is by exploring those archetypes in the plays of Shakespeare that corporate leaders can enhance their rational and analytical core competencies. But it’s not just individual executives who can benefit from lessons by the Bard. Companies have souls and personalities too which are made up of rational conscious processes and subconscious archetypal cultural energy. Therefore Shakespeare can be used to improve the performance of teams. It is a sad truth of corporate life that most mergers fail to deliver shareholder value. There is much talk of cost synergies, but these often fail to materialise because cultural differences between the different personalities of the merging organisations clash and subvert the process. Rough Magic The Tempest is a good model to help reframe an organisation’s approach to mergers and cultural change and also to build more efficient teams. As a business case study it operates on many different levels and Shakespeare provides Jungian insights into political and organisational dynamics. Prospero uses his “ rough magic” (soft leadership skills) to challenge and subvert his estranged brother and his court who wash up on the shores of his “island of
mystery” (newly merged organisation). You can chose your friends but you are stuck with family in the same way that many executives are stuck with an uncooperative management team post-merger. The sheer volume of unfocussed and external communication in the corporate world calls to mind another Shakespearean quote. “It is a tale told by an idiot, full of sound and fury, signifying nothing.” Explore the characters and stories of Shakespeare and I guarantee that your communication will mean something and give you “…a muse of fire that would ascend the brightest heaven of invention”. Now that’s something you won’t find on an email or PowerPoint presentation.
Don’t just transmit information and hope it is received and understood – weave that information into a story and it is more likely to persuade people to behave the way you want them to.”
Statue of William Shakespeare (1874) in Leicester square, London, UK
Biography ★ Nigel Roberts is the London Correspondent for INSEAD Knowledge.
COLORADO TECHNICAL UNIVERSITY
Leading Innovation In Online Learning Alexandra Skinner speaks to Dr Emad Rahim at Colorado Technical University
The CTU MBA Value Proposition CTU’s MBA programme maintains an applied research approach and problem-solving focus within the CTU Professional Learning Model (CTU PLM™). We promote an educational background, at all levels, that helps students to adapt to dynamic environments and become life-long learners and life-long contributors to themselves, their families, their profession, and our society. The CTU MBA is offered in both on-campus and online formats and is designed for working adults who are looking to advance their career or make a career change. The main objective of CTU’s MBA programme is to train, equip and prepare business leaders for the global economy. The core of the MBA programme provides our student with advanced fundamental business skills, while the concentration courses allow our students to specialise within their chosen field and showcase their body of knowledge in a capstone course. We emphasise the need to help our students learn the practical skills required to thoroughly analyse and deal with organisational challenges with confidence.
Your Online MBA is highly successful and was recognised as being a Top Ten Online MBA programme in our 2012 rankings.
(a) What do you feel makes your online MBA programme so successful?
CTU professional courses use the construction of professional deliverables as a teaching method. CTU PLM™ engages students in complex, real-world situations that require them to organise, research, and solve problems. Essentially, it allows students to practice skills in near realworld situations. The CTU PLM™ naturally answers the student question, “How will I use this in the real world?” It allows 56
students to easily establish the connection between what they learn in the classroom and real world issues and practices. This learning method encourages students to use higher levels of thinking skills by having them look critically and creatively at problems that don’t have one right answer. Students will learn about information in situations that are similar to the professional situations in which they will use the information in the future. In practice, CTU PLM™ places students in the active role of collaborative problemsolvers and project initiators confronted with the task of producing a deliverable that mirrors a real-world context and assessment.
(b) Please can you tell CEO readers more about your virtual campus – ‘My Unique Student Experience’?
At CTU we understand that students learn in unique ways. Some absorb material by reading, watching or hearing it. Others learn best through problem-solving using real-world examples or by practicing an activity until they’ve mastered it. To best serve students with varied learning styles, we have integrated our flexible My Unique Student Experience (M.U.S.E) learning platform into our online courses so that students can take control of their online learning experience in a way that can suit them best.
