Wake Forest Business - 2018-2019

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2018 | 2019

PARTNERSHIP Our connection to the market fuels student success and drives program innovation


Transforming core curriculum with business analytics for graduate accounting students




Dear friends, Our connection to the market has long been a hallmark of the Wake Forest School of Business, and there has never been a time when these partnerships have been more important for our students and School. Technologies progress, educational delivery methods evolve, and change occurs at an increasingly accelerated pace, but our connection to the market both grounds us in today’s reality and propels us forward into the future as we collaborate with cutting-edge partners to prepare our students to be the next generation of leaders. Throughout this issue, you will find examples that illustrate this connection in teaching and research, emphasize our steadfastness in preparing graduates with the skills employers seek, and celebrate our successes. These accomplishments underscore the work we have done and illuminate the path we will take. As data analytics becomes ever more important, our graduates will rise to the challenge. Beyond simply using technology, our students are prepared to ask the right questions, interpret and communicate results, and add value to their organizations. With the successful launch of our online Master of Science in Business Analytics program last year, we are extending the impact of our programs more than ever before. Today, working professionals from anywhere in the United States can receive the same educational experience online that we provide in Farrell Hall and in Uptown Charlotte. Through real-world class projects, practicums, internships, case competitions, and extracurricular activities, our students graduate with real-world experience that allows them to land the job they love. Employers praise their strong work ethic, critical thinking skills, and adept communication as they enter the workforce prepared to thrive. Our success is only made possible with the valuable guidance and remarkable contributions of our alumni, advisors, faculty, staff, and partners. I am thankful for each of your contributions and am humbled by your dedication to our shared mission and tireless efforts to support our programs. I look forward to continued collaboration and connection as we build upon our long-standing tradition of excellence.

Charles Iacovou Sisel Distinguished Dean & F.M. Kirby Foundation Chair Wake Forest University School of Business

EXECUTIVE EDITOR Sylvia Green MANAGING EDITOR Michael Lamphier EDITOR AND CREATIVE DIRECTOR Dave Hunt CONTRIBUTORS Ashlea Jones Stacey Panchyshyn Stephanie Skordas Aleasha Vuncannon Camilla Zanini PHOTOGRAPHY Allen Aycock Ken Bennett Katie Sprague Phillip Yurchenko .........................

06 All In On Analytics

Deacon Weekend

14 24 Gupta Receives Honors

We welcome feedback from readers. sbmarket@wfu.edu

Douglas Bowman: New Connections with a Wake MBA


Prepared for Impact

Kristin Cosby: Embracing Change and Inspiring Others to Succeed


Faculty Recognition


Faculty Awards

40 Jun Tu: The Secret to His Success


Faculty Promotions

12 Master’s in Business Analytics Students Earn First Place in Case Competition

41 Bryan Wilson: Endless Possibilities for Creating Good


A Year in Review With Our Newest Associate Deans


Chase Funk: The Key to a Magic Kingdom


Faculty Publications

14 Deacon Weekend


Kelli Polon: The Art of Accounting


Ethan Todd: Finding Passion — and Purpose



© 2019 Wake Forest University School of Business

6 All In On Analytics

8 School of Business Innovation Weekend

Wake Forest University School of Business is accredited by: AACSB International, the Association to Advance Collegiate Schools of Business, which represents the highest standard of achievement for business schools worldwide. Accredited institutions confirm their commitment to quality and continuous improvement through a rigorous and comprehensive peer review. The Commission on Colleges of the Southern Association of Colleges and Schools to award bachelor’s, master’s, and doctoral degrees. The Commission can be contacted at 404.679.4501, 1866 Southern Lane, Decatur, GA, 30033-4097 and through sacscoc.org. Inquiries should relate only to the accreditation status of the institution, and not to general admission information.


California Connection

Analytics in Action




Women’s Leadership Forum


The Future of Work

45 Matthew Teller: Pro Humanitate Brings Compassion to Career


Innovating the Student Experience


Alumni Engagement


Wayne Newest Faculty Member Named SIOP Fellow

19 Dean Iacovou Tapped to Serve on AACSB Business Accreditation Task Force


Rankings: Where We Stand

51 In the News


Summer Management Program Turns 30

56 2019 Commencement


Global Immersion



Gupta Receives Honors from Wake Forest and AACSB

62 Man on a Mission

63 First-Rate Research

64 Master’s in Management Students Excel in FactSet Case Competition

26 Claudius Modesti on The Intersection of Innovation and Regulation / The Hylton Lecture Series

28 A Little More Time, A Little More Effort

30 Don’t Fear the Robots


34 Lift-Off!


Take Risks Business for Good

Special Honors

66 Master’s in Management Students Target Millennial DIYers with Fall Action Learning Project

67 Diversity in Accounting


In Community

56 2019 Commencement


and adapt,” said Assistant Professor Carolina Salge. “The trip was a way to stay connected to the industry, which is very important to us.”

CALIFORNIA CONNECTION SCHOOL OF BUSINESS FACULTY AND STAFF MEET WITH INDUSTRY LEADERS AND ALUMNI IN SILICON VALLEY This spring, 17 faculty and members of the School’s leadership team traveled to the San Francisco Bay Area to meet with major companies and network with alumni. The excursion was part of the University’s Wake West initiative, which continues to expand with CareerTreks, internships, networking, and educational events in an effort to bring Wake Forest to the world. The idea for the trip began with a conversation between Dean Charles Iacovou and BlackRock, Inc. Managing Director Robert Fischbach, who also serves on the School’s Board of Visitors. When an opportunity came to connect faculty with major companies in the area, interest among the School’s faculty and leadership grew. “There is an ongoing effort to connect campus with the outside world and particularly to the business world,” said Michelle Roehm, School of Business Vice Dean of Faculty. “It’s about connecting the textbook to the real world.” Over a three-day period, faculty visited BlackRock, Inc., the world’s largest asset manager; Adobe; Airbnb; and Plaid, a leading financial technology company. Professors were able to engage in rich conversations with industry leaders about the challenges and opportunities facing their industries. “The marketplace is looking for people who work hard, are willing to fail, have grit, and can work on teams 18 4

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Assistant Professor of Finance Philip Howard teaches undergraduate students and graduate students enrolled in the Master of Business Analytics program. One theme emerged out of his conversations during the trip: While companies are managing massive amounts of data, they find that entry-level professionals are struggling with getting a clean data set.

“We are teaching students how to run regressions and models and employers love those skills, but I want to give my students more experience with unstructured data,” Howard said. “When I reteach the course next year, I’m going to incorporate what I learned and challenge my students. I think that’s going to be very valuable for them.” In conjunction with this trip, the School’s Office of Alumni Engagement offered a networking event for Wake Forest alumni, parents, and students. “We couldn’t miss the opportunity to connect our Wake Forest community in the Bay Area with so many of our faculty and School leaders,” said Executive Director of Alumni Engagement Stacy Owen. “Bringing these constituencies together was a great reminder that the Wake Forest network is alive and well outside of North Carolina. We have a strong alumni presence in California, and the San Francisco Bay Area is a particularly attractive market for students and alumni.” The reception was held at Handshake’s corporate headquarters with 40 attendees. “I loved how we introduced ourselves and then were asked to meet someone we didn't know,” one guest said. “Starting the evening that way made the event immediately friendly and fun.” A Wake Forest parent attending the reception said the reception was time well spent. “Wake events are always engaging. My daughter is a rising junior at Wake and she was able to talk with two recent graduates and do other networking at the event.” “It’s fun to get together and be Deacs for a day,” said Roehm. “There’s a real hunger for that.” After the success of this first trip, the School is planning other faculty excursions over the summer and during fall break. “We continue to find ways to connect our alumni to each other, and connect our students to opportunities and people in the Bay Area,” said Andy Chan, Wake Forest University Vice President of Innovation and Career Development. 2018





The School of Business transforms core graduate accounting curriculum to prepare today’s students for tomorrow’s market needs While some business schools have begun “Accountants today need more partnering or consulting with accountadvanced and hands-on ing firms to offer an analytics track to experience with data analytics,” a handful of curated students, Wake said Jim Willis, associate dean Forest has integrated analytics into its of the School’s Master of Science core accounting curriculum. No matter in Accountancy (MSA) program. which track students choose — assurance, tax, or the Wake Forest exclusive “There’s a critical demand for financial transaction services — they’ll accounting professionals who gain a mastery of business analytics for possess highly technical analytics their career. skills, critical thinking, and the ability to tell a compelling story “Employers need professionals to influence business decisions.” who can think differently,” Willis The School of Business listened to the market and heard leading industry experts express this desire for CPAs who not only understand a balance sheet but also confidently use business analytics to help advise and guide an organization. This input drove the School to ensure its graduate accounting curriculum provides all students leading-edge analytics instruction and real-world applications.


said. “Our connection to the marketplace enables us to focus on understanding what clients need and teaching students how to deliver. We recently hired Deloitte’s Tom Aleman, a leading expert in the field, to join our existing colleagues with experience in analytics.” B U S I N E S S .W F U. E D U

Aleman brings practical, hands-on expertise in analytics and forensic technology to the classroom. He spent 36 years handling large and complex data projects with the Big Four. For 21 of those years, he served as a partner in advisory consulting services. He was formerly Deloitte’s U.S. National and Global Leader of Analytics and Forensic Technology Services. “Incorporating analytics into accounting is more than crunching the data,” said Aleman. “It begins with asking the right questions and ensuring you’re collecting the right data to achieve the objectives and insights required.” This fall, under Aleman’s guidance, students began the first of four analytics courses (see sidebar). Students like Kayla Miles (MSA ’19) know these courses will make an impact in their job searches and prepare them for their careers. “The accounting profession is evolving constantly, and accountants are expected

ANALYTICS IN FOUR COURSES The Intro to Analytics course establishes concepts in data analytics, big data, visualization, and presentation. Students learn to ask the right business questions so they know they have the right data to examine.

Professor Tom Aleman

and required to provide services that include increasing elements of analytical work,” Miles said. “Learning about analytics at Wake Forest has been a learning curve for me, but I am very grateful that it is happening here instead of in the workplace. There will always be some new thing to learn, but I am learning to be open to adapting.” Aleman’s connection to Wake Forest began with guest lectures in the forensics and auditing course taught by Associate Professor of Accountancy George Aldhizer, another faculty member at the School who specializes in analytics. Phoebe Yu (MSA ’18) said an elective she took with Aleman last spring enabled her to dive deeply into analytics during her summer internship.

“When my manager put me on a difficult project that involved 20 years of financial data, I knew how to extract the valid data we wanted in just a simple click,” she said. “I believe my analytics skills will keep benefiting me as big data is an unstoppable trend in the workplace.”

Aleman’s lectures expanded on data analysis project work Aldhizer provided his students in detecting fraud, using drones for inventory, identifying kickbacks, and finding other red flags. “Finding 30-50 truly anomalous transactions among the tens of millions annually in a Fortune 500 company is virtually impossible without leading software tools,” Aldhizer said. “Using these software tools allows you to focus detailed testing on anomalies as opposed to random sampling.” Aldhizer and Vice Dean Michelle Roehm piloted the data communications and presentations course last spring in preparation for this increased focus on analytics in accounting. “Our graduates serve as business advisors,” Willis said. “By bringing this analytics point of view to their expertise, our graduates will be able to make an impact within the organizations that hire them. Their ability to think differently and ask the right business questions will enable them to transcend traditional roles and help guide decision making on a broader scale.” Stacey Dorogy (MSA ’19) agreed. “Having exposure to analytics in a classroom setting provides students with a competitive advantage in the job market. It puts Wake Forest students at the forefront of this period of discovery, giving us an unparalleled advantage.” 2018


The second course teaches students how to request and extract data from different systems or applications. Students work with messy data and handle issues related to the four V’s of big data: volume, variety, velocity, and veracity.

The third course concentrates on data visualization with an emphasis on not only mastering tech tools like Tableau and Alteryx, but also the science of visuals and the ethics of visualization.

In the capstone course, students focus on how best to communicate the analysis they have learned to develop. They demonstrate they have learned how to ask the right questions, solve business issues, find insights, and communicate them to inform the organization’s decisions.





WEEKEND More than 300 students, faculty, and staff attended the Wake Forest School of Business Innovation Weekend to hear experts from the world’s leading professional service firms discuss how artificial intelligence is disrupting the industry.

Hughes Goodman, Deloitte, KPMG, FTI the vital importance of balancing techCorporation, PwC, and EY. The experts nology with human interaction. The shared how machine learning, natural experts encouraged students to focus on language processing, cyber, blockchain, the business problem and the processes social media, robotics, and advanced to get there — not the technology. data visualization are impacting business. While each topic varied, the central “The goals and objectives remain the theme shared by industry leaders was same. How we get there is a lot different,”

The event was held in Broyhill Auditorium in November and organized by the School’s Master of Science in Accountancy (MSA) program and Professor of Practice Tom Aleman.


Denny Ard, partner with Dixon Hughes Goodman’s Professional Standards Group, shared during a presentation on machine learning that 90% of the world’s data was created in the last two years, and trends indicate that figure could double every 18 months. Ard said professionals with competencies in data literacy, critical thinking, problem-solving, change adaptability, and project management are needed to tame this tsunami of data.

“People have access to data, but they don’t know what to do with it. Business professionals need to become more data literate so that we know how to leverage it to make informed decisions,” he said. Wake Forest alum Nilan Patel (BS ’16) works as a senior associate in KPMG’s business optimization practice and shared how the firm is using natural language processing for its financial services clients. He credited Wake Forest with providing him the skills to pivot seamlessly into a technology role.

Denny Ard and Adam Roark, DHG

led by Vibhav Kollu (MSA ’19), who served as the student coordinator. He helped manage volunteer schedules and speaker introductions as part of his responsibilities. “A lot of these business leaders flew in for the day, and I felt honored they would do that for us,” he said. “They are doing very innovative things that most people wouldn’t equate with accounting.” Innovation Weekend was presented in modules by subject, allowing attendees to select which topics aligned with their area of interest. Many students like Janelle Lewis (MSA ’18) attended all nine presentations. A future auditor, she said the lectures offered insight into what she will likely face with clients.

Lisa Dane, FTI Corporation

“Everyone should attend this event. From a networking standpoint, we heard from “I didn’t have the background in data or people from all the big four firms that AI, but the curiosity allowed me to ask the are at the forefront of this information,” right questions,” he explained. “The coolshe said. “One of the things I learned is est thing Wake Forest provides you with that the future is less about technology is the ability to ask questions, learn on the taking over and more about us adapting backend, and apply yourself. The work and having a more seamless relationship ethic is a given at Wake Forest, and you with technology.” get to translate that into the workforce.”

“Our students now have a leg up on many of their competitors and can, at a high level, talk about what these things are, what they mean, and how they will impact their careers,” said Aleman. Innovation Weekend participants had the opportunity to network, interact, and hear presenters from Dixon

explained EY Senior Manager Lee Dixon, who presented on robotics process automation. “Technology allows us to expedite, streamline, and create an audit trail that is easier to follow.”

Professor Tom Aleman, Jan Damon (MSBA ’19) and Prakash Santhana, Deloitte

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A number of students from the School helped execute the event and were

David Ames, PwC






What do you get when you combine three Wake Forest School of Business students who share a passion for sports and data? A new game-changing tool for Wake Forest football. Using descriptive analytics and applying what they are learning in the Master of Science in Business Analytics program, Muhammad Ammar (MSBA ’19), Andrew Bowers (MSBA ’19), and Sebastian Fischbach (BA ’18, MSBA ’19) developed a tool to assist Associate Athletic Director of Communication Steve Shutt and his team’s efforts to enhance the game experience. Ammar and Fischbach were inspired by watching a TED Talk in class about predictive analytics in basketball, but they needed a third player on their team. Fischbach recalled meeting Andrew Bowers during MSBA orientation. Bowers majored in data analytics and statistics at Virginia Tech and had recently attended the MIT Sloan Sports Analytics Conference. He was a natural fit for the project.

“We’ve been trying to put together all the statistics from every football game that Wake has ever played in going back to 1888,” Shutt said. Statistics are crucial to the game experience and the communications


“We were live coding in the press box,” said Bowers. “It’s the first time I’ve ever coded at a football game. It’s just straight work for the 60 minutes the team is on the field.” Fischbach said witnessing firsthand how the project impacts the game experience is incredibly rewarding. “It was really cool when Steve asked us a question and we were able to get him an answer and then they used it in the stadium as a stat!”

Ammar, Fischbach, and Bowers in Farrell Hall

team’s interactions with the broadcast announcers and the media. “When you hear the announcer on television say ‘this is the first time this has happened against this opponent in 80-plus degree weather,’ that’s what Steve wants to know,” explained Bowers.

the visually formatted spreadsheets to a format where a statistical software program like R could read it.

“The students integrated all of those spreadsheets into a With their team assembled, Fischbach, far more sophisticated stat who ran cross-country and track and software that gives us instant field for the Demon Deacons, leveraged access to specific statistics,” said his network within the athletics departThe challenge for the MSBA students was ment to approach Shutt with a proposal. streamlining the data to be more reliable Shutt. “The speed in which they and easier to pull during the game. can find that information is The task was a daunting one. In the 12 lightning fast and that has been years Shutt has been at Wake Forest, “Steve is a powerhouse of statistics, but a huge help.” the athletics communications team has the way he gets them is he looks at a conducted a large amount of football statistical research.

box with Shutt and assisted with queries based on what was happening on the field. The experience gave the students an opportunity to apply the platform in a real-life situation and refine it as needed.

bunch of different Excel spreadsheets that he has kept throughout the years,” added Ammar.

A website now allows the team to query a vast amount of statistics on the football program, saving time and putting the Their first step was tackling the messy data. athletics communications team on the cutting edge of providing information “A student had transferred handwritto the broadcast announcers and sports ten notes from scanned PDFs into an media. Excel document but the problem was this spreadsheet was very untidy,” said During home football games, Ammar, Bowers. The students moved away from Bowers, and Fischbach sat in the press B U S I N E S S .W F U. E D U

Taking on an extracurricular project of this magnitude while enrolled in the 10-month MSBA program required the students to become masters at time management, something the students recognize will benefit them in the future. “In the real world, we’ll have a lot of different tasks that we’re trying to balance. The trick will be prioritizing these projects with our time and understanding what’s

Bowers and Fischbach in the press box on game day

due when. This project really helped me understand that,” said Ammar. They’ve also benefited from applying what they are learning in the classroom to a real-world situation. One of the hallmarks of the School’s MSBA program is arming students with not only the technical skills needed to analyze data but also the presentation skills to help with storytelling.

“We learned technical things in our classes that we try to implement in our project, but we also learn softer skills such as project management and presentation skills,” said Ammar. At the close of the football season, the students transferred the final project to Shutt. They remain available to assist as needed. Their next play? Searching for ways to customize the program for other sports applications at Wake Forest and beyond.

STUDENT TEAM DEMONSTRATES SPORTS ANALYTICS EXPERTISE AT MIT HACKATHON Ammar, Bowers, and Fischbach were also finalists for the 2019 MIT Sloan Sports Analytics Conference Hackathon. They were given Women’s Tennis Association data and challenged to create a digital experience focused on fan engagement. Industry leaders in the sports analytics space served as the judging panel. The Wake Forest MSBA team was a top three finalist for their business solution for user experience. “We showed how well we can work under pressure and were proud of what we achieved in such a short time,” said

Ammar. “We drew on the knowledge we gained in the MSBA program.” When Associate Dean of Business Analytics Jeff Camm asked the team what their secret was to get to the finals, Bowers replied, “After the initial briefing, almost all other teams began coding immediately. Instead, we tracked down the sponsors and asked questions to make sure we better understood their expectations and requirements.” Camm said, “This is a cornerstone of our MSBA program ­— defining the problem



Bowers, Fischbach, and Ammar at MIT

is the critical step. Like a good doctor, a good analyst asks probing questions that go beyond symptoms to the root cause.”



