the case for wake forest university SCHOOL OF BUSINESS

the case for wake forest university SCHOOL OF BUSINESS

WAKE WILL Ours is a steadfast promise, an unrivaled resolve, that has characterized Wake Forest since our founding. We have survived and thrived through decades of hard work and faithful dedication to our mission. That promise includes our enduring spirit of Pro Humanitate, which has propelled Wake Forest to national prominence. This spirit lives through the good deeds and purposeful lives of our people, leading communities throughout the world. For almost 200 years, our commitment to create opportunity, educate the whole person and inspire excellence has been a beacon for those who seek to make a difference in the world. Wake Will is the promise we have honored. Wake Will is the people we are. Wake Will is the place we will be. New challenges call upon the next generation of leaders to carry forth our promise. Opportunities abound, but who will answer the call? You will. We will. Wake Will.

VISION We will develop passionate, ethical business leaders driven to achieve results with integrity through a dynamic combination of thought leadership, rigorous academic preparation and unrivaled connection to the market. 3

ASPIRATION: To be a top 20 school nationally in every program we offer, and to secure meaningful employment for 100% of our graduating students. 4

A Framework for the Future The solid history in our undergraduate and graduate programs provided us with the courage and strength to begin a unifying process that brought our two schools together during the 2008-2009 academic year. This evolution put the School of Business on a path to radically enhance the nature of business education. The merger has aligned resources, improved efficiency and created competitive advantages through heightened collaboration. This has only increased with completion of Farrell Hall, as all programs have come together physically under one roof. As a learning organization, we are tethered to a dynamic market and our approach must be as agile as it is relevant. In keeping with the studentcentered liberal arts tradition of Wake Forest, the core of our strategy lies within the student experience. Our environment of opportunity, support and holistic challenge will be guided by a simple, three-pronged educational philosophy that honors this tradition while driving the mission of the School of Business: conceptual knowledge We must instill within each student the technical knowledge and acumen necessary to be a true thought leader. This requires a thorough understanding of foundational theories and concepts of business, as well as foresight to navigate the intersections between each that fuel innovative solutions. To empower lifetime success, we must provide an environment, curriculum and faculty that frame knowledge within a historical, global, societal and interdisciplinary perspective. 6

practical competence To achieve results, our students must be able to apply their knowledge and skills to challenges with competence and confidence. This includes the ability to communicate efficiently and effectively, identify opportunity, lead and inspire others and apply critical thinking in order to provide comprehensive solutions to complex problems. To instill extraordinary competence within each of our graduates, we are committed to providing frequent experiential learning opportunities and exceptional access to themes and leaders who are actively shaping the market they ll soon join. strength of character We use a broad definition of character in our approach, one that includes enduring positive attributes that drive success such as courage, moral excellence, humility, personal accountability and professional identity. These form the sources of strength and commitment required to authentically inspire and sustain excellence in oneself and in others. Our students will shape their character within an environment that reflects the diversity of thought and global perspective found in today s market through open collaboration that comes from working in teams, and from a commitment to ethical leadership and personal responsibility that is present in all aspects of our curriculum. With this campaign, we will support initiatives and goals that will enhance our ability to deliver upon this educational philosophy. The initiatives that follow are specifically designed to contribute to the achievement of our mission, increasing our ability to develop passionate leaders of integrity while advancing our national reputation through unrivaled thought leadership and market relevance. 7

CAMPAIGN PRIORITIES Accelerators for Excellence $ million 37 Great leaders and great institutions define themselves by relentlessly pursuing a dramatic vision. With that vision in place, we must identify and support the areas that can fuel our pursuit in many ways. Our accelerators for excellence represent the areas where our core values, potential and priorities intersect and where our support provides the maximum return across multiple platforms. 8

Farrell Hall Farrell Hall provides unprecedented integration and alignment across all programs, centers, departments and future offerings. Through state-of-the-art technology and resources designed to invigorate the collegial learning experience, we will set a worldclass standard for business education in everything we do. Opportunity We will enhance the student experience through the creation of a dynamic, collaborative environment of limitless engagement and opportunity. 11

Impact The impact of Farrell Hall will be felt in many ways. For students, staff and faculty, it represents a physical space that encourages the interpersonal and interdisciplinary collaboration that defines the Wake Forest experience. The building is designed to bridge the gap between the way teachers teach and students learn by offering technology and flexible meeting and study space, as well as dedicated space for social and professional interaction. For recruiters, partners, prospective students, staff and faculty, it projects the innovative and multi-dimensional face of a premier business school increasing our ability to attract each while providing the exceptional market perspective that enhances our curriculum. For alumni, Farrell Hall represents a new home that shows a commitment to shaping the future of the School of Business while simultaneously honoring a proud past that paved the way to this moment. 12