Students at CTU benefit from the knowledge of highly qualified faculty, affectionately known as “realworld gladiators”. How do your faculty bring their experience into the classroom? CTU only selects faculty with demonstrated industry experience, and advanced degrees and teaching qualifications to deliver state-of-thepractice education; providing on-going professional development, review and certification, especially in fostering student success through teaching and support. We ensure that our students are being taught by faculty who are current within their field and specialisation, and can speak from experience, knowledge
COLORADO TECHNICAL UNIVERSITY
and education. Our faculty conduct live chat sessions, sharing their professional experience by way of examples and storytelling. This allows our students to better understand how theory is applied into practice and engage in the discussion in real-time.
CTU places significant emphasis on leadership and ethical decisionmaking. Why do you consider these dynamics to be so important to middle managers? We believe that our students are the ambassadors of the university. What they learn from CTU will influence how they interact with society and with the larger business community. Their business and leadership values, actions, behaviours and attitude are shaped by their experience at our university. This is why we place so much emphasis on leadership and ethical decision-making in our curriculum. We want to prepare our students to become corporate citizens and to act in a socially responsible manner in their business practices. Research reveals that companies and leaders that engage in corporate social responsibility activities have a higher ROI and better public image.
MBA Talking Points The North American MBA market is extremely competitive. What do you think makes your MBA offering stand out from the crowd and ultimately leads to students choosing CTU for their studies? Our new MBA offerings support industry trends and market research. CTU MBA concentrations were steered by our business advisory board which is made up of corporate executives, entrepreneurs, educators, and government and military leaders from across the country.
We have gone beyond the traditional methods of teaching MBA students. We focused heavily on our professional learning model in looking at how we deliver these new programmes. We wanted our students to experience their education by engaging in more interactive learning. This is why we invested in adaptive learning software, improved our M.U.S.E technology, integrated problem-based learning models into the curriculum, and put together an advisory board of industry experts to help us develop our new MBA curriculum. Our students will learn much needed skills such as critical thinking, leadership and problem solving, whilst also developing their emotional intelligence.
The Evolution of the MBA How important do you feel it is for business schools to continually evolve in order to keep up with the expectations of Generation Y? The MBA arena is going through an evolution. It started off being very elitist, catering only to a small audience of business leaders and managers with only a handful of universities offering the programme. Tuck School of Business at Dartmouth College was the first to offer the MBA degree, and was quickly followed by Harvard, Wharton, Cornell and Yale. The University of Chicago is credited for developing the first Executive MBA for professional students, and Thunderbird School of Global Management developed
Our graduates are earning a degree that is in alignment with labour market trends and addresses the workforce development gap – something that our economy desperately needs.”
What methods do you use to ensure that you are producing individuals that are fully-equipped to meet the demands of today´s economy?
Our graduates are earning a degree that is in alignment with labour market trends and addresses the workforce development gap – something that our economy desperately needs. We are teaching our students to become more intuitive, to think more critically in how they do business, to approach a project more strategically and to execute on a plan with precision. Our students are obtaining practical knowledge that they can apply to organisations right away. Students will expand their business intelligence and will start to examine business from a global perspective.