“This case competition was a great example of what the Wake Forest MSBA program emphasizes,” said Davis (MSBA ’19) whose undergraduate degree is in engineering. “We are taught to draw insights from the data or the problem, and then challenged to find a solution and be able to illustrate why it’s a good one. This program teaches us to ask the right questions.”


A team of students from the Wake Forest Master of Science in Business Analytics (MSBA) program took first place in a student case competition during the Inmar Analytics Forum. The 2019 Wake Forest University Graduate Business Analytics Competition was presented by the School and sponsored by Inmar.

A semifinal round held at the School narrowed the field from seven competitors to three. The semifinal judges included: Oz Tuzcu, senior director of analytics and insights from VF Corporation; David Evans, vice president of pricing strategy at Inmar; and Ben Martin, chief officer, advanced analytics and global planning at Hanesbrands, Inc. A panel of judges representing executives from Inmar chose the first, second, and third place winners in the final round. The panel included Rob Zomok, executive vice president of global operations; Rob Small, senior solutions expert, supply chain analytics; Curtis Greve, vice president of remarketing; and Jeff Clouse, director of data science. Final round judge Jeff Clouse was impressed with how the students dealt with ambiguity. “There was a lot of information in this case that just wasn’t there. Each team took a slightly different approach in how they dealt with the missing information. They did a really good job breaking down the impact of the shipping side and the customer service side.”

Richardson (BS ’18, MSBA ’19) credited the MSBA program’s blend of business acumen and data-driven classes as important factors in helping the Wake Forest team succeed in the competition. “I feel proud knowing that our hard work paid off and that we get to share this award with each other. We encouraged each other through the competition,” she added.

“Companies like Inmar are making a bigger push in analytics so this challenge was a good fit,” said Jeff Camm, associate dean of business analytics at Wake Forest University School of Business. “The case is based on a real problem and the students get to communicate in a pressure situation and work together as a team.”

A five-member team from Duke University placed second in the competition and received $8,000. The University of Denver’s team placed third, earning its four members $5,000.

Student teams from seven colleges across the country were challenged to use data analytics to solve a supply chain optimization problem for a fictional running shoe company. The teams received cost data, shipping costs, forecasted demand, and other variables to evaluate. Drawing insights from the data, the students redesigned the company’s supply chain operations while considering the trade-off between cost efficiency and customer service. “This case was a good example of what we deal with multiple times a year with multiple clients. It was probably as close to a real business situation as you could get,” said Curtis Greve, vice president of remarketing at Inmar and one of the final round judges. “I thought all the students presented well-thoughtout solutions and you could tell they put a lot of work into the competition. I’d be happy to hire any of them.” The first-place team of Max Davis, Stephanie Delaney, Andrew Bowers, Mathias Talbert, and Forest Richardson, all Wake Forest MSBA students, received a $12,000 cash prize funded by Inmar.


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WEEKEND MSBA students build community online and in person


“ work in data analytics and for a long time I toyed with the idea of going back to grad school, but I could never find a program that really seemed suitable,” said Molly Rutledge (BA ’04, MSBA ’20), a member of the inaugural Master of Science in Business Analytics (MSBA) online program. “It’s also very scary to think of quitting a job to go back to school. So this program just hit the sweet spot for me.”

Campus Kitchen where they prepped and prepared hot meals for delivery to partner agencies like NC Faith Health, Azalea Terrace senior apartments, and El Buen Pastor. The meals are created using food from local grocery stores, on-campus restaurants, the campus garden, and the organization’s pantry.

“We want students in the online program to feel like they’re part of the Wake Forest family,” said Jeff Camm, associate dean of business analytics. “During Deacon Weekend, we have academic programs, team building, community building, leadership opportunities, all the components that Wake Forest brings to enhance the technical skills they’re learning.”

The online MSBA program is geared toward working professionals with two or more years of full-time work experience. The curriculum was developed by Wake Forest faculty in collaboration with industry leaders and includes innovative courses such as Visual Analytics and Influencing, and Leading the Analytics Organization. Students enter the twoyear program in May, August, and January.

The event kicks off with a networking reception for students, faculty, alumni, and staff. The following day, students attend sessions including a master class with Dean Charles Iacovou, leadership assessments, a panel discussion with faculty members teaching fall semester courses, a conversation on building career and life readiness skills, and an overview of the implications for business analytics.

“Wake Forest has crafted this program around how to lead a data-driven organization and make key business decisions through data analysis,” said Thomas Irvin (BS ’13, MSBA ’20), senior manager, digital operations at Inmar. “I’ve already been able to take what I’ve learned back to my organization and use these skills to work on business challenges we’re trying to solve.”

“These students have a common bond in that they are working hard in and out of their offices, so they already have a really nice connection,” said Tonya Balan, associate teaching professor. “Whenever we have the online synchronous sessions, we offer opportunities for them to be in breakout rooms in even smaller groups. It gives them the chance to bond together as a team. The discussion boards are also a great way for new students to learn from and encourage each other.” “I’ve had a lot of opportunities to interact with my classmates through our weekly online sessions,” said Justin Ferguson (MSBA ’20), a project manager at Schneider Electric. “But just being able to put a name with a face in person and shake everyone’s hand has been great.”

Rutledge and 31 other students in the School’s online program have come to campus over the past year for Deacon Weekend, an immersion experience that gives them an opportunity to meet in person the classmates and professors they’ve been interacting with online. The weekend has become a hallmark of the program and demonstrates why the student satisfaction rate for the online program is over 90% — students in the program still have a Wake Forest


experience and still build a sense of community with each other and the University.

One of the benefits of the program is a dedicated student success coach who helps students set up an academic plan, build time management skills, or develop stress management tactics. “During the first semester, our coach really advocated for us,” said Justin Ferguson (MSBA ’20). “What I’m learning online has pushed me in my career. I feel like I’ve gone from a developer mindset to data analyst and what I am learning has helped me take on more of a leadership role in projects at work.”

Another way they bonded was by teaming up to help others. Inspired by the University’s motto of Pro Humanitate, students at the September Deacon Weekend spent the afternoon at

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WOMEN’S LEADERSHIP FORUM Wake Forest alumnae and Board of Visitors members share thoughts on success, superpowers, and leadership with students “Have a game plan. If you don’t, you are working from someone else’s plan,” Ashley Skyrme (MBA ’99), managing director of Accenture, shared with 50 female students from the Wake Forest School of Business during the Women’s Leadership Forum this fall.

School of Business Board of Visitors panel shares outlook across industries “The world is becoming a computer,” Kate Johnson, president of Microsoft U.S., told faculty and staff gathered at a School of Business Board of Visitors (BOV) panel discussion on the future of work. “Everything’s being connected — the cars, the streets, the buildings, everything inside. The implication of this is that the pace of business is accelerating.”

Skyrme was joined by Marybeth Hays (BA ’90, MBA ’94), recently retired as executive vice president of Walmart’s consumable and health & wellness division, CRH Healthcare CFO and Co-Founder Andrea Malik Roe (BS ’99), and Goldman, Sachs & Co. Managing Director Susan M. Benz for a panel discussion on leadership.

out when it’s time to roll up our sleeves and put on our shoes to race, or when it’s okay to take a bigger view,” she explained.

Benz moderated the panel where the female members of the School’s Board of Visitors shared thoughts on success, superpowers, and the importance of work-life balance during a luncheon in the Bern Beatty Colloquium.

For Andrea Malik Roe, she learned early in her career the importance of building positive relationships. “Work hard, fit in, and remember the people who are managing you today are going to be your references later,” she said.

Drawing from her successful career at Walmart, Hays emphasized the importance of maintaining a work-life balance. She described it in terms of three circles. “Career goes in one circle, then you have family in the second circle, and the third circle is personal passion — things that make you unique. At any given point in your life you can do two of the three circles well. If you attempt to do three, you will wear yourself out and you won’t perform well. So choose. We can’t be everything to everybody,” she said.

Benz said a comment from her son, a 2017 graduate from the Wake Forest School of Business, put things into perspective when she was preparing for a presentation. “I told him presenting was outside of my comfort zone. He said ‘But you’re so old. You know it.’ You have to learn to own it. What other superpowers can I draw on? It’s the challenge, the excitement, and risk that makes it rewarding,” she emphasized.

Skyrme also shared that choosing the right pace for life’s many races was key. It is something the Accenture executive wished someone had told her when she was learning to balance her career and family. “I learned to pace myself. I paced myself so much I realized I had to sprint again. Now, I do both. I figure



Following the panel discussion, the women joined other Wake Forest alumnae and Board of Visitor members for a networking lunch where students had the opportunity to ask questions, expand on the conversation, and build relationships with the female leaders.

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Johnson was joined by panelists Marybeth Hays, recently retired as executive vice president of Walmart’s consumable and health & wellness division, Sharon French, Oppenheimer Funds’ executive vice president and head of beta solutions, and Tony Thomas, Windstream Holdings’ president and CEO. The panel was moderated by BOV chair Alan Kelly, adjunct professor of the practice and retired ExxonMobil Corporation executive.

a trusted source, especially online. “Customers get very overwhelmed. They are much more accepting of someone deciding for them, the way Blue Apron sends them meals, Stitch Fix chooses clothing options, or other services offer tailored shopping experiences,” she said. “When you throw in gamification, it makes this new generation more avid problem solvers.”

“I used to dig ditches and put fiber in them, but now we actually build software,” said Thomas. “Like Microsoft, we had to reinvent ourselves completely. To do this we needed high performing teams of people who have the ability to communicate, listen, and develop new capabilities.”

Attendees also broke out into three sessions for more in-depth discussions amongst board and faculty members. Professor Ajay Patel moderated the future of financial services panel, Associate Dean of Business Analytics Jeff Camm led the future of retail commerce session, and Associate Dean for Accountancy Jim Willis led a discussion focused on the future of the accounting profession and consulting practice.

Thomas and the other panelists discussed how technological advances have changed the way they recruit employees. “It’s all about hiring people who have some technology fluency, but are also well-rounded business people,” he said. “You don’t want a pure technologist or someone who has a phobia about it. We need people who can bridge between the two.”

When the whole group reconvened, teamwork and agility were the major topics of conversation. “It’s about managing your degrees of wrong,” Hays said. “I want someone who can quickly synthesize the data, crunch it, and add a layer of judgment. It’s not about experience. It’s about mental agility. The younger generation should value their ideas, offer recommendations, and if they get shot down, try again.”

Oppenheimer Funds’ French said some of the focus in the financial services industry is changing because of the interest millennials have in issues around environmental impact, social responsibility, and even governance. “This gigantic generation “I talk about mission, asset, and culture,” Johnson added. from ages 21 to 37 thinks about the dimension of how each “Technology is important, but it’s more about the people and company is constructed when they interview for positions,” whether they understand what the North Star for the orgashe said. nization is. That’s what separates the success factors for an employee pursuing individual transformation.” When it comes to retail and commerce, Hays suggested personal recommendations and curated suggestions will offer consumers 2018





In a new era of higher education, Integrative Student Services (ISS) at the Wake Forest University School of Business is on the front-end of innovating the student experience — particularly in the area of accelerated one-year graduate programs.

The addition of intense one-year educational experiences presented opportunities to re-engineer the overall structure of graduate student organizations at Wake Forest School of Business. Led by the School’s Integrative Student Services (ISS) team, affinity groups such as Business Students of Color, Graduate Women in Business, International Student Association, the Graduate Service Coalition, and Allies for Equity have emerged in place of some traditionally career-specific clubs, and alongside new program-specific involvement and leadership opportunities.

“There’s a lot of innovation taking place in both program design and delivery,” said Matt Imboden, chief student services officer at the School, “and Wake Forest is driving a national conversation on key institutionalized support practices engineered specifically for accelerated graduate programs. We’ve published and presented on our work in this area, and have been able to develop a very positive reputation nationally.”

holistic priorities for all students with a focus on their growth and development, while also being responsive to real-time student needs and opportunities. The integrative model also allows the ISS team to be efficient and agile by combining and unifying a whole array of traditionally distinct student services functions into individual roles and seamless processes. ISS must meet the needs of a student population that represents widely diverse academic backgrounds, cultural identities, and life experiences or stages, and also includes accelerated graduate programs with 100% turnover every 10-12 months. The ISS team works purposefully to build trust and empathy by fostering an inclusive and affirming environment.

New student populations and program “We impact culture through thoughtoutcomes are disrupting many traditional ful programming, building individual student support models in professtudent relationships, and certainly giving sional education. The School’s ISS team students the space, resources, and support recognized the opportunity to lead and to build and care for themselves and their embarked on a five-year mission to trans- peers,” said Imboden. form the student experience. Throughout the evolution, their efforts have followed “Their time as students should a three-part vision for engineering be challenging and boundary student experiences that are supportive, expanding, but also supportive and engaging, and inclusive. affirming. When you achieve that “The whole set of developmental and operational considerations changes when you only have a student for 10 months in a career changing or career discernment mode,” explained Imboden. “We have become a program-centric, innovative learning organization capable of intentionally building student experiences that account for specific program cultures and diverse student needs.” ISS employs a matrixed staffing model with both centralized and program-specific professionals working hand-in-hand. The unique structure helps the team maintain 18

balance in partnership with worldclass faculty, you enable real growth.”

The team is just getting started. As the higher education landscape shifts with evolving degree designs and formats, ISS will continue to extend its purpose and commitment to students into any space the school sees fit to explore. “Students are making a significant financial and personal investment by spending a chapter of their lives with us, and we treat the great responsibility that creates very seriously,” Imboden said. B U S I N E S S .W F U. E D U

The School’s Chief Student Services Officer Matt Imboden explained that student organizations were purposefully designed to align with important elements of shared student identities and/ or values. “By focusing on identities and interests that are lifelong, we can focus on explorations of how students will carry and leverage those identities throughout their careers, no matter what they do,” he said. “Also, career-specific interest groups and conversations are not forgotten or absent by any means, they are just managed more directly by our Market Readiness & Employment colleagues in alignment with a broader marketplace engagement strategy across the school.” The new student involvement model also helps to usher in a community environment that better supports a diverse student population ranging from undergraduates to adult working professionals. ISS recognizes that involvement in such student groups provides opportunities for ongoing leadership development and fosters student engagement. Strengthened faculty advising roles and a centralized operational support from ISS staff also provide the foundational elements needed for each group’s success.

WAYNE NEWEST FACULTY MEMBER NAMED SIOP FELLOW Associate Professor Julie Wayne was named a Society for Industrial and Organizational Psychology (SIOP) Fellow. Society Fellows are distinguished industrial and organizational psychologists who have made an unusual and outstanding contribution to the field.

Hannah agreed, noting, “For us to now have three SIOP Fellows in our small organizational behavior (OB) group along with many other strong OB colleagues is remarkable and rivals or exceeds the OB teams at any top business school.”

Avery also serves as Chair of the SIOP Wayne joins Sean Hannah, J. Tylee Wilson Fellowship Committee and had the honor Chair in Business Ethics and professor of of presenting the award to Wayne. management, and Derek Avery, professor and David C. Darnell Presidential “Of the nearly 6,000 SIOP members Chair in Principled Leadership, as the worldwide, only 418 are Fellows,” Avery third SIOP Fellow from the Wake Forest said. “Selection requires nomination, University School of Business. endorsement by current Fellows, recommendation by the Fellowship Committee “I am truly humbled to have been elected and, ultimately, approval by the Executive Fellow by this esteemed group,” said Board. As the current chair of the Wayne. “The fact that there are three Fellowship Committee, I was absolutely SIOP Fellows at Wake Forest reflects delighted to see Julie recognized for her our faculty’s dedication to the teacheroutstanding contributions and it was scholar model.” truly an honor and a privilege to relay

to her the news that she was among the 20 new Fellows to be named at the 2019 annual conference.” SIOP, established in 1982, and its members are dedicated to applying psychology to people in the workplace. They work to understand and measure human behavior in order to improve employees’ satisfaction in their work, employers’ ability to hire and promote the best people, and to generally make the workplace better for all who work there.

DEAN IACOVOU TAPPED TO SERVE ON AACSB BUSINESS ACCREDITATION TASK FORCE When the Association to Advance Collegiate Schools of Business (AACSB) decided to re-evaluate how it provides accreditation to business education institutions, it created a 15-member task force of thought leaders from around the globe. One of them is Charles Iacovou, dean of the Wake Forest University School of Business.

uphold the standards of high quality for which AACSB accreditation has stood for 102 years.” The Business Accreditation Task Force (BATF) is a group of deans and senior academic administrators from around the world, chosen for their demonstrated thought leadership and knowledge of AACSB accreditation. Its members will serve as emissaries to AACSB-accredited institutions around the world to seek input on how the organization can change both the processes and standards of AACSB business accreditation.

“It’s time for a paradigm shift in business accreditation,” said Stephanie Bryant, executive vice president and chief accreditation officer of AACSB. She cited how technology is radically disrupting the way instruction is delivered, changes in the market, and the need for business schools “It is an honor to serve on the task force,” to solve real-world problems of industry Iacovou said. “Our work will ensure and society. “The world is changing, and that AACSB accreditation remains at we must continuously change with it to the highest standards while enabling 2018


member schools to remain agile and innovative as they address changes in the market that affect business education around the world. I am looking forward to meeting with leaders from member schools, discussing their ideas, and working with the task force to present our recommendations to the entire AACSB membership.” The task force’s work will culminate with a vote of the membership at the AACSB 2020 International Conference and Annual Meeting in Denver, Colorado. 19

SUMMER MANAGEMENT PROGRAM TURNS 30 For the past three decades, Wake Forest University Upon completion of the program, students earn eight credits, but the overall return on the experience has demonstrated its School of Business has welcomed students for value far beyond the credential. its annual Summer Management Program. The program started when founding faculty member “Prospective employers see the Summer Management Program Thomas Goho, a professor of finance at the School, credential on our students’ resumes and our students say they wanted to give non-business majors a foundation spend a lot of time talking about it during job interviews,” said King. “It is another arrow in the quiver of our students in the constructs of business. “The mission he started 30 years ago remains our mission today,” said Ben King, director of interdisciplinary programs at Wake Forest University, who has led the program since 2007. “We view the Summer Management Program as complementary to the many liberal arts degrees the University confers.” Students enrolled in the Summer Management Program spend five weeks in the School of Business immersed in business disciplines including accounting, business life skills, business simulation, entrepreneurship, finance, managing information, marketing, personal finance, strategy, and Why Business? courses. Beyond the curriculum, students get to spend an entire day with a consulting firm and compete in a case competition, which allows them to demonstrate what they’ve learned in the program and learn more about careers in consulting.


to be able to talk about what they learned in the Summer Management Program.”

