Tom Jones Undergraduate Innovation Initiative 2024 Impact Report
Thomas C. Jones Undergraduate Innovation Initiative ENDOWED FUND PERFORMANCE
Thanks to the Thomas C. Jones Undergraduate Innovation Initiative, students not only have the opportunity to receive a world-class undergraduate business education at the University of Michigan Ross School of Business, but also to engage in unparalleled leadership development opportunities, action-based learning programs, and integrative experiences.
As we celebrate our centennial anniversary this year, we're proud to reflect on a century of philanthropy, excellence, and innovation at Michigan Ross and look forward to an even brighter future with our "Look to Michigan Ross" campaign. Our commitment to fostering exceptional talent and leadership in the business world continues to be showcased through the Jones Initiative.
During the past year, the Ross BBA became a first year admitting unit, we began exploring a dual-degree program with the College of Engineering, and we launched The BizBeat, a weekly student newsletter.
We are proud to share more exciting developments from the 2023–2024
Book Value:
$10,796,846
Market Value:
$21,170,435
FY24 Distribution:
$756,013
Total Distribution Since Inception:
$8,692,361
Academic Year and how the Jones Innovation Initiative has enhanced the quality of the academic experience, the level of student engagement, the effectiveness of leadership development, and career placement.
The total operating budget for FY24 was approximately $1 million. (Here’s last year’s report, for reference.) Please see the sectional pages in this year’s annual report for budget and spending breakdowns by program area.
FINANCIAL HIGHLIGHTS
FY24 Endowed Fund Performance (Market Value)
FY25 Operating Budget
ENHANCING THE QUALITY OF THE ACADEMIC EXPERIENCE
FY24 BUDGET HIGHLIGHTS: Academic Experience
$336,769 Actual $478,135 Budget 70% of Allotted Budget
ENHANCING THE ACADEMIC EXPERIENCE
The Office of Undergraduate Programs (OUP) constantly seeks to update and improve the quality of the academic experience at Michigan Ross. Some highlights from this past year include:
● Networking Fundamentals at UMMA: In November, the Ross BBA class of 2027 gathered at the University of Michigan Museum of Art (UMMA) for an evening of connection and networking. This event is part of the BA100 course that focuses on three learning goals for the first undergraduate semester at Ross:
○ Introduction to Business: Understand business terminology and concepts and connect these to areas of business and society.
○ Professionalism & Community Engagement: Learn how to professionally network and engage with others to build a collaborative culture at Ross — and understand the value of doing so.
○ College Transition: Continue to build academic and emotional readiness and manage the college transition to become an active member of the Ross community.
Following initial networking training in class, the UMMA event allows first-year students to practice and hone in on their networking skills in a collegiate, social setting. We connect Ross students with peers and professors to build long-term, trusted bonds that can offer advice, support, and collaboration opportunities. We encourage our students to foster the development of mutually beneficial relationships. This co-curricular experience effectively implements networking strategies and techniques discussed in the classroom.
SPOTLIGHT: MAGGIE GATES, BBA ’26
Hi! My name is Maggie Gates and I am a current BBA Junior at the University of Michigan, which is a sentence I never thought I would say as the daughter of two MSU graduates, yet it is my proudest accomplishment. My experiences in the Ross School of Business have been enriching and given me some of the most formative experiences and relationships.
As a first-year student, I was initially overwhelmed by the size of the university, but the professors and faculty at Ross went above and beyond to make it feel like home. Now, three years later, I walk through the halls and have daily conversations with old professors, the friends I have made in maintenance staff, and other members of the Ross community. I feel at home in Ross and uplifted by the atmosphere and willingness of everyone around me to push me toward my full potential.
One relationship that stands out to me in particular is with Undergraduate Dean, Cathy Shakespeare. I met Dean Shakespeare during her open office hours in the Winter Garden as a nervous sophomore trying to figure out how to tackle the recruiting process. I knew I wanted to go into accounting and remembered Dean Shakespeare’s mention of her background in accounting during our freshman orientation. I sat down at her table and introduced myself.
Before I knew it, I was connected to one of her old students, who was a former recruiter at Ernst & Young. Through this connection, I was able to expand my network and gain connections that led me to interview and ultimately accept my internship for this summer as an Audit Intern for EY in Detroit with a plan to pursue my CPA following undergrad.
