Chicago Booth, LBS Reign In New Forbes Business School Ranking
The biennial Forbes “Best Business Schools” ranking is out, with Chicago Booth on top for the first time in school history. And among international schools, London Business School finds itself on top yet again.
Continue reading…A Columbia Business School Professor’s Quest to Find Efficiency in Affordable Housing
Working in the heart of New York City, just blocks away from some of the most valuable real estate in world, is a constant reminder of the problems with affordable housing. Stijn Van Nieuwerburgh, the Earle W. Kazis and Benjamin Schore Professor of Real Estate at Columbia Business School, address the issue first hand in a recent study, asking whether affordable housing can become more efficiency in an increasingly urbanized world.
“Can we improve the efficiency of the affordable housing system?” Van Nieuwerburgh asks in his latest study, “Affordable Housing and City Welfare.” Van Nieuwerburgh co-authored the study alongside Jack Favilukis of the Sauder School of Business at the University of British Columbia and Pierre Mabille of the Stern School of Business at New York University, which pivots the conversation away from a strictly cost conversation to one of social insurance.
“A lot of the previous models that have thought about these questions, haven’t really modeled risk, risk aversion, and insurance against risk,” Van Nieuwerburgh says. “That is what’s new here; it’s a finance perspective on the world.”
“Van Nieuwerburgh notes that people first sought out rent controlled or rent stabilized units when it was appropriate for their economic situation; but then over time, their careers progressed and they began to earned more. The research demonstrates that these very same renters tend to stay in the same unit when they can afford a market-rate unit, effectively taking the place of someone who earns less.”
A proposition from Van Nieuwerburgh in the study is that of a mean’s test, requiring applicants for an affordable housing lottery to earn within 30 percent of the proposed median income. Which, if successful, would allow needier applicants to earn higher priority, rather than keep tenants in housing built for people in lower income levels.
“That means that really needy people are going to get these units,” according to Van Nieuwereburgh.
“We can add everybody up, and we can see whether society is better off or not under this new policy,” he says. “The reason we’re better much off with this more efficient housing system is because poor people now get access to affordable housing units that they didn’t before.”
A primary difficulty with current proposals and changing rent laws, Van Nieuwereburgh argues, is that developers will have less economic incentive to build affordable housing if the demand increases while the cost of land in cities like New York continues to climb. His model also entails avoiding tax increases on wealthier residents, arguing that it disincentivizes upper-class earners and may not be more beneficial than voucher programs. However, despite the fiscally conservative framework, the study also advocates for potential solutions like “upzoning,” which can create more density in areas with tighter development laws.
You can read more about the affordable housing study, which was inspired by Mathew Desmond’s book Evicted, here.
Columbia MBA Students Discuss Leadership and Impact in the Nonprofit Sector
If you’re looking for professional development opportunities and ways to make an impact, serving on a nonprofit board might be the perfect outlet. At least that’s what many Columbia Business School students are discovering. The latest trend at CBS is joining a junior board of directors for nonprofit governance.
What is a Nonprofit Junior Board?
“Sometimes called associate boards or leadership councils, these assemblies of young business leaders—typically under 35 years of age—bolster their organizations through mission-critical initiatives such as fundraising and public outreach,” explains CBS news.
These boards are an opportunity for MBA students to explore the nonprofit sector while also gaining essential business development skills. Students walk away with training in the mechanics of managing a nonprofit.
According to the CBS Tamer Center for Social Enterprise, it’s a great way to give back to the community while also enhancing a student’s resume. Serving on a board offers opportunities for networking, working abroad, and more. According to a panel discussion, “members can expect to get much more out of the experience than the time and resources they are expected to give.”
From networking to grassroots organizing, sitting on a junior board of a nonprofit gives Columbia Business School students a unique opportunity to build a helpful future.
Junior Boards and Nonprofit Governance
At CBS, junior boards have become a staple in the nonprofit community. It’s a way for organizations to gain fresh ideas from young talent. For example, Lindy Gould (MBA ’19) built a junior board from the ground up for the Clinton Foundation during her spring internship. But that’s just one example.
There are many board opportunities and board matching services to help students find their perfect fit. The CariClub lists more than 1,000 boards on its platform, and the annual Nonprofit Board Showcase at CBS provides a unique opportunity for students and alumni to meet representatives from nonprofit organizations.
