UIC Business 2019 Dean's Report

DEAN’S REPORT 2019

CONTENTS

2

A NOTE FROM THE DEAN

3

HONORING A LEGACY

4

FACULTY

6

STUDENTS

8

UIC TODAY

10

IGNITE

12

GIVING BACK

14

ALUMNI

16

CONNECT

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Dean’s Report 2019

DEAN’S NOTE

A NOTE FROM THE DEAN SEPTEMBER ON A COLLEGE CAMPUS is always a time of excitement and optimism. Futures are planned and launched, lifelong friendships are formed, and ideas are tested and challenged. This sense of anticipation makes its way to my office as well. I am optimistic about the trajectory of UIC Business because I meet with students, alumni and members of the UIC Business community every day who exemplify the excellence and diversity of this institution.

I am constantly reminded of the talent of our students, and our faculty and staff’s dedication to helping them reach their potential. Faculty have been busy this summer preparing to launch new degrees in human resource management and supply chain and operations management; updating curriculum to reflect the changing needs of the business world; and designing co-curricular programs that will help our students achieve success. All of this is taking place as we welcome a robust and talented incoming class of students who will make UIC Business their home this fall.

We also proudly welcomed 15 new faculty to support this growing student body.

“I am optimistic about the trajectory of UIC Business because I meet with students, alumni and members of the UIC Business community every day who exemplify the excellence and diversity of this institution.”

More and more, I see you, our alumni and friends of UIC Business, reconnecting with the college and contributing your time and resources to create opportunities for the students of

MICHAEL MIKHAIL PhD, Dean

today and beyond. This past year more than 100 of you came to campus to volunteer with our students, and hundreds of you gathered at alumni and community events. Keep coming back and connecting with students and with each other. Keep sharing your ideas and your feedback. You make the UIC Business community an increasingly vibrant, connected and engaged group that I am grateful to be part of.

As you review the outstanding achievements featured in this report, know that you impact every facet of the community and help prepare us for the next chapter of UIC Business. We are grateful for your generosity. I look forward to seeing and hearing from you throughout the year.

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HONORING A LEGACY

ONE STUDENT AT A T I M E Professor Emeritus George Roe reflects on his distinguished career at UIC Business and the impact the college, alumni and students have made on his life.

PROFESSOR ROE’S TEACHING CAREER STARTED when he was kidnapped by a nun. The lawyer and retired professor of 35 years recalls visiting a modest but popular law library in a small Catholic school in Chicago. While he was reviewing the stacks, Professor Roe was confronted by a nun who asked him if he was a lawyer.

“As I had just gotten out of law school, I said, ‘yes,’” he says.

“She grabbed me by the arm, took me down the hall and threw me into this guy’s office.”

As it turned out, the school was in desperate need of a business and tax law instructor. Professor Roe accepted the position. One thing led to another, and a year later he was offered a part-time teaching position in business law at UIC. The catch? The department head made it clear that the

“To me, he exemplifies the best of what UIC has to offer.”

— CARY KOCHMAN ’86

job was only contracted for a year. But a year became two, then five, then 10. “And, of course, 35 years later, I was still there,” Professor Roe chuckles.

When he started teaching at UIC, one of the first things that struck Professor Roe was the students. “They are extremely hardworking, they are grateful for the opportunities and take nothing for granted,” he explains.

Professor Roe would survey his classes to see how many students were working in addition to their coursework at UIC. He would ask, “‘How many of you are working 10 hours a week or more?’” Almost every hand would go up. He would ask again, “‘How many of you are working 20 hours a week or more?’” About three-quarters of the class would raise their hands. “And there were those who were working 40 hours while carrying a full-time course load.”

Professor Roe also recalls a time when he was teaching an 8 a.m. class, and throughout the lecture he noticed a few students in the back of the class who were nodding off.

“They apologized and said they felt bad. They then explained that they had worked the midnight shift at U.S. Steel in Gary, Indiana. They had been working all night and were coming to class directly from the steel mills,” Professor Roe recalls.

A student story Professor Roe will always remember is of a student who was battling cancer. As part of a Department of Accounting’s policy, students are required to seek

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“But whatever contributions I made in their lives, they gave back to me and more.

I am a better person because of them as well.”