For Greta Lange (BS ’13), participating in the program in 2012 helped her acquire a thorough understanding of business and gave her confidence as she began her job search during her senior year. “I was fortunate to get hired by Nike, which was a dream come true for me as a student-athlete,” said Lange, who is now pursuing a Master’s in Business Administration. “My goal was to combine my passion for sports with my career, and the Summer Management Program supported me in accomplishing that goal.” While the mission of the Summer Management Program has remained constant over the past three decades, King has focused on expanding the program to reach more students. The School focuses on recruiting students from

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diverse academic backgrounds and class sizes have doubled with roughly 90 students participating in the program each year. Since its inception, approximately 2,000 students have completed the Summer Management Program.

Davie Medical Center Emergency Department in Bermuda Run, North Carolina, and says he puts the lessons he learned in the Summer Management Program to work daily. “I help manage a team of roughly 50 physicians, nurses, technicians, and other staff members with a focus on patient care, resource management, and overall operations. Whether it’s related to finance or marketing, the lessons learned from the Summer Management Program have proven to be some of the most valuable that I’ve taken from my undergraduate experience,” Cline said.

“I’m most proud of growing the program in a quality way and seeing the number of lives we touch each year. Our students come from a good cross-section of society, so our classrooms really reflect the markets in business, and that makes for a robust learning environment,” said King. A partnership with the Athletic Department has also offered student-athletes an outlet to combine their team-building skills to business. Petros Chrysochos (BA ’19) completed the program in 2018 after winning the NCAA Singles Championship in tennis. He majored in communications and minored in entrepreneurship and wanted to gain a perspective on business in order to grow his own company.

The Summer Management Program has inspired many students to further their education at Wake Forest. Students often matriculate into the School’s 10-month Master of Science in Management (MSM) Program after graduation. The School offers scholarships to top Summer Management Program scholars to apply toward their MSM degree.

“The fun thing about the program is the diversity of students and “There’s a great symbiotic relationship between the School and their backgrounds,” he said. “I attended the Summer Management the College of Arts and Sciences,” added King. “It really resoProgram so I could learn more about the business world. The nates with me that we’re able to deliver this kind of breadth program gave me a lot of connections to use in the future.” of information, and quality of information, to our students as undergraduates. I’ve had parents call me and tell me that Matthew Cline, MD (BS ’04) participated in the Summer for the first time their son or daughter talked to them about Management Program after receiving tuition as a graduation what they do for a living because of the Summer Management gift from his parents. Cline now serves as medical director for Program. Those are great calls to receive.” 2018



In the past, the global immersion included China and India. The addition of Russia was particularly relevant given the country’s continued presence in the media. The School of Business partnered with the Institute of Business Studies-Moscow, the first business school in Russia to earn AACSB International Accreditation and part of the Russian Presidential Academy of National Economy and Public Administration (RANEPA), for the fourth annual IBM case competition.

Anastasia Erokhina, Maria Khomyakova, and Olesia Slavkina from IBS-Moscow.

“It felt so rewarding to not only win the competition, but also to see the wonders of the world,” said firstyear MBA student Meredith Martinez. “Anything you work hard for is worth it. I will take that with me going forward.”

“The case competition was hosted by IBM and gave our students a chance to study some of the local business practices and industry trends while working side-by-side with students from RANEPA,” said Beahm.

After visits to Moscow and Saint Petersburg, the students traveled to India. Anil Rai Gupta (MBA ’92, LLD ’17), chairman and managing director of Havells India, one of the fastest-growing electrical goods companies in India, welcomed the students to Delhi with a special dinner at his home (see page 24 for more on Anil Rai Gupta). The following day, the students had the opportunity to visit the Havells India showroom and speak with some of the dealers who sell the company’s products. The experience gave students valuable insight into how business is done in India.

The teams began working on the cases a month before the trip. Six blended teams consisting of Wake Forest and IBS-Moscow students analyzed two cases provided by IBM. One of the cases posed the question about blockchain technology and whether it is a secure alternative for financial institutions in Russia, and the second focused on Industry 4.0 for metal and mining and gas companies where several Russian companies were the focus for the case.

From Delhi, the students flew to Shanghai for the School’s second “Evening with the School of Business” where alumni and prospective students engaged with the School of Business for education and networking.

“When you put it all together, we were immersed in business in these countries,” said Jennifer Enloe (MBA ’20). “I don’t think we could have had this experience without working with our Russian counterparts and learning together.”


A record 28 graduate students representing Wake “The addition of a third country to the itinerary made it an even greater opportunity for students this year,” said Roger Beahm, Forest University School of Business Charlotte marketing professor, WestRock Executive Director of the Center Evening, Charlotte Saturday, and Winston-Salem for Retail Innovation, and faculty advisor for the global immerMBA programs traveled to Russia, India, and China sion course. “It was an opportunity to experience different as part of a global immersion course. Students cultures and compare them to what we’re accustomed to both experienced six cities in three countries and two from a business and historical standpoint.” continents during their two-week adventure, which also included a case competition. 22

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The Wake Forest students visited several companies while in China. Baosteel, the world’s second largest producer of steel, opened its doors for the students to see the company’s manufacturing process. In Beijing, the group visited a Hyundai factory and one of China’s largest independent public relations firms. The itinerary also included stops at historic and cultural sites including Tiananmen Square, the Great Wall of China, and the Forbidden City.

The teams relied on web meetings and navigated the time zone differences to prepare as much as possible for the competition. Shortly after arriving in Moscow and meeting their fellow teammates in person, the students made their final preparations for the case competition and presented to a panel of judges representing RANEPA, IBM, and Wake Forest. A winning team was selected for both cases and the winners were announced during an awards ceremony aboard a riverboat cruising the Moscow River.

For Charlotte Evening MBA student Tracey Lane, the connectivity of the Chinese population through social media was impressive. “WeChat is more advanced than Facebook. They use social media to buy a bike or a cup of coffee. The trip was a great eye-opener to different cultures,” she said.

Winning the competition on the Industry 4.0 for Metals and Mining, Oil and Gas case was the six-member team of Tracey Lane (MBA ’19), Charlene Mack (MBA ’19), J. McLelland (MBA ’20), Sarah Morse (MBA ’19), and Sambhu Sasidharan (MBA ’19) from Wake Forest School of Business and Clement Jeacques Michel Grassin and Nadexhda Shut representing IBS-Moscow.

While developing a global mindset was a key highlight for many of the students, extending the reach of their network will have a lasting impact for years to come. “We felt like we were family of Wake Forest,” said Rajesh Sur (MBA ’19). “My network has grown globally because of this trip. The strong feeling for Wake Forest resonates whether it’s in China or the United States.”

For the Blockchain Technology for Financial Institutions case, the winning team included Alex Johnson (MBA ’20), Jennifer Enloe (MBA ’20), Meredith Martinez (MBA ’20), and Rajesh Sur (MBA ’19) from Wake Forest School of Business with 2018



GUPTA RECEIVES HONORS FROM WAKE FOREST AND AACSB by Carol L. Hanner, Wake Forest Magazine Anil Rai Gupta (MBA ’92, LLD ’17) was presented with a 2019 Distinguished Alumni Award at a gala dinner this spring. The award honors alumni who have served the University and have woven Pro Humanitate through their lives and their work. They are selected by the Alumni Council. The Association to Advance Collegiate Schools of Business (AACSB) also named Gupta as one of its 2019 Influential Leaders. The award recognizes 33 alumni — and the business schools that prepared them — who personify the role as a visionary figure or change agent. Gupta grew up in India watching his father excel by doing things right — while doing what was right. “My father was a born entrepreneur, and he really put a lot of effort, hard work into building his business completely out of scratch,” says Gupta, chairman and managing director of Havells India Limited, one of India’s largest electrical equipment companies. “In fact, our first factory was in our home,” Gupta says. “We were assembling switches and sockets during those days, and I was a 3-year-old watching that in the house.” The senior Gupta overcame poverty and ill health to build Havells into a powerhouse, as his son tells in his book, “Havells: The Untold Story of Qimat Rai Gupta” (2016). Anil Gupta joined Havells in 1992 after earning his MBA at Wake Forest, where he received the Babcock Award for academics, integrity, and leadership. At Havells, he led the acquisition of Europe’s 24

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Sylvania lighting, which was 1½ times the size of Havells and operated in more than 50 countries. Gupta transformed Sylvania despite the 2008 global recession and continued Havells’ growth after his father died in 2014. “We’ve grown from a $5 million company to a $5 billion company in the last 25 years,” he says. Gupta also learned from his parents that caring about others is imperative. “I remember from my childhood days … a lot of talk on values,” Gupta says. Coming to Wake Forest was “a dream come true,” he says, and its openness to diverse cultures, team building, and Pro Humanitate have guided his work and life. In 2005, Havells began offering students in Alwar district a midday meal to alleviate hunger. “Their tummies will be full, so they can concentrate on studies,” Gupta says. The project feeds more than 60,000 students a day and has built toilets for girls in more than 300 schools. The company has reduced its environmental 2018


impact, contributed to natural disaster relief, and helped restore historical monuments to boost tourism and create urban jobs, among its many initiatives. Gupta and his wife, Sangeeta, are proud of their two children. Their son is developing high-productivity hydroponics for rural farmers. Their daughter is focused on manufacturing reusable sanitary napkins because so many Indian women lack access. Gupta returned to Wake Forest to offer the 2017 Graduate Hooding Ceremony keynote in Wait Chapel and receive an honorary Doctor of Laws degree from the University. He says Wake Forest and his father taught him that “doing good for the people, all the stakeholders, whether it’s the dealers, the employees, your lenders, your investors — if you are good to them, business growth will follow.” 25



SEEN AND HEARD Throughout the year, the School of Business invites notable business professionals and industry experts to share their leadership insights and the latest developments in their fields with students, faculty, staff, and alumni. Here are a few highlights from our 2001-19 academic year.

THE INTERSECTION OF INNOVATION AND REGULATION with Claudius Modesti, Former Director of Enforcement and Investigations with the Public Company Accounting Oversight Board and special guest Josh Jones, EY Assurance Partner “For the first time since its analytics are rapidly disrupting the broader financial reporting system. That’s one reason inception in 2002, the Public why the PCAOB established the data and Company Accounting Oversight technology task force to gain insights about Board (PCAOB) has a new chair the use of new technology in audits. and four board members all at once,” said Claudius Modesti, Modesti said the possibility of real-time assurance could be attributed to improved the former PCAOB director of computing power and our always-on society. enforcement. “When you consider “Right now, it’s keyed off quarterly earnings, how technology is affecting public but investors may soon demand it.” accounting, we’re looking at the intersection of innovation and Technology allows companies to be more efficient and gain more insights. regulation.” Modesti (P ’20) and Josh Jones (BS ’95), an EY partner and former fellow of the Securities and Exchange Commission (SEC), gave the 2018 Hylton Lecture November 8 in Broyhill Auditorium. The pair regularly interacted when Jones was with the SEC, during Modesti’s 14 years at the PCAOB.

Organizations are turning to auditors to make their process more efficient as well. “Some of you may need a drone pilot’s license to be in audit,” Modesti said. “There is the move towards using drone technology to get a count and make sure inventory is actually where it’s reported. The PCAOB recognizes it needs to get its arms around the issue.”

At the PCAOB, Modesti led a team of attorneys, accountants, and other staff that “Technology used the right way can help us investigated possible violations of rules and evaluate risk,” Jones said. “But we still need securities regulations, taking legal action to balance the use of the tools. Just because when necessary. He explained that advance- a system was applied doesn’t always make it ments in technology, data collection, and more reliable.” 26

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At issue is how regulators can minimize impasses while still fulfilling their public interest role. Modesti listed some concerns during the lecture: • M aintaining professional skepticism and making sound judgments • Acquisition and nature of data • S kills of auditors doing data analytical work • Maintaining principle-based audit standards and risk-based regulatory approach • Distraction of technological initiatives

from the U.S. Bureau of Labor Statistics. According to the Occupational Outlook Handbook, the number of accountants and auditors employed in the U.S. is expected to grow by 11% from 2014-24, faster than the average from all other occupations.

“Does the risk of fraud increase with new technologies?” Modesti asked. “Most regulators are under-resourced. It’s important to use and assess data while protecting the public interest.” “All of you in this room will be on the cutting edge and will be involved in implementing and deploying new technology and While artificial intelligence has been mentioned as affecting innovating systems,” Modesti said. “Your familiarity with techthe accounting industry adversely, Modesti shared information nology and comfort with data makes you a valuable asset.”





Bob Nardelli, former CEO of Home Depot and Chrysler, on leadership “


on’t confuse hard work with someone else down, you’re letting the whole team down.” success,” Bob Nardelli, former CEO of Home Depot and Chrysler, After graduating from college, shared with students, faculty, and Nardelli started at GE in 1971 as a Board of Visitors members at the Wake manufacturing engineer in the refrigForest School of Business. “Success is eration department. His annual salary was $9,600 and he told the audience not about how much time you put in, he was thrilled to get it. He worked his it’s about how productive you are, how way up by taking night MBA classes at efficient you are, and how much you the University of Louisville. accomplish against stretching yourself.”

Widely recognized as one of the best operating executives in the U.S., Nardelli visited campus at the invitation of the School’s BB&T Center for the Study of Capitalism and Board of Visitors member Mike Rodgers, a principal in U.S. Private Equity at EY. Rodgers and Nardelli discussed professional identity and leadership in corporate America and key leadership lessons Nardelli learned throughout his career. “You lead through example. You have to create the mission, create the purpose, and show the rest of your team that there isn’t anything you wouldn’t do,” Nardelli said.


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Nardelli grew up in a small coal-mining town in Pennsylvania. Nardelli and his brother were the first in their family to go to college, an opportunity he said would not have been possible without scholarships to play football. It was on the field at Western Illinois where Nardelli learned about the importance of teamwork. “I learned a lot about the importance of depending on one another,” he said. “If you let

Known for his strong work ethic, Nardelli talked about the importance of stretching to reach goals and striving for continuous improvement. “You have to put in a little more time, and a little more effort to improve upon everything you do. That started with me and I expected everyone to improve.” Nardelli grew the venerable GE Power Systems division during his leadership, then moved to Home Depot, where he created a central information and supply structure and doubled the chain’s sales. He then steered Chrysler through a critical restructuring in advance of the 2008–2009 financial crisis that enabled the firm to survive and move toward a powerful partnership with Fiat. He now leads his own private equity firm where he works with mid-market, family-owned companies. He emphasized the most important leadership skills extend beyond generating profits for shareholders. Social responsibility and having 2018


a true sensitivity toward people are equally valuable traits. From employing veterans to building playgrounds, Nardelli highlighted several examples from his time at Home Depot and stressed that authentic social responsibility is not about making a donation. “It is creating jobs for men and women who put their lives on the line so that we can do what we do. It is going to Ground Zero with new shoes, masks, and water. That’s social responsibility.” He said the lessons are universal. “It’s not just about laying out a strategy. It’s about people, culture, and execution. I think a lot of businesses lose that focus on accountability. I think if you deliver, if people can count on you — it’s like athletics, right? You tend to throw the ball to the person you know is going to catch it.” Students commented on how they found Nardelli relatable and appreciated his understanding of what they are facing today. Chrysa Livanos (BS ’20), a junior in Business and Enterprise Management, particularly appreciated Nardelli’s point of view on success. “One thing I really took away was when he said don’t measure your success in increments of time.”




echnology is freeing you up to do more exciting things like interacting with people, understanding their problems, and helping them get to a solution,” Dan Black, Americas Recruiting Leader for EY, told Master’s in Accounting (MSA) and the secret weapon lies in the students during their orientation. human element. Black argued that while robots are automating routine, mundane tasks, they are simultaneously creating opportunities for more impactful work. Instead of viewing disruption as a threat, he encouraged students to embrace the opportunities that accompany disruption.

“Don’t get swept up in future work gloom and doom,” Black said. “The person with the bigger salary and more years on their resume does not experience disruption the same way you do. In most cases, disruption will be a worse experience for them.” Black leads a team of recruiters in solidifying EY member firms’ market leadership position as an employer of choice in North and South America. He shared how EY’s approach to building a workforce for the future has evolved,

He cited EY’s wavespace, a global “School of Business graduates have network of growth and innovation a real sense for what’s going to help centers, as one example. “This is one them be successful beyond just what of the most exciting changes I’ve seen they learn in the classroom,” Black in our industry. We needed to show told the students. our clients that we are thinking differently. We don’t have time to solve the It’s a core advantage that recruiters and problems of today using yesterday’s businesses value in candidates. “There’s logic,” he said. “We bring our clients never been a bigger time for people in to brainstorm their issues with who are really good at that interaction people from an array of backgrounds.” piece to showcase that skill set because it has never been more needed,” he said. Black has been recruiting MSA students from the School of Business “I think it’s important to develop for a number of years and said gradthose flexible skills,” said Maria Paula uates of the program are valued Vargas (MSA ’19). “Being at the not just for their great technical School of Business and having access skills, but also because they are wellto these faculty is going to help rounded professionals. prepare us for our future careers.”

DON'T FEAR THE ROBOTS To close out the visit, Black reinforced the students’ choice in selecting Wake Forest to pursue their business education. “You have made a phenomenal choice in coming to this program. You are going to have choices to accelerate your career in ways that I never did and the people before you never did.”


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hose are just a few pieces of advice students, alumni, and friends gathered at the Wake Forest Charlotte Center received from D. Steve Boland, head of consumer lending at Bank of America. Boland began his career in a Florida branch of a Bank of America predecessor bank and now heads a keystone operation of the Fortune 100 global giant. But, Boland cautioned his audience, not every move feels like it’s going to add up to something positive when you’re in the middle of living it. During the late 1990s, he was offered a post in the Midwest, far from the company’s mothership. “I realized I was untethered from corporate,” Boland said. “I was nervous.” He dug in and took that regional location to new heights in performance. “I thought it would result in a promotion,” he told his audience. “What went wrong? I didn’t raise my hand.”


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But that seeming setback became a steppingstone to success because he would have missed the opportunity for his first senior executive role if he had received the promotion he had originally anticipated. At another point in his career, Boland was asked to take on a new role reporting to a peer. A lateral move? A backwards move? He had those misgivings, but taking that risk again paid off. “If I would have passed on that, I’d have passed on where I’m at right now,” he said. “Taking a little bit of personal risk can lead to good things.” Boland also urged students to be aware of the image they project. “What do you become known for? Are you a person who can deliver? Are you known as someone with intellectual honesty?” Watching the image you project is especially key when taking on a new challenge. “You need to get in and make your mark quickly,” he said, “I put a clock on myself like a president coming into a new administration ­— what can I do in the first 100 days?”

Supercharge your career with these tips from D. Steve Boland: • Invest in relationships. Networking never ends. Moving around geographically expands that network even further. • Have regular, clear conversations with your boss about your career aspirations. • Humility helps. Recognize that the people working for you probably know a lot more about what’s going on than you do. Spend time learning.

Charlotte Evening MBA student Jocelyne Carter, a financial analyst at Bank of America, said she was struck by Boland’s willingness to take risks. “A career is not always a straight line. I love to come to events like this because I’m very curious about other people’s stories.”






It starts with an idea that fills a need Meg Seitz (MBA ’13), owner of toth shop, a Charlotte-based writing and branding agency, saw numbers-minded colleagues who didn’t know how to tell their story. She began freelancing, writing pitch decks for people going after business funding and creating marketing copy.

Alumni share the secrets of entrepreneurship


ore than 90 alumni, guests, and aspiring entrepreneurs attended the School of Business Deacon Discussion Panel in uptown Charlotte to hear panelists describe their journeys to entrepreneurship and offer advice for those considering their own startups.