As for getting on a junior board, it varies depending on the organization. Some require a formal process, which means lots of networking. Others are open to the idea as long as you are passionate about the organization and are willing to reach out.
Sitting on a Junior Board
Most often, junior boards have no fiduciary responsibilities. Instead, these boards are typically focused on fundraising goals either through soliciting donations or the members donating themselves. The average commitment is around $1,000, but most members raise even more.
Outside of raising funds, membership on a board provides an excellent platform for students to demonstrate what they care about and to make a difference. You can learn more on the Columbia Business School website.
This article has been edited and republished with permissions from its original source, Clear Admit.
Columbia Business School 2019-20 Deadlines
Hopeful applicants to the next MBA class at Columbia Business School should remember these upcoming deadlines.
New Columbia MBA Deadlines
Early Entry: Oct. 4, 2019
Merit Scholarship Deadline: Jan. 3, 2020
Final Deadline: April 15, 2020
Learn more about the Columbia Business School full-time MBA program here.
Best Real Estate MBAs in the Northeast
While a career in real estate is not one of the most popular options for MBA graduates, it is a solid choice. The U.S. real estate industry pulls in over $166 billion in revenue each year, and markets in India, China, and other emerging economies are poised to expand. So, the question is, if you’re looking to go to school in the Northeast, where are the best MBA programs to help build a career in the industry? We’ve highlighted five of our favorite Northeast real estate programs below.
The Best Northeast Real Estate MBA Programs
The NYU Stern School of Business offers full-time MBA students a chance to specialize in real estate. According to the school, it “provides rigorous training in the development, investment, and financing of real estate projects.” Students who choose the specializing are taught to think strategically about real estate in primary and secondary markets including the legal, taxation, and regulatory environments they’ll encounter.
Real estate MBA curriculum includes classes such as:
- Real Estate Development and Entrepreneurship
- Real Estate Transactions
- Real Estate Investment Strategies
- Urban Systems
Real Estate Outside the Classroom:
- Center of Real Estate Finance: Established in 2012, the Center is dedicated to expanding the School’s course offerings and career services in real estate. It’s open to both MBAs and undergraduates alike and offers monthly events, research and more.
- MBA Real Estate Club: The Stern Real Estate Club (SREC) offers guest lectures, panel discussions, mixers, site visits, and case competitions for MBA students interested in expanding their real estate experience and insight.
The Georgetown University McDonough School of Business also offers a specialization in real estate for MBA students, which can include an intensive learning experience (ILE) in real estate development. ILEs are elective courses that offer client-centered work and experiential learning opportunity off campus in a concentrated time format.
MBA students interested in real estate can take courses in:
- Real Estate Private/Public Equity
- Real Estate Private/Public Debt
- Negotiations
- Fixed Income Analysis
Real Estate Outside the Classroom
- Steer Center for Global Real Estate: The Steers Center “offers students unparalleled access to the real estate industry at a global level.” Students gain hands-on experience with the D.C. real estate market through a range of activities from alumni mentoring to internships, job contacts, and more.
- Real Estate Industry Career Coach: Georgetown offers a career coach with specific industry knowledge and relationships in real estate. This career coach will help MBA students with their resume, cover letter, mock interviews, and networking strategy.
At The Wharton School, MBA students can major in real estate. This major includes two required courses in real estate investment and real estate development. The goal of the major is to “prepare students to be leaders in the real estate industry” and provide the necessary quantitative and qualitative tools to be successful. Offered since 1985, the major has grown in scope and size over the years.
Additional courses in real estate that Wharton MBA students can enjoy:
- Global Real Estate: Risk, Politics, and Culture
- Urban Real Estate Economics
- Real Estate Law
- Real Estate Entrepreneurship
Real Estate Outside the Classroom
- Samuel Zell & Robert Lurie Real Estate Center: Each year, the Real Estate Center sponsors conferences, seminars, and special programs for students and faculty interested in real estate. Established in 1983, it promotes excellence in real estate education and research.
- Wharton Real Estate Club: The Wharton Real Estate Club provides career development, mentorship, and networking opportunities for students at Wharton. Of particular note are the treks and tours that allow students to meet prospective employers, visit project sites, and gain first-hand experience.
The Columbia Business School’s MBA Real Estate program “provides students an unparalleled opportunity to expand their entrepreneurial skills while focusing on real estate finance and investment management.”
