Future of Business Education

JUNE 2016 | FUTUREOFBUSINESSANDTECH.COM |

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Future of Business Education Succeed on the court and in the boardroom with these tips from WNBA’s Elena Delle Donne.

LEARN how to prepare for business school one step at a time READ about the MBA track that’s opening doors for recent graduates

2 | FUTUREOFBUSINESSANDTECH.COM |

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IN THIS ISSUE

Return on Investment Just how valuable is a degree in business? The numbers on cumulative base salaries and early job offers tell the story. Page 5

Non-Linear Course From grueling triathlons to gearing up a business of his own, Olympian Ben Collins recalls his track to attaining an MBA. Page 7

Tuition-Free, Seriously Don’t have the money or time to go for an MBA? Get the scoop on the world’s most cost-effective MBA. Online

Business School: Where Practice Is Essential

By Zoe Alexander

The world’s demand for education and development has never been greater. In response, business schools are being called to transform to better address the needs of the students they teach and the industries they serve.

With constant improvem ent s i n current technolog y, the needs of students and businesses are changing significantly. For students to prepare to enter the workforce, their education needs to be dynamic, focusing on realworld situations and case studies so that each graduate is equipped with the necessary skills to react to a wide range of situations and challenges.

“As the world becomes even more interconnected, the role of

business in society will become more complex and important for elevating positive social impact,” states Hanna McLeod, senior manager of research for AACSB International. “As business schools commit to serve as leaders, as well as partners for a lifetime of business knowledge creation, graduates are in the position now more than ever to do well by doing good.”

Adapt and engage ‘The Collective Vision’ is an initiative of the Association to Advance Collegiate Schools of Business (AACSB), outlining how and why business schools adapt to new generations of students and industrywide developments. Introduced in April of this year, the initiative challenges business schools to be more daring and flexible in their curricu-

“As the world becomes even more interconnected, the role of business in society will become more complex and important for elevating positive social impact…”

lum, while looking at the crossroads of in-classroom discussions and real-world practice.

In order to provide more engaged studies, the initiative encourages business schools to collaborate with industries and society, outside academia, to provide context and experience to students. The global organization emphasizes that the tools and guidance their message delivers extends to academic programs and institutions around the world, with of course adaptions to local context, location, mission and goals.

Preparation for the future To continue drawing motivated employees and students, business schools need to partner with local businesses, industry leaders and other schools in order to stay well

connected and relevant in both their communities and on a global scale.

“Business classrooms will increasingly attract more diverse demographics, based on age, experience, and goals, as business schools stake their position as hubs for continued and lifelong learning,” McLeod continues.

“This may translate to learning experiences that more accurately reflect business-world realities, as well as new partnerships with industry, in order to achieve desired learning goals.”

Such connections may also serve as networking opportunities for students in various industries.

Largely, business school graduates should leave campus with a confidence and understanding of the greater economic sector from experience. n

Publisher Daniel Pinkston Business Developer Jourdan Snyder Managing Director Luciana Olson Content and Production Manager Chad Hensely Senior Designer Kathleen Edison Designer Celia Hazard Copy Editor Zoe Alexander Production Coordinator Tiffany Kim Contributors Zoe Alexander, Faye Brookman, Melinda Carstensen, Jennifer DeMeritt, Kate Mooney, Cindy Riley, Liane Bonin Starr, Cover Photo Gary Dineen All photos are credited to Getty Images unless otherwise credited. This section was created by Mediaplanet and did not involve USA Today.

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An MBA Program Catered to Working Professionals

By Jennifer DeMeritt sponsored

A top-ranked school offers four MBA programs to reach a wide range of students, young professionals and executives with innovative, relevant and cutting-edge curriculum.

“The University of Illinois was founded on a land grant mission that calls for the democratizing of education,” says Raj Echambadi, Senior Associate Dean at the University of Illinois at UrbanaChampaign. “Our mandate for our MBA programs is to provide highquality, affordable MBA education to various student segments, and it is a job we take very seriously.”

Flagship program The flagship full-time MBA program, which has built a global brand of “Business of Technology,” focuses on cutting-edge curriculum that is both rigorous and market-relevant. This top-ranked program also emphasizes experiential learning and personal leadership development. For example, students travel to Brazil, South Africa and China to work with clients on interesting projects and present final reports.

The first-year curriculum is mostly lockstep, but second-year students are free to take courses from across the various colleges on the Urbana campus, well known for its highly ranked programs. They also gain access to the world-class entrepreneurial ecosystem that includes the Academy of Entrepreneurial Leadership, a think tank

supported by a $5 million grant from the Kaufman Foundation to develop entrepreneurial and innovative leaders.