Another aspect of Ross that stood out to me from day one, is the willingness to help students where needed. My former academic advisor knew that I needed an on-campus job to help pay my tuition, as I am one of five kids, and he sent me every opportunity that came his way. I currently work for Ross Undergraduate Programs as a teaching assistant for BA200 and BA102, and as an author of the newly formed undergraduate newsletter, the Biz Beat. These opportunities have given me a way to integrate myself into a new aspect of the community.
In conversations with my peers from high school at other universities, I understand how rare and valuable the energy of Ross is. I will forever be grateful for the one-in-a-lifetime opportunity to be a part of Michigan Ross. The BBA program has pushed me to challenge myself and form unexpected relationships. I am forever grateful for the opportunity to be a part of this community and look forward to a lifetime of living out the Ross Mission: Building a Better World Through Business.
● BA200: Business & Leaders: The Positive Difference: This year, students attended a guest lecture event with Trey Boynton, global lead, inclusion and collaboration strategy for Cisco Systems. Trey spoke with our sophomores about the “Business Case for Diversity.” Additionally, teamwork is an integral part of our class. We use a software system called Tandem throughout the semester to connect students and instructors on how each team is doing. Tandem is tailored to each team and individual. Students complete team “check-ins” and lessons on how to better perform collaboratively.
● Ross Integrative Semester: In their junior year, our students engage in four core courses in business law, behavioral theory and management, technology and operations, and business communications. This experience, otherwise known as the Ross Integrative Semester, encourages students to apply their learning through an entrepreneurial challenge that integrates content from these areas. Students pitch a potential business idea that aims to address a societal challenge. This year we made changes to allow students to vote on the topics they would work on. The range of topics included sustainability, fashion, housing, real estate, and wellness, which made the students feel more invested and excited.
● Peer Mentor Program: Major changes were made to the peer mentor program following COVID-19 and were fully implemented in Fall 2023. This included hiring 90 students ranging from sophomore to senior level who were assigned to approximately 60 first-year students. They connected over the summer to help build community and then met four times during the academic year. These meetings were focused on the entire experience including scheduling, transition to college, club and career recruiting. Many of these relationships existed far beyond the first year.
The Academic Success Center continues to provide necessary academic support and operate pipeline programs for students with minoritized identities, from high school through their undergraduate senior year. Highlights from this year include:
● MREACH: This year’s activities featured financial literacy workshops, a “meet the clubs” event, a combined service project, campus exploration, a finance seminar, an alumni panel, a business ethics discussion, and a Pistons game. The program concluded with an end-of-year celebration attended by 90 participants. To date, 11 MREACH students have matriculated to Ross, and 20 students have been admitted to the University of Michigan.
● Summer Business Academy: The 2023 program, held in person on campus from June to July, featured 68 participants and included involvement from faculty members Anu Nagarajan (Strategy), Norm Bishara (Law & Ethics), Greg Miller (Accounting), Sarah Zimmerman (Business Communications), and Gautam Kaul (Finance). Students completed a real estate development project and engaged with various campus organizations. To date, 24 Summer Business Academy students were admitted to Ross, and 32 were admitted to the University of Michigan.
● Ross Summer Connection: Participants explored Detroit through visits to the Detroit Adventure Leadership Center, Piquette Flats, the Michigan Central Book Depository, and Congress Development. They also had the opportunity to network with staff and faculty, including Dean Sharon Matusik and undergraduate Dean Cathy Shakespeare, and showcased their skills during the ZLI Pitch Competition.
● Preparation Initiative (PI): The 2024 BBA Class graduating class consists of 40 former PI students who will pursue careers at PepsiCo, L'Oreal, Morgan Stanley, Deloitte, McKinsey & Co., Goldman Sachs Private Wealth Management, and JP Morgan Chase. Additionally, PI graduate Roman Rhone was featured as one of Poets & Quants 2024 Best & Brightest Undergrads.
Action-based learning remains a cornerstone of the undergraduate curriculum at Michigan Ross, particularly through MAP:
FY24 HIGHLIGHTS: Action-Based Learning
$60,573
Actual
$162,772 Budget 37% of Allotted Budget
Total MAP Projects Per Year
FY24 BUDGET HIGHLIGHTS: Integrative Experiences
$181,898 Actual $192,485 Budget 94% of Allotted Budget
STUDENT ENGAGEMENT ACTIVITIES
Student Programming Highlights from the year include the following:
● BBA First Year Welcome Weekend: This was a new program for students that incorporated a welcome message, an information fair with centers and institutes, and an ideation session with the Zell Lurie Institute. Students worked together to create solutions regarding issues they will face in college. They shared this is their first public speaking exercise as a BBA. Each student was assigned into their BA 100 section led by a faculty or staff member.
