News Roundup – Rutgers MBA Wins Big, HBS Professor Weighs in on EY’s Recent Press, and More
Let’s take a look at some of the biggest stories from this week, including a Rutgers award winner, and much more.
Student’s Excitement for Business Problem Helped Her Win Award – Rutgers Business School News
The National Black MBA Association recently honored Rutgers Business School MBA student Livonia Mitchell with the “Best Presenter” award in its annual case competition last month. It was Mitchell’s first time participating in such an event.
Fiat Chrysler Automobiles sponsored the competition, which includes students from 36 other schools. Students were required to present a case for how Fiat Chrysler could make a subscription car program profitable. They were required to present a marketing plan and a business model.
Mitchell, Director of Operations Excellence at Ports America, says of of her win, “The story really spoke to me … I connected with it. I think a lot of that came out.”
She is currently enrolled in RBS’ part-time MBA program, and plans to declare a concentration in Strategy and Leadership. For more on the competition at the Rutgers award winner, you can read here.
Enlightened Solutions: Modular Housing Developments for L.A.’s Homeless – UCLA Anderson School of Management News & Events
Two recent grads of the UCLA Anderson MBA program got some incredible news this month.
Their proposal to the LA City Council for housing for the homeless is to receive major funding to go forward. The nearly $24 million was granted to Greg Comanor (’19) and Aaron Sassounian (’19) to make their capstone project a reality.
The two created a project which combines affordable housing units, health care, and other services into one development using a for-profit model. Using Anderson’s Business Creation Option, the pair raised seed money with a friends-and-family campaign, and purchased a site in L.A.’s Watts neighborhood.
Comanor says of their concept, “Aaron and I were both real estate-focused students, coming from backgrounds in venture capital, investment banking, retail and multifamily development …We felt a nudge to do something socially conscious.”
In order to make the project truly come to fruition, they formed Daylight Community Development, which uses shipping containers to create modular units with the help of creative financing strategies.
Daylight’s Executive Director Tim Kawahara says of Daylight’s team, “They have identified a market niche where financial returns and social impact intersect. These are the types of solutions we need in order to build our way forward.”
You can read more on Daylight and their projects here.
Scholarship to Honor Professor John Dealy’s Commitment to Gender Equity in the Technology Industry – Georgetown McDonough School of Business
This month, Georgetown University’s McDonough School of Business established the Dealy Scholarship, a merit-based award for students who exemplify the values of gender equality in technology, finance, consulting, or other business fields.
Prashant Malaviya, Senior Associate Dean of MBA Programs at McDonough, says, “Gender equity is important to the future of business—whether in an MBA program or a corporate boardroom, there is tremendous value in diversity and inclusion … We are excited to begin awarding the Dealy scholarship to individuals who show [this] commitment.”
All applicants to the full-time MBA program will be eligible for the award, but they must show the qualities exemplified by Healy’s legacy. Joe Verbrugge (MBA ’97), says:
“John represented the reason you’d want to go to a school like Georgetown. [He] was the epitome of ‘we are all created equal’ here. He believed that whether you are a man or a woman, it’s about effort, diligence, and the creativity you bring to the work in front of you … He nurtured women leaders in a space where there aren’t a lot of women leaders; he gave amazing opportunities to anyone who put in the effort.”
Dealy passed away in 2017 after courageously fighting leukemia. His daughters, Anne and Marian, are both graduates of Georgetown. Anne, an attorney, and Marian, a microbiologist, were both present to comment on their father’s gift to the school and to his family.
“This scholarship is a very sweet recognition of my Dad,” Anne says. “He would very much appreciate [its] generosity and vision.”
You can read more on the Dealy family and the scholarship here.
NYU Stern Broadens Scope on Risk Assessment and Management with its Newly Expanded Volatility and Risk Institute – NYU Stern News & Events
NYU Stern recently announced the expansion and renaming of its Volatility and Risk Institute (VRI).
Since its creation a decade ago, the Institute and its associated V-Lab have provided measurement in real-time, along with forecasts of volatility for a vast array of financial assets.