the first MBA focused on international business. We then saw the MBA grow to include more concentrations and specialisations for students, and more universities started offering MBA programmes. New options appeared – an EMBA for aspiring business leaders, online MBAs for working adults, and an accelerated MBA option to provide students with the opportunity to earn their degree in one year full-time and transition into the workplace more quickly. Enrolment was flourishing, and for many business schools the MBA became their anchor degree programme and the best source of revenue for the university. Fast forward to the present and we notice a significant change in the MBA arena. The enrolment population for MBA
The CTU Denver campus offers both ground and online learning options
COLORADO TECHNICAL UNIVERSITY
degrees across the world has continuously decreased. Recent reports issued by the AACSB showed a drastic drop in MBA applications and enrolment percentages across the board for many universities in the States and abroad over the last few years. Both traditional universities (research/state/public/private) and proprietary universities are impacted by this decline. Some universities have decided to teach-out their EMBA programme or reduce their MBA concentration options in order to reduce overheads. Other universities, that were once more traditional and only offered an on-campus option for their MBA degree programme, are now forced to invest in more online programming and curriculums to adapt to the changing market. I believe the idea, purpose and need for the MBA programme has shifted with this new student generation. Business schools have undergone some serious scrutiny in the last few years. The MBA image and brand has taken some pounding due to the unethical and illegal scandals of companies like Enron, Arthur Andersen, WorldCom, AIG and BP, and the collapse of the banking industry and their role in the global recession. The majority of these executives earned their MBA degree from prestigious universities. There is a lot of anger pointed towards capitalism and our business policies. We saw this loud and clear with the occupy movement and student protests happening on campuses across the country.
The MBA of the future must reinvent itself and its purpose. I have noticed some exciting trends taking shape at business schools and new developments in business education appearing in research publications and at academic conferences. In 2012 I attended a symposium titled “Redesigning the MBA” that was hosted by AACSB in Tampa, Florida. At the symposium there was a lot of support for a comprehensive MBA makeover to help transform the way faculty teach business and develop curriculum. Everyone at the symposium was in agreement on the benefits of teaching core business skills like finance, economics and accounting in an MBA programme. However, there were many different perspectives on how to teach business students soft skills and help them to develop more intuitive skills. Corporate recruiters and advisory boards are urging business schools to focus more attention on helping students to further their skills in communications, creative thinking, problem solving, critical thinking, team building and leadership. The next generation of start-up executives and entrepreneurs, who will be doing business in a global economy that is becoming flatter, will need to be more innovative and think creatively. There are a lot of great MBA programmes that I believe have stepped up to the challenge by creating amazing curriculums. Some of these MBA programmes have dedicated their entire curriculum to teaching design-thinking
The CTU MBA Application Process The university has an inclusive philosophy in its admissions process. We believe that education should be accessible, convenient and rewarding to students. This is why we provide our students with a convenient process to apply for admission to our MBA programme. We have three simple steps and requirements for graduate admissions: 1. Submit an application for admission online and provide your contact information to have an admissions advisor contact you. If you apply online, your application will be sent electronically to CTU. There is a $50 application fee. After you submit your application, CTU will contact you to complete the remaining steps. 2. All applicants conduct a personal telephone interview with one of our admissions advisors. This interview will give you an opportunity to ask questions about the curricula and courses that interest you. Interviews are also used to determine whether applicants are qualified to become students at CTU. Students are free to have a parent or spouse present for the interview if it makes them more comfortable. 3. Submit an official undergraduate transcript verifying completion of a baccalaureate degree with sufficient GPA score for graduate admission. 4. If your first language is not English (or if you graduated from a non-English speaking school), TOEFL scores of 500 for undergraduate and 550 for graduate, or other acceptable proof of English proficiency must be submitted.
and providing a lot of experiential learning opportunities for their students. The majority of these business programmes are traditional on-campus MBA programmes. The challenge is trying to fit all of these expectations and demands into an online MBA or an Executive MBA that is accelerated and primarily online.
CTU will hold its ground and online graduation at the Bellco Theatre June 15, 2013, with speaker Margaret Spelling, Former U.S. Secretary of Education
The next generation of start-up executives and entrepreneurs, who will be doing business in a global economy that is becoming flatter, will need to be more innovative and think creatively.” The Next Step What can we expect from the Colorado Technical University over the next twelve to eighteen months? I am extremely excited about the future direction of the university. We will be leading innovation in online education; we are revising our business curriculum to include more problem-based learning opportunities and to integrate simulation technology for our students to help equip them with the practical skills and knowledge they need to deal with the ever changing challenges of doing business in the new economy. We are investing heavily in adaptive learning technology and teaching to address the learning needs of our students, and adapt to their growth in knowledge and understanding of the curriculum. The university is also upgrading its award winning Virtual Campus and M.U.S.E. learning platform to create a more intuitive and powerful interface for our students that is compatible with their mobile devices and smart phones.
