ISSUE 9: AUGUST 2012
NEWS & UPDATES FROM WIT GRADUATE BUSINESS
THEEDGE CONTENTS:
Dear colleagues, I hope you are enjoying your summer break and all of our best wishes to those of you submitting research papers and theses. We are pleased to send you our summer edition of our ezine [the edge newsletter] which will provide you with news and updates on developments within the Department. In this edition you will learn about a new European Consumer Financial Advice Training Programme which is co-ordinated by one of our accounting lecturers, Mr John Maher. You will also learn about two new programmes (MSc in Global Financial Information Systems (GFIS) and the Postgraduate Diploma in Business in Lean Practice) which will be launched in September, both of which have recently been approved for Springboard funding by the government. We are also delighted to announce that our Head of School, Dr Thomas O’Toole has been awarded a Fulbright Scholarship which will provide him the opportunity to study, lecture and research at the prestigious J. Mack Robinson College of Business at Georgia State University. In this edition of the edge, we also report on our employment survey of 2011 WIT postgraduates which shows a very satisfying 95% of those who completed graduate programmes at WIT School of Business are now in employment. With the backdrop of the fiscal treaty referendum bubbling away in Ireland, the Graduate Business masters’ students again engaged in an intensive week’s study programme at the heart of the Brussels bureaucracy and amidst the historic surrounds of the Leuven Institute for Ireland in Europe. Our thanks and appreciation to all those involved in directing this important programme of activities. Congratulations again to all the course team on our MBS Internationalisation programme on the launch of the new Double Degree with ESC Bretagne Brest, the first International Consortium Agreement of its kind in any Institute of Technology college in Ireland.
Greetings
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Fulbright Award
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European Consumer Financial Advice Training Programme
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Launch of new GFIS Programme
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International Study Programme
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Graduate Business Society Update
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Launch of new Tourism Programme
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Manufacturing and Services Programme
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Launch of new Double Degree programme
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Postgraduate Students
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This semester has been overshadowed by the sad loss of our dear friend and colleague, Ms Margaret Skelly, Lecturer in Accountancy. Margaret led many of the developments in the School and will be remembered for her immense contribution to student learning, life and welfare. May she rest in peace. Ar dheis Dé go raibh a anam dílis. Dr Denis Harrington Head of Graduate Business
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Fulbright Award for Dr Thomas, Head of School of Business
European Consumer Financial Advice Training Programme
Waterford Institute of Technology’s Head of the School of Business, Dr. Thomas O’Toole, was among the recipients of the prestigious Fulbright scholarship at the Royal Hospital Kilmainham, Dublin recently.
The European Commission is sponsoring a project entitled ConFinAd (www.confinad.eu) which involves the provision of training to independent not for profit financial advisers in each of the 27 countries of the European Union. The program is led by the German Institute for Financial Research (www.iff.de) in Hamburg and the European Consumer Association (www.BEUC.org ). These partners are working with a national partner in each jusridiction and John Maher of the Department of Accounting & Economics in WIT is the Lead Trainer for Ireland. The program involves delivery of a two day training course in each capital city. In February this year, John attended a training for trainers module in Brussels hosted by the European Consumer Association for relevant professionals from 12 EU countries. The venue for Ireland was Tallaght Institute of Technology and Martin Nolan Head of Business acted as host for the event on 17th and 18th of May.
A record number of 37 Irish Fulbright Awards were officially announced today. The awards are jointly funded by the Irish and US governments under the Ireland-United States (Fulbright) Commission for Educational Exchange. Fulbright scholarships have provided Irish students, scholars and professionals with the opportunity to study, lecture and research at top universities and institutions in the U.S. since 1957. Dr. O’Toole will undertake research at the J. Mack Robinson College of Business at Georgia State University in the area of interfirm collaborative capability to model growth lessons for Irish software firms from the embedded interconnected ties that appear to characterise their US counterparts. According to Dr. O’Toole, “Ireland’s entrepreneurs do not tend to grow their businesses into larger firms which is evidenced by the country’s dependence on multinational firms for its exports (over 70%). Ireland is a hub for international software firms and has a huge range of its own firms in this area. One of the key reasons that Ireland does not have its own set of international software firms may be how they are networked in the early stages. Dr. O’Toole’s research will examine how this capability emerges and, in doing this, will build a model of the process which will represent a contribution to the academic literature. The study will also have major relevance to the growth of Ireland’s indigenous software industry, which will have application to other firms. In addition, the findings from the research should provide insights for policy makers into how they can adapt current policy to improve the network capability of Irish entrepreneurs. Dr. O’Toole added, “Atlanta Georgia is in the top three locations in the US for new software firms and, as a hub, will be a good place to access and understand how network capability emerges. Dr. O’Toole is one of only two academics of the 37 to be awarded the scholarship from the Institute of Technology sector. WIT has received two other Fulbright scholarships in the past: Dolores Gilhooly won it in 1975 for work in the Human resources area at New York State University and Dr. John Nolan for Macular Pigment Research at the Medical College of Georgia.
