Booth Gets $5 Million For Social Enterprise 02-01

Booth Gets $5 Million For Social Enterprise

by John A. Byrne

Former United Airlines President John Edwardson gives $5 million to Chicago Booth for social enterprise

The former president of United Airlines, John Edwardson, has given the University of Chicago’s Booth School of Business a $5 million founding gift to support a new Social Enterprise Initiative, Booth announced today (Jan. 29).

The gift is the latest in support of an increasingly hot area for many business schools. Last year, a Stanford alum and his wife gave $150 million—the largest in the business school’s history—to Stanford to create a new institute whose goal is to combat poverty around the world.

The gift to Booth was made by the retired chairman and chief executive of CDW to support student, faculty and alumni interest in the social sector. Booth is defining the social sector to include for-profit and nonprofit organizations with a mission to improve social outcomes.

Booth said the funds will be used to fund the core activities of the Initiative, which include helping students launch and grow businesses in the social sector, matching alumni interested in board service with nonprofit organizations, and supporting student groups and career interests in the social sector.

The gift will also be used to fund faculty research and data collection, a major activity of the Initiative.

In recognition of the gift, the Chicago Booth business plan competition for social (MORE) ventures has been renamed the John Edwardson Social New Venture Challenge.
Edwardson received an MBA from Booth in 1972. He is chairman of the Council on Chicago Booth and a member of the University’s board of trustees.

Edwardson, in a statement, said the Social Enterprise Initiative is a natural outgrowth of the interests and approaches Chicago Booth students and alumni take to their work.

“I am delighted to support Booth’s Social Enterprise Initiative,” Edwardson said. “Booth students, faculty and alumni are engaging in a variety of ways in the social sector, from starting their own social ventures, to choosing a career in the impact economy, making a meaningful commitment to philanthropic and volunteer activities, and doing academic research.”

Led by faculty co-directors Marianne Bertrand, the Chris P. Dialynas Distinguished (MORE) Service Professor of Economics, and Robert Gertner, deputy dean of the Part-Time MBA programs and the Joel F. Gemunder Professor of Strategy and Finance, the Initiative brings together researchers with social sector interests from across the University’s academic disciplines, including economics, finance, marketing and psychology.

“There has been a big increase in student interest regarding how proven business practices can improve efficiency in the social sector and how businesses can think strategically about how they produce social good,” said Gertner, faculty co-director of the Initiative. “The Initiative will support greater social impact through the education of leaders across the business landscape interested in social sector ideas and dedicated to applying rigorous thought and proven business practices.”

“There is a shortage of rigorous research on the social sector as a whole, including its funding and incentive structure,” added Bertrand, the other faculty co-director, in a statement. “With the resources now made available to us by John’s gift, our faculty can conduct research in these areas, and the conversation can go deeper.”

Current and recent research on the social sector by Booth faculty includes field experiments on financial literacy and financial decision-making by the poor, studies on the impact of health and education reforms on development, and social psychology foundations of altruism and volunteerism. The Social Enterprise Initiative will host a conference on impact investing for academics and practitioners later this year.

Edwardson was chairman and chief executive of CDW from 2001 to 2011. He remained chairman until he retired in 2012. The company is a leading provider of technical products and services for business, government and education. Earlier in his career he was president of United Airlines, chief financial officer of Northwest Airlines, president of Burns International Services and executive vice president of Ameritech, now part of AT&T.

Edwardson received Booth’s Distinguished Corporate Alumni Award in 2006, for his successful track record in business.

“The Social Enterprise Initiative is uniquely Chicago,” said Sunil Kumar, dean of Chicago Booth. “It builds on Chicago Booth’s long-standing culture of rigorous analysis and our discipline-based approach to understanding organizations, markets and policy.

“John Edwardson’s philanthropic leadership will help us integrate academic research on issues that are important to the social sector with educational activities. In turn, we can effectively study and help develop more effective organizations,” Kumar said. “The social sector can benefit from proven market-oriented ideas and best practices from the for-profit sector.”

View at the original spource

Harvard Discounting MBA Tuition by 55.8% 02-01

Harvard Discounting MBA Tuition by 55.8%

A case study professor in action at Harvard Business School

Harvard Business School, already the world’s most generous school in helping its MBAs with their tuition bills, increased fellowship support last year another 12% to an average of  $29,843 per student, up from $26,745 a year earlier.