Biography ★ Dr Emad Rahim is University Dean for the School of Business at Colorado Technical University. Follow him on Twitter @CTUBusiness
ELSE SCHOOL OF MANAGEMENT – MILLSAPS COLLEGE
Teaching Future Business Leaders To Become Great Thinkers Alexandra Skinner speaks to Kim Burke at the Else School of Management, Millsaps College
The Else School offering includes both an MBA and an EMBA programme. Kindly expand upon each in terms of:
The Else School of Management The Else School of Management has been offering an MBA programme since 1979. Please can you give our readers an overview of your value proposition? The graduate programmes of the Else School focus on the development of each individual student, emphasising rigorous critical thinking and communication skills and connecting students to the business community. Innovative problem-solving forms the basis of discussions and writing assignments in the classroom. Outside of class, graduate students have the opportunity to partner with local businesses and municipalities, putting theory into practice for the student while also bettering the entities and the citizens of the broader community. Else School faculty are exceptional teachers who place top priority on connecting each student with content and opportunities to apply that content. With our focus on experiences and partnerships, graduate students benefit
(a) For whom each programme is designed The MBA programme is suited for individuals of all academic and professional backgrounds who wish to further their understanding of how businesses work with an eye towards corporate or entrepreneurial advancement. The EMBA programme is specifically designed for a more practiced mid-range executive looking to advance his organisation as well as his career.
from the strong relationship between the Else School and the community. The local business community provides a myriad of opportunities including those with state and federal government centres, a major academic health centre with five graduate schools, and multinational auto manufacturing installations, as well as other business and nonprofit opportunities.
These international study trips are among the richest and most transformative educational opportunities available to our students.” Inexperienced graduates from the MBA programme are a more “finished” product, ready to hit the ground running. More experienced graduates find their workplace skills enhanced and their knowledge base greatly expanded. Students leave Else School prepared for what they will encounter and with an expanded sense of what they can accomplish.
(b) Programme prerequisites Applicants to the MBA programme must have completed a baccalaureate degree from a regionally accredited institution. Applicants to the EMBA programme must have a baccalaureate degree from a regionally accredited institution and a minimum of seven years of managerial experience.
ELSE SCHOOL OF MANAGEMENT – MILLSAPS COLLEGE
(c) Scheduling and timeframes The MBA programme is offered primarily at night, with courses meeting once per week. Full-time students can complete the 30-hour programme in one year. The EMBA programme is offered on alternating weekends over a 16-month period. Students enter and complete this programme as a cohort.
The MBA curriculum includes an International Study component. (a) Where does this take place? The Else School at Millsaps College offers outstanding opportunities to travel and study business internationally in Europe or Yucatan, Mexico. Over a six week period in the summer, our European Business programme offers students an opportunity to travel, study, and live with professors from Millsaps College in at least three European cities, each with its distinctive culture and business practices. Currently, students are travelling to London, Munich, and Florence. International study in Yucatan is offered twice a year in the winter and summer intercessions for approximately three weeks each. From the Else School
Murrah Hall, home of the Else School of Management
MBA STUDENT PERSPECTIVE I decided to go back to school when I realized there was a void in my business studies knowledge. The eight years with my family business taught me a tremendous amount but there was more to learn. Millsaps College has an incomparable reputation. The student-toteacher ratio is very low which allows an increased amount of interaction, and every one of my professors had a career in the business world before becoming a professor. This puts a new dimension on the curriculum. Millsaps understands that a majority of students work while attending graduate school, and they go above and beyond in making sure all deadlines can be met. Millsaps College is a top ranking, prestigious college known throughout the South. A huge influential factor for me was the fact that Millsaps invests time and money into the Jackson community. Millsaps’ distinction and esteem are unmatched - not only has my time at Millsaps taught me a myriad of knowledge, but I have also developed contacts and relationships that will serve me a lifetime. Looking back on my studies, there is nothing I would change – not even coming back to school sooner. My experience in the workforce between my undergraduate and graduate degrees allowed me to apply practical knowledge to the text.”
