added a social impact concentration. People can major in À nance and take 4 courses on social impact. We will have more of a relationship with the Netter center, and there will be more opportunity for students to participate in West Philadelphia, in terms of education, business training, and entrepreneurship. I think right now, it is a matter of bringing it together, focusing it, and providing opportunities for our students.
entire university, there are thousands of electives available. Recently, students have been broadening the portfolio of jobs that they are taking. There is a little less emphasis on investment banking and consulting than there used to be. Many students look at their Àrst job as part of an ongoing education that might change 5 years later. But if you go into Ànance, it’s a more linear path. For the last two years, more students have been going into NGOs, and a few more
“WE CAN ALL GET SO CAUGHT UP WITH OUR DAY-TO-DAY ACTIVITIES, AND THERE IS A REAL RISK OF BURNING OUT IF YOU ARE NOT OCCASIONALLY TAKING SOME TIME TO SIMPLY ENJOY LIFE...” The Wharton School has to be innovative. You are probably going to work in jobs that don’t exist right now, just as students twenty years ago: hedge funds, private equity, Google, and Facebook didn’t exist back then. Professor Karl T. Ulrich, who is our expert on innovation, has written a book on innovation tournaments. He is going to involve students in various innovation tournaments as to what the future of business education should look like, and where we should go from here. There is going to be one on branding: we will be using an innovative method to Àgure out how to brand and position the school going forward. Is this push towards social impact and innovation triggered by the crisis? Wharton has the Ànance reputation and there is always the push for Ànance jobs and the Ànancial sector. Many have switched from the ideal path of Investment Banking and consulting. Has there been a change in your focus to other concentrations? When I came to the Wharton School, I was talking about the force for good and that businesses have to create economic and social value. This is not a response to the financial crisis. I came in saying those more than 3 years ago. Overall, we don’t try to tell students what they should or shouldn’t do. We want to open up the landscape of opportunities. Students can follow whatever paths they want to pursue. As of now, we have 11 teaching departments and about 150 electives. If you look at the
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going into the real economy. Overall, more students are taking international positions. What do you think about blaming business schools for contributing to the Ànancial crisis of 2009? I think there is a lot of blame to go around. As people look around - not to make a political statement – they will blame whichever president that encouraged home ownership at the time. They will blame the Fed, the investment banks, the rating agencies, and also the business schools. Some people were blowing the whistle, but not enough of them did so loudly enough, with regards to the overheating of the housing sector. Or look at derivatives: there is nothing wrong with them unless people don’t understand what they really are, which is what was going on. Have you personally faced any criticism? Have things changed at Wharton? Things did change at Wharton, and I would assume that they changed at the other major business schools as well. After the Lehman demise in October 2008, a faculty member couldn’t just walk into a lecture the next day and pull out last year’s notes. It just wouldn’t have been relevant anymore. Courses began to evolve and change. We ran a teach-in, which held about 1,200 people, and we began this by simply asking: “What caused the crisis?” What can you learn from Chile, or Turkey, or Japan, or various other countries where this has happened before? We ran a Ànancial crisis course, taught by Professor
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11/27/2010 3:13:10 PM
Fall edition of the IBR magazine at the Wharton School.