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BusinessWeek Ranks Wisconsin MBA #4 for Fastest Payback

In its latest biennial ranking of MBA programs, BusinessWeek rated the Wisconsin MBA program fourth in the nation in terms of fastest return on students’ investment. According to the magazine’s findings, students who earn an MBA from the University of Wisconsin-Madison have their costs of going back to school repaid due to higher salaries in less than five years—compared to more than 15 years for other MBA programs.

To determine the “Time To Payback,” the magazine looked at students’ total costs in terms of tuition, living expenses and forgone pre-MBA salaries. They then calculated how long —at their higher post-MBA salaries— it would take to offset those costs. Wisconsin’s payback time was 4.41 years — a faster payback time than almost any other school surveyed.

In the overall program ranking, BusinessWeek placed the Wisconsin MBA in a second tier of full-time MBA programs, as it has for the past eight years. Thirty programs were in the top tier and eight programs, including UW-Madison, were in the second tier. In 2004, BusinessWeek placed 20 programs in the second tier.

The BusinessWeek ranking is based on three elements: student satisfaction surveys sent to graduating MBAs, a survey of recruiters, and “intellectual capital” as measured by the number of faculty articles published in top journals. BusinessWeek used a weighted average of the responses from the past three surveys in (2006, 2004 and 2002) in constructing its ranking.

“The progress our program is making in many of the rankings is encouraging,” said Dean Michael M. Knetter. “We hope we will continue to see upward movement. However, we remain focused on the fundamentals of our educational programs—recruiting the best students, delivering a superior experience and providing the best career opportunities we can, and we are seeing significant strides in those areas.”

Knetter pointed to results in those three areas:

• The entering class grew by 10 percent this fall and student quality, as measured by average GMAT score, is 661 for this fall’s entering class, up from 659 the previous year and considerably above the 632 average of the class entering in 2002.
• More than 85 percent of May 2006 graduates expressed satisfaction with the quality of program curriculum.
• Career placement for May 2006 grads—the first graduating class of the newly designed Wisconsin MBA— was 95 percent within three months of graduation, up from 92 percent in 2005. Starting salaries were up 11.5 percent over the previous year.

BusinessWeek’s findings also showed progress in several measures of program quality. The most striking example was the percentage of graduates who said their Wisconsin MBA experience surpassed or vastly exceeded their expectations of what a good program should be. That percentage rose to 82.5 percent in 2006, compared to 74.4 percent in 2004 and 66 percent in 2002. (The average for schools in 2006 was 77.1 percent).

Placement outcomes for Wisconsin MBAs also showed progress. Wisconsin MBA students gave higher marks in 2006 than in previous years for the school’s role in helping students find summer internships, full-time jobs at graduation and in the caliber of firms who hire Wisconsin MBA students.

Wisconsin Executive MBA Program Ranked Among Best in World

The Executive MBA program at the University of Wisconsin-Madison School of Business has been named among the world’s top 50 executive MBA programs by the Financial Times of London. In the newspaper’s October 23, 2006 issue, Wisconsin’s program was ranked 45th worldwide, 18th among all U.S. schools, 7th among U.S. public business schools and 3rd in the Big Ten. Wisconsin’s program was not ranked in 2005.

In terms of work experience, students entering Wisconsin’s Executive MBA program were ranked 7th in the world. The average work experience of Wisconsin students enrolled in the Executive MBA program is more than 15 years.

The Financial Times ranking takes into account several factors, including faculty quality and research, and quality and diversity of the program. It also includes responses of alumni who were surveyed on their satisfaction with the program, international mobility, career progress and salary growth after graduation.

Business School Dean Michael M. Knetter commented, "I am pleased that the high quality of our Executive MBA program is recognized. However, we remain focused on underlying fundamentals of the quality of students in the program and the caliber of the education they receive to tell us how valuable our program is for students and their employers.”

Grainger Hall Addition Animation
Posted on Web

Time-lapse photography of the construction to date of the addition to Grainger Hall can now be viewed on the School of Business website. It is followed by animation that simulates how the addition will look as it is built, including some inside views. To watch the animation, or live coverage of the construction via webcam, visit http://www.bus.wisc.edu/graingeraddition.  

Investment Managers Named Distinguished Business Alumni

The University of Wisconsin-Madison School of Business presented its Distinguished Business Alumnus Award to Phill Gross and Paul Leff Oct. 27 at the Applied Security Analysis Program (ASAP) Fall Investment Conference. Both Gross and Leff earned Bachelor of Business Administration degrees in finance and economics and Master of Science degrees in finance from the School of Business.