Shelley Brown Floyd, Director of Strategic Planning for Brown Bottling Group. Current Millsaps College MBA student.
are spent in a series of discussions with business leaders in each city. These “field trips” highlight businesses and industries dominant in each area. In London, students focus on financially-related business. Students tour businesses such as Lloyd’s of London, Sotheby’s, and the Bank of England, and meet with senior executives from Citigroup, Charter bank and Deutsche Bank Asset Management Group. In Munich, the focus turns to manufacturing where students meet with executives from BMW’s Research and Development Center, Siemens International Headquarters, and Audi Headquarters in Ingolstadt. In Florence, the focus shifts to fashion and art, so our students meet with representatives from the fashion industry, tour a working vineyard and winery and visit world famous galleries. In Merida, Yucatan, students focus primarily on local farming operations and manufacturing. The group sees first-hand economic activity from its most basic forms (subsistence farming, hunting, and logging) to the industrial development of a major regional capital. The class visits farming operations ranging from bamboo plantations to
We believe that hands-on experience is a critical component of the academic experience.” of Management’s house in Merida, “Casa Millsaps,” to Kaxil Kiuic, the 4,500 acre managed reserve supported by Millsaps College, students gain an appreciation of a wide range of business and culture in Latin America.
(b) Typically, what can students expect from these study trips?
These international study trips are among the richest and most transformative educational opportunities available to our students. Students describe the programmes as enhancing their understanding of the complexities created by the interconnectedness of the world in which we live, as well as helping them think critically about their connections to the world around them. In addition, living and studying abroad helps students learn to understand the nature and dimensions of culture. We believe this understanding is essential for anyone responsible for managing a multi-cultural workforce in a global setting. Before travelling, students prepare for their trips with required readings on the economy, culture of the region and course-specific issues. In both Europe and Yucatan, students typically spend their mornings in class with Millsaps’ professors discussing their course-specific topics in the context of the region. The afternoons
large produce distribution centres supplying companies including Walmart. From there, our students have been given amazing access to maquiladoras (assembly-line manufacturing facilities that operate under NAFTA) to observe the manufacturing process and interact with senior executives.
The EMBA programme includes an International Seminar in Mexico. What does this seminar involve?
The EMBA International Seminar allows students to work with local manufacturing facilities in Merida, Yucatan, Mexico. Prior to arriving in Yucatan, EMBA students research assignments on a variety of topics ranging from economics to marketing and then must research problem-solving techniques in a manufacturing setting, for example, working with a balanced score card. Once in Mexico, the students spend several days in a factory working with the owner using their knowledge to help solve real problems faced by this international manufacturing facility. While working on this project, students are exposed to labour and operational issues in an international setting as well as how international subsidiaries and affiliates work with companies and customers in other countries.
ELSE SCHOOL OF MANAGEMENT – MILLSAPS COLLEGE
Professors at the Else School
In addition to the direct work with our business partners, the EMBA class studies the economic history of this region of the world, looking at the rise and fall of an economy affected by political instability, the failure to diversify and monopolistic business practices. This research is followed by visits with modern governmental and business leaders to discuss the current economic development efforts of this thriving region.