On Saturday, students participated in the “BBA Games,” where they divided into 10 teams to compete in various activities. Activities included a water balloon toss, a three legged race, dodgeball, trivia, cookie decorating, a cornhole tournament, capture the flag, tug-of-war, guess the song, and mural painting, in which the students demonstrated an impressive amount of passion and competition.
● RosstoberFest: This event was a nice way for students to take a break with root beer and pretzels to mingle and de-stress. Our new CAPS embedded counselors hosted a table showcasing their resources and we had additional tables with various activities, including origami, yoga, puzzles, and coloring.
● Study Break and Make: We provided healthy food and space for students to create greeting cards to send to the organization- Cardz for Kidz.
● ROSScars: With 276 attendees, this was our largest end-of-year senior celebration to date. Held at UMMA, students revealed senior superlatives, shared a meal, and exchanged gifts.
During the 2023-2024 Academic Year, student organizations were once more buzzing with activity on campus. Several new clubs were formed, including:
● Michigan Women Investment & Society of Women in Finance: Aim to empower undergraduate women by providing a supportive community to collectively strive to become knowledgeable and proficient in the realm of finance.
● Michigan Healthcare Business Club: Aims to make a positive impact on healthcare from a business perspective.
● Michigan Business Research Hub: Strives to bridge the gap between business and academia.
UNDERGRADUATE BUSINESS STUDENT GOVERNMENT SUMMIT (UBSGS) HIGHLIGHTS
UBSGS was held at Ross in Spring 2024. With a theme of “Balance as a Student Leader,” the conference brought together student leaders from 16 other business schools across the country. The Sanger Leadership Center and the Center for Positive Organizations both hosted workshop sessions during the event.
“I am so grateful that I got to attend UBSGS as a first year student. Just from attending, I feel like I really grew as a leader and overall thinker. Listening to different perspectives really opened my eyes to how much change can be made and is necessary. Overall, such a positive experience.”
- Penn State University-Smeal Student
FY24 BUDGET HIGHLIGHTS: Leadership Development
$145,343 Actual
$182,500 Budget 80% of Allotted Budget
LEADERSHIP DEVELOPMENT
Last year, through the Sanger Leadership Center, students introduced to a range of unique opportunities to build their leadership skills and gain practical experience. Highlights from the 2023-2024 Academic Year include:
● LeaderShape Retreat: Two BBA students participated in this year’s LeaderShape with 34 peers from across the University. LeaderShape took place over spring break. Two members of the Sanger team also attended as staff facilitators.
● Outdoor Leader (InterMission): engaged with 32 BBA students enrolled in MO330, which included an outdoor leadership wilderness experience in May 2024. The Sanger Leadership Center was involved in several course sessions, which explored the Sanger Leadership Journey, as well as topics of self, interpersonal and team leadership. Specifically, students learned about values, purpose, managing difficult conversations, giving and receiving feedback, and conflict resolution.
“I can say with confidence that InterMission has been the most engaging and personally significant class I have taken throughout my four years at U of M. The course material and structure required me to think intentionally and meaningfully about myself and my professional pursuits… The week I spent in Utah learning about myself and my leadership capabilities was incredible. So much so that it made for one of the most meaningful times of my life.”
- John Henry Slonieski, BBA ’24
“As an international exchange student, Intermission was an incredible opportunity. It was the most original, memorable and true US experience of my time here…I can’t express how grateful I am to have been able to participate.”
- Clement Fromonteil, Semester Exchange BBA student from France
LEADERSHIP DEVELOPMENT IN THE LAB
STORY LAB
100% of participants agreed that they are likely to use the skills learned during the retreats
14 BBA students participated in Story Lab this past academic year. Story Lab retreats, where students workshop the art and architecture of story development and delivery, were held in October 2023 and February 2024. Additionally, three BBAs received individual coaching and shared their story in front of a live audience during Story Lab showcases, open to the entire U-M community.
LEGACY LAB
97% of participants stated that they are likely to use the skills gained in this program.
A total of 10 BBA students participated in Legacy Lab, which was held in November 2023 and February 2024. Legacy Lab is designed to help students unlock their capabilities and increase their influence and resilience.
“Truthfully, Story Lab does what many workshops cannot achieve: it teaches attendees vital communication skills from a new lens and keeps them engaged for five hours. At the end of the workshop, everyone sitting at my table exchanged socials and contacts—hard to believe you could make new friends in such a short time, all while learning too.”
