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Thursday, January 31, 2013

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.”

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.
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.

Financial Times Global Business Rankings 2013 02-01

Rank '13
3 yr. rank
School name
Weighted sal. ($)
Salary inc. (%)
12Harvard Business SchoolUS187,223121
22Stanford Graduate School of BusinessUS194,645115
32University of Pennsylvania: WhartonUS180,772121
43London Business SchoolFeatured business schoolUK160,988124
56Columbia Business SchoolUS174,347123
65InseadFeatured business schoolFrance / Singapore153,99296
78Iese Business SchoolSpain146,049141
88Hong Kong UST Business SchoolChina132,685153
98MIT: SloanUS160,414117
1011University of Chicago: BoothUS162,363108
119IE Business SchoolFeatured business schoolSpain157,054117
1217University of California at Berkeley: HaasUS151,95298
1317Northwestern University: KelloggUS161,26999
1416Yale School of ManagementUS159,370118
1618Dartmouth College: TuckUS156,765117
1623University of Cambridge: JudgeFeatured business schoolUK145,16998
1818Duke University: FuquaUS145,147108
1917New York University: SternUS144,586106
2119HEC ParisFrance123,571109
2225Esade Business SchoolFeatured business schoolSpain126,699118
2329UCLA: AndersonUS147,125115
2424University of Oxford: SaïdFeatured business schoolUK136,60995
2426Cornell University: JohnsonUS147,799112
2616Indian Institute of Management, AhmedabadIndia171,188110
27-CUHK Business SchoolFeatured business schoolChina103,423153
2838Warwick Business SchoolFeatured business schoolUK120,11189
2930Manchester Business SchoolFeatured business schoolUK114,769111
3028University of Michigan: RossUS140,19597
31-University of Hong KongChina114,119114
3233Nanyang Business SchoolSingapore102,683132
3333Rotterdam School of Management, Erasmus UniversityNetherlands105,546103
3422Indian School of BusinessIndia123,470152
3538University of Virginia: DardenUS142,657110
3627National University of Singapore Business SchoolSingapore94,340152
3742Rice University: JonesUS122,832134
3836Cranfield School of ManagementFeatured business schoolUK127,91188
3936SDA BocconiFeatured business schoolItaly112,673111
4037City University: CassFeatured business schoolUK117,19585
4040Georgetown University: McDonoughUS130,676105
4242Imperial College Business SchoolUK107,03284
4340Carnegie Mellon: TepperUS131,294100
4449University of Illinois at Urbana-ChampaignUS115,493113
4554University of North Carolina: Kenan-FlaglerUS123,00498
4645University of Toronto: RotmanCanada97,65291
4649University of Texas at Austin: McCombsUS128,71191
4841Australian School of Business (AGSM)Australia118,05081
4942Emory University: GoizuetaUS124,918104
5049University of Maryland: SmithUS112,55292
51-Sungkyunkwan University SKK GSBSouth Korea106,86486
5253York University: SchulichCanada93,20799
5355Vanderbilt University: OwenUS119,17898
54-Washington University: OlinUS109,11997
5458Indiana University: KelleyUS112,932111
5463University of California at Irvine: MerageUS107,58296
5761Hult International Business SchoolUS / UK / UAE / China112,52089
5773University of British Columbia: SauderCanada90,83376
5953University of Rochester: SimonUS114,312117
5977Georgia Institute of Technology: SchellerUS111,683104
61-The Lisbon MBAPortugal132,60684
62-Michigan State University: BroadUS107,453110
6254Melbourne Business SchoolAustralia106,88764
64-Tilburg University, TiasNimbasNetherlands93,85990
6476University College Dublin: SmurfitIreland110,09969
66-Peking University: GuanghuaChina77,044163
6867Purdue University: KrannertUS104,362105
69-Mannheim Business SchoolGermany98,26280
6955Texas A & M University: MaysUS110,765108
7161Lancaster University Management SchoolUK96,08081
72-University of Bath School of ManagementUK99,91661
7270Ohio State University: FisherUS103,064105
7463University of Cape Town GSBSouth Africa137,36179
7476University of Iowa: TippieUS105,063124
7665McGill University: DesautelsCanada90,44089
7762Pennsylvania State University: SmealUS111,359106
7864University of Western Ontario: IveyCanada103,11283
7879University of Washington: FosterUS108,89985
8088Babson College: OlinUS116,21298
81-Tulane University: FreemanUS109,334126
82-University of St GallenSwitzerland100,81469
8269University of Southern California: MarshallUS120,25188
84-George Washington UniversityUS100,600101
8470Vlerick Business SchoolBelgium94,82977
86-Korea University Business SchoolSouth Korea124,41976
87-Arizona State University: CareyUS99,79699
87-University of Strathclyde Business SchoolFeatured business schoolUK108,60177
89-Fudan University School of ManagementChina80,154155
9081Incae Business SchoolCosta Rica86,060132
9176Wisconsin School of BusinessUS109,878100
92-EMLyon Business SchoolFrance94,39463
9379Boston College: CarrollUS111,05185
94-Case Western Reserve University: WeatherheadUS99,343103
95-University of California, San Diego: RadyUS98,55680
9580Boston University School of ManagementUS108,47496
97-College of William and Mary: MasonUS102,842120
9895SMU: CoxUS107,26495
9991University of South Carolina: MooreUS91,87895
100-University of AlbertaCanada86,66685
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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.