The VRI will be directed by two NYU Stern faculty: Nobel Laureate Robert Engle, Professor of Management and Financial Services and creator of the V-lab; and Richard Berner, Professor of Management Practice and former Director of the Office of Financial Research
Raghu Sundaram, Dean of NYU Stern, says:
“I’m delighted to have Rob and Dick, two world-renowned experts on risk management, lead our newly expanded Volatility and Risk Institute … it will be a dynamic interdisciplinary hub [to] bridge the conversation between academia and industry, and to inspire novel research projects to address and manage the changing nature of risk facing today’s global firms.”
For more on the VRI, you can read here.
Women At Ernst & Young Instructed On How To Dress, Act Nicely Around Men – Huffington Post
Robin Ely, Professor of Business Administration at Harvard Business School, recently offered her perspective on some strange advice offered by Ernst & Young at a training forum, which was held in its new Hoboken office in the summer of 2018.
Among the bizarre pointers offered in the “Power-Presence-Purpose (PPP)” training program, geared toward women at EY, were “a good haircut, manicured nails, and well-cut attire that complements your body type… [But] don’t flaunt your body―sexuality scrambles the mind … Signal fitness and wellness.” Other sections of the program included highly questionable statements about the differences in brain size and differences in ability between genders.
Professor Ely, whose expertise lies in race and gender relations in various organizations, says, “There’s not a lot of empirical support [for these] trait differences between men and women … This curriculum is shot through with that assumption.”
Ely has conducted research on law firms that found predominant focus on outmoded stereotypes in companies that had a low percentage of women in the higher ranks. A former EY employee has spoken out about the training and the overall culture of the firm which focused largely on advancing men. Women make up only 12 percent of EY’s lead client service partners, she notes.
“The only way to succeed at EY is to work around the men. I heard that over and over,” she says. For the full Huffington Post article, read here.
Friday News – USC Marshall Announces New Dean, HBS Receives Gift for Dual Degree, and More
Let’s take a look at some of the biggest stories from this week, including the newest USC Marshall dean.
Geoffrey Garrett Named New Dean of USC Marshall School of Business – USC Marshall News
The USC Marshall School of Business announced its newest dean, Geoffrey Garrett, formerly of the Wharton School at the University of Pennsylvania. Garrett, an economist and political theorist, begins his tenure in 2020.
President Wanda M. Austin says of Garrett’s appointment, “He has a demonstrated track record in global business theory and practice, which aligns with our mission to create the leaders of the future … Marshall School of Business has found a tremendous leader in Geoffrey Garrett.”
Geoffrey Garrett is set to begin his USC Marshall dean tenure next year.
Along with serving as Wharton’s dean, Garrett is also the Reliance Professor of Management and Enterprise, and he formerly taught political science there. Prior to his positions at Wharton, he served as dean of the University of Sydney and the University of New South Wales. His appointment at Marshall will not be the first position he has held at USC, however. He also taught communications, international relations, law and business in 2005.
Garrett says, “My first year will be all about listening and learning … I think I have a pretty good appreciation for the world of business and education and for what USC Marshall has achieved. But the DNA of the school is its people, and I have so much to learn from them and about them.”
Read here for more about the newest USC Marshall dean.
HBS and SEAS Announce Gift of Financial Aid to Support Joint Degree Program Students – Harvard SEAS News
A generous gift from two alumni has contributed to the growth of the MS/MBA joint degree program at Harvard University. Denise Dupré and Mark Nunnelly, both 1984 MBA graduates, have given the needed support for a financial aid program for students who are pursuing the dual degree. The MS/MBA program launched in 2018, and it has served to unite HBS and the Paulson School of Engineering and Applied Sciences (SEAS).
Twenty-nine students are enrolled in the MS/MBA’s inaugural program, whose curriculum focuses in equal part on technology, design, and business and management principles.
Nitin Nohria, Harvard Business School Dean, says:
“This generous gift will support future leaders who will bridge the worlds of business and engineering, spurring innovation and the commercialization of new discoveries to address many of society’s most exciting opportunities … The expansion of SEAS to [the Allston campus] is a catalyst for collaboration that will propel and transform teaching and research at Harvard for decades to come.”