Dr. Tom O’Toole with Una Halligan, Chair, Fulbright Commission at the Fulbright Awards Reception on 15 June 2012
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The Irish course contributors were Brendan Burgess (www.askaboutmoney.com and members of the government Mortgage Arrears Review Group), Prof Colin Scott, Dean of Law at UCD and Paul Joyce, Senior Policy Adviser from the Free Legal Advice Centres. The course was attended by personnel from MABS, the Consumer Association of Ireland, the National Consumer Agency, the Citizens Information Board, OPEN, Westmeath Immigrant’s Network and the Northside Community Law Centre. The course covered topics such as consumer financial needs and perspectives, practicalities of helping consumers, consumer behaviour in financial services’ contexts, insurance, credit, savings and investments, redress and debt resolution. Five countries are completing a pilot program: Germany, UK, Denmark, Slovenia and Ireland. The experience from these courses will then be fed into the refinement and development of the program template before rolling out further iterations across the EU. WIT Business School participation in this program enriches course development in the financial services area, expands its consumer network, informs research activity and contributes to consumer policy and practice in the financial services domain.
Photographed at a recent event are Brendan Burgess (www.askaboutmoney.com) John Maher (Dept of Accounting & Economics WIT) Saida Saguir (European Consumer Association) and Paul Joyce (Free Legal Aid Centres).
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WIT Department of Graduate Business Launches the MSC in Global Financial Information Systems (GFIS) The provision of targeted up-skilling programmes at postgraduate level for the Financial Services Industry is a key recommendation of the EGFSN report on the “Future Skills and Research Needs of the International Financial Services Industry” (2007 pp.57-78); the Government of Ireland’s “Building Ireland’s Smart Economy” report (2008, p.12); and, more recently, the Forfas “Guidance for Higher Education Providers on Current and Future Skills Needs of Enterprise” report (2012, p24-26). The Masters of Science (MSc) in Global Financial Information Systems (GFIS) aims to address the current and future demand from the Financial Services Industry, for hybrid Financial Services and ICT graduates with a specific focus on the application of ICT in a Financial Services context. WIT’s MSc in Global Financial Information Systems (GFIS) is offered under the Springboard Programme 2012. The MSc in Global Financial Information Systems (GFIS) consists of 11 modules delivered over a 16 month period, of which 6 months will comprise of a Professional Internship with an organisation operating in the Financial Services Industry. The first 10 months will be spent on-campus at WIT, while the final 6 months will consist of the Professional Internship. Participants on the MSc in GFIS will learn vital practical skills in data modelling and analysis, business intelligence, econometrics, corporate financial interpretation, and project management. Participants will also develop an in-depth knowledge of financial derivatives, transaction, banking and payment systems, security, continuity and ethics, and financial risk management and regulation. The delivery of key ICT skills through the Financial Information Systems modules and a 6 month Professional Internship underlines the uniqueness of this programme offering in Ireland and internationally. The programme is structured as follows: Semester 1
Semester 2
Semester 3
1. Data Modelling and Analysis 2. Econometrics 3. IS Project Management 4. Financial Derivatives 5. Seminar Series
6. Business Intelligence 7. Global Transaction, Banking, and Payment Systems 8. Global Financial IS Security, Continuity and Ethics 9. Global Risk Management and Regulation 10.Corporate Financial Interpretation
11. Professional Internship
The MSc in Global Financial Information Systems (GFIS) is underpinned by WIT’s longstanding reputation for providing high quality, innovative, business and finance programmes at undergraduate and postgraduate levels. The mission of the MSc in GFIS is to produce graduates highly skilled, knowledgeable, and experienced, in financial modelling, analysis, and interpretation, and in the development, application, and management of ICT for the Financial Services Industry. Specifically, the programme aims to: • clearly differentiate itself from other postgraduate business and finance programmes on offer in Ireland, by working closely with representatives of the Financial Services Industry to create a programme that reflects market needs, and enhances Ireland’s, and