The six panelists have created everything from tech startups to consulting businesses to personal care companies, but all share a common drive to make dreams real. That drive is essential, they said, because the road to becoming your own boss has more potholes than you’ll ever expect.

Nicole Vieira (BS ’06, MSA ’12), co-founder with Logan Miller (MBA, ’16), founder of her sister of The Daily Details, an upscale beauty Imperative Strategies & Solutions, a bar, was a CPA when she noticed there was a team of creative business consultants. dearth of beauty services for professional women “I knew any short-term inconvein the heart of Charlotte’s uptown. “There are nience was worth it.” 100,000 people who cross Trade and Tryon every week, and half of those are women,” she said. Start where you are Ramy Serageldin, who earned his Wake Forest BA in economics and computer science, found he and his wife were having challenges communicating about money. “Some 65% of couples don’t merge their finances and that causes planning challenges.” Serageldin took this information and used his banking experience to launch Honeyfi, a free app that helps couples simplify finances and spend mindfully. Alex Smereczniak (BS ’14) was a Wake Forest undergraduate when he got involved in a student-owned laundry business for students. Laundry service was free for students, but many would pay for a laundry pickup. Smereczniak took that knowledge with him into the postcollege work world, and in January 2016 quit his full-time job to launch 2U Laundry in Charlotte.

The stress of ownership Aru Anaveker (MBA ’14) is working to keep up with demand for botsplash, her customerengagement software company. “I would love more clients,” she said, “but we are extremely thinly staffed.” Serageldin held up his wrist. “I got this Fitbit purely to track my sleep. You can be so dedicated to what you’re doing that you forget to take care of yourself.” “Until you burn the bridge behind you and know there’s no retreat, you won’t commit to getting through the scary stuff,” said panelist


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Until you burn the bridge behind you and know there’s no retreat, you won’t commit to getting through the scary stuff.



Most of the panelists used savings and investments from friends, family, and early employees to get their companies off the ground, cutting their own living expenses to the bone. Later, several raised capital, wading through all of the “No’s” to get to the single “Yes.” Smereczniak raised $2.5 million last year to build a Charlotte laundry facility, but was washing customers’ clothes in his apartment when he started his business. The night’s discussion resonated with Lashauna Harris, a Wake Forest evening MBA student. She and a friend, TaKayla Sexton, both work full-time but have dreams of creating an ecommerce business together. Her takeaway from the discussion was to “start with what you have, and connect to the customer and their needs.” Some who attended didn’t want their names shared because they’re so close to quitting their day jobs. A recent MBA alum whose restaurant was just weeks from launch said the event was encouraging. “I feel excited because these panelists are doing it,” the alum said. “You see this person was willing to take a chance, and they’re successful — so why not me?” 35



GOOD A conversation with John Taft, vice chairman of R.W. Baird & Co.


ou need to make sure that what you do every day in your work contributes to societal value,” John Taft told an audience of Wake Forest School of Business students, staff, and faculty gathered in Broyhill Auditorium. “You have to be a force for good. Everything else is secondary.”

Taft, vice chairman of R.W. Baird & Co and author of the popular blog, “Finance for the Greater Good,” comes by his commitment to society naturally. His family, which included 27th U.S. President William Howard Taft, deeply believed in devoting one’s life to public service. “I thought I could honor my family’s legacy by being a business person, and specifically by being in finance,” he shared during a conversation with Matthew Phillips, director of the School’s BB&T Center for the Study of Capitalism. “Mr. Taft brings depth and energy to the idea that business — and for him, finance in particular — creates value in society by linking up resources with the people who need them,” said Phillips. “That's liberating and even lifegiving for students and young workers: the work that you're uniquely gifted for and trained to do makes the world a better place.” A literature major in college, Taft never intended to go into business. While working as a reporter, he covered the transformation of Lowell, Massachusetts, from a decimated industrial mill town into a national park. He was inspired by good corporate citizens, local, state, and federal government, not-for-profit companies, and the public all converging to rebuild the city. “I thought, ‘I want to do that,’” Taft said. “So I went back to school and the first job I went into was public finance.”

In his climb to the top ranks of America’s wealth management and banking firms, including serving for over a decade as CEO of RBC Wealth Management, Taft has maintained focus on the health of the broader society and the ways business can contribute. He argues that now more than ever, businesses are positioned to be true change agents.

“Businesses today are far more responsive to what’s going on in the world than government, for example,” Taft said. “When the information flow is as immediate and granular as it is, businesses are a giant nerve with millions of nerve endings and they’re responding immediately.” Taft shared with students that the measure of a good company is one that helps them connect how their work impacts society.

After retiring from the company he had been running for 15 years, Taft felt like he moved from being a football head coach on the sidelines to a spectator in the press box. “It just wasn’t the same. I wanted to be back down on the field,” he said. When the opportunity to become vice chairman of Baird came about, Taft seized the opportunity and pivoted out of retirement. “At any given time, you need to have a plan that you are executing while being willing to pivot and respond to opportunities,” he shared. For Clay Cain (BS ’21), an undergraduate finance major planning to pursue a career in investment banking, Taft’s remarks resonated with him on a personal level. “One of the reasons I wanted to join financial services is my belief that it can be and should be an industry of responsibility and ethics,” he said. In closing, Taft reminded the audience to not lose sight of the bigger picture.

“The finance industry is incredibly As an investment banker in Minneapolis, Taft intense. There are highs and lows, worked with public entities to raise money on “The best companies are relentless and over 40 years, the only thing the municipal bond market. “The proceeds about communicating their purpose, that sustains you through the good were usually put to work on projects that made not in terms of enriching shareholdand bad times is knowing that you’re a difference in the lives of real people in the real ers, employees, and management, but making a difference for real people world,” he said. “I went into finance to make a in terms of helping real people in the out there.” positive difference.” real world,” he said.


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in Action



MBA ’05

New Connections with a Wake MBA Brand recognition, group-oriented coursework, and the convenience of evening classes in Charlotte — all of those drew Douglas Bowman (MBA ’05) to the Wake Forest MBA program. What he found was the path toward a career change from wireless communication systems to banking, and the opportunity to use his skills as a relationship-builder in new ways.

One way Cosby is doing that is as a Wake Forest Student Ambassador, attending events to meet and connect with future Wake Forest students and encourage other busy professionals to have the courage to embark on an MBA.

But Cosby’s drive to grow her skills was stronger than her time constraints, and when she discovered the Wake Forest School of Business Saturday MBA program, she knew she’d found the perfect fit.

“I remember speaking on a panel and sharing my story about being a single mom and maintaining work-life balance throughout the program. After the event, an attendee shared with me that my story made her feel empowered to proceed with enrollment because she realized she could be successful in the program just like I have been.” Today, Cosby is putting into practice what she learned at Wake Forest as she grows her firm, which produces events to help businesses and nonprofits bring their stories to life. In addition to being a student ambassador, she stays connected to the School through the Wake Network.

Cosby already was accustomed to organizing complex projects in her role as a bank client services consultant and as founder of Mylestone Productions, a full-service event production firm. The classes she took at the School of Business broadened her knowledge and gave her practical tools to use in both jobs.

“The Wake Forest professors encourage you to be curious and the curriculum challenges you to discover all aspects of a particular scenario. I honed my critical thinking skills and became more confident in my approach to problem solving,” he said. “In addition, Wake Forest helped me embrace continuous learning and development. One of the most rewarding ways to do that is to surround yourself with great people and learn how to ask very good questions.”

Bowman found an opportunity with BB&T that included six months of formalized credit training before his first day as a banker in Charlotte. The bank’s leaders immediately recognized the worth of Bowman’s Wake Forest School of Business education. Bowman’s advice to others considering Wake Forest as a bridge to “Both the bank and I knew I could handle the training since I had something new? Make the fullest possible use of the Career Center. just completed the MBA coursework. I charted a path to make it reality, and then executed the game plan one day at a time.” “Challenge the Center to help you identify a few — and potentially crazy — alternate career paths that might not be even Today, Bowman is senior vice president and regional middle close to possible if not for your MBA,” he said. “This degree market manager at First National Bank in Charlotte. He credgives you a lot more control over your career.” its his career shift and subsequent growth to skills he picked up in the MBA program.


Kristin Cosby (MBA ’17) is a person with a lot on her agenda. She was already balancing life as a full-time banking professional and single parent while launching her own business when she sought out a program that would let her also earn her MBA.

“The program’s flexibility and schedule options were huge factors for me when deciding on a graduate program,” said Cosby. “And it’s exciting and an honor to be a part of the longevity and success of the Wake Forest MBA program.”

Bowman calls himself a “connector” — a person who enjoys linking people and building bridges. That’s exactly what he hoped to do when he entered the Wake MBA program with six years’ experience selling wireless communications systems to small-to-medium-sized businesses in the Charlotte region. “The Wake Forest MBA opened up new ways for me to think about putting my regional business connections to their highest and best use,” Bowman said. “And just before graduation I decided I was going to become a commercial banker. To get that ball rolling, I leveraged the local Wake MBA alumni network to get their feedback and help to secure interviews with the right people at the right banks.”

Embracing Change and Inspiring Others to Succeed

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“The Wake Network is truly special. I have become friends with some of the most amazing and talented people, and I’m forever grateful for all the passionate faculty and staff who give their best to students every single day,” she said.

“I absolutely love the courses this program offers. Taking courses on everything from marketing to accounting and from entrepreneurship to ethics gives you an overall knowledge of different aspects of business and really helped build all my leadership and communication skills,” she said.

“The Wake Forest Business School has equipped me with everything I need to be successful, and I know, One of the courses that made the most impact on Cosby was a without a doubt, that my leadership class taught by Sean Hannah, professor of management future is bright. My advice and the J. Tylee Wilson Chair in Business Ethics. to others looking into this program is to go for it. “He’s an amazing professor and I learned so much from that Embrace the journey and course,” she said. “I learned that while change is something we can know that’s it’s going to never plan for, we can embrace change and view it as an opporbe the best experience. It’s tunity to bring about a new process or create solutions. And I going to be unforgettable.” learned the importance of inspiring and empowering others as they come up behind you.


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MBA ’17



in Action



MBA ’94

The Secret to His Success

“The possibilities of good we can create in the world are endless,” said Bryan Wilson (PhD/MBA ’16), and if there were a theme to Wilson’s education at the Wake Forest University School of Business and his career, that might just be it.

Wilson also gained formative experiences outside the classroom. He led a team of his fellow MBA students during Red Carpet Weekend to win a list of challenges that included developing a team song and constructing a boat from cardboard and plastic. Perhaps Wilson’s key extracurricular highlight was serving as co-chair and head of marketing and communications for the 2015 Wake Forest Healthcare Strategy Conference and Case Competition. The competition brought together teams from the nation’s top schools to solve a real-world business issue in the healthcare field.

Wilson, associate director of medical affairs with Merck, is a firm believer that no one’s story is left to chance, and that in every industry, each person has the opportunity to impact other lives. “Someone is always watching and people are either discouraged or uplifted by our influence. Pro Humanitate means always choosing the latter,” he said. “We can rise above self-limitation and help rewrite the stories of our own innate destinies and those of others.”

Classes, assignments, and tests are valuable, but if you ask Jun Tu (MBA ’94) about the most crucial piece of his tenure at Wake, he doesn’t hesitate. “I chose Wake Forest for my graduate degree for one reason: People.” In fact, as Tu was mulling over his options for school, it was a personto-person connection that helped seal the deal. After meeting the MBA admissions director at a Washington, D.C. forum, Tu got a follow-up call. “He asked whether I was OK to talk with a recent graduate from the Business School. As a result, GeFei Li, a recent MBA alum, had a threehour chat with me over the phone, and really impressed me with his great experience at Wake Forest. The warm and personal touch sold me, and I have never regretted my decision to attend Wake Forest.” Tu found the MBA program provided him the broad-based education on general management that he was seeking, allowing him to build a solid foundation for business and management capabilities. He especially enjoyed his corporate finance class. But even as Tu worked his way through the program, the people around him again became the pivotal factor in his experience. “As an international MBA student, I tried hard to fit in to a new environment,” he recalled. “Fortunately, Wake Forest University and the School of Business opened its arms to me and my fellow


Endless Possibilities for Creating Good

Through Wake Forest University, Wilson said he gained a greater appreciation for the power of authenticity and the way it frees people to use their personal, genuine gifts to leave the world better than they found it.

For Wilson, a Wake Forest education was a chance to get the training needed to influence others in the intersecting worlds of science and business.

international students. We were invited to join the Thanksgiving dinner with one of our professors and family, and I had my favorite southern food — pulled pork barbecue — in the backyard of one of my professors. I can still smell that barbecue!” Today, Tu is chief financial officer for the greater China region at InterContinental Hotels Group in Shanghai. He stays in close contact with a group of Wake Forest alumni in China, and strives to share with others the personal touch that for him made all the difference. “During the last 10 years or so, I have been receiving Wake Forest MBA students who come to China for a short visit,” he said (see page 46). “I very much enjoy and benefit from my interaction and discussion with them. It is part of my way to pay it forward so those new generations of students can continue to benefit from wonderful experiences like mine at the School of Business.”

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“There is constant pressure to fit in or dissolve one’s individuality into the norms of the masses,” he said. “Wake Forest University helped me learn to resist that. Being authentically you is a gift and we owe it to ourselves to remain committed to the process of self-discovery.”

“As pharmaceutical and biotechnology industries expand, there is an ever-pressing need for individuals who can apply an integrated approach to problem-solving,” he said. “I chose the Wake Forest School of Business for my degree because I believe the dual PhD/MBA program enables future scientists to approach biomedical research in an innovative way.”

The School, he said, sends home the message to students that they can be agents of change wherever they are. “In whatever we do and whatever industry we’re in, beauty lies in our ability to impact lives.”

Wilson credits the School with providing a solid knowledge base in applying business applications to his science training. That combination allowed him to clearly communicate his understanding of how biomedical science strategies influence corporate strategy, a skill that proved valuable in his interviews with pharmaceutical and life science companies. “The School of Business expanded my thinking and enhanced my ability to translate complex scientific concepts into business applications,” he said.


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PhD/MBA ’16



in Action



MSBA ’17

The Key to a Magic Kingdom Chase Funk (MSBA ’17) was off to a strong start after his undergraduate years, but the Florida resident had a longstanding wish: to win a new role with his dream employer.

industry,” he said. “That really helped me break the ice with potential companies and recruiters.” He also learned early on to “listen to every idea in the room and don’t shy away from sharing your own.”

“I wanted to earn a graduate degree to make myself more marketable to Disney,” said Funk, who already had experience working as a Walt Disney World vacation planner and wanted to grow. “Wake Forest and its reputable School of Business fully supported my desire to return to Disney in an analytical capacity,” Funk said.

Translated into the business world, Funk believes the balance between listening and offering an opinion is something newly minted grads have to learn to get right.

Funk leaned into the business analytics program, serving as student ambassador. In that role, he attended meetings and took training to help enrich the experience of potential applicants and did everything from coordinating visit schedules to handling applicant communications to sharing feedback. Of course, in between classes and volunteering, he made time to forge strong connections and have some fun.

“The biggest mistake new hires make is overstepping with ideas and disruption too quickly,” he said. “Bring your ideas to the table, but remember to understand the wealth of experience and knowledge your colleagues have as well. Though this can be difficult to work through, change management can be introduced over time through forming close bonds with your colleagues.” All of Funk’s hard work in the graduate program paid off when he landed a role with Disney Parks & Resorts. There he serves as a planning analyst, working on theme park and technology growth project valuations and long-term attendance planning.

“I have many fond memories of my time at the School of Business,” said Funk. “My close friends in the cohort and I were found at the ping pong table during pretty much every “Wake Forest helped me develop the technical and interperbreak from class or studying. We made lots of memories there!” sonal skills necessary to acquire my dream job,” he said. And to drive the point home, on his LinkedIn page, Funk keeps an For Funk, the lessons learned at Wake Forest went beyond inspiring quote from none other than Walt Disney himself: books. “A key moment in the program was the requirement “All of our dreams can come true, if we have the courage to to reach out on LinkedIn to professionals in your desired pursue them.”


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The Art of Accounting “So … art history and accounting?”

large metro market,” Polon said. “After graduation, I returned to the same firm to concentrate on auditing nonprofits, including universities and the National Gallery of Art. I have since moved on to work in accounting departments of other nonprofit organizations and love being able to bring accounting expertise to further a worthy mission.”

Whenever Kelli Polon (MSA ’05) has been seated across a table from a would-be employer, she’s waited happily for those words. To her, they’re a welcome invitation to explain to an interviewer the value of her unusual experience — and the power of the unique combination of liberal arts and market-ready technical skills. It’s a combination completed by her Wake Forest Master of Science in Accounting degree, and she said it’s opened more doors than she ever thought possible.

Polon’s career has taken her from PwC to Defenders of Wildlife to the National Center on Education and the Economy, in roles that range from accountant to finance director to controller. Along the way, she’s kept in close touch with her Wake Forest network.

“I came from an undergraduate degree in art history and have always had a heart for the nonprofit world,” said Polon. “I assumed I would continue my education in an arts or museum program. In the end, I decided to take my liberal arts background and combine it with a concrete, technical skill that could be useful no matter where my career took me.”

“Staying involved with the Wake Forest family is so rewarding,” she said. “There are so many active alumni in the Washington, D.C. area. I have been able to see things and participate in events that would not have otherwise been possible. From Nationals games and gallery tours, to remote Lovefeast viewings and Pro Humanitate events, I feel like I can stay much more connected, not only with Wake Forest, but also with my local community. I have also had exciting professional opportunities that have come from my Wake Forest network, such as serving on the board of a newly formed nonprofit organization.”

Her decision was based in no small part on the good advice she received from her father, D. Wayne Calloway Professor in Accounting Jack Wilkerson, who was also dean of the undergraduate business school at the time. “I was eager to follow in his footsteps and chose Wake Forest because of the business school’s stellar reputation and outstanding CPA pass rates. I knew with Wake Forest I could get a strong technical foundation in accounting, as well as real-world experience through the internship program.”

For Polon, the choice to add a Wake Forest graduate degree in accounting to a strong liberal arts foundation has opened many doors. “My Wake Forest MSA degree has given me so much flexibility in my career,” she said. “You never know how seemingly unrelated disciplines may overlap, and those intersections can make you a more interesting and well-rounded person.“

Landing an internship proved to be a simple process for Polon, due to widespread recognition of the value of a Wake Forest education. “Wake Forest’s reputation among the Big Four accounting firms allowed a student like me, with only a small amount of accounting coursework under her belt at the time, to interview and be placed with one of the top firms in the nation in a


in Action





MSA ’05



in Action


MSM ’15

Finding Passion — and Purpose Finding your passion isn’t always easy.

It’s a story that draws on Todd’s time at the School of Business, where pivotal moments included participating in Action Learning Projects.