The expansion of Allston was a major catalyst for Dupré and Nunnelly’s gift. “We’ve both been enormous fans of the possibilities in Allston for many years,” says Nunnelly. “It’s so incredibly important to the future of Harvard, the city of Boston, and the entire state of Massachusetts.”
For more on the MS/MBA and the Allston expansion, read here.
Calculating New Ideas – Fox School of Business Idea Marketplace
A statistician and associate professor at Temple University’s Fox School of Business has made great strides in data science with a pair of new developments that will likely be game changers in healthcare and education.
Zhigen Zhao, along with his colleagues, have discovered a way to calculate health risks by studying interactions between human genes. The team developed an algorithm which will analyze 20,000 genes at a time (twice the number of previous methods), which may help doctor’s to determine a patient’s risk for such things as Alzheimer’s, alcoholism, and obesity.
“Our method only takes two-tenths of a second to finish this kind of calculation,” Zhao says. “People’s health can depend on a specific combination of their genes.”
Another breakthrough algorithm Zhao and his team created will help to bridge the divide in standardized test scores between advantaged and disadvantaged students. With the new tool, the team parsed the test results collected from various schools to create a more thorough picture of who was doing well on which tests.
“The main idea for this method is to incorporate school district information to get a new threshold … The standard method, which doesn’t include this information, can be either overly conservative or overly liberal.”
Read here for more on Zhigen Zhao and his team’s work.
Career Changer’s Investment in Master’s Program Has Big Payoff – Rutgers Business School News
Julie Mitchell, a graduate of the Rutgers Business School Online Master of Science in Supply Chain Management program, managed to launch a new and more profitable career even amidst the daily challenges of family and work.
Mitchell is Senior Procurement Agent in Supply Chain Management for Boeing, where she manages every aspect of equipment delivery to create 737 galleys. She has been with Boeing for five years, and in that time her salary has increased by 83 percent. “The degree catapulted me into a senior procurement agent position,” she says. “There are people who have waited 10 years for that to happen.”
Julie Mitchell, Rutgers online Maser of Science in Supply Chain Management alum / Photo via business.rutgers.edu
After a decade plus long career of managing a dental practice, Mitchell decided to take a job at Boeing where she discovered her talent for managing billing, logistics, and operations. Several experiences led her to further hone in on her natural ability for ‘disruption management,’ and from there she earned her degree.
“I like to be challenged and I like fixing problems. A 737 has 400,000 parts, including nuts and bolts. It can be like working on a puzzle. The most rewarding thing is delivering something to a customer that they’re happy with.”
For more on the online Master of Science in Supply Chain Management at Rutgers, read here.
Top MBA Jobs: Actuarial Analyst
Chances are that a multitude of options will become available to you once you’ve earned your MBA. But first, you’ll need to decide just how you’ll focus your degree. As you survey schools and specializations, a couple of questions may arise. What is the job market like in my potential major? How well can I put my knowledge to practical use once I earn my MBA?
One career choice that answers both questions in the affirmative is that of Actuarial Analyst. In this article we’ll take a look at the different aspects of this field, its salary potential, some well respected degree programs for actuaries, and some current openings that are available.
What is an Actuarial Analyst?
Put very simply, actuarial analysts take raw data and apply it to real world scenarios. Using their well honed analytical skills, they calculate the probability of certain events, such as accidents, injuries, product malfunctions, or property damage. This information then adjusts pricing of insurance policies. Actuarial analysts may also analyze the likelihood of catastrophic events such as health pandemics, terrorist attacks, hurricanes, earthquakes or tornadoes in order to assess risk exposure for companies.
Financial services firms also employ actuarial analysts to design pension plans and investment portfolios for their clients.
Actuarial Analyst Salary
According to recent Glassdoor data, the national average salary for an actuarial analyst is $74,000 per year, not inclusive of bonuses. It’s important to note, however, that salaries range widely for this field. As in many other professions in finance and insurance, possessing certifications gives you added value to any organization. To reach the associate level, analysts must take a series of exams administered by either the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS).