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the South East’s, ability to attract and retain Foreign Direct Investment (FDI) in this sector of the Irish economy; • create hybrid Financial Services and ICT graduates with the skills, knowledge, research abilities, and experience to gain employment, and rise through the management ranks, of the Financial Services Industry; • re-invigorate the Financial Services Industry by targeting specific current and future skills needs, identified as being essential for the future growth and sustainability of the Irish economy; and, • produce high calibre WIT graduates, distinct in their abilities and knowledge, capable of playing leading roles in the design, integration, and utilisation of Financial Information Systems to create value in the Financial Services Industry. Career Opportunities The goal of the MSc in Global Financial Information Services is to ensure that programme graduates have the practical skills, knowledge, and experience required to immediately take-up employment in positions in the Financial Services Industry, in roles such as FIS Analyst, Financial Data Analyst, Business Intelligence Analyst, Business Enabling Analyst, Compliance Analyst, Project Management Office (PMO) Analyst, etc., while also providing graduates with a skills and knowledge base to progress to middle management and beyond. A graduate may also apply for further post graduate Level 10 studies, such as a PhD by Research, either nationally or internationally. Applications for the programme are made online by going to www.springboardcourses.ie. There is no cost for eligible Springboard applicants. Applicants must first satisfy the Springboard Terms and Conditions. Graduates of Business or Technology undergraduate degree programmes who have achieved an honours grade (2.2) or higher, are eligible to apply. Graduates from other undergraduate degree programmes, who have achieved an honours grade (2.2) or higher, are also eligible to apply. However, this does not guarantee automatic entry to the programme but participants may be considered for interview and short listing. Prior work or industrial experience may be considered when short listing applicants. Applicants who are not native speakers must have one of two English language qualifications – TOEFL/IELTS with a minimum score in TOEFL of 550 or IELTS of 6.5. Springboard applicants will also have to complete a Springboard form to be considered for Recognition of Prior Learning (RPL) in line with the Institute’s RPL policy. The programme will conform to the standard Waterford Institute of Technology (WIT) Postgraduate recruitment policies with regard to accreditation of prior learning. For further details, please contact: Programme Director: Dr. Aidan Duane Email: aduane@wit.ie Telephone: 051-846227 Head of Graduate Business: Dr. Denis Harrington Email: graduatebusiness@wit.ie Springboard Coordinator: Mr. Maurice Power: mjpower@wit.ie Telephone: 051-845691
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International Study Programme for Graduate Students At a crucial juncture in Ireland’s relationship with the European Union, and indeed for the eurozone as a whole, the business leaders of tomorrow need a clear and critical understanding of the Single Market and its institutions to enable them to best exploit the opportunities therein for themselves and their companies. With the backdrop of the fiscal treaty referendum bubbling away in Ireland, the Graduate Business masters’ students engaged in an intensive week’s study programme at the heart of the Brussels bureaucracy and amidst the historic surrounds of the Leuven Institute for Ireland in Europe. Being the fifth edition of the International Study Tour to Belgium, the School has cultivated a number of senior academic and professional contacts who share their experience and knowledge with the students. As the travelling group contained Accounting, Marketing, HR, Management and Economics & Finance students, the initial sessions reflected the range of interests with senior professors from the Katholieke University in Leuven including Nancy Huyghebaert, Marnik Dekimpe and Joep Konings, the latter being a former advisor to Commission President Barrosso.
Graduate students who participated in the recent study programme to Brussels
MBS student Lorna Ferncombe photographed with MEP Sean Kelly during recent study programme to Brussels.