The program encourages students to view real estate as both a physical and financial product by emphasizing a blend of theory and practice. Throughout the curriculum, students work on 65-plus proprietary real estate business cases taught by real estate professionals.
The real estate curriculum differs every term, but it includes courses such as:
- Real Estate Finance
- Real Estate Transactions
- Real Estate Portfolio Management
- Social Impact Real Estate Investing and Development
Real Estate Outside the Classroom
- Paul Milstein Center for Real Estate: The Center for Real Estate integrates the theoretical and practical knowledge of real estate. It offers regularly hosted events including panel discussions, conferences, alumni career breakfasts, and symposiums
- Fellowships & Scholarships: Uniquely, Columbia offers multiple fellowships and scholarships for MBA students interested in real estate. Awards can be as much as $50,000 a year and are both merit-based and need-based.
Full-time MBA students at the Rutgers Business School can customize their education with a real estate concentration. In total, students who choose this path will take six courses in real estate including strategic management. They can also pursue a dual concentration in finance and real estate, which requires them to take a course in aggregate economic analysis.
Other potential real estate courses that MBA students can take, include:
- Real Estate Finance
- Real Estate Capital Markets
- Market Analysis and Valuation
- Property Management and Real Estate Investment Management
Real Estate Outside the Classroom
- Center for Real Estate: The Rutgers Center for Real Estate is a dynamic hub for students, academics, and professionals. It aims to educate, research, and exchange ideas on real estate. Currently, more than 95 real estate professionals lend their influence to the Center.
- Rutgers Real Estate Club: The Club is a “place for people interested in real estate, internships, and everything business. It brings together experienced speakers for a variety of events and opportunities.
Columbia Professor Offers Advice on #MeToo Fallout for Female Leadership
The #MeToo movement has been a good thing, bringing to light many gender issues regarding sexual harassment and assault. And, it’s been particularly valuable for women in the workplace.
Unfortunately, while most of the response to the #MeToo movement has been positive, it has triggered a few unexpected negative consequences. As a Forbes article recently explains, there’s a “potential threat to women’s advancement to senior leadership, as some men have become wary of forging professional relationships with female colleagues.”
Men Are Worried About Harassment
Since the #MeToo falloout, 82 percent of men have admitted to being worried about false claims of harassment—more than any other gender issue in the workplace. Worse still, that fear has resulted in half of all male managers feeling uncomfortable mentoring, socializing, and working alone with women, revealed a LeanIn survey. Now, senior men are three times more likely to hesitate to ask a junior-level woman to a work dinner than a junior-level man.
Fixing the Problem
Unfortunately, these negative responses to #MeToo could slow the progress for female leadership, which is precisely the opposite reaction that the movement promoted. It’s also bad for organizations, as research shows that female executives increase profitability.
So, what can organizations do to ensure these adverse reactions to #MeToo don’t stop women from climbing the ladder? Here are three things that Columbia University professor Jason Wingard tells Forbes companies could do.
1. Improve Workplace Flexibility
According to Pew research, over half of millennial mothers (58 percent) admit that being a parent makes it harder to get ahead at work. Only 19 percent of fathers feel that way.
If you want more women in leadership, you have to improve workplace flexibility to accommodate families better. When there are stronger policies in place that allow women to meet the demands of the office and home, then more women will remain in the workforce. This includes offering extended maternity leave, childcare options, and flexible working arrangements.
2. Develop Sponsorship Programs
Your company can also help advance women in leadership by formalizing relationships between male leaders and female subordinates via sponsorships. Compared to mentorships, sponsorships are more official and advocated by senior leaders, which can remove some of the fear.
Best yet, sponsors are typically more satisfied in their career and women being sponsored are 68 percent satisfied with their career advancement. Furthermore, 85 percent of mothers with sponsors are more likely to continue working full time compared to just 58 percent without.
3. Make Clear Company Policies
Since #MeToo, 55 percent of American men feel that it’s more difficult to know how to interact with women at work. Companies that create more clarity in the workplace with clearly defined sexual harassment policies can help alleviate this concern. Organizations should also clearly define company policies regarding romantic relationships in the workplace.
No matter what your company decides to do in response to #MeToo, the key thing to remember is that action must be taken now. You cannot wait and allow negative reactions to the movement to harm women’s ability to reach leadership positions at your organization.