Students can take some of the exams while still in school, and many firms will hire those who have passed one or two. The next level of certification is the fellowship level, which takes two to three years, and at this point salary potential increases even more.
The good news is that the field is set to experience a high level of growth over the next decade—22 percent according to the U.S. Bureau of Labor Statistics. Advancement opportunities are also abound for actuarial analysts.
“It’s not uncommon for actuarial analysts who show superb business results, intuition and dedication, often combined with a master’s degree in business, to advance to Chief Risk Officer or Chief Financial Officer at their company,” notes an article on learn.org.
Actuarial Science Business School Programs
While entry level actuary jobs are available to those without an MBA or MS, it probably comes as no surprise that the top companies seek those with advanced degrees.
Rutgers Business School
Rutgers University New Brunswick’s Master of Business and Science with a concentration in Actuarial and Statistical Analysis. As with most schools offering this concentration, Rutgers requires a strong background of study in calculus and linear algebra, as well as GRE scores. Of the 43 credits needed for the degree, 24 are in the sciences and 19 are in business.
Columbia Business School
Columbia also offers a well regarded Master’s program, with courses taught by actuarial and analytics professionals. Columbia considers itself on the cutting edge of the industry, with a strong focus upon machine learning, predictive modeling, and the tech that drives financial markets. The Columbia MS in Actuarial Science has 36 required credits, and can be completed on a full or part-time basis.
Those interested in Actuarial Science can earn a 36-credit degree at Columbia Business School in New York City, either full or part-time.
The Wharton School at the University of Pennsylvania
The Wharton School of Business offers an MBA concentration in Actuarial Science within the Statistics department. The major is comprised of three required courses, an additional course, and an advanced study project. Detailed requirements for Wharton’s program can be found here.
Among the other schools with top actuarial science programs are Florida State, Ohio State, Baruch College, and Penn State.
Who’s Hiring?
Data from Payscale states companies that are currently hiring, along with their estimated salary ranges. They include United Health Group ($75,000); Mercer, LLC ($69,000); Milliman, Inc. and Anthem ($65,000); Willis Towers Watson ($64,000); and Aetna ($62,000).
Friday News Roundup – Rutgers Accounting Partnership Announced, and More
Let’s take a look at some of the biggest stories from this week, including Rutgers accounting expanding.
Rutgers To Offer Accounting Students International Exposure – Rutgers Business School News
Rutgers Business School has partnered with the Chartered Institute of Public Finance and Accountancy (CIPFA) to give certified students the ability to offer public finance services in countries outside the U.S.
The memo of understanding between Rutgers and CIPFA states that current students and graduates of the Masters in Governmental Accounting Program can qualify to practice internationally after completing the online certification course, which will begin in September 2019.
Among the advantages of the CFA designation are access to networking opportunities, seminars, and ongoing professional development throughout one’s career—in addition to the ability to practice internationally. Rob Whiteman, Chief Executive Officer of CIPFA, says of the agreement. “CIPFA is delighted to be entering into a partnership with Rutgers University that will allow us to share our expertise and explore common goals to the benefit, not only of the students, but the public sector globally, which can only gain through greater cooperation among government accountants … [the] memorandum of understanding will enable the development and retention of top talent for government accounting.”
CIPFA CEO Rob Whiteman (center), alongside Dean Lei Lei (left) and Professor Irfan Bora at the Feb. 27 signing. / Photo via business.rutgers.edu
Click here for more about the CIPFA and Masters in Governmental Accounting program.
LeBow Hosts Webinar for Customizable MBA and More – Lebow News
On March 12, 2019 from 12-1 p.m., Drexel University’s LeBow College of Business will host a webinar for those interested in its customizable MBA. Information will also be available on all other postgraduate business education.
The session is open to all current and future students, and to full time, part time and international students.
Attendees will be able to connect one-on-one with admissions staff during the webinar, which will cover the following: full-time MBA; part-time MBA on the Philadelphia campus and in Malvern; the Online MBA; and the Masters programs in Accounting, Business Analytics, Economics, Supply Chain Management and Logistics, Marketing, and Quantitative Finance.