Phill Gross is a co-founder and managing director of Adage Capital Management, a Boston-based $8.7 billion money management firm focused on managing S&P 500 assets predominantly for endowments and foundations such as Harvard University, Northwestern University, Dartmouth College, the American Red Cross and the Getty Foundation. Gross has served on several boards within the University of Wisconsin-Madison, including the Chancellor’s Board of Advisors, the UW Foundation board as a member of the UW Foundation Investment Committee, and the Applied Security Analysis and Applied Corporate Finance advisory boards at the School of Business. Gross serves as chair of the Strategic Advisory Council and was a member of the board of directors for Shelter, Inc, one of the oldest homeless-serving agencies in Massachusetts.

Paul Leff is co-founder and chief investment officer of Perry Partners, Ltd., a widely respected money management firm in New York. Founded in 1988, Perry Capital is an investment fund with approximately $12 billion under management and offices in New York, London and Hong Kong. Leff is actively involved with the University of Wisconsin-Madison, serving on the board of the UW Foundation, the School of Business Dean’s Advisory Board and the Applied Security Analysis Board. He runs the Wisconsin Eastern Alumni Scholarship Fund (WEASF) in New York and also mentors UW students and alumni who are interested in working on Wall Street.

Accounting Faculty Research Wins National Attention

Recently published research in Accounting, Organizations and Society placed Accounting Professors John Wild and Mark Covaleski among the elite research faculty in accounting since 1990. The same research identified an article written by Professor Jon Davis, titled “Experience, Expertise, and Expert Performance in Public Accounting” as the most cited behavioral research article in Journal of Accounting Research since 1990 among elite research faculty worldwide and the 12th most cited paper in this journal overall during the same time period. Journal of Accounting Research is the top research journal in accounting.

National Webcast Explored Issues from Professor’s Textbook

Thousands of students worldwide, in addition to business school faculty and industry executives, participated in a live webcast done in conjunction with a strategy textbook authored by Associate Professor Mason Carpenter, Management and Human Resources. The webcast included an interactive interview that explored strategic thinking by a leader in the digital music industry, SNOCAP CEO Rusty Rueff. Rueff shared insights about SNOCAP's management strategies and answered students' questions about the digital music marketplace. The webcast, which was sponsored by the book’s publisher, Pearson/Prentice Hall, was moderated by Ingrid Vanderveldt, host of CNBC's "American Made."

Wisconsin MBA students in Cindy Devers’ MHR 723 (strategic management) class, who are using the textbook, “Strategic Management: A Dynamic Perspective” this fall, were among business students around the country who logged in remotely outside of class to participate in the webcast. CEO Reuff fielded one Wisconsin student’s question relating to competition between new digital music companies like SNOCAP and mainstream, traditional media companies.

FACULTY/STAFF NEWS

Professor Terry Warfield, Accounting and Information Systems, was named to the Financial Accounting Standards Advisory Council, an advisory group of the Financial Accounting Standards Board.

Joann Peck, assistant professor in the marketing department, participated in a 105-mile bike ride in 95 degree weather to raise money for juvenile diabetes research.

Assistant Professor Morris Davis, Real Estate, is a bass player in The Contractions, probably -- no, certainly the best rock and roll band ever assembled from economists. (Second place: The Rolling Stones, Mick Jagger having studied at London School of Economics before going another direction.)
Among other venues, they often play at meetings of the otherwise-all-too-serious Society for Economic Dynamics, and the Econometric Society. To get the real story, see the Contractions' web site: http://contractions.marginalq.com/ or go to http://www.marginalq.com/morris/

Sanjay Jain, professor of Management and Human Resources, delivered a talk on Sept. 13 titled “Innovating in an Age of Globalization” at the 2006 SABMiller Group Technical Conference held in Milwaukee. More than 200 company executives attended.

Shannon Elliott is a new student services coordinator in the Business Career Center, beginning Oct. 23, replacing Amy Climer. She will coordinate the activities of the Accenture Leadership Center and work with the undergraduate business student organizations. Her office is in 2261 Grainger. Elliott has worked previously in the MBA Program Office and with the PhD program.