For Ethan Todd (MSM ’15), the road to the Wake Forest University School of Business — and to discovering his passion — led through undergraduate classes in anthropology, theology, “They taught me the importance of establishing trust with and screenwriting, and a bachelor’s degree in religious studies. others,” he said. “It’s easy to move forward with your own After deciding to reorient his path toward business, he came to decision, but it takes professional maturity to listen and underWake Forest to join the Master’s in Management Program. It stand diverse perspectives first. Always remember you can didn’t take long for him to find clarity on his calling. influence once only after you have listened twice!” “I took the Career Leader personality assessment during orientation and scored a 99% in human resources,” Todd said. “I immediately enrolled in the School of Business’ Human Resources Club.” At the club, Todd was encouraged to attend the local chapter of the Society for Human Resources Management (SHRM). Through school and the professional networking group, Todd met human resources leaders who eventually became his mentors. Today, Todd is senior advisor of compensation at Dell Technologies, serving the company’s global operations, client solutions group, and other areas. And he’s forged strong connections between Dell and Wake Forest, returning to campus each year for recruiting. “It has been important to me to share the University’s value proposition with Dell human resource leaders and be an advocate for the Wake Forest students we bring to Austin, Texas,” he said. “It’s always an honor to be asked to speak with students about servant leadership, human resources, and even share my personal story.”


Wake Forest’s Pro Humanitate focus — one of the main reasons Todd chose the School over others — also left an indelible impression. Todd partnered with other students and the Forsyth Backpack Coalition to plan a team-building activity for orientation while providing weekend meal kits to underprivileged children in the Winston-Salem community. He was honored with the Pro Humanitate Leadership Award for those efforts and has returned to campus on behalf of Dell to sponsor this event for the past two years. Todd also counts the influence of Susan Langlitz, associate professor of the practice, as a key part of his professional development. “She helped me understand the power of having something to say and how to passionately tell my story so every member of the audience listens,” he said. “She also believed in my authentic style.” And that authenticity, in the end, may be the foundation of discovering what you love and what you’re good at. Todd’s advice to others: “Stay authentic to yourself, embrace diversity in your relationships, and never be deterred by the ‘shiny’ things that take you further away from your passion.”

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Pro Humanitate Brings Compassion to Career It’s a gift to discover your passion early in life. But as Matthew Teller (BS ’14) found, getting the tools you need to turn that interest into a career takes the help of talented mentors. “I was very focused on obtaining a strong liberal arts education coupled with a competitive undergraduate business degree,” said Teller, “and when I visited Wake Forest, it felt like the perfect fit for me.” That fit had a lot to do with the faculty. “My School of Business professors were critical in helping me turn my passion for finance into a career path,” Teller said. “They helped me navigate the early stages of my finance curriculum, and were extremely supportive as I progressed through my investment banking interview process.”

own path. While a member of the Finance Club, he took part in the Wake on Wall Street trip. “I had the chance to meet with alumni who ultimately served as ambassadors for me as I went through the interview process at different banks across the Street,” he said. Teller has worked as an investment banking analyst with Barclays in New York, and now is an investment professional with private equity firm Kelso & Company. His career has allowed him to pursue his interest in finance, and bring to it a quality that he cultivated at Wake Forest: compassion.

Wake Forest eases the transition from classroom to corporation by opening doors to internships and other practical experience. Teller urges incoming students to take advantage of those opportunities. “I think it is critical to get both internships and as much experience as possible to help shape the early stages of your career. This provides an opportunity for you to better understand what you are and, more importantly, what you are not interested in,” he said.

“One of the lessons I learned on campus that I carry forward with me each day is the value of caring for and respecting others. This goes a very long way even in the most competitive of environments,” Teller said. “My second piece of advice is to take advantage of the Wake “I try to do the right thing Forest network in whatever industry or field you are interested every day and I believe in pursuing. Wake Forest alumni are truly passionate about the people respect that, and student body, and they want to give back.” respect me as a young leader for having that Teller found Wake Forest alumni to be helpful as he forged his mindset.”


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BS ’14


Alumni Engagement School of Business alumni are innovative industry leaders and entrepreneurs, dedicated mentors, and philanthropists invested in their communities. Alumni give back to our community in many ways, including participating on career panels, volunteering as Community Coaches, mentoring and recruiting students, serving as judges for class competitions, and sharing their expertise both in and out of the classroom. Below are just a few highlights from the past year showcasing how our alumni have strengthened their connection to Mother, So Dear, while keeping the School connected to the market.

Wake Forest returns to Shanghai The School of Business hosted An Evening with the School of Business at the Crowne Plaza Shanghai Fudan hotel, next to Fudan University, in Shanghai. The event was held in conjunction with the Global Immersion Course (see page 22) as part of their two-week trip to Russia, India, and China.


The School of Business hosted its inaugural Alumni Weekend April 5-6 on the Reynolda Campus in Winston-Salem. More than 50 alumni representing all programs reconnected with classmates and professors, networked with alumni and students from previous or subsequent years and other programs, and continued to grow their Wake Forest network. Saturday morning kicked off with the fourth annual Fit for Business 5K (see page 68). Saturday afternoon programming included a State of the School Address with Dean Charles Iacovou. Additionally, alumni enjoyed a variety of career development and networking sessions throughout the day, including sessions on developing a personal leadership philosophy, the future of work in a data-driven economy, student-alumni roundtables, and an informational workshop on alumni career tools.

Peter Olinto, National Instructor at Becker CPA Review, spent some time networking with MSA and Accounting alumni and students.

Additionally, Peter Olinto, national instructor at Becker CPA Review, attended Alumni Weekend to network with alumni and students and celebrate Wake Forest’s 20-year success on the CPA exam — our students have earned the #1 CPA Pass Rate more than any other school in the past 20 years. The evening concluded with a reunion reception for 2018 graduates of the MSA, MSBA, and MA programs, as well as a 25-year reunion for the 1994 Full-time MBA class.

Global Immersion participants joined incoming and current School of Business students, alumni, and parents from various cities in China. Alumni attended a session on the health of the global economy led by Professor Mark Johnson. Incoming students attended a career coach session with Sharron Vogler, career coach and senior associate director of Market Readiness and Employment at the School. The event also featured an alumni panel discussion moderated by Executive Director of Alumni Engagement Stacy Owen. Three highly regarded alumni participated in the panel: Xia Ding (MBA ’96), President of International Fashion and VP of JD.com; Jun Tu (MBA ’94) (for more on Jun Tu, see page 38), CFO of IHG Greater China; and Helen Hu (MBA ’97), CFO of Duke Kunshan University. These alumni shared how their professional journeys led them to their leadership positions, including the role Wake Forest played in contributing to their successes.

Alumni Weekend

Above: Tommy Teague (’57), pictured here with his wife Nancy, was the most tenured alumni to attend Alumni Weekend. Tommy’s time at Wake Forest began at the old campus in Wake Forest, NC, and his senior class was the first to graduate from the new “Reynolda” campus. Left: Alumni enjoy pleasant spring weather on the Terrace. Below: Alumni pause for a photo while touring Farrell Hall.

Stacy Owen moderated the alumni panel featuring Jun Tu (MBA ’94), Xia Ding (MBA ’96), and Helen Hu (MBA ’97). B U S I N E S S .W F U. E D U




Congrats to our alumni and faculty! photo courtesy of The Miss Universe Organization

10 ways

Kryst crowned Miss USA 2019 Wake Forest grad Cheslie Kryst (JD/MBA ‘17) was crowned Miss USA on May 2. Cheslie is a civil litigation attorney from Charlotte, NC, who does pro bono work to reduce sentences for inmates. While at Wake Forest, she was part of the School of Law AAJ Trial Team that won the 2017 National Championship. Kryst will travel to South Korea to compete in the Miss Universe pageant later this year. Boyette awarded the Medallion of Merit During the 2019 Founders Day Convocation, Wake Forest University awarded Sandra Boyette (MBA ’95) the Medallion of Merit, the highest honor bestowed by the University. Boyette served the University for 35 years, retiring in 2016 as senior advisor to President Hatch. She was previously vice president for University Advancement from 1996 until 2006. Alumni-Faculty Awards Winners Congratulations to our Alumni-Faculty Award Winners, George Aldhizer and Jim Willis, who won the Horace Kelly Alumni Teaching Award and Kienzle Alumni Teaching Award respectively. Thank you to our undergraduate business alumni of 2009 and graduate business alumni of 2016 for submitting nominations.


to be an engaged alum Deans Suzanne Reynolds (School of Law), Julie Ann Freischlag (School of Medicine), and Charles Iacovou (School of Business) discuss the future of healthcare.

A Conversation with the Deans Alumni from the Schools of Business, Law, and Medicine attended A Conversation with the Deans panel at the Wake Forest University Charlotte Center. School of Business Dean Charles Iacovou, School of Law Dean Suzanne Reynolds, and School of Medicine Dean and CEO of Wake Forest Baptist Health Julie Ann Freischlag discussed the future of healthcare in the U.S. Provost Rogan Kersh moderated the panel. The engaging conversation highlighted the interconnectedness of the programs and explored how Wake Forest can continue to collaborate across schools and industries.

Stay connected:

Give back:

1. Follow us on social Join our LinkedIn School of Business group (go.wfu.edu/ linkedinwfusb) and follow us on Twitter, Facebook, and Instagram (@WakeForestBiz).

6. Refer a prospective student You know what it takes to be a Biz Deac! Help us identify talented and driven potential students.

2. Join the Wake Network Keep your information up-todate to ensure you receive the latest newsletters and invitations while networking with other alumni and friends in your community or industry. (wakenetwork.wfu.edu) 3. Participate in a Wake Community With more than 50 Wake Communities across the U.S., Canada, China, and the United Kingdom, it’s easy to meet other Demon Deacons in your city (wakecommunities.wfu.edu).

An Evening with the School of Business More than 200 alumni attended networking events in New York, Washington, D.C., Charlotte, Atlanta, and San Francisco this past year. At each event, Dean Charles Iacovou highlighted career successes of our students, enrollment growth in our programs, and the launching of our online MSBA program. Alumni, parents, students, and friends who attended the San Francisco event were also joined by 13 School of Business faculty members, members of the School’s leadership team, and Andy Chan, vice president of Innovation and Career Development. B U S I N E S S .W F U. E D U

4. Host or attend an alumni event Help us connect alumni in your city or join us for a happy hour. Let us know what type of events you would like to see in your city and we’ll work with you to make it happen. 5. Become a Loyal DEAC Loyal DEAC is how we recognize and honor our most dedicated Demon Deacons. Learn how you can earn official Loyal DEAC status and get sweet swag (loyaldeacs.wfu.edu).

7. Offer your expertise Offer your real-world perspective in the classroom or at orientation by joining a panel, participating in informational interviews, or speaking to a class or student group. 8. Mentor a student Make a real connection with a student or two by offering to mentor students who are interested in careers in your industry. A few informal phone calls or coffees can make a big impact. 9. Recruit our students Consider School of Business students for your organization’s full-time and/or internship positions post-graduation. 10. Join a giving society Join this group of our top stakeholders whose generosity and leadership help sustain and grow the School of Business (wakewill.wfu.edu/ giving-societies).

L earn more at alumni.business.wfu.edu/ stay-connected



Save the Date: Homecoming, September 20-21 There’s nothing like coming home to Wake Forest! Faculty and staff look forward to reconnecting with alumni at the School of Business Open House during Homecoming weekend. Alumni will have the opportunity to tour Farrell Hall, hear from Dean Charles Iacovou, and network with alumni across programs.

Coming up in 2019-2020 Stay tuned as we announce event dates for 20192020! Log into Wake Network (wakenetwork.wfu. edu) to ensure your contact information is up-todate, follow us on social media, and visit our website (alumni.business.wfu.edu) for the latest happenings!

We want your feedback We want to ensure that we’re providing you with opportunities that help you stay connected with the School and University. Let us know what types of engagement events you would be most interested in, whether it’s on campus or in your own city (alumni.business.wfu.edu/stay-connected).

Contact us Alumni Engagement Team Wake Forest University School of Business sbalumni@wfu.edu | alumni.business.wfu.edu Connect with us on: LinkedIn, Twitter, Facebook, Instagram




in North Carolina U.S. News & World Report, 2019

Master of Science in Accounting CPA Pass Rate — NASBA Since the program began in 1997, the School’s students have placed in the top five of all schools with accounting programs in 20 out of 21 years, and have placed #1 more than any other accountancy program in the U.S.



The School’s Master’s in Business Analytics program was recognized in its first year by QS World University Rankings as a top 30 global program and among the Top 20 programs in the U.S. in 2018.

#3 Top 25 #1

in the U.S., Worldwide

in the U.S. for Career Opportunities. The Economist, 2019

Public Accounting Report, Annual Professors Survey, Master’s Ranking 2018

Master of Science in Business Analytics


Master of Science in Management


This is the 10th consecutive year the School’s MBA program has been #1 in North Carolina.

in the U.S.

The MSM program continues to rank among the top management programs in the world.

Bachelor of Science in Business


Best Undergraduate Business Schools — Poets&Quants, 2018


Public Accounting Report, Annual Professors Undergrad Survey Ranking 2018


Best Undergraduate Business, Program Specialty — Accounting U.S. News & World Report, 2018


Best Undergraduate Business Programs U.S. News & World Report, 2018 This is the 12th consecutive year the undergraduate program has ranked in the top 10% nationwide.



According to Lauren Rhue, Assistant Professor at Wake Forest University School of Business, the issue is far greater than just image. She says, “This (M.I.T. Media Lab) study is well executed, of course, and highlights the problems associated with large-scale deployment of facial recognition without oversight. This is especially true as law enforcement adopts the software, but it affects other companies who would use facial recognition for their internal needs.”

Scientists prove crowded hedge fund stocks are real and risky Bloomberg It’s a trader’s maxim: don’t follow the herd. Now, new research suggests you actually can make money piling into stocks that speculators are obsessed with, but at a high cost to your nerves. While swimming with the hedge fund sharks returns a few percent more than the market over time, watch out when the rout comes, when crowded shares fall harder than everything else, according to research by three business school professors at the University of North Carolina at Chapel Hill and Wake Forest University.

International Business Times Jeff Camm writes: “I suppose some people think of analytics as new to manufacturing because of analytics’ focus on big data, social media, and marketing. Although many might disagree, I equate analytics with

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operations research/management science, especially in its origins, which were problem-centric.”

Here’s what else you need to know about Amazon’s scary new A new era on guns: Gun-safety AI offering groups look to 2020 a year after Forbes Parkland

Prescriptive analysis in manufacturing to boost profitability



Find links to the full stories at business.wfu.edu/newsroom/2019news




CNN These generational differences underscore the “upside potential” on the gun issue for brands that appeal to a younger customer base, said Roger Beahm, executive director of the Center for Retail Innovation at Wake Forest University’s School of Business.

Are ‘10-year challenge’ photos a boon to Facebook’s facial recognition technology New York Times Lauren A. Rhue, an assistant professor of information systems and analytics at the Wake Forest School of Business, said the #10YearChallenge could conceivably provide a relatively clean data set for a company that wanted to work on ageprogression technology.

The viral ‘10-year challenge’ may be mining data to teach facial recognition algorithm, tech writer says Inquisitr Lauren Rhue, a professor at the Wake Forest School of Business, said the “10Year Challenge” highlights the dangers of giving up too much personal data to a social media company. She said there is a lack of transparency on how Facebook and other platforms are using this data, and in the past, it has been handed over to government agencies and law enforcement officials, bypassing the Fifth Amendment rights of Americans who readily give up information like biometric data and DNA. 2018


Want to close the pay gap? Pay transparency will help New York Times (Smarter Living newsletter) It’s not just women. Pay secrecy reinforces racial biases as well, and the pay gap is wider for black and Hispanic men and women, according to a recent report from the Bureau of Labor Statistics. In a study with her colleague Derek R. Avery of the Wake Forest University School of Business, Dr. Hernandez found that when black job applicants negotiated their starting salaries, evaluators viewed them as more pushy than white job applicants who also negotiated. Evaluators also mistakenly thought black job applicants negotiated more than white applicants, even when they negotiated the same amount. Worse still, the black job applicants received lower starting salaries as a result of this.

Interviewing while black: How race affects salary negotiations CNN Business Derek Avery writes: “We talk a lot about the gender pay gap in the United States. Rightfully so. It is shameful that women made only 80.5 cents for every $1 earned by their male counterparts in 2017, according to data from the Institute for Women’s Policy Research. The troubling number has closed significantly since the Equal Pay Act became law in 1963, but progress has slowed despite the continued scrutiny of the issue. Another disparity, equally disturbing and just as discriminatory, has not gotten the same kind of attention: the racial income gap. In 2016, the Pew Research Center released figures showing that college-educated black and Hispanic men earned 80% of the hourly wages earned by college-educated white men.”


Emotion-reading tech fails the racial bias test

currently an executive in residence at the Wake Forest School of Business

The Conversation

We are not doing enough to eradicate workplace bias against women

Lauren Rhue writes: “Facial recognition technology has progressed to the point where it now interprets emotions in facial expressions. ...Unfortunately, this technology struggles to interpret the emotions of black faces. My new study, published last month, shows that emotional analysis technology assigns more negative emotions to black men’s faces than white men’s faces.”

Research is set up for bullies to thrive Nature Working conditions in academic labs encourage abusive supervision. It is time to improve monitoring of and penalties for abuse, says Sherry Moss.

10th Gaidar Forum: Business Education has Entered the Era of Digital Transformation Business Insider If earlier business education was a pass to the middle class, now it is an opportunity to be different, to realize your dream with the help of breakthrough technologies, information and thinking. Charles Iacovou, Dean of the Wake Forest University School of Business, drew attention to the growing gap between the scientific and industrial world, and the slow growth rate of business schools compared to the pace of companies. This story also appeared in Markets Business Insider, Finanzen.net, and other media outlets.

John Allison on Senate banking committee


Race doesn’t impact how jobseekers negotiate salaries - but it does affect how much money they get

Then, Dr. Derek R. Avery, Presidential Chair in Principled Leadership in the Wake Forest School of Business, published a piece in Quartz highlighting CNBC a study on how innovation in the workplace pays off more if you’re a man. “Previous research has demonstrated that My writing in the area of bias against black men expect lower starting salary women has primarily focused on ways to offers, and also may not have the same better support female entrepreneurs, but foundation to confidently know what after this month I feel compelled to offer fair market value they can command,” my perspective on how people can fight says co-author Derek Avery, a professor back against bias in the workplace. at Wake Forest University School of Business. "But the hiring process shows it's not just the job-seeker’s mindset that must change. Hiring managers who Wake Forest University School negotiate with black candidates also of Business: All in for Analytics bring their biases to the table.” Associated Press Business advisors. Analysts. Critical thinkers. You won’t find the oldfashioned idea of an accountant at Wake Forest University’s School of Business and its Master of Science in Accountancy (MSA) program. Instead, you’ll find professionals who can not only balance the books but also confidently use business analytics to help advise and guide an organization. The School’s curriculum now provides all graduate accounting students leading-edge analytics instruction and real-world applications. This story was posted online more than 300 times.

What will cost more — and less — in 2019 U.S. News & World Report

What's more, some industry watchers say there are factors that could help The Senate banking committee will hold further push down costs for consumers. a hearing tomorrow to discuss economic “Competition in the grocery industry growth and regulatory relief. Witnesses has intensified with planned growth of from the fed, the FDIC, and the national Amazon and expansion by international credit union will all be there. Joining us chains such as Aldi and Lidl,” says now, former BB&T CEO John Allison Squawk Box/CNBC


Haresh Gurnani, Benson-Pruitt professor of business and executive director of the Center for Retail Innovation at Wake Forest University. "This should put further pressure on prices in the grocery retail industry.”