A range of MBA programs To serve people already working in the business world, the University of Illinois at Urbana-Champaign also offers part-time Professional MBA and Executive MBA programs.

The second oldest in the nation, the EMBA caters to professionals who have at least seven years of supervisory work experience. It’s based in

downtown Chicago rather than the university’s main campus so that its students—upper-level managers or lower-level C-suite officers— can easily attend the classes two weekends a month.

During the 19-month program, participants complete a project in China. “We want students in the developed world working on problems in developing countries,” explains Echambadi. Those who are less advanced in their careers can enroll in the Professional MBA program, which offers twice-

weekly classes at the university’s Urbana-Champaign Campus.

Online MBA program To reach a growing segment of students that value flexibility and convenience, the University of Illinois has launched a new online program (iMBA) in partnership with Coursera, the education platform company from Silicon Valley. The iMBA is an affordable high-quality program that attempts to reach large segments of the global population.

Currently, students from 18 countries are enrolled in the university’s iMBA degree program, with another 700,000 people from 182 countries sampling individual classes through Coursera. This creates a “global classroom” that prepares students for the international focus of today’s business world.

Students in the iMBA program learn from the same professors who teach at UI’s full-time MBA program, as well as high-powered business leaders. “Kevin Hartman from Google Industries taught a full course on digital analytics,” says Echambadi. “We realized these have to be signature courses, so we’re using the best people in the world.”

The influential MBA website Poets & Quants listed the iMBA as one of the 10 most innovative business school ideas of 2015. And the University of Illinois at UrbanaChampaign’s online classes are highly prized, with the Digital Marketing Certificate one of the 10 most sought-after on Coursera, and Professor Aric Rindfleisch’s “Marketing in a Digital World” course rated

by Class Central as a Top 10 MOOC (massive open online course).

While Echambadi is passionate about the iMBA program’s global reach and flexibility, he is quick to point out that “online education will never replace face-toface classroom instruction. It’s a complement to our face-to-face programs; it will help us develop better residential experiences.”

Echambadi also believes that innovative programs like the iMBA will make universities stronger.

“We’re in the education business, and we should be willing to serve different segments in modes that are convenient to learners. The student’s long-term well-being is what matters. It is a win-win in the long run.” n

4 | FUTUREOFBUSINESSANDTECH.COM | BIG IDEAS

Going back to school is trying on your schedule and your wallet, but these women prove it’s worth it.

Nicolina O'Rorke serves as CFO of NBC Sports Regional Networks, a division of NBC Sports Group consisting of nine regional sports networks. She earned her MBA from Columbia Business School in 2005.

“I love what sports represents to people. It can be as broadly appealing as the Olympics or the Super Bowl, or it can be something narrower.”

A former investment banking analyst, O'Rorke encourages other MBA women to be vocal and refuse to play it safe.

“Even in classroom dialogue, women aren’t as willing to put themselves out there to actively participate. If you’re ever going to take a risk, do it in business school.

And don’t be afraid to leverage that network.”

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Why You Should Think Twice Before Skipping the MBA

By Cindy Riley

LEVEL UP These three women know first-hand that an MBA can provide confidence, credibility, expertise, advancement and lasting connections. PHOTOS: Forte Foundation

Prepare and create Christine Cuoco, Senior Director of Global Business Marketing for Twitter, earned her MBA from Harvard Business School. Having started her career on Wall Street, Cuoco ultimately decided to pursue marketing.

“I love my Twitter colleagues and the fact that, together, we’re creating something with a lasting impact. While Wall Street is an intense place to work, in tech, you’re often building businesses that haven’t existed before.”

Cuoco says she found most of her jobs through loose connections, luck and preparation.

“I knew what I was looking for in each instance, and I could clearly articulate my value and goals.”

She adds, “Your personal brand

matters more than anything—your reputation, integrity and sincerity.

You take that everywhere.”

Banking on success Amanda Magliaro, Managing Director, Head of Global Structured Finance Distribution, Citi, received her MBA from Columbia Business School in 2002. Spending her days on a male-dominated trading floor, Magliaro refuses to be intimidated.

“One of the wonderful things about finance is, because there aren't a lot of women, the women who are there really look out for each other.

Finance gives [people] the opportunity to use your math skills, and it's very much a people business.”A former president of Columbia Women in Business, Magliaro says her education provided the leadership skills needed to choose a career, which she clearly embraces. “It's a place full of energy. Every day is a different day.” Her advice to women just starting out? “Always try to do the right thing, in every situation.” n

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CHALLENGES | MEDIAPLANET | 5

A

ccording to the Graduate Management Admission Council’s 2016 Alumni Perspectives Survey Report, business school alumni achieve a return on investment (ROI) on average less than four years after earning a graduate degree.

