Home > Update > Spring 2009

From the Dean

It is the best and worst of times for business schools today. As the U.S. economy faces its most challenging period in at least 25 years and perhaps since the Great Depression, the work we do to prepare business leaders for the future has never felt more urgent or important.

Our students confront a very challenging job market, and while we remain confident that our rigorous programs, exposure to business leaders, and connection to a powerful alumni network will serve them well, we are putting forth extra effort to ensure the best possible outcomes for them. Thanks to the generous and timely support we have received from our alumni and friends, we are poised to emerge from this challenging period in a much stronger position than we entered it.

As we assess the current challenges in the economy, it is important to separate long-term trends shaping the direction of the economy from the short-term disruptions caused by the credit crunch. Technological change—especially in knowledge-intensive areas such as IT, telecommunications, connectivity, and biotechnology—and globalization have been a source of great opportunity for U.S. companies. Our relative standing in the world economy has actually improved dramatically since 1985. There is every indication these trends will continue. Our students must be equipped to operate effectively in that environment. That will take talent and expertise.

We are in a strong position for a world that rewards talent and expertise. Our incoming students have never been better prepared or more qualified in absolute terms and (by many measures) in comparison with other programs. Our programs have never been more focused on imparting deep expertise to students. In our full-time MBA program, the shift to a highly focused career specialization model has given our students an edge in this competitive marketplace. But as Malcolm Gladwell’s recent book, “Outliers,” argues, talent and expertise must be combined with opportunity to have their full effect on outcomes. Thankfully, with our large base of talented and loyal alumni who occupy outstanding positions worldwide, we are positioned to propel our graduates into important and meaningful careers.

We are in a strong position for a world that rewards talent and expertise.

Business schools and higher education in general face a turbulent period just like other parts of our economy. Fortunately for us, recent investments in our people, programs, and facilities made by our alumni have positioned us well for this challenge. We remain on track in implementing our strategic plan and in using the Wisconsin Naming Gift resources to strengthen our intellectual foundation.
I’m especially grateful for all of our alumni who made a gift to our 2008 annual fund campaign. Despite the tough economy, we had a record year totaling more than $1.88 million in donations to the school’s annual fund. If an ever-growing number of our alumni continue to become involved in our mission, there is no limit to the progress we can make.

It is an exciting time to be a part of the Wisconsin School of Business. Our full-time degree programs continue to win accolades from our students, employers, and national media. Our programs for working professionals are serving more students than ever before, helping transform the regional economy. Investments by alumni and friends are enabling us to expand and improve our faculty and facilities to ensure our progress is long-lived.

On Wisconsin,

 

Michael Knetter
Albert O. Nicholas Dean
Wisconsin School of Business