Citi's Chicago office, largely attributes his professional achievements to Professor Roe. “George selflessly made himself available to students and went on to serve as a lifelong friend and mentor to many. He is a remarkable person and role model,” Kochman says. “To me, he exemplifies the best of what UIC has to offer.”

GEORGE ROE Professor Emeritus

advising throughout the academic year. Professor Roe first met with the student for an advising appointment and knew nothing about him at the time.

Despite his severe illness, he was adamant about continuing his coursework. Toward the end of the semester, he told Professor Roe that he was going into the hospital for surgery. As a result, he would miss his final exams.

Professor Roe was determined to do anything he could to help him. The university suggested the student retroactively withdraw. This would protect his GPA and would be as if he had never taken coursework during the semester. He would then have to reapply for enrollment when his health improved.

He remembers the student’s reaction clearly. “He looked at me said, ‘Professor, they don’t understand. I am not going to get better. I intend to die a UIC student. Help me do that.’”

And he did exactly that. After working with administrators in the college, it was mutually agreed that he would take his exams at an undetermined later date. Not long after, Professor Roe received a call from the student’s mother informing him her son had passed away. He died a UIC student in good standing.

Professor Roe’s influence in his students’ lives have impacted many. Cary Kochman ’86, co-head of Citibank's global mergers and acquisitions group and head of

Professor Roe explains his passion for helping students.

“When I was young and starting out, I thought—like many— that I was going to change the world. As I got older I found out that I was not. But what I did find out was that I was able to maybe change the world a little bit, one student at a time.”

He adds, “I say this with as much humility as I can: if my students are indeed better people today, a little bit of that may be because of me. But whatever contributions I made in their lives, they gave back to me and more. I am a better person because of them as well.”

UIC changed Professor Roe in another way. It was where he met his late wife, Helen Roe (née Higgins). She also taught business law, and after working with her for a decade, the couple married. “I don’t like to rush into things. That’s why I waited 10 years,” he says.

Reflecting on his time and experience at UIC Business, as well as the significant influence it has had on his life, Professor Roe says the college and university will always hold a special place in his heart. He recently endowed a professorship in ethics to ensure ethics coursework in the college continues to develop and grow. “It’s the way for me— in a tangible, permanent, long-lasting sense—to try to give back what’s been given to me,” he explains.

“I frankly had a storybook career. I’m one of the few people—I suspect—in retirement who can look back and say, by and large, that I loved every minute of it. UIC was not just a job, it became a part of who I was. To this day, it still is.”

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F A C U LT Y

RESEARCH SPOTLIGHTS

DAVID GAL Professor and Coordinator of the Marketing PhD Program

Dr. David Gal, professor and coordinator of the marketing PhD program, is a leading expert on the psychology of decision-making, marketing management, and the design and use of consumer surveys. His research has often challenged fundamental ideas and practices in these fields. Among other findings, his research has identified a phenomenon termed "response substitution," whereby individuals' responses to surveys attempt to convey information not asked about in the surveys, but information that the respondents believe is important to transmit. For instance, respondents asked about the quality of food in a restaurant but not about service quality might mark down food as a way to convey their low opinion of service. This leads to contaminated feedback that undermines the value of the survey. Fortunately, Dr. Gal has also shown that response substitution can be mitigated by informing respondents that they will have an opportunity to share any additional thoughts they have at the end of the survey. That is, expressing opinions they were not specifically asked about reduces consumers' tendency to engage in response substitution.

Dr. Gal has won numerous awards and honors including being named among the most prolific authors in the top-tier of marketing journals and being named a Marketing Science Institute Scholar, an honor recognizing marketing academics who are “setting the research agenda for the field.” His work has frequently been featured in popular press, including in The New York Times, The Wall Street Journal and Financial Times. He has written op-eds for several outlets, including The New York Times and Scientific American. To read a recent op-ed, visit go.uic.edu/davidgal.