The survey, which was conducted in October and November of 2015, is based on responses from 14,279 graduate business school alumni from class years 1980 to 2015.

Ninety-five percent of alumni, hailing from 275 graduate business programs at 70 universities in 20 locations worldwide, rated the degree at an outstanding or excellent value. The industry is certainly lucrative from a dollar perspective: business school alumni earn a median of $2.5 million in cumulative base salary over 20 years after graduation.

For recent MBA grads, outlook remains promising. Of the 3,000

Is Grad School Worth It? Get the Facts In today’s job market, it’s hard to know if graduate school is a smart investment or just an accumulation of more debt. When it comes to MBA programs, at least, the numbers are reassuring.

By Kate Mooney

alumni surveyed from the 2015 graduating class, more than half received job offers prior to graduation, according to the 2015 Global Management Education Graduate Survey (GMEGS). And, numbers are up from past years, especially for graduates of certain specialized master’s degrees: 89 percent of 2015 Masters of Accounting graduates received early job offers, compared to 77 percent in 2014; and 53 percent of 2015 Masters of Finance grads, up from 30 percent in 2014.

When it comes to women in business, there’s plenty of work to do to close the gender and pay gap, but initiatives are underway. A new report out from GMAC, “Minding the Gap: Tapping the Potential of Women to Transform Business” stresses the role of MBA programs as a “primary talent pipeline” for women. Improving gender diversity at the graduate level, the authors argue, is a crucial step in fostering the next generation of female business leaders. n

Dual Degrees: Make the Most Out of Your Degree

By Faye Brookman sponsored

Providing the opportunity to specialize in multiple fields, dual degrees are a sure way to extend the value of your dollar.

After earning his bachelor’s degree from Brigham Young University, Mark Kelemen secured a job at BD Medical, where he is now a leader in two manufacturing

plants. But, he always maintained further education in part of his game plan—even if he pursued it via a non-linear path.

“I eventually wanted a master’s degree, which I knew would give me more career opportunities and hone my technical skills,” says Kelemen, the father of three small children. Already a successful engineer, Kelemen wanted to continue his education online so that he could keep working while obtaining on his degree. He also desired a Master of Business Administration (MBA) degree to tee up his technical skills with business acumen to get the maximum return on investment from his education.

...the program offered a streamlined course of study designed to be a swift, more economical path to obtaining two graduate degrees.

Choosing a program Kelemen was attracted to the dualdegree program between Purdue’s College of Engineering and Indiana University’s Kelley School of Business. In addition to the reputations of the schools, the program offered a streamlined course of study designed to be a swift, more economical path to obtaining two graduate degrees.

Purdue’s reputation as an engineering powerhouse, its broad course list, a renowned faculty and the option to fast track graduate degrees in engineering and business convinced Kelemen to select Purdue.

After earning his MSE with a mechanical engineering con-

centration, he continued with the MBA, which he’ll compete in 2017.

Preparation for the future Studying for his MSE and MBA Degrees at Purdue made Kelemen a better engineer, but also prepared him for a role in business management, which stands to boost his earning potential.

“The economics and finance classes have been invaluable,” he says. “They’ve taught me to understand financial statements, the reasoning behind my company’s business strategy and to generally understand the big picture when it comes to business.” n

6 | FUTUREOFBUSINESSANDTECH.COM | ADVOCACY

A Non-Linear Path to an MBA

By Zoe Alexander

Non-linear education opportunities present a unique set of challenges, but also offer a wide range of benefits.

emphasizes the importance of connecting skills across everything you do.

Excel in your interests “At first, triathlons were just a social outlet. I loved compet-

PHOTO: Elizabeth Leitzell

Before Ben Collins was an Olympian triathlete or an MBA graduate, he started his career in engineering with a startup company.

He dedicated his free time to his personal interest—triathlons. “I had some early success, and won the 2007 Amateur World Championships before deciding to become a full-time professional and pursue the Olympics,” said Collins. ing, and in school I felt like being active made me academically,”

said Collins, looking back on why he got involved in the sport. He

The next step Collins first learned entrepreneurial selling, marketing and branding skills as he represented himself and sought out sponsorships.

Although he had won the Amateur World Championships, he quickly learned that, “turning pro in triathlon is not a glamorous lifestyle.”

But the entrepreneurial side, “was thrilling to me,” he said. “I loved it and I wanted to learn to be a better entrepreneur.” That’s when Collins chose to get his MBA. “I'm surprised how much of my experience in triathlon carries over into business. The ability to

set goals and plan a process to get there has been really beneficial.”