Lois Turner, financial specialist 3, joined the Financial Management Office replacing Julie Gray as permanent staff and Ed Slotten as LTE as of Oct. 16. She came from the School of Education, where she had worked in the Wisconsin Center for Education and Research for six years as a financial specialist. Her duties there included procurement card, travel and other payments and reimbursements. Her duties here will be the same, as well as classified and student hourly payroll.

Sara Dutenhoefer joins the School of Business as operations assistant with the Evening MBA program as of Oct. 23. Dutenhoefer replaces Katy France. She previously worked at the University of Chicago and Northwestern University. She received her undergraduate degree from UW-Stevens Point and recently received her master’s degree in public policy from Northwestern.

Ruth Dahl will occupy the LTE position as a student status examiner 2 in the
Undergraduate Programs Office as of Oct. 16.

May the Best Chair Win

Don’t just sit there, cast your vote to choose the best chairs for the addition to Grainger Hall. A “Chair Election Fair” will be held Nov. 8 and 9 in room 5120 from 9 a.m. to 4 p.m. Stop by to sample the chairs and cast your vote for chairs you think will be the best choices for the following spaces:

• The Plenary Room (first-floor multi-purpose room)
• Core Classrooms
• Seminar Rooms/Small Classrooms
• Private Offices
• Student Offices
• Meeting Areas (Centers, Student Lounges)

Students to Compete in National Tax Case Competition

Students from the University of Wisconsin-Madison School of Business will compete in the national finals of the Deloitte Tax Case Competition this year. The other national finalists were Brigham Young University, Ohio State, Boston College, College of William and Mary, and University of Denver. The national finals will take place Nov. 17 and 18 in Orlando, Fla. The students representing UW-Madison are: Matt Busta, Meng Lor, Katie Miller, and Ashley Muehlbauer. Only the top five teams were selected for the national finals out of approximately 60 teams.

IN THE NEWS

People and programs of the School of Business were quoted in local and national media this month.

Craig Thompson, professor of marketing, was quoted in The Chicago Tribune article, “Wal-Mart’s small plan starts here.” Thompson commented on Wal-Mart’s decision to shift its advertising strategy from a mass-market message to a smaller, more segmented audience message.

Stephen Malpezzi, chair of the Department of Real Estate and Urban land Economics, was quoted in “Boom! Bust! Boom?” on Nov. 6 on BusinessWeek Online. The article details the housing market and whether or not the current downturn is long term.

The Milwaukee Journal Sentinel, the Wisconsin State Journal and the Capital Times covered the ranking of the Executive MBA program at 45th in the world by the Financial Times of London.
http://www.jsonline.com/story/index.aspx?id=521988

Assistant Professor Morris Davis, Real Estate, was quoted in two articles in The Capital Times. One article detailed Davis’ reaction to the slowing housing market. In the other, Davis shared information from his recent paper for the Federal Reserve Board

Mason A. Carpenter, associate professor, management and human resources, wrote a guest editorial for the NCAA called “College athletics not a profit center” on Sept. 25. Carpenter outlines the misperceptions of university athletics as a profit center in response to an article in CFO Magazine.

The Wisconsin State Journal did a feature article on Dan Olszewski, director of the Weinert Center for Entrepreneurship, on Oct. 15 called “Teaching tools for successful entrepreneurship”. The question and answer article details Olszewski’s methods for helping students grow and learn how to be entrepreneurs.

The Wisconsin Technology Network and the Badger Herald covered the CEO Summit. The summit organized by alumnus John Morgridge to showcase the university’s ability to produce CEOs.

The Capital Times noted the fourth Women’s Executive Leadership Summit on Oct. 4. Tammy Thayer, president of the Center for Advanced Studies in Business, Inc. (CASB) and the conference program manager was quoted in the article. The summit was also mentioned in the Wisconsin State Journal on Oct. 6.

Channel 15 and the Badger Heral covered the Grainger Hall construction kick-off event in “Grainger hosts kick-off event” on Oct. 16. The details of the event were noted as well as the information regarding the actual construction of the addition.

The Accenture Leadership Center opening was noted in the Education section of the October addition of Business Watch. Michael Knetter, dean of the School of Business, was quoted in the article.

The Wisconsin State Journal featured an article on Sept. 27 detailing Helen Johnson-Leipold’s role in a family business. Johnson-Leipold was the keynote speaker at the 10th anniversary celebration of the Family Business Center.