To register for the webinar, click here.
Goizueta Panelists on the State of Healthcare in 2040 – Goizueta Business School Insights
Emory University’s Goizueta Business School recently hosted a panel of senior managers from multiple healthcare sectors who made predictions on the future of the industry for both providers and consumers. Moderated by Associate Professor in the Practice of Organization and Management Renee Dye, the panel’s discussion focused specifically on the state of healthcare in the year 2040.
Panelists Jeff Fusile, President of Blue Cross and Blue Shield of Georgia; Judith Monroe, President and CEO of the CDC Foundation; Dane C. Peterson, Chief Operating Officer of Emory Healthcare; and Mike Van Den Eynde, Managing Director of Deloitte Strategy and Operations at Deloitte all contributed their insights at the February event.
Jeff Fusile commented on the rising cost of insurance:
“More than half of a family’s gross income goes to cover the average family of four’s healthcare cost—not a sick family, not a healthy family, the average family … “If we don’t make a change, 10 years from now, maybe 20 years from now, we’ll be here saying, ‘Now it costs 100 percent of your gross income.’”
Monroe’s remarks pointed out the complex factors involved in the growth of healthcare:
“The future really will depend on a complex web of things, all the way from science, technology and data to economics, political factors, social factors and certainly environmental factors … By 2040, we’re going to have new devices that we can’t imagine today. When you wake up, you’re going to have real-time blood pressure, biometrics and blood chemistries.”
Each panelist pointed out the vast changes that healthcare tech will undergo, along with the shift that will be necessary in order for the healthcare business to become consumer focus as opposed to profit driven.
Check out more from the recent panel here.
Loyola’s Sellinger School Announces New Classes in Downtown Baltimore – Loyola News
Loyola University Maryland’s Sellinger School of Business has announced that it will offer classes for its new Professional’s MBA hybrid cohort in Downtown Baltimore.
The Center Club at the Transamerica Building will be home to the cohort, which meets in conference rooms on Mondays from 6:30-9 p.m. The Professional’s MBA (PMBA) is offered as a part-time degree for professionals from all backgrounds, and it is designed so that students may pursue the degree at their own pace.
The Transamerica Building, the tallest in Baltimore, will host classes for the Sellinger School of Business Professional’s MBA hybrid cohort.
“We are delighted to open a downtown location that will bring our excellent business courses we offer into the heart of Baltimore …So many professionals live and work [here], and Loyola wants to meet them where they are,” says Sellinger Dean Kathleen A. Getz, Ph.D.
PMBA students, who will take 33-42 credits, will complete the remainder of the coursework online, but the Center Club will be the cohort’s hub for meeting and learning. For registration info and more on the PMBA click here.
Mendoza College of Business’ New “Interterm” Gives Real World Experience – Mendoza News
University of Notre Dame’s Mendoza College of Business now offers a unique course in which students can flex real world skills while earning credits and providing community service.
The “Interterm” is offered in the first week of March, and it is meant to promote engagement with organizational partners to complete a selection of projects that will benefit the company, the student, and the surrounding community. Thirty-four partners from across the country signed on for Interterm. Among them was HUNGRY, a catering company in Washington, D.C.; Waves for Water, which helped distribute filtration kits to those affected by Hurricane Maria, and the Catholic Volunteer Network, which will partner students with young people in Takoma Park, MD.
After an extensive survey process with Mendoza’s MBAs, the program was revamped from classroom case-studies to the experiential learning model that it used this year. Alice Obermiller, Associate Director for Experiential Learning in Graduate Business Programs says of the new curriculum, “[Students] wanted to engage in activities that tangibly built up their resume with demonstrated experiences working on real and timely issues … like most of us, [students] have many competing priorities, so they want to engage in things purposefully and that serve them most at the time.”
In addition to the Interterm projects, students will be able to take part in international immersion programs in China, South America, and South Africa. For more on Interterm and the immersion programs, click here.