DERMOT MURPHY

Associate Professor of Finance

Dr. Dermot Murphy is an associate professor of finance and his research focuses on regulatory and social issues in the public finance space. A recently-published study examines the effect of newspaper closures on the borrowing costs of local governments to finance public infrastructure projects. Local newspapers provide important coverage of local government issues, keeping politicians in check and reducing corruption. Local journalism, however, has been on a steady decline for the past 15 years, with an approximate 35 percent decrease in the number of statehouse reporters covering government issues. The main finding of this study is that local government borrowing costs increase by 10 basis points, or $650 thousand on the average loan, following the closure of a local newspaper. This evidence illustrates the importance of a healthy press for keeping government costs down, which ultimately saves taxpayers money. A current working project studies the effect of the Affordable Care Act on borrowing costs in the healthcare sector, with a focus on the states that chose to expand their Medicaid programs versus the states that did not.

Dr. Murphy’s research has been published in top finance journals such as the Review of Financial Studies and the Journal of Financial Economics, and has been presented in top finance conferences such as the Western Finance Association Annual Meetings and the National Bureau of Economic Research Corporate Finance Conference. His research has received significant global press coverage from a variety of print, radio and television sources, including The Washington Post, The Guardian, Forbes, The Atlantic and NPR. His newspaper closure study recently won the Best Paper Award at the Brookings Institution Municipal Finance Conference. To learn more about Dr. Murphy’s research, visit go.uic.edu/dermotmurphy.

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Dr. Sandy Wayne is a professor of managerial studies, associate dean for faculty affairs, faculty director of the Business Scholars Program and co-director of the Institute for Leadership Excellence and Development (iLEAD).

Her primary research area is leadership, with a focus on identifying leadership approaches that are associated with positive outcomes for employees/followers, teams and organizations. Her research on servant leadership, co-authored with colleagues at UIC Business, provided empirical evidence of the efficacy of this unique approach to leadership. Her first study in this area identified seven main components of servant leadership, consisting of conceptual skills, empowering others, helping subordinates grow and succeed, putting subordinates first, behaving ethically, emotional healing and creating value for the community.

Building on her earlier research, she conducted an empirical study in a large restaurant chain and demonstrated that servant leadership was associated with high employee job performance, enhanced customer service behaviors and increase in employee retention. Dr. Wayne continues to conduct research in this area, including how to develop followers such that they become servant leaders in the workplace.

Another aspect of leadership addressed by Dr. Wayne’s research is understanding women’s upward mobility in the workplace and, specifically, why women are underrepresented in upper management. Examining this issue with a diverse sample of working managers and their direct reports in a Fortune 100 manufacturing and transportation organization, Dr. Wayne’s research found evidence for an implicit bias impacting women’s upward mobility: familywork conflict bias. The family-work conflict bias means that managers assume that a woman’s performance will suffer due to family obligations interfering with work, irrespective of whether or not that woman actually has family-work conflict, is married, has children or has children of a certain age. Interestingly, this is a prevalent bias that both male and female managers hold against women, resulting in fewer promotions for women. Awareness of this type of bias is the first step in preventing it from impacting promotion decisions.

Dr. Wayne partners with companies from a variety of industries when conducting her research. Sample participating companies include Allstate Insurance, Bristol Meyers Squibb, Caterpillar, Jason’s Deli, UPS, United States Gypsum and BMO Harris. Not only does her research address important questions that contribute to the academic literature on leadership, but she also provides customized, actionable solutions for workplace challenges for firms. To learn more about her work, visit go.uic.edu/sandywayne.

S A N DY WAY N E

Professor of Managerial Studies, Associate Dean for Faculty Affairs, Faculty Director of the Business Scholars Program and Co-Director of the Institute for Leadership Excellence and Development

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STUDENTS

IN THEIR OWN WORDS “The location near the heart of the city was the determining factor [in deciding to study at UIC].

It allows me to have a much better chance at competitive internships because of the network of students and alumni in the immediate area.”

— RYA N K I E L A R - M C N A M A R A ’ 2 1

“UIC Business allows me to connect with a diverse group of students and to think with different perspectives. The college also enables flexibility, where we have the privilege to do an internship while being a full-time student.”

— ­E U I S U N G K I M ’ 2 0

“Because I come from such a large family, my parents are not able to pay for my college education. I don't even expect them to. They have sacrificed a lot for me, and the least I could do is work part time and pay for my own education. My scholarship helped fill in the gaps that FAFSA couldn't fill, and has prevented me from taking out large loans to go to school. Now that there's less financial stress, I can focus more on my studies and work less hours.”