The University of Wisconsin MBA program was mentioned in “Club Teaches Students the Business of Wine” in the Wisconsin State Journal on Oct. 1, which outlined the new wine club on campus that teaches students about wine in order to enhance their skills for business meetings.

Businessnorth.com ran a briefing on Oct. 3 noting the Family Business Seminar presented by Ann Kinkade, director of the Family Business Center, held at UW-Superior.

In Business Magazine mentioned the Executive Economic Summit at the Fluno Center in “Recession? Not yet.” in its October edition.

Carol Aspinwall, associate director of the Erdman Center for Operations and Technology Management, was mentioned in “On the Move” in the Capital Times on Oct. 10, for being elected the president of the Madison Chapter of APICS, a national association for operations management.

Business Week’s ranking UW-Madison’s MBA program fourth in the nation for fastest return on investments was mentioned in the Wisconsin State Journal, the Capital Times, Wisconsin Technology Network, The Daily Cardinal, and The Badger Herald.

Rittenberg Leads COSO Effort on Monitoring Internal Controls

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a voluntary private sector organization dedicated to improving the quality of financial reporting through business ethics, effective internal controls, and corporate governance.

COSO, which is chaired by Accounting Professor Larry Rittenberg, has issued a Request for Proposals (RFP) to develop guidance designed to help organizations monitor the quality of their internal control systems. The end product will serve as a tool for effectively monitoring internal controls, as well as complying with the U.S. Sarbanes-Oxley Act of 2002 (SOX).

According to Rittenberg, “There is a tremendous gap between the value good monitoring brings to a system of internal control and management’s understanding of that value.” He and the COSO Board have high hopes that the project, scheduled for completion by the end of 2007, will stimulate management’s awareness and utilization of effective monitoring; and consequently, will bring about stronger internal controls.

Accounting Awards Banquet Honors Outstanding Achievement

The Department of Accounting & Information Systems and Beta Alpha Psi hosted the 38th Annual Awards Banquet on Sept. 29 and awarded approximately $1 million in financial support to students. Recognition was given to the recipients of scholarships, fellowships, 2005-06 outstanding teaching assistants and seniors, and individuals and organizations who generously support the accounting program.

The Department of Accounting & Information Systems honored Howard Carver as the Distinguished Accounting Alumnus. Carver graduated with an MBA from the School of Business in 1967. His career spans 35 years at Ernst & Young in six offices. During his tenure at E&Y, he served as the Hartford, Conn. office’s managing partner and as the firm’s national office partner for the insurance industry. Since his retirement from E&Y in 2002, Carver has served on several corporate boards of directors as both a member and as audit committee chair. He has been very active in a variety of charitable and community service activities since retiring, serving on the boards and finance committees of numerous charitable organizations, including the Accounting Department Advisory Board. He recently received the United Way of the Capital Area community service award.

Teaching Assistant Awards 2005-06:

Marsha Kuene, Douglas Clarke Memorial Teaching Award
Timothy Shea, Outstanding Teaching Assistant Award
Jason Heyerdahl, Outstanding Teaching Assistant Award

Outstanding Graduating Seniors (M.Acc) 2005-06:

David Blotz
Melissa Johnson
Matthew Schmidt
Laura Schmitz
Mitchell Meneau
Michael Brugger
Erika Goeckner
Emily Barber
Carman Nelson
Brett Cable

Deloitte Foundation 2006 National Student Case Study Seminar:
Steve Halford
Jillian McCool
Christina Zee
Liz Faris
Steve Eiles
Advisor: Terry Warfield

Deloitte Tax Competition National Finalists 2005:
Karen Rowntree
Lindsey Heinzmann
Katrina Raisbeck
Adam Goldfarbe
Tim Berkley
Coach: Jon Davis

IN MEMORIAM:

Two long-time members of the School of Business community died in October:

Alma Baron

Emeritus Professor Alma Baron passed away on Wednesday, Oct. 11, 2006. Baron joined the UW-Madison School of Business, formerly the UW Extension Department of Business and Management in 1981 and became professor emeritus in 1988. During her time at the business school, Baron coordinated all of the women’s programs as well as the Managerial Communications Program while teaching several innovative courses. Baron earned many awards during her lifetime, including the Robert A. Jerred Distinguished Service Award from the School of Business in 1988, and was awarded the Distinguished Alumni Award from the Wisconsin Alumni Association in 1995.