Careers Services and the Wider Business Environment The Else School actively encourages MBA students to undertake internships. How important do you feel that internships are? Millsaps interns are much sought after by the business community because of their maturity and problem-solving skills. At the Else School of Management, we believe that hands-on experience is a critical component of the academic experience. Internships allow students to apply their classroom lessons in the workplace, addressing real-world challenges that face businesses on a daily basis. Internship experiences are fully maximised when interns have the opportunity to reflect on their field-based learning with fellow students and faculty. For the student with little to no prior work history, the internship provides meaningful field experiences in a supervised setting, allowing the student to identify strengths and weaknesses that may not be readily apparent in the classroom. For the more experienced student, the internship provides an opportunity to “look around” and see where their skills may best fit the needs of the business community or which skills they need to hone. From a very practical vantage point, we have learned from our advisory board and employers of our graduates that students who have completed an internship tend to race ahead of their peers in career advancement. They are most often the “stars” of the organisation’s team because they have experienced a real-
“I decided to pursue my MBA at Millsaps because the College has long earned a reputation of academic excellence and community enrichment. The MBA program at Millsaps continues to be recognized as a top–tier program throughout the country on many levels. The professors in the MBA program at Millsaps are committed to promoting an environment that is engaging and thought provoking. It is much more than learning from a book; you discuss and share real-world work experiences. You learn what works and how it can be applied to building a better business for today and for tomorrow. The professors also place great significance on developing writing skills. As a Senior Vice President, I have learned that although many are able to calculate formulas, very few can effectively express, in writing, their thoughts to the business. The MBA program at Millsaps has had a significant impact on my career. The
world opportunity and capitalised on that experience. Faculty members in the Else School are experts in relationship-building and matching student skills and interests with business opportunities. Many of our best internships are built on relationships cultivated between the faculty and businesses. Faculty members work closely with graduate students to understand what each student desires in an internship or employment. Being equally well versed in the needs of the business community, faculty are then well suited to match student skills and interests with business opportunities.
knowledge gained from the program has allowed me to help build a better company by making smarter business decisions. Last year, we hired an investment banking firm to represent us in a recapitalization of Trilogy Communications, Inc. with a private equity growth partner, Falcon Affiliates. Having a great growth partner will ensure the long time success of our company. The program does a great job of spotlighting graduates who are making a difference in business and the community. Professionals in all sectors of business are part of the MBA program at Millsaps College. That provides a center stage for exceptional networking opportunities. It is demanding, challenging, and rewarding. Go for it!”
Ryan Cole, Senior Vice President of Sales and Marketing, Trilogy Communications, Inc. Millsaps College MBA graduate, 2011.
To what extent do you liaise with local and national businesses in order to understand the ROI expectations of employers and how much influence do these businesses have on the structure of your MBA offering?
We value the feedback of our business community regarding all of our programmes. Accordingly, we have built infrastructure to ensure that we are hearing from these business frequently and being responsive to their needs. The Else School of Management has an active Advisory Board whose purpose is to advise, promote, and support the welfare and interest of the Else School as an
Else School MBA students CEO MAGAZINE
ELSE SCHOOL OF MANAGEMENT – MILLSAPS COLLEGE
Key Faculty “My area of expertise is Corporate Finance. The ability to forecast and plan for the future in relation to finance is particularly relevant to current and future managers. Finance is not just about understanding financial statements, but has more to do with making decisions in an environment of uncertainty. While most of my students will
not be bankers or CFOs, they still need to understand the language of finance and the techniques used to make decisions that lead to the creation of wealth for the stockholders. When teaching, I use the case method. The MBA and EMBA students discuss with me and with each other the issues of the case we are reviewing. Not only do the students learn from me (hopefully), but they also learn
EMBA STUDENT PERSPECTIVE My decision to apply to the Executive M.B.A. program at Millsaps College was motivated by a desire to bridge what I felt was a gap in my own business knowledge compared to my peers. Millsaps, being the only AACSB accredited school in the metro Jackson area, coupled with their stellar reputation and the announcement of their EMBA program, was the obvious choice for me. In addition to working full-time, I am also a husband and a father. Finding time to do much else at first seemed impossible, in particular graduate school. I believe the professors at Millsaps understand this, and while the curriculum is demanding, staying current with class demands is achievable with proper time management and organization. My classmates and I have had the amazing opportunity to travel to Merida, Mexico and take a hands-on approach to international business, as well as learn about the history of the Mayan culture. The resources that are available to us, both as current Millsaps students and eventually as alumni, are expansive. We have access to an incredible research library that I use for school and work, as well as skilled career center personnel. Millsaps played a pivotal role in helping me in my own career by making me aware of the opportunity at Copeland, Cook, Taylor & Bush, taking the time to write letters of recommendation on my behalf, and allowing me to present myself as a degree candidate from one of the most prestigious and respected business schools in the area. Deciding to enroll in the Executive MBA program at Millsaps College was the best professional decision I ever made. They not only opened the door to my current role as CAO, they have created personal relationships and given me access to a community of successful men and women that I will have with me for a lifetime.”