Collins has continued exploring business opportunities and is starting a company, Ben’s Muffins, a pre-working muffin mix that he created to provide him with the energy and nutrients that he needed while training and in school.

The challenges Building a support system is the “hardest part of any transition,” he said. He focuses on learning from his network and finding mentors. “As an MBA grad, I'll be making another big transition, but after two other major career shifts, I'm doggedly optimistic about my future.” n

INSPIRATION | MEDIAPLANET | 7

Elena Delle Donne Shoots for Success The Chicago Sky shooting guard dishes on what basketball has taught her about relationships and business—two areas she knows a thing or two about.

By Melinda Carstensen

E

lena Delle Donne isn't only one of the strongest forces in women's basketball—the 26-year-old is also one of the faces of Nike and DuPont, and she owns two small businesses. Not to mention, the Chicago Sky shooting guard also has her own shoe.

But those feats weren't accomplished without making some tough choices first. If you've followed Delle Donne's trajectory, you know the 6-foot-4 guard from Wilmington, Delaware made headlines in August 2008, when she enrolled at the University of Connecticut (UConn) only

to then leave the top-tier basketball team two days later and return to her home state of Delaware to be closer to her family. UConn has one of the top basketball programs in the United States, and Delle Donne had received a basketball scholarship.

"It wasn't easy to leave at the time, but I know I made the right decision," said Delle Donne, who went on to attend the University of Delaware. "I realize how necessary it was for me to be close to my family, and I don't think I would be where I am now if I didn't come back to Delaware."

Delle Donne has come a long way since her college basketball

days. When the athlete isn’t shooting hoops, she’s running her Etsy shop, DelleDonneDesigns, where she sells tables, or selling apparel through her own line of athletic wear, Elena De11e Donne.

For all the time she’s spent on the court, Delle Donne said basketball has taught her important lessons she has applied off the court as well.

"Two aspects of basketball that translate well to the business world are the importance of teamwork and communication," said Delle Donne, who runs her businesses with her friends Amanda Clifton and Megan Gainey. "We all share the workload to complete the orders."

A couple of her business tips for success are communicating and developing good relationships.

“Working on communicating with my sister has shown me how people communicate in different ways and styles, but it is crucial to making sure everyone you are working with is on the same page,” she said.

For Delle Donne, that's also one of the ideals that applies when choosing the brands with which to partner.

“I work with brands that I identify with and represent me well,” Delle Donne said. “Nike is a great example because I’ve been wearing Nike since middle school, and they provide a great platform to grow the WNBA’s brand nationally.”

For all her success, Delle Donne also carves time out of her busy schedule to connect with fans on social media, with the main goal of showing them the real her.

“Social media provides a great opportunity to grow awareness for women’s basketball and the WNBA, which is important to me,” she said.

I want the fans to get to know me, so my posts tend to focus on what’s important to me: my family, basketball and of course, my dog (who even has his own Instagram), Wrigley.”

It’s that ideal that Delle Donne said has fueled her career path thus far.

"Finding something you are passionate about is crucial to being successful," she said. ■

Manhattan Prep: Your Test Prep Should Be a Real Education

By Liane Bonin Starr

SPONSORED

The tutoring company ensures students are ready and have the skills for their next steps.

For most people, preparing for the GRE, LSAT, GMAT, ACT or even SAT is about tackling a rigorous test.

Tutoring service Manhattan Prep claims that's only part of the picture. "When it comes to the 'what' of test prep, make no mistake that we are definitely teaching to the test," says Rey Fernández Vice President & General Manager, Manhattan Prep. "But where we stand apart is in the 'how.'"

Fernandez says Manhattan Prep, which was founded in 2000 by Teach for America alumnus and Yale graduate Zeke Vanderhoek, aims to help students develop the skills they need long after they've completed

“The real winners are our students, whose learning experience is tailored to their particular needs.”

the test. "If you're looking for gains via shortcuts and gimmicks, we're not for you. If, however, you agree that you need to do it the 'hard' way by learning specific skills, thinking critically and mastering content, then climb aboard.”

"We feel the best way forward is for people to learn and master direct skills as opposed to trying to game the test or denigrate it," adds Chris Ryan, Vice President of Academics, Manhattan Prep. "The core thing is to get better at the skills the test tries to measure."

For Manhattan Prep, the focus on hiring the best teachers is critical. In a year when 235 people meet the stringent requirements, only 10 will ultimately be hired. "There are tons of benefits that come with working with a highly skilled instructor. The first one that comes to mind is that our instructors don't teach a curriculum as much as they teach the people in the room," says Fernández. "The real winners are our students, whose learning experience is tailored to their particular needs." ■

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