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The 20 most “deeply optimistic” MBA courses Poets & Quants The global nonprofit think-tank has been awarding innovative business professors since 1999. This year, the Ideas Worth Teaching Awards were handed out based on courses that “inspire and equip future business leaders to tackle the issues of our time,” a release announcing the winners says. The story mentions Why Business?’s Matthew Phillips, James Otteson, & Adam Hyde, Wake Forest University School of Business.

Effective supplier development: The groundhog day syndrome Manufacturing Today Denis Maier writes: “Manufacturing supply chains, especially in the automotive industry, are characterized by a significant volume that is outsourced to suppliers. The added value in-house can be as low as 20%. Sophisticated supplier

selection and management systems combined with supplier development activities are essential tools to manage the inherent supply chain challenges. However, the enormous efforts for every new product launch are an indicator of the lack of sustainability. Manufacturing 4.0 will impose additional challenges on top of that and require a focus shift on supplier development.”

Often no reward for innovative women in the workplace Globalspec/Engineering360 Calling it the “think innovation, think male” bias, researchers from Wake Forest University School of Business demonstrated that both male and female managers tend to rate females high during performance ratings when they demonstrated low levels of innovative work behaviors. To correct such behavior, Derek Avery, professor, and David Darnell, chair in principled leadership at Wake Forest University School of Business said, “Being aware is a start, but the workplace is an extension of society, which has long undervalued women as innovators.”

How having multiple jobs impacts your identity Quartz at work Sherry Moss writes: “When my colleagues (Brianna Caza and Heather Vough) and I started research on what challenges this population faces, we expected individuals to struggle with the logistics of handling multiple responsibilities, especially juggling calendars and conflicting demands from employers. Less expected was a challenge that plural careerists we interviewed said was particularly difficult: fitting their multiple jobs into their identities.”

Competition shakes up U.S. Grocery Industry The Food Institute “If you can’t win the war on prices, then you have to find another reason to get customers to come in your store and

pay higher prices,” says Roger Beahm, executive director for the Center For Retail Innovation at Wake Forest University. “For Harris Teeter, one reason could be its North Carolina heritage.”

The 20 most interesting business school classes in the world, with links to their syllabi Quartz

Pay gaps for black job seekers HR Dive Black job seekers are expected to negotiate less than their white counterparts, according to a new study, “Bargaining while Black: The role of race in salary negotiations.” Authored by Derek Avery, the David C. Darnell presidential chair in Principled Leadership at Wake Forest University School of Business and published in the Journal of Applied Psychology, the research included experiments with equally qualified black and white candidates.

Every year, the Aspen Institute honors forward-thinking professors with the Ideas Worth Teaching Awards, to “celebrate curricula that bring to life the promise of meaningful work in business.” The story mentions Why Business?’s Samsung SDS is using Matthew Phillips, James Otteson, & blockchain technology to Adam Hyde, Wake Forest University simplify shipping School of Business. Digiday

Rising demand for business analytics education programs TechTarget The profusion of graduates with business analytics degrees could have a substantial effect on smaller organizations looking for analytics expertise, said Jeff Camm, associate dean of business analytics at the Wake Forest University School of Business. After starting two years ago, Wake Forest's new MSBA program has already graduated about 100 students, a high number for a new program, according to Camm.

Creating international leaders: Why sequential master’s degrees offer a unique graduate business education experience Masterstudies.com “A sequential master’s degree is the bundling of two specialized and distinct degrees into one multi-year experience at our school,” explains John White, Executive Director of Enrollment Management, at Wake Forest University School of Business. The outcome, continues White, “is that students emerge in two years with two specialized degrees that will enable them to add immediate value to any company.”



Ajay Patel, a professor at Wake Forest University who studies the intersection of business and blockchain, said that as the cost of blockchain goes down, and as companies become more comfortable with it, its uses will “explode.” This story also appeared in MarketScreener.com

Is There a Moral Obligation to Help the Poor Abroad, and Other Moral Questions Asked of Libertarians The Tom Woods Show Philosopher Jim Otteson and I discuss his book Actual Ethics (Cambridge University Press), which advances a vigorous moral defense of the classical liberal, or libertarian, political tradition. We also discuss the claims of Peter Singer, who claims it is morally obligatory on each of us to give substantial aid to peoples overseas.



U.S. companies are rolling in cash. See where Philadelphia-area companies stand Philadelphia Business Journal Ajay Patel, chair of Wake Forest University’s finance department, cited the U.S.’s ongoing trade dispute with China as a prime source for the economic uncertainty creeping into corporate board rooms.

community banking here, but that’s a small piece,” Patel said. “BB&T has been a big partner in our community, but the question remains how much of that investment and commitment will stay in the Triad. Like Wachovia, it’s possible that commitment will shift over to Charlotte.”

Charlotte Talks: Bosses behaving badly WFAE-FM

The national conversation about what is appropriate behavior in the workplace This story appeared in several business began with the #MeToo movement journal publications across the U.S. shining a lot on sexual misconduct by bosses. Intertwined with that behavior The companies that paid the most are reports of workplace bullying and — and least — to the IRS last year abuse in general, including yelling and Puget Sound Business Journal belittling of co-workers. Wake Forest “For companies that primarily do University business professor Sherry business in the United States, the lower Moss says these environments lead to corporate rate is probably the aspect of “a whole set of negative consequences the law that will have the greatest impact for employees,” and they encourage the on their tax liability,” said James Willis, bullied “to become bullies themselves.” associate dean for accountancy at Wake Forest University. “Blush your heart” — Belk

With Kroger now gone, which grocers are making gains in the Triangle? A new report offers clues. Durham Herald-Sun It wasn’t just the Triangle where Target saw improvement. In Charlotte, the retailer also gained the most market share of any grocer, The Charlotte Observer reported. The improvement for Target coincides with the company’s re-focused efforts on grocery, said Roger Beahm, executive director for the Center for Retail Innovation at Wake Forest University in Winston-Salem.

When it comes to big bank deals, Charlotte’s been a winner ­— mostly Charlotte Business Journal Ajay Patel, the Thomas S. Goho Chair in Finance at the Wake Forest University School of Business, casts the two departures as similar. “BB&T will keep


launching products focused on southern identity

Charlotte Observer Launching private brands is something retailers are doing more often these days for a handful of reasons, according to Roger Beahm, an executive director of the Wake Forest School of Business Center for Retail Innovation.


WFU’s undergrad business program is top 10 percent Winston-Salem Journal The Wake Forest University School of Business undergraduate business program has ranked No. 35 in the country, according to U.S. News & World Report’s recently released 2019 Best Colleges Guide.

Krispy Kreme launches home delivery service in the Triad Winston-Salem Journal “Home delivery is one of the most important capabilities and consumer benefits that retail food and grocery is striving for today,” said Roger Beahm, executive director of the Center for Retail Innovation at Wake Forest University School of Business.

Black Friday: The traditional start of the shopping season is alive and clicking Greensboro News & Record “If you think Black Friday is becoming extinct because of the rising popularity of online shopping, think again. “Black Friday still remains important,” said Roger Beahm, executive director of the Center for Retail Innovation at Wake Forest University. That’s because the day continues to be the start of the holiday shopping season for most Americans.




Winston-Salem Reacts to BB&T’s pending merger and move WFDD

Amazon fulfillment center in Triad may not lead to quicker deliveries Winston-Salem Journal Roger Beahm, executive director of the Center for Retail Innovation at Wake Forest School of Business, said Amazon’s fulfillment center expansion strategy is necessary as retail stores, such as Walmart and Macy’s, are maintaining customer loyalty through enhancing their online shopping options.

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There may currently be a SunTrust branch next to a BB&T branch, which doesn’t necessarily make good business sense. And according to Wake Forest University finance professor Ajay Patel, that’s where cost-cutting — and workforce reduction — often come into play.






56 54

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258 Bachelor of Science


Master of Science in Management (MSM) Jeffrey A. Davis

Dean Charles Iacovou


Wake Forest School of Business master’s degree recipients were honored at the graduate hooding ceremony Sunday, May 19, in Wait Chapel. Holders of a master’s degree wear a symbolic hood draped around the neck and over the shoulders, displayed down the back with the lining exposed. The hood identifies the level of degree, the field of learning, and the awarding institution. “This is an institution that focuses on developing the whole person. Nurturing not only just one’s scholarly pursuits, but the character, integrity, and passions of each student,” keynote speaker Jeffrey A. Davis said during the ceremony. “The current pace of change is unprecedented, with many of today’s famed innovators operating with the mindset of move fast and disrupt. It’s critical that you continue to nurture yourself, your whole self, and not just your intellectual gain.” Davis is executive vice president and chief financial officer of Qurate Retail Group, which consists of several leading retail brands including QVC, HSN, and zulily. He has been included among Black Enterprise Magazine’s “100 Most Powerful Executives in Corporate America,” and Savoy Magazine’s “100 Most Influential Blacks in Corporate America.” He has also been honored with the National Achievement in Industry Award from the National Association of Black Accountants.


Davis, who served on the School’s Board of Visitors from 2014 to 2017, shared lessons learned from his 30-year career. “How you prepare from here will determine your future,” he said. “You have to practice fitness — mental fitness, physical fitness, emotional fitness, and spiritual fitness. As you face challenges in your career, find solace in the belief of a greater purpose in your journey. Believe that where there is hardship, comes strength. Believe that you will find a solution to any problem that you will face. We only get one chance at this journey called life. Take care of yourself and know that you’ll continue to do great things.” He was there not only as the keynote speaker but also as a proud father. A special moment came in the ceremony when Davis was given the honor of investing his daughter Elisse Davis (BA ’18, MSM ’19) with her hood. Charles Iacovou, Sisel Distinguished Dean of the School of Business, concluded the ceremony with congratulatory remarks. “We know you’ve worked hard to become the professional, impactful, honorable, and global leaders you are today,” he said. “We are excited for you to go on and make a difference in the world.” The entire hooding ceremony may be viewed on-demand at http://go.wfu.edu/wakeforestbiz2019.

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Master of Science in Accountancy (MSA)


Wake Forest University School of Business congratulates the 458 master’s and 258 bachelor’s degree recipients recognized during the Wake Forest University Commencement Monday, May 20, 2019. A crowd of almost 11,000 gathered on Hearn Plaza to celebrate the graduation of nearly 2,000 students who received their diplomas, flipped their tassels, and began the next chapter of their lives as alumni.

Master of Science in Business Analytics (MSBA)

Frederick J. Ryan Jr., publisher and chief executive officer of The Washington Post, delivered the commencement address. Ryan, an outspoken advocate for the free press, encouraged grads to use their knowledge to search for the truth in spite of efforts to obscure it.


“At Wake Forest, you’ve been taught not to settle for the obvious answers or follow the easiest path,” Ryan told the graduates. “You’ve been encouraged to relentlessly seek and discover and to use what you learn to serve the greater good.”

Master of Business Administration (MBA)

Winston-Salem and Charlotte



In his address to students, University President Nathan O. Hatch emphasized the importance of solitude in an age that is unfriendly to silence. “We need solitude to recognize what is forgotten or overlooked. We need solitude to read and reflect on texts that open our minds to beauty and truth. We need solitude to nurture the wellsprings of joy and of gratitude,” he said.

Congratulations to our newest alumni, who left Wake Forest prepared to help businesses create a better world. 2018




STUDENT AWARDS FEDERATION OF SCHOOLS OF ACCOUNTANCY ACHIEVEMENT AWARD This award recognizes an MS in Accountancy student who has shown superior academic achievement, leadership, and professionalism in post-baccalaureate accounting education. This year, the recipient is: Madison Ivy Hoff OUTSTANDING GRADUATE AWARD — ASSURANCE SERVICES This award recognizes a graduating MS in Accountancy student who has demonstrated academic and leadership skills in the assurance services field. This year, the recipients are: Carolyn Elizabeth Burns (May 2019) Anthony Matthew Crisera (December 2018) OUTSTANDING GRADUATE AWARD — FINANCIAL TRANSACTION SERVICES This award recognizes a graduating MS in Accountancy student who has demonstrated academic and leadership skills in the financial transaction services field. This year, the recipients are: Chadwick Everitt Rollins (May 2019) Runxia Liu (December 2018)

STUDENT LEADERSHIP AWARD This award recognizes a student in each graduate degree program who demonstrates outstanding leadership, scholastic performance and integrity, and embodies the vision and values of the School of Business to develop business leaders who are ready, able, and honorable. This year, the recipients are: Kelly Burnell O’Connor (Charlotte Evening MBA) Michael Luke Wilson (Charlotte Evening MBA) Matthew Gaither Phelps (Charlotte Saturday MBA) Charles Robert Fort (Winston-Salem Evening MBA) Meghan M. Williams (Winston-Salem Evening MBA) Jaclyn Louise Horton (MS in Accountancy)

School of Business students achieve noteworthy successes

High-performing students inducted into Beta Gamma Sigma honor society

Stacey Dorogy (MSA ’19), Assoc. Dean Jim Willis, Jaclyn Horton (MSA ’19) and Zhijun Wang (MSA ’19) OUTSTANDING GRADUATE AWARD — TAX CONSULTING This award recognizes a graduating MS in Accountancy student who has demonstrated academic and leadership skills in the tax consulting field. This year, the recipients are: Stacey Marie Dorogy (May 2019) Zhijun Wang (May 2019) Zhengrui Li (December 2018)

IMPACTFUL PILLAR AWARD This award recognizes an outstanding preexperience graduate student who reflects the educational priority of the School of Business to develop and support impactful businesspersons. The recognized student is exceptional for their demonstrated abilities to think strategically, act practically, and communicate effectively. This year, the recipients are: Tiara Andrea Jones (MS in Management) Zhijun Wang (MS in Accountancy) PROFESSIONAL PILLAR AWARD This award recognizes an outstanding preexperience graduate student who reflects the educational priority of the School of Business to develop and support professional businesspersons. The recognized student is exceptional for their demonstrated abilities to create value for others, embrace a professional identity, and steward the profession of business. This year, the recipient is: Sean Tristan Means (MS in Management)

Anita Patel (MS in Management)

HONORABLE PILLAR AWARD This award recognizes an outstanding preexperience graduate student who reflects the educational priority of the School of Business to develop and support honorable businesspersons. The recognized student is exceptional for their demonstrated abilities to lead ethically and exhibit personal strengths. This year, the recipient is: Muhammad Ammar (MS in Business Analytics) GLOBAL PILLAR AWARD This award recognizes an outstanding preexperience graduate student who reflects the educational priority of the School of Business to develop and support global businesspersons. The recognized student is exceptional for their demonstrated abilities to leverage diversity and demonstrate a global mindset. This year, the recipients are: Chen Chen (MS in Business Analytics) Chloe Desira Wilborn (MS in Management)

Membership in Beta Gamma Sigma is the highest recognition a business student can receive in a business program accredited by the Association to Advance Collegiate Schools of Business (AACSB) International. The Wake Forest University chapter of Beta Gamma Sigma dates to 1961 and is one of more than 590 campus chapters worldwide. Senior business and enterprise major

Meghan Hurley led the chapter this year. Students from the Master of Science in Management, Master of Science in Accountancy, Master of Science in Business Analytics, and Master of Business Administration programs earned

initiation by ranking among the top 20% of graduate students in their class. Visit go.wfu.edu/BGS2019 to view a list of the inductees.

School of Business grads recognized with Elijah Watt Sells national accounting award Margaret Collins (BS ’17 and MSA ’18) and John Browning (MSA ’17) have earned the 2018 Elijah Watt Sells Award, which was presented by the American Institute of CPAs (AICPA). To earn this accolade, test takers earn a cumulative average score above 95.5 across all four sections of the exam, pass all four sections on their first attempt, and complete all four sections within a calendar year. This is the third consecutive year the award has been received by School of Business alumni and the first time two alumni have received the award in the same year. The AICPA established the Elijah Watt Sells Award in 1923. Sells, one of the first CPAs in the United States, was active in establishing the group and played a key role in advancing the profession.

Andrew Vandiver Bowers (MS in Business Analytics)


SCARRITT FAMILY PRO HUMANITATE AWARD This award recognizes two outstanding MS in Management students who exemplify the University’s motto, have enriched the program through their actions, and have demonstrated a commitment to the communities around them as both students and emerging professionals. This year, the recipients are: Brent C. Breedlove Jenna Rachel Rosenbloom

Wake Forest University School of Business students who performed at the highest academic level in 2018-19 were inducted into the national Beta Gamma Sigma honor society.

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School of Business undergraduate research paper earns first place at Academy of Legal Studies in Business

Army Veteran Eric Osteen finds success on and off the field

After graduating from West Point in 2013, the Augusta, Georgia, native served five years of active duty in the Army where he was a platoon leader, executive officer, and logistics officer in the 63rd Signal Battalion. Osteen created the funding for natural disaster aid missions and led operations mobilizing over 90 personnel and $22 million in signal equipment to support residents following Hurricanes Matthew, Harvey, and Irma. Now he is adding an MBA from the School of Business to his resume. “The evening MBA program gives you knowledge in the classroom that you’re able to directly apply at your job,” he said. “I’ve benefited from this, and it shows how the program really matches well with the marketplace. The program is a great fit for me.”


“Something was tugging at me for the past five years,” said Osteen. “Why not go back and see if I can still kick with the young guys and have a good time on the field?” Athletes are required to complete their four years of eligibility in five years or, in some cases, six years due to a medical hardship. Taking the field again — nine years later — would require petitioning the NCAA. Osteen started by cold-calling Demon Deacons Head Football Coach Dave Clawson and expressing interest in joining the team as a walk-on player. They worked together to provide the necessary documentation and the NCAA approved his waiver in June 2018. Osteen began the season as the starting kicker for the Demon Deacons where he is averaging 61 yards per kickoff. He is the first military veteran to play football at Wake since the early 1970s.

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M Photo courtesy Bob Hebert


e is a graduate of West Point and a United States Army veteran. He is a college athlete, husband, and soon-tobe first-time father. At 28 years old, Eric Osteen (MBA ’20) is just getting started.

When he was at West Point, Osteen was a kickoff specialist for the Black Knights during the 2011 and 2012 seasons. After enrolling in the Evening MBA program, Osteen tossed around the idea of dusting off his cleats and joining the Demon Deacons football team as a graduate transfer student.

“There’s a lot that I feel I can give back to the younger guys,” he said. “It’s a great opportunity to still maintain those close connections with sports. It teaches you a lot through life. Why not pair that with getting an education?” Wake Forest School of Business students are skilled at time management, often balancing work, family, and studying. Osteen has the additional responsibility of football and said he draws from the time management skills he learned at West Point and in the Army. “I have a lot going on, but that’s how I like it.” Off the field, Osteen’s mission is to build upon his experiences in the MBA program and establish a professional network in Winston-Salem. “I want to get to know people as I start my career as a young professional,” he said.

aia Kennedy (BS ’20), a Business and Enterprise Management (BEM) major at the Wake Forest School of Business, earned first place in the student paper competition at the Academy of Legal Studies in Business (ALSB) annual conference in Portland, Oregon. It was the first time a Wake Forest University student has participated in the competition.

“My Spanish and business classes came together in this unique way when I was trying translate legal documents from Spanish to English,” she said. “That was probably the hardest part of my research.” Kennedy submitted her paper to the ALSB in early June and was notified a few weeks later that she was among four finalists invited to present. Each finalist had 10 minutes to present their research and five minutes to answer questions from the conference attendees.

Her paper, "Distant Neighbors: A cross-border analysis of formal property rights in Mexico and Costa Rica," explores how regulatory hurdles and obscure property constructs have made real estate investment more difficult in those two countries, resulting in frequent extralegal property transactions that obscure basic property rights.