Joshua M. Silvia, Chief Administrative Officer – Copeland, Cook, Taylor & Bush, P.A. Current Millsaps College EMBA student.
from each other. We have some very seasoned, experienced managers in our classes. The small class sizes at Millsaps make the discussions intimate and get every student engaged. The students are smart and many are very experienced and bring that knowledge into the classroom. Bill Brister is Assistant Professor of Finance, Director of Executive MBA Program at Millsaps College.
integral academic unit of Millsaps College in its efforts to better serve its students and the business community. Members are senior executives from business and industry who possess outstanding character, who have demonstrated an interest in business education, and who have expertise of value to the Else School. Our advisory board meets at least semiannually and considers a wide range of issues including our graduate programmes.
understand that their enthusiastic interaction with students and the business community is key to the Else School’s value proposition. Accordingly, Else School faculty are involved in the business community through corporate and nonprofit board membership, interactions with state and local government, and consulting propositions, all of which keep them current in their fields. In keeping with the requirements of AACSB accreditation, faculty members of the Else School are also excellent and productive researchers, with faculty members creating and publishing their intellectual contributions to their respective disciplines.
What do you feel it is that makes Millsaps College stand out from the crowd, and ultimately leads students to decide to study with you?
Narrowing the many options for graduate business study is a daunting task for any serious student. An important indicator of the Else School’s quality is its ongoing accreditation by the AACSB International, the “gold standard” in accrediting bodies
An important indicator of the Else School’s quality is its ongoing accreditation by the AACSB International.” As part of our ongoing assessment process, alumni and employers are surveyed frequently to gauge their satisfaction with the graduate programmes of the Else School. In addition, faculty members frequently meet with business representatives to discuss and receive feedback about the quality of students’ preparation for employment. All of this feedback is then funnelled through the MBA and EMBA Councils for response. Because we are so committed to building and maintaining strong relationships that benefit our students, the Else School values both our processes for interviewing employers and the feedback they provide. One of our regional employers who is also an advisory board member notes that the Else School has “always responded to any concerns or requests (of employers) and worked to match needs and expectations on both sides of the equation.”
Application and Programme Selection Amongst other criteria, potential students will often look to a school’s faculty when considering a programme. With this in mind, please can you tell CEO Magazine readers a little more about the profile of your faculty? First and foremost, the faculty members of the Else School of Management are dedicated, engaged teachers who
for business. Being accredited by AACSB International established the Else School as an institution dedicated to quality, rigor and relevance. Beyond that, students who choose the Else School find graduate programmes focused on the individual. Our exceptionally qualified faculty and staff teach, nurture and inspire our students to reach their fullest potential
ELSE SCHOOL OF MANAGEMENT – MILLSAPS COLLEGE
MBA STUDENT PERSPECTIVE My parents always said “don’t be a fool, stay in school.” My friends joke that I took them too literally. At 30, I had plenty to fall back on: a BA in Journalism and a Law Degree, previous careers in the DC political advertising game and as a litigator for the State of Mississippi. However, when I began work at home on a social media startup, I quickly realized that my life as a litigator did not afford me the time or energy my
The program has the intimacy that I expected and the faculty has exceeded even the highest of praise which had previously been heaped upon them.”