Only five years ago, in 2007, the average fellowship aid per student at Harvard was $17,605 a year. That’s a nearly 70% increase in student support since 2007, making it increasingly difficult for other B-schools to lure and essentially buy the best MBA talent on the market.

Put another way, Harvard discounted its annual $53,500 tuition by an average of 55.8% last year, up from 54.7% a year earlier and 44.5% five years ago. Of course, these are average numbers. So some students pay full freight; others go for free. Many get a discount off the full cost of tuition. The school says that half of its MBA candidates, roughly 900 students, receive a need-based fellowship award.

HARVARD SPENT MORE THAN $40 MILLION ON FELLOWSHIP SUPPORT LAST YEAR

All told, Harvard spent an unprecedented $40.3 million in fellowship support last year, up from $36 million in 2011.

The numbers are disclosed in Harvard Business School’s just released annual report.

Stanford University’s Graduate School of Business, Harvard’s biggest domestic rival, is not far behind in discounting the sticker price of its MBA program. The school says its average fellowship grant last year to MBA candidates was $24,708, up from $23,683 in 2011. This academic year some 427 MBA students at Stanford are receiving some form of scholarship money from the $12.8 million in institutional funding the school has set aside for MBA candidates.

The pressure Harvard is placing on other prominent schools who are losing some of their best applicants to HBS due to the lure of a deeply discounted education is not likely to let up. The business school is currently in the midst of a quiet fund raising campaign that seeks to raise an unprecedented $850 million to $1 billion, a chunk of which will go to students in the form of more fellowship money.

Harvard also reported that revenue rose 7.3% to $546 million for the fiscal year ended June 30, mostly due to sales in its publishing unit and tuition from executive education courses.

Publishing revenues rose 8.6% to $165 million last year, up from $152 million in 2011, largely from the sale of some 10 million case studies, books and Harvard Business Review reprints.

Executive education revenue totaled $142 million last year, a 7.6% increase from $132 million a year earlier.