“It was an incredible experience,” she said. “Everyone was so friendly and their feedback helped me to continue developing this paper and to think about my research in a different way.”

“It’s the first time I’ve ever done my own research at this scale,” said Kennedy, who drew inspiration for the topic from a lecture Professor Matthew Phillips gave on the importance of property law during the “Why Business?” course she took her freshman year.

Reflecting on the moment she knew she had earned first place, Kennedy said it was, “one of the best times of my life. I couldn’t believe I actually received this great honor and award.”

Phillips served as her advisor on the project after encouraging her to pursue her own research when she was working as his research assistant her sophomore year.

“Maia has written a thorough and engaging paper and she masterfully presented this work,” said Phillips. “I received numerous comments during the conference on Maia's professionalism and graciousness. She represented Wake Forest extraordinarily well.”

“He felt I had the ability to do this. He believed in me before I believed in myself,” she said.

Kennedy is now focused on where to take her research next. “I’m hoping to get the paper published and see how I can expand on it simply because I enjoy the topic,” she said. “I really could not have done this without the support of the Wake Forest School of Business and Professor Phillips. The opportunities I’ve had have been absolutely incredible. I couldn’t be more honored to represent my school in this way.”

It took her the majority of her sophomore year to complete her research. Kennedy, who is concentrating in marketing as part of the BEM program and minoring in Spanish, said the project combined both programs in a unique way.




Master’s in Management Students Excel in FactSet Case Competition For the second consecutive year, FactSet sponsored a fall case competition for students in the School’s Master of Science in Management (MSM) program. This year’s challenge: examine JCPenney's financial situation and offer ideas to help the company move past its liquidity crisis. Using data and financial statements from 2010-2012, the 23 teams had two days to conduct their analyses, put together their solution, create a presentation, and practice their pitch. “The case reinforced the importance of understanding financial projections and creating a sustainable plan based on realistic expectations,” said Shonti Johnson (MSM ’19). “This was also our first opportunity to formally present in front of strangers, which helped us build confidence in our group's abilities.” Each team presented before a panel of judges made up of School of Business faculty, staff, and a representative from FactSet. Four finalist teams then presented their case before classmates


Winning teammates (left to right) Deb Roth, Shonti Johnson, Erin Hagen, Rachel Rapp, and Logan Oyler

and a new panel of judges in the Bern Beatty Colloquium. “It was great to see how far along the students were in financial analysis and also applying that analysis in a way that is professional and productive for us as the hypothetical board members,” said Peter Dorsey, a FactSet sales specialist. Judges for the final round were FactSet representatives Neale Hicks (BA ’11, MA ’12) and Peter Dorsey, along with Norma Montague, associate dean of the Master’s in Management program, and professors Susan Langlitz and Rob Nash. What the teams didn’t know was that JCPenney CFO and EVP Jeff Davis had slipped into the room to watch their presentations.

“I thought all the groups were very poised,” said Davis. “In a very short period of time, they were able to read the case study, pull out some key salient points, and then step forward and speak confidently about their solution.” Teammates Erin Hagen, Shonti Johnson, Logan Oyler, Rachel Rapp, and Deb Roth B U S I N E S S .W F U. E D U

took home first place. Everyone on the team is also in the School’s Emerging Leaders Program, a 34-month degree program in which students first earn a Master’s in Management degree in 10 months and then earn an MMS in Physician Assistant Studies at the Wake Forest School of Medicine. “I think every team worked hard, brought their individual strengths to the table to work as a group on a strict deadline, and honed their presentation skills,” Oyler said. “The knowledge, creativity, and teambuilding that was used to go from a five-page case to a finished presentation in a little over two days will help every member of our class. This competition showcased what we’ve already learned in the program, and also gave us a glimpse into what our future careers may look like.” A week after the competition, Davis returned to campus for an in-depth debrief of the JCPenney case. This time, he shared data and financial statements between 2013 and 2017, giving students a more complete picture of how JCPenney restructured debt, raised cash, and developed real estate to change direction in the market. Students asked

“When I met you in July, I told you that you were a diamond in the rough that would be shaped “Davis attending the final four presentaby experiences in this program,” tions and returning for a debriefing with our students were definite highlights of the she said. “Did you ever think competition,” Montague said. “Having one in July that you’d be able to of the executives instrumental in making understand a word a CFO like the actual decisions regarding the future Jeff Davis said, or follow along as of JCPenney available to us was a tremenhe explained JCPenny’s financial dous opportunity. He was able to provide condition? You are learning invaluable context, color, and real-world lessons to the students’ case experience.” a whole new vocabulary. The change in you is evident, and After the Q&A with Davis, Associate Dean the beautiful thing is that we still Norma Montague addressed the students. have seven months together.” questions about earnings, cash operations, and restructuring.



Davis, who resigned from JCPenney in October, is also the parent of a student in the program. “I am a big proponent of the MSM program. Having a strong understanding of some of the core tenets of business, regardless of your background, is so important when you get out and start working,” he said. “Wake Forest has a unique way of taking very complex topics and disciplines and breaking them down to the core essence so they can be absorbed. The School doesn't dial it down either. The program requires people to think at a higher level. It challenges them.” Davis said he’s excited to know his daughter will have these same advantages when she enters the workplace after graduation.


Master’s in Management Students Target Millennial DIYers with Fall Action Learning Project For Wake Forest School of Business Master’s in Management students, the first of two Action Learning Projects (ALP) marks an important milepost in the pursuit of their degree. The semester-long project culminated Dec. 5 with four finalist teams presenting their case before faculty, students, and a panel of judges in Broyhill Auditorium.

five-minute Q&A with the judges, which included Todd Vogelsinger and Kevin Crisp from Columbia Forest Products, Michael Abhulimen of ITG Brands, and the School’s Vice Dean Michelle Roehm.

really hard as a team to produce something we’ve never done before.”

Norma Montague, associate dean of the Master’s in Management program, described the students’ journey through MSM Class of  ’19 students Timothy the program as a transformative process. Bachman, Aaliyah Hanes, Courtney “Business requires an entirely new vocabPringle, Alexis Corrion, and Yiqun Liu ulary. To hear them articulate these took first place for their team’s idea of business concepts so comfortably is “Experiential learning gives the students baby furniture that transforms into other amazing. I’m proud of the risks they a chance to take all of the theoretical pieces as the child grows. Judges said the took and the challenges they embraced.” things they are learning in the classroom team’s insightful research and ability to and apply them in a real-world setting,” weave data into a compelling story was The ALP project is also a win-win for the said Kaitlyn Cooper, associate direcwhat set them apart in the final round. sponsor who can take the students’ ideas tor, Integrative Student Services. “This and put them into action. project was a lot more complicated than “This project helped us see how much previous years and the students really work has to go into all aspects of the “I was blown away,” said Vogelsinger. stepped up to the challenge.” marketing plan,” said Corrion, who “I’ve had the opportunity to work with is interested in pursuing a career in a number of excellent marketing and First-time sponsor Columbia Forest marketing after graduation. “It’s not advertising agencies and talent over the Products is based in Greensboro and is just the fun ideas. We have to do the last few decades. The thought, creativNorth America’s largest manufacturer budget and determine how to allocate ity, discipline, and organization these of hardwood plywood and hardwood the money. Doing this project tied it all teams were already channeling was just veneer products. The company asked together for us.” as professional.” students to target do-it-yourself millennials for a new product offering that “If you would have told me six months could contribute to the company’s busiago that I would understand what I ness strategy. just presented, I wouldn’t have believed you,” said Bachman, who came to the Each finalist team had 15 minutes program with an undergraduate degree to present their idea followed by a in music performance. “We worked 66

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Diversity in Accounting The Accounting Diversity Consortium (ADC) is a two-day event that brings the brightest minds from around the country to learn about the next steps in their accounting careers: earning a graduate degree.

Management Recruiting. “Since we moved the event from January to November, the attendees were able to see Wake Forest students on campus, which made for a lively atmosphere.” Malcomb Coley, EY’s Carolinas market leader and Charlotte managing partner, offered the keynote about how artificial intelligence is changing the industry. Students also heard from Ryan Kist, Recruiter and Assistant Director, America’s Diversity & Inclusiveness team from EY.

Held in partnership with EY, attendees learn how the Wake Forest Master’s in Management program prepares students to succeed in the accounting and financial management industries. “This year, 30 attendees came from 22 colleges and universities like Morehouse, Yukon, Wharton, NCA&T, Florida State, and Furman,” said Tyler Burrows, Assistant Director, Enrollment 2018

Students who attend the ADC have their travel and hotel accommodations covered. —



IN COMMUNITY Our students, faculty, and staff engage in meaningful discussions and activities to foster a vibrant and dynamic campus community. These are a few highlights from the past year.

Autumn festival celebrated Students in the Master’s in Management and Master’s in Business Analytics programs celebrated the Mid-Autumn Festival in Farrell Hall. The day is also known as the Moon Festival, and is the second-grandest festival in China, behind the Chinese New Year. The custom can be traced back to the Zhou Dynasty (1046-256 B.C.) Students sampled various flavors of moon cakes, sipped tea, and solved “lantern riddles.”

Hit the Bricks This annual fundraiser raises both money and awareness for the fight against cancer through the Wake Forest Baptist Medical Center’s Comprehensive Cancer Center. Congrats to the MSA team, Accounts Playable, on their grad division win! Bias and the African American Experience in Corporate America Derek Avery, David C. Darnell Presidential Chair in Principled Leadership, and Lauren Rhue, assistant professor of information systems and analytics, presented their research on bias to students, faculty, and staff. The workshop examined the African American experience in corporate America and was organized by the School’s Integrative Student Services team.

LatinX panel Integrative Student Services hosted an alumni panel in celebration of LatinX/ Hispanic Heritage Month. Eat around the world potluck The International Student Association (ISA) held its “Eat Around the World” potluck where students shared a dish with others or participated in fun games like shuttlecock, ring toss, and Jenga.

Helping Hands The Center for Leadership and Character launched the Helping Hands project with involvement from the School’s faculty, staff, and students to collect and assemble caregiver bags for families who travel to Winston-Salem for medical treatment. The 200 bags were given to guests of the SECU Family House.

International education week The School of Business observed International Education Week in a variety of ways. The International Student Association hosted an alumni panel for students to discuss networking tips, adjusting to a new culture, job-seeking, and being authentic in the workplace. More than 80 students, faculty, and staff attended the annual International Student Dinner on Nov. 14 in the Magnolia Room.


Fit for Business 5K The 4th annual Fit for Business 5K raised $8,000 to benefit Junior Achievement of the Triad, a volunteer-delivered K-12 program that uses experiential learning to foster work-readiness, entrepreneurship, and financial literacy skills. Dell was a premier sponsor for this year's race, which was the largest to date with 173 participants.

Habitat for Humanity Build and Winston-Salem Day of Service Students in the MSA program shared their time and muscles with Habitat for Humanity. The 2019 MSM students participated in a Winston-Salem Day of Service as part of their orientation. In Good Company Undergraduate and graduate students, faculty, and staff gather the first Tuesday B U S I N E S S .W F U. E D U

of each month of the fall and spring term to enjoy one another’s company, celebrate accomplishments, meet new people, and mark pivotal moments in the life of our School. Graduate Service Coalition The Graduate Service Coalition (GSC) provides service opportunities throughout the year for pre-experience graduate students. In partnership with Junior Achievement of the Triad, GSC members delivered financial literacy lessons to 1st, 2nd, and 3rd graders at North Hills Elementary School. Additionally, with the support of Thomas K. Hearn, Jr. 2018


Professor and BB&T Center Associate Rob Nash, graduate students held four financial literacy basics workshops for foster care youth through the Forsyth County Department of Social Services LINKS program. In the fall, the GSC also hosted a food drive competition with the Law School to benefit Campus Kitchen. Together the two professional schools donated 1,033 non-perishable food items to help those in need within the Winston-Salem community — and the School of Business won the friendly competition!










have honed her interests and given her more clarity about her career direction. “The University’s liberal arts emphasis has been great for me,” she said. “Taking business classes while also getting to study sociology, anthropology, and more has been incredible.”

medicine in the real world. The business school shares many of these same features with an emphasis on alternative learning styles and group work.” Drawn to Wake Forest’s innovative approach to education, Hagen has found School of Business faculty members to be helpful and informative, noting that the Personal Branding and Career Management course professors really jumpstarted the program for her. “I loved their focus on becoming a better professional by getting to know yourself better,” she said.

Undergraduate School of Business

Epps feels confident as she pushes toward her goals. She will begin her career as a business advisory consultant at Ernst & Young in San Francisco.

Prior to starting college, Lauren Epps knew she wanted to study business and be a champion for social change. Although she had an interest in marketing, entrepreneurship, and socially conscious business, one of her educational goals was to become more aware of the world around her.

“I’ve had so many amazing mentors during my time at Wake Forest,” she said. “It makes a huge difference when you have Hagen also grew significantly through people supporting you who truly believe the Business Communications course. in you.” “I appreciated the real-world application of the assignments and how they challenged me to get beyond my comfort zone,” she said.

, Lauren Epps (BS 19)

“When I visited Wake Forest I fell in love with the campus,” she said. “I then learned about the University’s emphasis on the study abroad experience and the value Wake Forest places on learning that extends beyond the classroom.” Epps had the opportunity to study abroad in Vienna, Austria and Barcelona, Spain, and intern for a social enterprise in Johannesburg, South Africa. “I did consulting work for a company called eduSOIL that designs and teaches holistic learning programs for students in under-resourced schools,” she said. “During this time, I worked with multiple companies that function to better the lives of their surrounding communities.”

, Erin Hagen (MSM 19) Master of Science in Management After completing an undergraduate degree in animal science from Cornell University, Erin Hagen moved to Washington, D.C. and worked in numerous fields including women’s health advocacy and genetics research before deciding to pursue a master’s degree.

The classroom is not the only place Hagen felt inspired. She was the planning and logistics officer for the Graduate Women in Business, a member of the Women’s History Month Committee, a member of the Graduate Service Coalition, and a peer tutor. Additionally, Hagen and her team won first place in a FactSet Case Competition (see page 64) and she was recently inducted into the Beta Gamma Sigma business honor society (see page 61). Hagen will be attending Wake Forest’s MMS in Physician Assistant Studies within Wake Forest School of Medicine after graduating from the MSM program.

During her interview for physician assis- “My career goal is still to become a PA Epps also said that working in tant school, Hagen decided to enroll in and practice clinically, but my time in the Johannesburg pushed her outside of her Wake Forest’s Emerging Leaders Program. MSM program has made me consider comfort zone and allowed her to work “I was intrigued by the dual degree ways to apply my business degree in on a team and engage with new people. program,” she said. “The PA school’s a healthcare setting,” Hagen said. “My The internship experience along with her focus on inquiry-based learning sets School of Business experience has been course work in business and sociology students up for how they will practice eye-opening.”


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functions in other countries,” she said. “This experience also further extended my professional network and global acumen.”

Veronica , Enchautegui (MSA 19) Master of Science in Accountancy Veronica Enchautegui earned her undergraduate degree in chemical commerce from Mercer University, but she was concerned her major would deter future employers. Attending the Wake Forest Accounting Diversity Consortium (see page 67) convinced her the School’s Master’s in Accounting program was her next step. “That weekend I toured Farrell Hall, networked with professionals, and connected with other students pursuing degrees in accounting. I was immediately comfortable at Wake Forest and already felt like the staff genuinely wanted to see me succeed,” she said. She was also pleased because she had hoped to find a program with an internship built into the curriculum. Enchautegui chose the three-semester MSA degree option and secured an internship worked with PwC, a global professional services firm. “My education in the MSA program included data analytics classes where I learned about emerging technologies and tools as well as valuable skills that I used during my internship,” she said. Through PwC’s International Intern Experience program, she was also selected to travel to Sydney, Australia with six other interns from across the country. “I was able to see how the accounting profession extends to and

Enchautegui believes that the classes she has taken and the skills she’s learned at Wake Forest have set her up to excel. “Through recruiting, socials, professional panels, and visiting lecturers, I have made connections that were integral to receiving an internship offer and eventually a full-time offer,” she said. After graduation, Enchautegui will be working with PwC’s Greensboro office as a full-time audit associate. She hopes this opportunity will help her achieve her long-term goals of becoming a manager and working on the audit of an international company. “Before Wake I had very general career goals, like ‘Get a job,’ but now I have goals specific to auditing and working on leveraging and expanding my interest and skills,” she said. “My experience at Wake Forest has been everything I expected and more.”

, James Smith (MSBA 19) Master of Science in Business Analytics Even as a first-generation college student, James Smith always considered Wake Forest University his first choice. “I grew up in a Wake Forest household,” he said. “My mom has been an accountant at Wake Forest since I was born and we went to a lot of Wake Forest basketball and football games when I was growing up.” 2018


After completing his undergraduate degree in mathematics in 2014, Smith decided to pursue a master’s of science in business analytics. “My math background gave me strong problem-solving and critical thinking skills, but I wanted to do something that would allow me to make an impact in the business world,” he said. “Business analytics was the perfect solution. It allows me to play to my strengths and ultimately create realworld insights from data,” Smith said. Despite his math background, the MSBA program still had new experiences to offer this Deacon. “Business analytics is deeply technical, but a big part of what I have learned to do is how to take those technical concepts and translate them into something that is meaningful for a business,” he said. “You need to be able to communicate these things so that someone with no statistical background could understand the importance of the data.” Smith found the program helped build these skills both inside and outside the classroom. “Working with my cohort on a practicum project with Hanesbrand allowed me to give my new skills a ‘field test’ and gave me the invaluable experience of working on a real project with real data, “ he said. “On top of that, I’ve made a lot of great relationships and connections with classmates, faculty, and administration.” Smith has accepted a position as a Business Analytics Consultant at Allstate in Charlotte. He credits Wake Forest for giving him a strong analytic foundation and positioning him for success in his field. “Not only has the school done a great job of developing my skills, but it has also done a great job of putting me in front of companies that will allow me to use these skills. I’m excited to put my knowledge to use and go through the process of bringing data to insight and insight to impact.”


Molly Rutledge, (Online MSBA 20) Master of Science in Business Analytics Molly Rutledge wanted to attend a reputable university, and she needed a flexible program that wouldn’t interfere with her work schedule. “I always assumed I would go back to school, but after building a career, it feels nearly impossible to give up a fulltime salary,” she said. “And then I saw Wake Forest tweet about the online MSBA program. It seemed perfect — a program that would reinforce and build on the skills I have gained since graduating without needing to quit my job.” After earning her bachelor’s degree in political science at Wake Forest in 2004, Rutledge moved to Washington D.C. and landed a job at a small consulting firm that was introducing micro-targeting to the political space. “I originally signed up for this program to broaden my skills so that I could translate the skillset I have acquired through working into something that was not political,” she said. “This program has shown me there are so many directions I could go — it’s exciting!” Rutledge said she was surprised how close she felt to her classmates even though they were all remote. She was also impressed with the support she received from faculty members.


“The instruction is as high quality as any in-class experience," she said. “The professors want to see you succeed. They’re even willing to work with you outside class and office hours.”

me to several different countries where I was able to learn from our global manufacturing operations and bring back best practices to implement in my home plant,” he said.