- George Kolarchick, BBA ’24
“Throughout [Legacy Lab], I underwent a personal and professional transformation, gaining invaluable insights into what it truly means to lead with impact and purpose. One of the most pivotal lessons I learned was the importance of prioritizing self-reflection and nurturing authentic relationships as cornerstones of successful leadership.”
- Bizzy Webb, BBA ’26
- George Kolarchick, BBA ’24
SPOTLIGHT: LEADERSHIP CRISIS CHALLENGE
This past year, 51 BBA students participated in the Leadership Crisis Challenge, through which they played the part of senior executives tasked with responding to a crisis as it unfolds. In total, 416 students participated in this landmark event held on January 25-26, 2024. We test skill development through pre- and post-event surveys. The percentage of participants that agreed with the following statements in the post-survey are as follows:
of participants agreed they would recommend this program to a classmate
of participants agreed that Crisis Challenge advanced their understanding of the skills needed to be a leader in times of crisis
“The Leadership Crisis Challenge was by far the most impactful business-related case competition I have participated in. Being placed into random teams and given strict time constraints forces you to step out of your comfort zone and work proactively with your teammates to develop solutions. By far the most thrilling, energizing, and entertaining business competition I have been a part of!”
- Anish Gaddam, BBA ’26
CATALYZING CAREER SUCCESS
Thanks to enhanced programming made possible by the Jones Initiative, Ross BBAs have access to dedicated career support, including touchpoints with professional career coaches and peer coaches as well as numerous on-demand resources for career development and search success through the Career Development Office (CDO). Highlights include the following:
● Individual Career Coaching: BBA students engaged in more than 8,200 one-on-one career coaching appointments, in addition to participating in 63 unique career education workshops and learning sessions from June 2023–May 2024.
● CDO BBA Consulting Trek to Chicago: 22 Sophomores visited six consulting firm offices and networked with 15+ Ross alums during a casual mixer on the inaugural two-day BBA Consulting Trek which increased access to real-world career exploration and professional growth.
● Career Exploration Week: BBA students engaged in a week-long series of career exploration experiences including a Career Cafe with CDO Coaches, an Exploring with Ross Alumni panel event, a career assessment workshop, and 80+ hands-on job simulations from Fortune 500 companies via CDO’s partnership with Forage boosting their business skill sets and professional brand.
“Instead of thinking in the mindset of ’THE career for me’, it made me think of it as ‘some of the possible careers that I would enjoy.’ My list then brought out my priorities in what I want, which I will keep in mind when choosing what to go into. ” -
Once again, Michigan Ross BBA graduates exhibited outstanding for career success, as demonstrated through the following metrics.
89.1%
Accepted an offer by graduation (Compared to 85% in 2023)
98.3%
Accepted an offer by September 30, 2024 (Compared to 98.3% in 2023)
$100,000
Median starting salary (Similar to 2023)
TOP 10 HIRING COMPANIES:
Bain & Co. Bank of America Boston Consulting Group Capital One Citi Deloitte EY Parthenon JP Morgan KPMG Strategy PwC Strategy
Finance remains the largest industry with 43.1 percent of the class going into financial services, which has increased .2 points from last year’s 42.9 percent. Consulting was down from 24.8 percent to 22.7 percent. The only other meaningful change in industry was tech going from 9.8 percent to 7.2 percent. The changes in consulting and tech are expected given consulting returning to pre-pandemic hiring and the overall decrease in hiring in tech.
With the exception of Microsoft falling to #27 this year and being out of the top ten employers, the industry mix is very similar to last year, indicating student choice may have been the factor for movement instead of the market.
*Watch for the full 2024 BBA Employment Report in January 2025*
IN CONCLUSION
We hope you have enjoyed this glimpse of your impact during the 2023–2024 academic year, as told through the experiences of our students, faculty, and staff. For what’s next, the Look to Michigan Ross campaign was recently launched and focuses on three strategic priorities for the school:
● Catalyzing tomorrow’s leaders by boosting support for student scholarships, action-based experiences such as those offered by the school’s centers, institutes, and initiatives, and best-in-class curriculum across all programs.
● Igniting transformational research by supporting foundational business research as well as rigorous investigations into some of the most pressing business issues of our times.
● Boldly advancing our reputation, reach, and brand through cutting-edge fellowship programs, expanded executive education programs around the world, and other strategic initiatives to help elevate our global visibility and preeminence.
We greatly appreciate your unwavering support and dedication. Together, we can look to Michigan Ross for inspiring leadership and transformative education that paves the way for a better world through business.