— TA B I T H A L U C U L E S C U ’ 2 0 “Getting a scholarship to attend UIC made my education possible. Without it, I wasn't sure how I would be able to afford college, because I knew it would be a lot for me and my family to cover the costs. When I got the scholarship, my family was very proud of me and also happy that it would be possible for me to attend UIC. This scholarship will help me better my education.”

— N A T A LY D E L V A L L E ’ 2 2

“Thanks to UIC, I was able to meet new friends, coworkers and professors from different backgrounds. I also chose UIC because of its affordable tuition and its reputation as Chicago's No. 1 undergraduate business program.”

— KIEU ANH VU ’21

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STUDENT S TAT S 3,385 UNDERGRAD ENROLLMENT

FEMALE STUDENTS

4,283 TOTAL ENROLLMENT

898 GRADUATE ENROLLMENT

MALE STUDENTS

57%

OF SENIORS COMPLETE INTERNSHIPS BEFORE GRADUATING Figures reflect 2019–20 enrollment (as of September 1, 2019)

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U I C T O D AY

EXPLORE. ENGAGE. EXPERIENCE. BUSINESS CAREER CENTER The UIC Business Career Center (BCC) provides students with full-service intensive career preparation, including mock interviews, resume reviews, interviewing advice and elevator pitch practice. Dedicated advisers meet regularly with students one-on-one to identify their career paths and find paid internship opportunities, as well as coordinate biannual career fairs and meetings with campus recruiters. With this preparation, students learn and practice competencies employers seek in new hires such as verbal communication, effective teamwork, leadership, and problem-solving and decision-making skills.

Click here to learn what the BCC has to offer.

U N D E R G R A D U AT E WOMEN’S NETWORK Established three years ago, the Undergraduate Women’s Network (UWN) aims to empower women pursuing their undergraduate degrees at UIC. The organization offers professional and leadership development resources and networking and mentorship opportunities. Last winter, UWN hosted its fifth annual Women in Business Conference, “If She Succeeds, I Succeed.” The event included an allfemale panel discussion with experts in various fields of business, as well as a professional development workshop.

Read more about the UWN.

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CURRENT DEGREE PROGRAMS

UIC Business’ degree programs blend a relevant real-world business curriculum, outstanding professional development opportunities and collaboration with expert faculty.

To learn more about degree programs at UIC, please visit business.uic.edu.

U N D E R G R A D U AT E PROGRAMS

G R A D U AT E PROGRAMS

• Bachelor of Science in Accounting • Bachelor of Science in Entrepreneurship • Bachelor of Science in Finance • Bachelor of Science in Human Resource Management (NEW) • Bachelor of Science in Information and Decision Sciences • Bachelor of Science in Management • Bachelor of Science in Marketing • Bachelor of Business Administration Degree Completion Program • UIC-SEA Social Enterprise Certification

• Master of Business Administration • Master of Science in Accounting • Master of Science in Business Analytics • Master of Science in Finance • Master of Science in Management Information Systems • Master of Science in Marketing • Master of Science in Supply Chain and Operations Management (NEW)

DOCTORAL PROGRAMS • PhD in Business Administration: Accounting Emphasis • PhD in Business Administration: Human Resource Management Emphasis • PhD in Business Administration: Information and Decision Sciences Emphasis • PhD in Business Administration: Marketing Emphasis • PhD in Management Information Systems

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IGNITE

I G N I T E : T H E C A M PA I G N FOR UIC

UIC BUSINESS HAS REACHED AN INFLECTION POINT in its 50-year history. We have long been the champion of accessible education for thousands of Chicago-area residents, and in the past several years we received greater global recognition for scholastic excellence and the highvalue education we provide students. With our ambitious IGNITE campaign we look to leverage our legacy, Chicago identity, and recent accolades to establish ourselves as an international leader in business education while still holding strong to our commitment to providing valuable career pathways for our highly diverse students and alumni.

To learn more about the IGNITE campaign, visit advance.uic.edu/giving.