The visit to the EU quarter was a typically intense and varied affair, with Sean Kelly MEP welcoming the group on a tour of the European Parliament, before the group split according to specialisms: the Accounting students attending a seminar with EU Commissioner for Taxation and Customs Union, Audit and Anti-Fraud, and other senior academics at a tax conference, whilst the MBS group visited the Irish Permanent Representation to the EU to hear from Irish officials engaged in the day-to-day negotiations on behalf of Irish interests within the EU system. The students also probed the knowledge of Tony Connelly, RTE’s European Editor, as well as Irish representatives from the European Ombudsman’s office.
who reflected on the need to increase the engagement of business leaders in exercises such as the students had experienced that week. The students also had time to visit a major industrial corporation, and to experience the social and historic delights, within the beautiful surrounds of Leuven. As always, the feedback from students was uniformly positive, with many appreciating the unique opportunity of engaging with those who have such an influential role in Ireland’s prospects for recovery. The experience is a real and valueadded element to their advanced studies in business and will equip them with an experience not easily replicated elsewhere in the Irish educational spectrum. Further details from Dr Sheila O’Donohoe sodonohoe@wit.ie and Mr Gerard Arthurs garthurs@wit.ie (Co-coordinators of the International Study Programme)
GBS joined by French delegation for their Annual Social Event 2012 The Graduate Business Society hosted their annual social event earlier in the summer which was attended by postgraduate business students, lecturers and invited guests. This year the Irish students were joined by a delegation of French students who were visiting as part of their studies on the new Double Degree programme with ESC Bretagne Brest, France. Again the event provided an opportunity for the School to acknowledge and celebrate the achievements of our graduate students as well as providing important networking opportunities for those in attendance. This year all proceeds were generously donated to the Waterford Spina Bifida Association and our thanks are extended to the current President of the GBS Niall Keaney and his committee for their help and support in this regard. The GBS society is a unique community supporting students throughout their graduate business studies at both Masters and PhD level, by providing students with opportunities to discuss their experiences with other graduates, currently lecturing at WIT or who have gone on to work in the corporate world. It fosters and facilitates such network opportunities for its members through various events, seminars, and through its annual Social event. In essence, the society provides a platform for interaction and collaboration; career advice and opportunities; and it promotes amongst its members the core principle of life-long-learning.
Whilst all of this activity was going on, the students were also preparing for their professional presentations of a case study scenario, putting them in the position of presenting in a foreign environment before a panel of academic experts. This part of the tour – a fully accredited assessment counting toward their masters’ degrees – seeks to recreate real life challenges for the students in preparing and implementing a group assignment in an intense and time-sensitive environment that will serve them well in their future careers.
In addition to supporting graduates in their academic endeavour, GBS also supports a vibrant social calendar throughout the year. They actively encourage all current and past postgraduates to become members and enrich the life of the WIT Graduate Business community with their individual personalities, their academic skills, special talents, life experiences and leadership qualities. They look forward to welcoming new members, both past and present to the society. If you require further information on the society or any of its activities, please contact the address below.