Rutledge also enjoyed connecting with her classmates during Deacon Weekend (see page 14). “It was amazing to meet my cohort in person,” she said. “This was such a huge addition to my experience in the program. There have been other thoughtful touches, too, like getting sent a kit for the Lovefeast at Christmas, that help us feel included in campus traditions even from a distance.”

Rajarajhan later relocated to Winston-Salem and joined the global development engineering team for one of the core business units within TE. During his career, he has worked on several high-impact projects, but he’s always wanted to further his education.

Rutledge credits the MSBA program for building her confidence. “This program has increased my self-confidence in what I am doing. It is an awesome reinforcement tool to be able to take what I’m learning in class and use it in my work life.”

Rajarajhan was sold on Wake Forest’s MBA program after meeting the staff during the application and interview process. “The interview showed how much Wake Forest really cared about their students and their development,” he said. “Getting an MBA is a big commitment and a significant personal investment. I was convinced that Wake Forest was the right place for me.” Before beginning the program, Rajarajhan thought he had a clear understanding of business and what it entailed, but he said he has learned that running a successful company requires more than just technical skills.

Dash Rajarajhan , (MBA 19) Master of Business Administration (Winston-Salem) Dash Rajarajhan had already seen a great deal of the world, but the MBA program at Wake Forest broadened his horizons even more. After graduating from the University of Bath in England with a master’s degree in chemical engineering, Rajarajhan began his career with TE Connectivity, a global technology and manufacturing company, as a process engineer in Bideford, UK. “This opportunity sent B U S I N E S S .W F U. E D U

“The MBA opened my eyes to the other core skills needed to run a successful company such as team development, organizational behavior, and leadership,” he said. “Developing a great culture within your company plays a more important part than anything else.” And Rajarajhan has already been able to put this new knowledge to use. Since beginning the program, he has taken on a new role as a product manager at TE. “Because of the MBA program, I’ve been able to move into a product management role where I work together with all the departments within the company,” he said. “Wake Forest has given me a vast amount of knowledge about the fundamental and key aspects of running a successful business.”

“I have and continue to be in utter awe of the program’s instructors. Each class has given me a new and sharper lens to see people and situations,” she said. “The amount you can learn in a two-year period is amazing.”

, Brett Barber (MBA 19) Master of Business Administration (Charlotte) After working in the pharmaceutical industry for over 15 years, Brett Barber came to the Charlotte Evening MBA program because she wanted to do something to set herself apart. “I chose a Wake Forest MBA because of the School’s reputation, and because the program prepares students to be leaders, whether of their own companies or in the C-Suite of a major corporation,” she said. With the ultimate goal of becoming a chief executive officer of a company in mind, Barber has taken advantage of numerous opportunities the MBA program provided.

Barber’s desire to learn more about leadership was another reason she pursued a Wake Forest MBA, and she hopes to use her newly acquired leadership skills to launch a company focused on encouraging and helping women to grow. “Before I was accepted into the Wake Forest program, I felt like I needed to know more about leadership. Now, I can state very clearly and confidently, I am ready to lead,” she said. “I am a better person professionally and personally because of my Wake Forest MBA.”

Catalina , Villacura (MBA 20)

“On a scale of 1 to 10, I would give my Wake Forest experience a 20!” she said. Master of Business Administration “I’ve been on the trip of a lifetime to (Charlotte) India, Russia, and China for the global immersion class and worked on a case Catalina Villacura has always had a competition with students from Russia. passion for connection. The CEO of BMW spoke to our class and shared his story on leadership. And “The thought of being part of the supply a recent Wake Forest Charlotte Center chain was and still is very thrilling to me,” panel featured several well-known recruit- she said. “Today, I work in a procurement ers sharing tips that will help propel my support role, where I connect with people career. Speaking and connecting with to identify areas of process improvement them is an experience I would never have to find effective and efficient solutions to been able to emulate on my own.” our everyday needs.” She also credits her instructors with giving her a new perspective and contributing to her advancement.

Throughout her career, Villacura has been strategic about the areas of logistics in which she’s been involved. From 2018


brokerage and shipping to transportation sourcing and legal, she’s seen every side of the process. When she decided she was ready to pursue leadership, she knew an MBA was the next natural step, and that led her to Wake Forest and the Charlotte Saturday MBA program. “I chose a Wake Forest MBA for several reasons, including reputation, rigor, committed faculty, and a strong network,” she said. “Between already residing in Charlotte, my desire for in-person classes, and a Saturday class working with my schedule, the Saturday program has been a great fit,” she said. Villacura has found that while the MBA program is demanding, the effort is worth it. “There are times throughout the semester that can feel overwhelming, but the satisfaction that comes from learning and achieving success is absolutely rewarding. I would not want to be doing this anywhere other than at Wake Forest.” And for Villacura, it all circles back to connection. “The Charlotte Center and Market Readiness events have been a great resource for networking and connecting with others,” she said. “I’ve enjoyed connecting with my teammates and my entire cohort and learning from our dedicated professors. And there have been great opportunities to meet and connect with speakers like Mary Deissler, president and CEO of the Charlotte Symphony.” Villacura is confident that the skills she is gaining and all the connections she is forging will propel her to her reach not only her career goals, but also her ultimate personal goal. “My MBA experience has been absolutely wonderful,” she said. “Wake Forest is providing me with the tools, knowledge, and confidence I need to reach my career goals, and to fulfill my absolute main goal in life: to positively impact the most lives I can in my lifetime.” 73

FACULTY RECOGNITION Camm presents on data optimization Associate Dean Jeff Camm was one of 13 invited tutorial presenters at the INFORMS Annual Meeting in Phoenix, Arizona. His tutorial, “How to Influence and Improve Decisions Through Optimization Models,” discussed how to use an optimization model to provide not simply “the answer” but also insights that will be useful to managers and influence their decision making. The paper was published in the 2018 edition of Tutorials in Operations Research.

Camm selected as keynote speaker and presenter at upcoming events Associate Dean Jeff Camm was invited to be one of three keynote speakers at the National Science Foundation Workshop on the Future Directions in Service Manufacturing and Operations Research at Southern Methodist University. He discussed analytics education and its impact on supply chain management and healthcare systems. Additionally, he gave a talk at the INFORMS Business Analytics Conference in Austin, Texas titled, “Analytics Impact: Like a Marathon, the Last Mile is the Hardest.”

Johnson selected for Poets&Quants Best 40 Under 40 MBA Professors Professor Mark Johnson was selected by Poets&Quants for their 2019 list of the best business school professors under the age of 40. Poets&Quants reported this year was the most competitive in the list’s seven-year history, with more than 2,600 nominations compared to just under 800 nominations the previous year, and nearly 74

200 professors in consideration for being named to the list.

Johnson receives alumni award Teaching Professor Mark Johnson received the 2018 Notable Noles award from his alma mater, Florida State University. The award recognizes young alumni for their significant contributions to their professions, communities, or alma mater.

Li and Yang recognized for participation in Chinese Student Support Network Associate Professors Jia Li and Ya-wen Yang and Assistant Director of MSBA Integrative Student Services and International Student Support Specialist Cherie Fu have been recognized for their participation in the Chinese Student Support Network. Vice President for Diversity and Inclusion & Chief Diversity Officer José Villalba said, “During this past academic term, these faculty and staff have served the purpose of not only connecting with our Chinese students, but also offering them a sense of community and relief from their day-to-day experiences as well as their more acute wellness needs.”

Article by Moss featured in Nature Professor Sherry Moss was published in Nature, the International Journal of Science. Her article, “Research is Set Up for Bullies to Thrive,” discusses how working conditions in academic labs encourage abusive supervision, and recommends improved monitoring of and penalties for abuse. B U S I N E S S .W F U. E D U

Professors invited to participate in a new institute Professors Jim Narus and Michelle Steward have been selected as International Academic Scholars at the Indian School of Business (ISB) in Hyderabad, India — one of the topranked schools in the country. Working with the ISB’s Institute for the Study of Business Markets – Asia, Narus and Steward will participate in seminars, conferences, and research. Their work with ISB will be based on their ongoing research on B2B digital purchasing and marketing. They’ll work with ISB faculty and a collection of internationallyrenowned scholars.

Phillips also presented on the School’s “Professional” concept and the ways it has been delivered in the MBA program the past few years at the 25th Annual Part-Time and 2nd Annual Online MBA Conferences at the University of Texas. Dr. Monica Powell, senior associate dean and graduate dean at UT Dallas and conference chair, said Phillips was “absolutely sensational. I do believe we need all MBA faculty to think about professional development in the context that [Wake Forest] presented.”

Sumanth helps organize symposium, presents paper Assistant Professor John Sumanth co-organized a symposium for the

2018 Academy of Management conference entitled “Speaking Up and Trying to be Heard: Examining the Enactment and Persistence of Voice Over Time.” The symposium brought together a diverse set of five papers aimed at advancing the discussion. Sumanth also presented a paper co-authored with Associate Professor Lisa Dragoni and Professor Sean Hannah at the Wharton Organizational Behavior Conference. Their paper, “Generating better, not more employee voice: How participative leadership and role clarity impact voice quality and job performance,” examines what motivates employees to speak up at work and how job performance might be affected by the intersection of the amount and quality of speaking up.

Sweeney and co-authors win distinguished paper award A paper co-authored by Pat Sweeney, executive director of the School’s Center for Leadership and Character, received the Distinguished Paper Award at the USENIX Security Symposium held in Baltimore, Maryland in August. “The battle for New York: A case study of applied digital threat modeling at the enterprise level” explored how teaching threat modeling techniques helped employees at the New York City Cyber Command block intrusion attempts, prevent hacking, and address server vulnerabilities. The paper suggests enterprises could benefit from the introduction of threat modeling.


Otteson speaks on honorable business Professor Jim Otteson spoke at the Wharton School of Business on themes from his forthcoming book Honorable Business: A New Framework for Business in a Just and Humane Society.

Phillips receives award, presents at MBA conferences Wake Forest Center for the Study of Capitalism Director and Associate Teaching Professor Matthew Phillips was recognized with the Ernie King Memorial Award for the Outstanding Proceedings Reviewer by the Academy of Legal Studies in Business during its annual meeting in Portland, Oregon.






A year in review with our newest associate deans

The following faculty members have received awards for their teaching, research, or impact on our School





For outstanding contribution to the education and personal development of our graduating senior students: Amy Wallis

For outstanding contribution to the education and personal development of our graduating Winston-Salem Evening MBA students: Mark Johnson

For outstanding contribution to the education and personal development of our UG/MSA alumni who graduated 10 years ago: George Aldhizer

To recognize a faculty member for his/her significant influence on business practice or pedagogy: Sherry Moss


For outstanding contribution to the education and personal development of our graduating MSM students: Kenny Herbst, Denis Maier, and Norma Montague MSBA TEACHING AWARD

For outstanding contribution to the education and personal development of our graduating full-time MSBA students: Carolina de Lima Salge MSA TEACHING AWARD

For outstanding contribution to the education and personal development of our graduating MSA students: Whitney Simpson


For outstanding contribution to the education and personal development of our graduating Charlotte Evening MBA students: Mark Johnson CHARLOTTE SATURDAY MBA TEACHING AWARD

For outstanding contribution to the education and personal development of our graduating Charlotte Saturday MBA students: Sean Hannah


For outstanding contribution to the education and personal development of our graduate program alumni who graduated three years ago: Jim Willis T.B. ROSE FELLOWSHIP IN BUSINESS AWARD

To recognize a notable innovation or initiative related to instruction in our undergraduate or graduate programs: Philip Howard


To recognize a faculty member who represents the highest standards of scholarship: Lauren Reid SERVICE MVP AWARD To recognize outstanding service to the School, above and beyond administrative duties: Ajay Patel


To recognize a faculty member who displays good citizenship and positive attitude and inspires other faculty to high achievement: Michelle Steward


Julie Wayne

has been promoted from Assistant Professor to Associate Professor with tenure.


has been promoted from Associate Professor to Full Professor.

B U S I N E S S .W F U. E D U

Mark E. Evans

Norma Ramirez Montague

Associate Professor

Associate Professor

This past year, Mark E. Evans served as Associate Dean for the undergraduate business program. Evans joined Wake Forest in 2014 as an assistant professor before earning academic tenure in 2017. He has taught courses in the School’s graduate and undergraduate programs.

This past year, Norma Ramirez Montague has served as Associate Dean of the Master of Science in Management (MSM) program. She is the first female and first Latina to lead this program. Montague joined the School in 2010 as an assistant professor and earned academic tenure in 2017. She has taught financial accounting, managerial accounting, and auditing courses in the School’s undergraduate and graduate programs.

His academic interests are focused on the effects of financial accounting and voluntary disclosure in capital markets; financial accounting and reporting attributes; and corporate governance and auditing. He has been published in The Accounting Review, Journal of Accounting and Economics, and Contemporary Accounting Research.

Her academic research primarily focuses on auditing with a behavioral and decision-making focus. Montague’s research was recognized in 2015 by the Auditing Section of the American Accounting Association; she received the Best Paper Award from Auditing: A Journal of Practice and Theory (AJPT).

Evans received a Bachelor of Business Administration and Master of Business Administration from Radford University. He worked as a senior auditor at KPMG and an audit manager at Walker Healthcare before earning his PhD from Duke University's Fuqua School of Business. Prior to arriving at Wake Forest, Evans served as an assistant professor of accounting at Indiana University’s Kelley School of Business.

Montague earned her bachelor’s and master’s degrees in accounting from North Carolina State University. She worked as a graduate accounting instructor while pursuing her PhD in Business Administration and Accounting at University of South Florida and earned the Emerging Scholar Award at the KPMG PhD Project Accounting DSA Conference in 2010.

“Our undergraduate business program continues to be recognized among the premier in the country,” he said. “This past year, we welcomed our first, select cohort of students into an accelerated track related to careers in finance. These first-year college students were able to start business school prerequisite courses early, participate in a wide range of co-curricular activities, and visit with Wall Street firms. We also had an unprecedented number of undergraduate students studying abroad this past year and our School was recognized as a leader in helping undergraduate students achieve first-choice employment opportunities. Going forward, we are committed and ready to face the challenges and opportunities that lie ahead.”


“It has been a privilege to lead one of the most innovative programs in graduate business education,” she said. “The MSM program builds upon students’ undergraduate skills and knowledge, preparing them for careers in a broad range of industries. Students gain real-world experience through consulting projects and business cases that challenge students to apply business and interpersonal skills in an array of professional situations. This year’s class included representatives from 60 different undergraduate schools, creating a broad spectrum of backgrounds and experiences from which our students can draw and grow. Such diversity is one of the hallmarks of Wake’s MSM program and one of the facets that strengthens our program immeasurably.” —






Derek Avery

Anna Cianci

Hall, E. V., Avery, D. R., McKay, P. F., Blot, J. F., & Edwards, M. (2019). Composition and compensation: The moderating effect of individual and team performance on the relationship between black team member representation and salary. Journal of Applied Psychology, 104(3), 448-463.

Campbell, J. L., Cecchini, M., Cianci, A., Ehinger, A. C., & Werner, E. M. (2019). Do mandatory risk factor disclosures predict future cash flows and stock returns? Evidence from tax risk factor disclosures. Review of Accounting Studies. This study examines the relation between tax-related risk disclosures and taxes paid.

This study shows that when individual or team performance is lower, having more Black coworkers on a team results in Cianci, A., Clor Proell, S. M., & Kaplan, greater stigmatization and lower salaries. S. E. (2019). How do investors respond No such indirect effect is present, however, to restatements? Repairing trust through when performance is higher. These studies managerial reputation and corrective demonstrate that, under poor performance, actions. Journal of Business Ethics, the damaging effects of stigma may have a https://doi.org/10.1007/s10551-018wider reach than previously believed. 3844-z

Hernandez, M., Avery, D. R., Volpone, S. D., & Kaiser, C. R. (2019). Bargaining while Black: The role of race in salary negotiations. Journal of Applied Psychology, 104(4), 581-592. This study finds that Black job seekers are expected to negotiate less than their white counterparts and are penalized in negotiations with lower salary outcomes when this expectation is violated — especially when they negotiate with an evaluator who is more racially biased.


higher under a partial-refund policy. The analysis shows how the manufacturer may employ a combination policy to better manage its own profit variation while providing adequate overstocking protection for the reseller.

Sean Hannah, Sherry Moss, and John Sumanth Moss, S. E., Song, M., Hannah, S. T., Wang, Z., & Sumanth, J. J. (2019). The duty to improve oneself: How duty orientation mediates the relationship between ethical leadership and followers’ feedback-seeking and feedback-avoiding behavior. Journal of Business Ethics, https:// doi.org/10.1007/s10551-018-4095-8

This study focuses on how leaders can promote a climate in which individuals feel a sense of duty to develop themselves for the betterment of the team and organization. Results suggest that ethical leadership and leader competence interact to drive followers’ duty orientation, thereby reducing followers’ feedback-avoiding behaviors. Further, ethical leadership has a direct positive relationship with followers’ feedbackseeking behaviors. Thus, ethical leaders Haresh Gurnani impact followers' desire to develop Tran, T. Gurnani, H., & Desiraju, R. themselves by encouraging them to seek (2018). Optimal design of return policies. feedback and to inculcate a sense of Marketing Science, 37(4), 507-684. duty that prevents them from avoiding the feedback needed to improve their This study finds that the manufacturer performance. faces higher profit variation (between the different demand realizations) under a quota-based return policy. The variance in profits for the reseller is, however, This study finds that pre-restatement managerial reputation and the announcement of managerial corrective actions jointly influence investors’ managerial fraud prevention assessments. These trust perceptions in turn affect investors’ investment and CEO retention judgments.

B U S I N E S S .W F U. E D U

Sean Hannah, Kenny Herbst, and Ronald Thompson

Philip Howard

Lauren Reid

Colacito, R., Croce, M., Ho, S., and Howard, P. 2018. BKK the EZ Way: International Long-Run Growth News and Capital Flows. American Economic Review, 108 (11): 3416-49.

Ayres, D. R., Neal, T. L., Reid, L. C., & Shipman, J. E. (2019), Auditing goodwill in the post‐amortization era: Challenges for auditors. Contemporary Accounting Research, 36: 82-107.

This study examines the response of international investment flows to shortand long-run growth news. Among This study finds that moral identity — developed countries, positive long-run how people view themselves as a moral news for domestic productivity induces actor — has dimensions of Benevolence, a net outflow of investment, in contrast Justice, Obligation, and Integrity, and to the effects of short-run growth shocks. how a person construes themselves can This study documents that standard vary across their various sub-identities macroeconomic models fail to reproduce and roles. The complex structure of moral this empirical evidence, and develops identity can predict ethical intentions and deviance within and across a person’s roles. an international model with a novel risk-sharing mechanism. The model The unique moral identity content of a jointly explains macroeconomic and asset person’s current role he/she is performing pricing moments and the response of at that time (e.g., coworker or follower) international capital flows in the model is provides the most influence on his/her consistent with the data. ethical choices in that role.

This study finds that the decision to record a goodwill impairment is associated with an increase in the probability of auditor dismissal. Consistent with the presence of significant friction with clients, results also indicate that the likelihood of auditor dismissals is negatively related to the favorability of the impairment decision. Furthermore, companies impairing goodwill prior to dismissing auditors subsequently employ auditors that are, on average, more favorable to clients in their impairment decisions.

Hannah, S. T., Thompson, R. L., & Herbst, K. C. (2018). Moral identity complexity: Situated morality within and across work and social roles. Journal of Management, https://doi. org/10.1177/0149206318814166

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