CAMPAIGN PROGRESS

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NUMBER OF SCHOLARSHIPS

174

35%

NUMBER OF GIVING SOCIETY MEMBERS

OF $25M GOAL RAISED* *as of 9/4/2019

DONOR RECOGNITION SOCIETY LOYALTY CIRCLE Recognizes consecutive giving of any amount for two or more years LEADERSHIP CIRCLE Recognizes an annual leadership gift of $1,000 to $4,999 DEAN’S CIRCLE Recognizes an annual leadership gift of $5,000 or more SCHOLAR CIRCLE Recognizes donors who have endowed a scholarship

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EVERY YEAR, UIC BUSINESS DEPENDS ON ALUMNI and friends of the college to support our annual and scholarship giving efforts. To thank our donors for their dedication and commitment, a special recognition society acknowledges donors for their contributions. Benefits of joining the society include admission and discounted offers to special events, recognition in UIC Business publications and other media, and insider access to the latest news and activities from the college.

Get an in-depth look at the plans for the new building.

BUILDING THE FUTURE UIC BUSINESS IS GROWING to meet the needs of an ever-changing global economy, just as it has done since conferring its first degrees in 1966. Ranked Chicago’s No. 1 undergraduate business program six of the last eight years (2012 - 2019)*, UIC Business is the destination for students who value an exciting urban environment that is connected to nearly every culture, perspective and heritage the world has to offer. The trajectory of UIC Business has been impressive, and the college is now stretching the limits of the physical space. Ultimately the need for space will limit enrollment, recruitment, retention and curricular innovations. Our community has been dispersed across campus, and this undermines the ability of students, faculty and staff to collaborate, partner and build interdisciplinary academic and research pursuits. Today at UIC Business the current space constraints are the largest stressor, and the planned physical expansion will unleash the college’s greatest promise: to stand among the best business programs in the nation and shape the future for students,

*According to US News & World Report

who will have a tremendous impact on the city, country and world. Paramount to achieving this vision is the construction of a new, state-of-the-art facility to not only provide the space and resources the college needs to grow, but also visibility that will elevate both UIC Business and the university.

UIC Business is the destination for students who value an exciting urban environment that is connected to nearly every culture, perspective and heritage the world has to offer.

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GIVING BACK

ENDOWED SCHOLARSHIP SUPPORTS UIC BUSINESS STUDENTS WITH FINANCIAL NEED A GENEROUS GIFT MADE BY DR. PAUL RUSSELL CARY and the company he co-founded will establish the Dr. Paul Russell Cary Mediatainment Scholarship at UIC Business. The gift will support students at the college who demonstrate strong academic performance and have financial need.

Dr. Cary is a retired business educator and part-owner of Mediatainment, an entertainment production company based in Chicago. Dr. Cary was struck by the financial need of many aspiring undergraduate students in Chicago and the state of Illinois. Understanding that scholarship recipients have more freedom to focus on their studies and obtain their degrees, Dr. Cary was inspired to establish an endowed scholarship at UIC Business.

Scholarships are essential for attracting and retaining the bright, driven and diverse students that attend UIC for a rigorous business education.

Developing resources for scholarships at UIC Business continues to be a top priority for the college, where nearly 70 percent of undergraduate students qualify for need-based financial aid. Fueling student success is also a cornerstone of the $750 million IGNITE Campaign for UIC. Scholarships are essential for attracting and retaining the bright, driven and diverse students that attend UIC for a rigorous business education.

D R . PAU L R U S S E L L C A RY

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Dr. Cary’s endowed scholarship will support countless deserving students at UIC Business for years to come and will have tremendous impact on the lives of future business leaders.

I AM UIC

NINA WINGET BS ’12 I GREW UP IN THE SUBURBS OF CHICAGO, and initially selected UIC for cost reasons. Soon after arriving, I found that the UIC culture suited me well. I enjoyed the smaller class settings afforded by the honors college, and developed close connection to the business college through my on-campus job, internship opportunities and my involvement with student organizations.

While at UIC, I worked for nearly my entire three and a half years as the volunteer coordinator for Junior Achievement. I also sat on the board of the Finance and Investment Group and volunteered on multiple alternative spring break trips. I was fortunate to land an internship between my sophomore and junior year at UBS Asset Management in their operations group, which provided me my first insight into the asset management industry. The summer before my senior year, I interned at Mercer in their investment consulting research group, which further expanded my exposure into the asset management industry.