The Tour culminated in the by now traditional address by the Irish Ambassador to the EU, His Excellency Rory Montgomery,
E-mail: GBS@wit.ie or alternatively graduatebusiness@wit.ie
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New Enterprise Management programme for tourism professionals The Fáilte Ireland BSc in Small Enterprise Management programme commenced in September, 2011 at the Department of Graduate Business, Waterford Institute of Technology. This exciting new degree programme which is customised for the owner/manager of small tourism and hospitality enterprises, as well as for supervisory and junior management levels in the industry is the first of its kind in Ireland – and is the outcome of a strong partnership between Fáilte Ireland and WIT. The BSc in Small Enterprise Management programme was designed to be relevant to the commercial realities of being a tourism entrepreneur and therefore has employed a Problem-based Learning (PBL) approach which places an emphasis on addressing and resolving realistic business situations. The programme is also innovative in its blended learning design, with two thirds of lecturer and student interaction happening online, in order to meet the flexible learning needs of tourism entrepreneurs. Students on the programme are logging on to the WIT Moodle Online Environment to access live online sessions with lecturers, and recorded seminars through Adobe Connect. Other tools such as Google Chat, Google Docs and online forums are also being used to facilitate student to student and student to lecturer engagement. Students also have access to a wealth of online academic books and articles, including ebooks through the WIT library databases. The programme has emphasised the development of key personal skills such as critical thinking and communication, allied to exposure to specialist knowledge in business development. In particular, the programme will respond to the need for the tourism entrepreneur to be able to thrive in a radically changed landscape with the power and influence of the Web, changing tourist profiles, economic downturn and increased competition. On completion, participants will have developed the skills necessary to develop their enterprises so that they will be in a much stronger competitive position. Participants on the programme come from the south east and south west but also further afield in Donegal, Mayo and Dublin and represent a number of tourism sectors including activities, accommodation, caravan parks, heritage, angling, adventure, education, sailing and hospitality. The first cohort of the programme has now completed the first of three years. The first year concentrated on the development of critical personal skills and management capability, and developing competence in technology, operations, and finance. The focus of year two will be on the development of organisational capability across the following functional areas: managing people, regulation and sustainability, marketing, and management accounting. Year three will support the participant in the skills and knowledge required to develop and execute effective strategy at enterprise and local level. Further information available from Dr Anthony Foley, Programme Director, afoley@wit.ie
Manfacturing and Services Programme for businesses in the south east Lean Manufacturing and Services is an area that is crucially important to a range of companies based in the SouthEast. Lean is a philosophy which has developed over the past decades and is most notably practiced by Toyota in its manufacturing processes. It seeks to reduce waste of all kinds (time, motion, waiting, inventory etc) and places the customer at the heart of everything it does. This philosophy has provided enormous benefits for a range of industries and as a consequence it is a feature of most manufacturing environments at this point. Furthermore, Lean is a toolset that is being applied to the services sector increasingly. The Postgraduate Diploma in Business in Lean Practice is a new programme which has been designed innovatively to engender the skills and mindset necessary for successful application of Lean in a business context. Developed with input from Lake Region Medical (which recently became the first company in Ireland and first medical device company in Europe to receive Shingo Accreditation) and other stakeholders the programme provides a flexible opportunity for those who are trying to balance work, life and learning.
Consisting of 12 modules the programme will provide participants with direct industry engagement through seminars, live projects, company visits and peer interaction. Moreover the programme entails varied delivery modes – only 4 of the 12 modules are delivered in the traditional manner. The remaining modules are delivered in focused blocks to allow for thorough immersion in the topic. Using online technologies, aspects of the programme can be undertaken from the comfort of your own home! Covering topics such as Lean Project Management, Supply Chain Management, Operations and Communication participants are expected to experience the cut and thrust of lean very quickly. This is supplemented by topics such as Change Management and Innovation. Dr. Pio Fenton is Programme Director for this course and he can be contacted at pfenton@wit.ie or 051 845646
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Waterford Institute of Technology launches new Double Degree with French college Mr. Brendan Howlin TD, Minister for Public Expenditure and Reform, was in Waterford Institute of Technology recently to launch its new Double Degree - involving the MBS Internationalisation (MBSI) degree at WIT and the Master in International Business (MIB) degree at the Ecole Superieure de Commerce, Brest, in France.
connection with ESC Bretagne, Brest provides enhanced learning opportunities for our students and exposes them to alternate teaching and learning environments. Apart from the many benefits of receiving the award of a double degree, WIT students will have the opportunity to study in France with their French colleagues and with students drawn from across the world.”
WIT’s MBS in Internationalisation is a one-year full-time taught postgraduate business programme that allows graduates understand the complex interconnectedness of global business by understanding the international development of the firm. Students gain this understanding through analysis of the external and intercultural environment, together with a focus on internal organisational realignment as firms grow and develop.
The Double Degree is the first International Consortium Agreement of its kind in any Institute of Technology college in Ireland and was brought about through the collaborative efforts of the programme leader, Mr. Declan Cahill, Dr Richard Hayes, Assistant Registrar and Ms Tara Ryan at HETAC. The formal process of programme approval also included a Joint Awarding Authority agreement between HETAC and Brest Chamber of Commerce.