View at the original source

Financial Times Global Business Rankings 2013 02-01

	Rank '13	3 yr. rank	School name	Country	Weighted sal. ($)	Salary inc. (%)
	1	2	Harvard Business School	US	187,223	121
	2	2	Stanford Graduate School of Business	US	194,645	115
	3	2	University of Pennsylvania: Wharton	US	180,772	121
	4	3	London Business School	UK	160,988	124
	5	6	Columbia Business School	US	174,347	123
	6	5	Insead	France / Singapore	153,992	96
	7	8	Iese Business School	Spain	146,049	141
	8	8	Hong Kong UST Business School	China	132,685	153
	9	8	MIT: Sloan	US	160,414	117
	10	11	University of Chicago: Booth	US	162,363	108
	11	9	IE Business School	Spain	157,054	117
	12	17	University of California at Berkeley: Haas	US	151,952	98
	13	17	Northwestern University: Kellogg	US	161,269	99
	14	16	Yale School of Management	US	159,370	118
	15	19	Ceibs	China	131,362	157
	16	18	Dartmouth College: Tuck	US	156,765	117
	16	23	University of Cambridge: Judge	UK	145,169	98
	18	18	Duke University: Fuqua	US	145,147	108
	19	15	IMD	Switzerland	147,380	65
	19	17	New York University: Stern	US	144,586	106
	21	19	HEC Paris	France	123,571	109
	22	25	Esade Business School	Spain	126,699	118
	23	29	UCLA: Anderson	US	147,125	115
	24	24	University of Oxford: Saïd	UK	136,609	95
	24	26	Cornell University: Johnson	US	147,799	112
	26	16	Indian Institute of Management, Ahmedabad	India	171,188	110
	27	-	CUHK Business School	China	103,423	153
	28	38	Warwick Business School	UK	120,111	89
	29	30	Manchester Business School	UK	114,769	111
	30	28	University of Michigan: Ross	US	140,195	97
	31	-	University of Hong Kong	China	114,119	114
	32	33	Nanyang Business School	Singapore	102,683	132
	33	33	Rotterdam School of Management, Erasmus University	Netherlands	105,546	103
	34	22	Indian School of Business	India	123,470	152
	35	38	University of Virginia: Darden	US	142,657	110
	36	27	National University of Singapore Business School	Singapore	94,340	152
	37	42	Rice University: Jones	US	122,832	134
	38	36	Cranfield School of Management	UK	127,911	88
	39	36	SDA Bocconi	Italy	112,673	111
	40	37	City University: Cass	UK	117,195	85
	40	40	Georgetown University: McDonough	US	130,676	105
	42	42	Imperial College Business School	UK	107,032	84
	43	40	Carnegie Mellon: Tepper	US	131,294	100
	44	49	University of Illinois at Urbana-Champaign	US	115,493	113
	45	54	University of North Carolina: Kenan-Flagler	US	123,004	98
	46	45	University of Toronto: Rotman	Canada	97,652	91
	46	49	University of Texas at Austin: McCombs	US	128,711	91
	48	41	Australian School of Business (AGSM)	Australia	118,050	81
	49	42	Emory University: Goizueta	US	124,918	104
	50	49	University of Maryland: Smith	US	112,552	92
	51	-	Sungkyunkwan University SKK GSB	South Korea	106,864	86
	52	53	York University: Schulich	Canada	93,207	99
	53	55	Vanderbilt University: Owen	US	119,178	98
	54	-	Washington University: Olin	US	109,119	97
	54	58	Indiana University: Kelley	US	112,932	111
	54	63	University of California at Irvine: Merage	US	107,582	96
	57	61	Hult International Business School	US / UK / UAE / China	112,520	89
	57	73	University of British Columbia: Sauder	Canada	90,833	76
	59	53	University of Rochester: Simon	US	114,312	117
	59	77	Georgia Institute of Technology: Scheller	US	111,683	104
	61	-	The Lisbon MBA	Portugal	132,606	84
	62	-	Michigan State University: Broad	US	107,453	110
	62	54	Melbourne Business School	Australia	106,887	64
	64	-	Tilburg University, TiasNimbas	Netherlands	93,859	90
	64	76	University College Dublin: Smurfit	Ireland	110,099	69
	66	-	Coppead	Brazil	96,621	141
	66	-	Peking University: Guanghua	China	77,044	163
	68	67	Purdue University: Krannert	US	104,362	105
	69	-	Mannheim Business School	Germany	98,262	80
	69	55	Texas A & M University: Mays	US	110,765	108
	71	61	Lancaster University Management School	UK	96,080	81
	72	-	University of Bath School of Management	UK	99,916	61
	72	70	Ohio State University: Fisher	US	103,064	105
	74	63	University of Cape Town GSB	South Africa	137,361	79
	74	76	University of Iowa: Tippie	US	105,063	124
	76	65	McGill University: Desautels	Canada	90,440	89
	77	62	Pennsylvania State University: Smeal	US	111,359	106
	78	64	University of Western Ontario: Ivey	Canada	103,112	83
	78	79	University of Washington: Foster	US	108,899	85
	80	88	Babson College: Olin	US	116,212	98
	81	-	Tulane University: Freeman	US	109,334	126
	82	-	University of St Gallen	Switzerland	100,814	69
	82	69	University of Southern California: Marshall	US	120,251	88
	84	-	George Washington University	US	100,600	101
	84	70	Vlerick Business School	Belgium	94,829	77
	86	-	Korea University Business School	South Korea	124,419	76
	87	-	Arizona State University: Carey	US	99,796	99
	87	-	University of Strathclyde Business School	UK	108,601	77
	89	-	Fudan University School of Management	China	80,154	155
	90	81	Incae Business School	Costa Rica	86,060	132
	91	76	Wisconsin School of Business	US	109,878	100
	92	-	EMLyon Business School	France	94,394	63
	93	79	Boston College: Carroll	US	111,051	85
	94	-	Case Western Reserve University: Weatherhead	US	99,343	103
	95	-	University of California, San Diego: Rady	US	98,556	80
	95	80	Boston University School of Management	US	108,474	96
	97	-	College of William and Mary: Mason	US	102,842	120
	98	95	SMU: Cox	US	107,264	95
	99	91	University of South Carolina: Moore	US	91,878	95
	100	-	University of Alberta	Canada	86,666	85
Download this view as a PDFOutput this view to Excel

Table notesAlthough the headline ranking figures show the changes in the survey year to year, the pattern of clustering among the schools is also significant. A total of 204 points separate the top school from the school at number 100 in the ranking. The top 10 schools, from Harvard Business School to University of Chicago: Booth, form the leading group of world-class business schools, separated by 82 points. The second group is topped by IE Business School, which scored 65 points more than Imperial College Business School, leader of the third group. The fourth group, which includes schools ranked from 74th to 100th, is headed by University of Cape Town GSB.