I joined Mercer full time after graduating, and after four years, I now work at Nuveen as a director in our equities and fixed income global strategy group. In this capacity, I am responsible for the development of equity and fixed income institutional products and strategic initiatives globally. I would not be where I am now without UIC Business. The environment at UIC allowed me the opportunities that have helped shaped my career.

“I would not be where I am without UIC Business. The environment at UIC allowed me the opportunities that have helped shaped my career.” of students not only go to school full time, but maintain many other responsibilities outside of school, like working part or full time, raising children or caring for their families. I have noticed in my years since graduating that UIC Business is finally getting recognized for the education it provides and the drive its graduates possess. Now that I am seven years out of college, I remember how hard we all worked and know how important it is to give back to the next generation of UIC Business graduates.

The UIC student experience is unique and notable for how hard-working and determined the students are. The majority Dean’s Report 2019

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ALUMNI

WHY I GIVE WHETHER YOU HAVE MADE A CHARITABLE CONTRIBUTION or a contribution of time, UIC Business wants to hear why the college matters to you and inspires you to give.

Did you rely on scholarship support when you were a student? Was there a professor or adviser who motivated you to succeed? Share your story and experience with UIC Business by submitting your testimonial at go.uic.edu/givingtestimonials.

SMRITI ANAND MS ’95, PhD ’11 Associate Professor of Management, Stuart School of Business at the Illinois Institute of Technology

“During my seven-plus years at UIC, both in the engineering and business schools, I felt cared for and nurtured. My advisers were very supportive and, at the same time, gave me the freedom to pursue my research interests and career goals.

UIC continues to be a beacon of education for many first-generation students, and I’m happy to be a part of that endeavor. Giving to UIC keeps me connected to this amazingly diverse community of students and faculty members.”

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DAN FORTMAN BS ’81

ED HARRIS BS ’77

Managing Partner, Weiss & Company LLP

Executive VP Operations, CSX Railroad

“I decided to give back to UIC because I felt I had something to offer students who are about to transition from being a student to moving into a professional working environment.

When I graduated from UIC I was not exposed to what working in a professional environment would be like, and I wanted to share my professional experiences with students to prepare them for their career. It was a few years after graduating that I realized what a great education I received from UIC and how committed the professors were.

My firm hires many UIC accounting graduates and we are very impressed with their education experience. I have been very fortunate to be able give something back to these students and this institution.”

“Being a Chicagoan, I have always felt that UIC has given many people like me, who could not afford to leave families, relocate or give up their job, an education. ‘Circle’ allowed a returning Vietnam veteran like me to get a quality education with the opportunity to continue my position at the Illinois Central Railroad. Thanks to that opportunity, I now at age 69 have been successfully railroading for more than 50 years. I couldn’t think of anything that is more deserving than to help others, who now may be in the same situation as I was in in 1973.”

BUSINESS ALUMNI NETWORK WITH OVER 37,000 UIC BUSINESS ALUMNI around the world including more than 25,000 in Illinois, the UIC Business Alumni Network serves to keep the alumni community connected. Through communications, social media channels and events, the Business Alumni Network keeps alumni informed about volunteer opportunities and other ways to be active within the UIC Business community. All UIC Business alumni are automatically members of the UIC Business Alumni Network and are invited to attend educational, professional and social events, as well as participate in UIC Business volunteer opportunities.

Want to get involved?

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CONNECT

S TAY I N TOUCH UIC Business alumni work in countless businesses and organizations around the world. Keep the connection strong by staying in touch and updating your contact information.

To stay connected to the college, visit:

/UICBusinessAlumniNetwork

@UICBusiness

/BusinessAlumniNetwork

@UICBusiness

go.uic.edu/BusinessBlog

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Get involved or update your information. To sign up as a volunteer please complete the UIC Business Volunteer Interest Form.

OFFICE OF ADVANCEMENT 601 S. Morgan Street UH 2429 (MC 075) Chicago, Illinois 60607 Phone: (312) 413-3440 Email: cbalumni@uic.edu To contribute to UIC Business, please visit business.uic.edu/giving Your contributions help make UIC Business more than just a degree; it’s a journey. Thank you for believing in the future of the college and its students.

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WE SAVED YO U A S E AT !