At the launch of the programme, Minister Brendan Howlin said. “This double degree programme represents exactly the type of collaborative, innovative and focused approach that we hope to see more from our higher education sector. I see the double degree venture being undertaken by WIT and ESC Bretagne as a valuable contribution to enhancing Ireland’s capacity, and that of the South East region, to prosper. This development is taking place at a crucial juncture in the development of Irish higher education and the double degree provides students of WIT with an excellent opportunity to study abroad, work with and learn from their European colleagues.” The development of the Double Degree with ESC Bretagne, Brest provides significant benefits for MBSI students and for the School of Business as a whole. It provides the basis for an exchange of ideas, research activity, and student and faculty mobility between the two Institutions. According to Declan Cahill, Programme Leader of the MBS Internationalisation from WIT’s School of Business, “This is a really exciting development for WIT and for our students. This new
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According to Dr. Ruaidhrí Neavyn, President of WIT, “This new initiative is significant to the strategic development of WIT. Not only does it allow for the development of an important strategic partnership with ESC Bretangne, Brest but it reinforces the international nature and profile of the Institute and School of Business and can only advance the development of collaborations with other European institutions.” The Double Degree programme commenced in September 2011, and involves students on the MBSI degree working on a number of common modules with their colleagues on the MIB degree in Brest, including a residential study trip to France. Upon successful completion of their studies, students on both programmes will be awarded the MBSI degree at WIT - and the MIB degree at ESC Bretagne Brest - a Double Degree. The Minister also launched the recently published book ‘Managerial Challenges in Irish Organisations’, edited by Mr Chris O’Riordan and Dr Pat Lynch.
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WIT business postgraduates making their mark on the employment market With unemployment in the South East persistently higher than the rest of the country, 18.2% against a national average of 14.3%; we sought out graduates who received their parchment five months ago to see how they fared. A very satisfying 95% of those who completed graduate programmes at WIT School of Business are now employed. Included in that 95%, is 3% of graduates who are travelling and working and a further 9% of graduates who are working whilst continuing their studies or have taken paid research masters/PhDs. So after graduating five months ago, 5% are still seeking work. In their responses a little over 80% of graduates indicated that they had been recruited before graduation. Indeed, the main impact of the recession seems to have been to make graduates more conservative in their choices after graduation, and a good deal less likely to travel speculatively according to Dr Ray Griffin, who carried out the research on behalf of the Department of Graduate Business in WIT and who is the programme director for the MSc in Business, Innovation, Technology and Entrepreneurship. “Measuring and reporting on our impact on student’s lives is just one of the ways in which graduate education at WIT is different writes”, Dr Griffin. He continues: “Our hard won reputation is hewn from the success of our graduates. Our broad thinking has been to invest in the creation of exceptionally successful graduates who make an impact immediately on joining firms such as PWC, E&Y, Bausch & Lomb, Glanbia, BNY Mellon, State Street, Goldman Sachs, and Google amongst others, as well as across hundreds of organisations across the south east and beyond.”
New for this year are two specialist programmes that respond to specific employment opportunities- an MSc in Global Financial Information Systems and a Postgraduate Diploma in Lean Practice, both of which along with the mBITE and Higher Diploma in Business are eligible for the Springboard scheme. At WIT Graduate Business, much effort is invested into developing our students, and our recent survey of the class of 2011 shows they are enjoying a strong return on investment. We focus on rounding our students off as knowledgeable, thoughtful, hardworking, presentable, effective employees who make a positive impact from day one, and continue to make an impact over a long career. For example all of our graduate programmes now incorporate an international study programme which strengthens WIT’s international network of elite relationships, whilst also positioning our graduates to take advantage of the internationalised dimension of Irish business and entrepreneurial opportunities. Equally our MBA programme incorporates a series of professional development workshops and career seminars and our School co-ordinates one of the largest business seminar programmes for graduates in the country. These initiatives are paying dividends and our graduates are entering the workplace more professionally aware, and capable of making the types of contributions that are valued in an increasingly challenging business environment. Tel: 051 302424 | graduatebusiness@wit.ie | www.wit.ie
MBS Accounting students pictured during a recent company visit to HASBRO Waterford.
If you would like to send us updates or news items for inclusion in the Edge Newsletter, please send to: graduatebusiness@wit.ie or alternatively contact our Graduate Business Office, 051 302424
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