M. Ray Grubbs, Professor of Management
ALUMNUS PERSPECTIVE I pursued an MBA from Millsaps’ Else School of Management as a full-time student, and strongly believe that this decision was a key contributor to my success today. As a recent college graduate with limited real-world work experience, I wanted to broaden my perspectives and understanding of the “business world”. The personal approach, small class size, flexibility and engagement of the faculty initially attracted me to Millsaps. The classroom instruction, strategic advice and potential opportunities identified by the faculty, staff, and my fellow students exceeded my expectations. The Else School provided a strong program with individual attention to meet my needs and personal objectives. The faculty consisted of local business leaders, professionals, academicians, and professors with business experience. This combination provided insights into real corporate situations and diverse points-of-view to challenge the class and individual student’s thinking. Classroom learning often consisted of engaging class discussions and group projects to simulate a work-place environment. The professors’ continued involvement in the business community offered real-time insights and opportunities for hands-on learning throughout the program. I remain in contact with several of the professors to this day, seeking not only career guidance but a different perspective on challenges from time to time. The benefits of participating in the program continue - a great value. Not only the business skills I acquired, but also the relationships I established with faculty and fellow students and the knowledge gained both in and out of the classroom continue to benefit me to this day – 18 years after completing my degree. Pursuing an MBA at Millsaps’ Else School was one of the best decisions I have made, both from a professional as well as personal perspective.”
Allison Graves, Director of Federal Government Affairs, Entergy Corporation, Washington, DC. Millsaps College MBA graduate, 1995.
Using Millsaps’ above-and-beyond accommodating staff, I have been able to fast-track my degree to a little over a one-year life hiatus and an in-depth crash-course in business administration. Most importantly, while the workload is on par with what a graduate workload should be, Millsaps has given me invaluable time daily to work on my business. Looking back on all that I have learned in this nearly one year
new venture required. It did, however, provide the opportunity to stake out and discover business, something about which I had always been curious. I chose to pursue an MBA at Millsaps’ Else School, not because the program was minutes from my house, but rather because the Millsaps program was intimate, affordable, and its faculty were highly praised. The program has the intimacy that I expected and the faculty has exceeded even the highest of praise which had previously been heaped upon them.
in small classes distinguished by their interaction between faculty and student, in partnerships with the business community where students translate content into action, and in personal relationships with faculty, employers and the larger community. At the Else School, our faculty and staff understand that growing programmes is not our end game. Our priority is to equip our students to reach their fullest potential as informed, ethical leaders. As such, our students are never a means to an end; they are the end.
Millsaps College and the Future What exciting developments can readers expect from Millsaps College and the Else School of Management over the next 12 to 18 months? Over the past several years, the Else School of Management has been developing its entrepreneurial initiatives under the umbrella of our ELSEWorks initiative. Among other undertakings, ELSEWorks has received funding for providing business assistance to support
of business school, I laugh that going back for a business degree got so much thought. Moreover, looking back at the hard work and dedication that the Else School team exerted from day one, often seemingly just for me, I know that everything about my future Millsaps MBA is first class.”
Christopher Lomax, CEO and Founder of Aimlistly. Current Millsaps College MBA Finance/Marketing student.
a creative economy in one of the more disadvantaged areas of the region and has started a student investment fund to support various sectors including computer networking technology, medical devices/pharmaceuticals, renewable energy technology, and hospitality services. Increasingly, our graduate students have been involved in these activities. The Else School is also looking forward to expanded internship opportunities with our community partners in the coming months. Facility and technology enhancement that give students and faculty greater flexibility to pursue academic goals is also a priority for future development.
Biography ★ Dr Kim Burke, Professor of Accounting, Dean of Else School at Millsaps College, Mississippi.
LIST OF CONTRIBUTORS
List of Contributors A
M Hochschule Darmstadt
I Colorado Technical University Columbia University
F G Georgia Southern University
Millsaps College IMD
P Kennesaw State University
Paris School of Business
Kent State University
Porto Business School
R Le Moyne College London Business School
Mark C. Crowley
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