Baron was a noted presenter and author who earned her doctorate in education at UW-Madison at the age of 51. She created the Alma Baron Second Chance for Women Scholarship, an annual award given to a woman over the age of 45 to continue her education at UW-Madison. Gifts in her memory may be made to the “Alma Baron Second Chance for Women Scholarship” via the University of Wisconsin Foundation, 1845 University Ave., P.O. Box 8860, Madison, WI 53706-8860.

Solomon Levine

Solomon Levine, a former professor of business and economics, and former chairman of the East Asian Studies program at UW-Madison, died Tuesday, Oct. 2, 2006. Levine was an expert on Japanese labor relations. He served in World War II, where he learned to speak Japanese.. After the war, he began to research economic problems of the Far East.

CIBER News

The the UW-Madison Center for International Business Education and Research has two events of note this month.

Export Transportation and Documentation
Tuesday, November 14, 2006 / 11:30 a.m.- 2:30 p.m.
Sheraton Madison Hotel, 706 John Nolen Drive, Madison, Wis.

Organized by the Madison International Trade Association (MITA) and co-sponsored by CIBER and the UW-Madison Center for World Affairs and the Global Economy (WAGE), this program is designed for the benefit of new-to-export companies, as well as for companies needing to brush up on the export process. Speakers will address such issues as the role of the freight forwarder; comparison of transport modes; cargo insurance and risk management; preparation of documents; and control of goods/assurance of payment.

CIBER Undergraduate Case Challenge
November 1-3, 2006 / Fisher College of Business, Ohio State University

The Ohio State University's CIBER Case Challenge involves teams from 12 U.S. and international universities. Each team of undergraduate business students has 24 hours to prepare an analysis, PowerPoint, and oral presentations involving current business issues. A team from the UW-Madison School of Business will compete. Team members and their majors include Robert Thelen, Management & Human Resources/Political Science; Taylor Brown, Marketing/Economics; Giuseppe Infusino, Real Estate/Finance, Investment & Banking; and Micah Wickersheim, Finance, Investment & Banking.

BUSINESS BRIEFS

Flu Shot Clinic

Walk-in flu shots will be offered in Grainger Hall from 9 a.m. to 3 p.m. on Nov. 9 in room 3190. There is no charge for personnel with Dean Care, Physicians Plus, Group Health Cooperative or Unity health insurance, but you must bring your insurance card. If you do not bring your card, a fee of $28 will be charged for the flu shot. Cash or check will be accepted and a receipt will be provided to obtain reimbursement from your insurance provider.

Business Library Practice Room Available for Presentations

The General Library System, the Business Library and the School of Business Technology Support Center have teamed up to convert a group study room (Room 3220, in the upper level of the library) into a facility where students can practice their presentations. The technology in this room replicates what exists in most of the classrooms in Grainger Hall. The computer in the classroom is not connected to the Grainger domain, so students will not have to login, but they will have to transport their presentations via a flash drive or use My Webspace. Students may reserve this room one week in advance, at the Business Library’s Circulation Desk, or by calling 262-5935.

Dean Open Office Hours

Dean Michael M. Knetter will hold open office hours from 3 to 4 p.m. on Wednesday, Nov. 1 and Tuesday, Dec. 5.

Dean’s Holiday Party

Mark your calendars: The Dean's Holiday Party will be held Wednesday, Dec.13 from 3:30 - 5:30 p.m. in room 5120. More information about the party will be in the December 1 School of Business Gazette.

Opening Time for Grainger Hall

Grainger Hall has always officially opened at 7 a.m. but doors were usually unlocked by 6 a.m. Over the last year, there have been security issues early in the morning that required the police to be called. Because of concern for the early morning employees’ safety, the 7 a.m. opening time will be enforced. If you need to be in the building before then, please contact Cheryl Schroud at 262-6006 or cschroud@bus.wisc.edu to discuss your options. If you do have access to the building 7 a.m., please do not let anyone else in. People who park below Grainger but do not work in the building can exit the parking lot through the University Avenue or Johnson Street stairs. Anyone with permission to be in the building before 7 a.m. should have a working access code. Please contact Cheryl Schroud with any questions.

Sending Files to the Copy Center

The email address for sending files to the School of Business Copy Center is: copycenter@bus.wisc.edu.

About the Gazette

The next issue of the School of Business Gazette will be distributed Dec. 1. Submissions should be sent by Nov. 27 to Lari Fanlund, lfanlund@bus.wisc.edu.