Wake Forest University Charlotte Center The Wake Forest University Charlotte Center represents an important outpost for the School of Business within a market that houses our largest concentration of alumni, a vibrant and growing business community and an environment that is abundant with talented prospective students. Opportunity Our location in Charlotte provides us with a signature downtown facility in the heart of the most vibrant business community in the South surrounded by top student talent, innovative business leaders and a substantial market position. By increasing our presence and offerings in Charlotte, we place ourselves in a position to achieve sustained success within a highly competitive and growing market where our roots run deep. Impact By committing to the continued development of the over 30,000-square-foot facility, we will bolster our relationships with influential businesses, alumni and the community in ways that directly contribute to achieving our mission. We will improve our ability to find job opportunities for graduates, provide internships that create valuable experience and competence, attract top talent and align ourselves with partners who actively contribute to market relevance of our programs. 14

CAMPAIGN PRIORITIES Building a Distinctive Position $ million 24 Exceptional faculty and staff, students and facilities make the School of Business highly competitive. Combining each with unrivaled market relevance makes us truly distinct. To progress toward our goals of 100 percent employment and a top 20 ranking or better across all programs, we must commit to establishing deep connections with and meaningful contributions to the working world our students will join upon graduation. Innovative centers and institutes not only serve as unifying elements that connect all programs, they also provide the School of Business with valuable industry relationships, thought leadership that innovates curriculum and the opportunity for our students to gain real-world experience with the skills and ideology that drive the market. 16

Center for Analytics Meeting the needs of the global marketplace requires a commitment to innovation within our curriculum. The creation of The Center for Analytics within the School of Business will sharpen the analytical and big data skills of our students, create new relationships with outside organizations and increase the relevance of our curriculum through these deeper connections to the industry. Opportunity Demand for deep analytics talent in the U.S. could be 50 to 60 percent greater than its projected supply by 2018. This Center has the opportunity to encompass a broad spectrum of thought leadership and curricular innovation on big data management, mathematical and statistical methods for data modeling and techniques for data visualization in order to fulfill the needs of our students and top organizations worldwide. Impact This Center will help prepare our students to become professionals with strong quantitative skills and an understanding of how analytics can be applied with speed and accuracy to the critical decisions facing organizations. By focusing on this growing sector, we will further our distinction with potential employers and partner organizations. 19

Center for Leadership & Character Our vision is to create a world-class center for leadership, character and ethics in business, led by internationally recognized scholars who generate leading academic research and best practices for business to address the needs of organizations. In keeping with the values and philosophy of the School of Business, the Center itself will help students in every program thrive by surrounding them with the individuals, partner organizations and training opportunities necessary to develop their character as it relates to effective leadership and lifelong fulfillment. Opportunity The Center For Leadership and Character presents the opportunity for the School of Business to create a global reputation as the preferred resource for exemplary organizational leaders and educators. Our work will be targeted to generate and expand synergies with partner schools and corporations that share Wake Forest s commitment to character and ethics and that wish to explore the ways these commitments contribute to a team environment, success in the marketplace, sustainable business practices and shareholder value. 21

Impact For students, the Center will provide a dynamic home to the theory and practice of ethical leadership and the opportunity to examine the strength of their integrity, courage, resilience, passion, confidence and humility. The experience and opportunity available through the Center will contribute greatly to student character, competence and ability to compete in the marketplace upon graduation. For organizations, the Center will help them thrive in the areas of business ethics and the development of values-based cultures, as well as the development of professional identity and character in their organizational leaders. The scope of the Center and its partners will extend to thought leadership on a global stage, establishing the School of Business as the premier source for knowledge and programs in leadership and character and build a repository that is the go-to for organizations, educators, media and policy makers. 22

Center for Retail Innovation The Center for Retail Innovation honors the School of Business commitment to market relevance through the creation of a powerful alliance of manufacturers, retailers and channel partners with a shared vision of identifying the trends and ideas that will define the industry. Opportunity Change is accelerating in our retail-marketing world, and the future of retail is heading places never before imagined. No one company alone can efficiently keep up with the avalanche of new ideas and developments. This Center represents an opportunity to provide thought leadership and innovation that will provide our students with invaluable access and experiential opportunity while advancing the national reputation of the School of Business. Impact The Center will position the School of Business as an industry leader in the science of retail marketing and data analytics. Achieving this status will create valuable partnerships with major corporations that will lead to increased market relevance as well as internships and employment opportunities for our graduates. 25

BB&T Center for the Study of Capitalism Our mission is to encourage the study of the political, economic and cultural institutions that lead to prosperous and humane societies. Wake Forest University s motto is Pro Humanitate, which means for humanity. In keeping with that motto, and being cognizant of the Center s home in the School of Business, the Center will foster an intellectual community dedicated to understanding the role of business and capitalism in the creation of a peaceful and prosperous society. Its aims are to develop, encourage and provide teaching at both the undergraduate and graduate levels; to support and produce cutting-edge interdisciplinary research; and to become the leading academic home for rigorous and substantive investigation and discussion of the nexus of business, capitalism and political economy. The Center will encourage students in every program in the School of Business to think seriously about not only what they are doing, but why, and to understand the crucial contribution they can and must make to human prosperity. Opportunity The BB&T Center for the Study of Capitalism presents a virtually unique opportunity for the School of Business to create a global reputation as the thought leader in understanding the political-economic and moral foundations of a market-based economy. We aim to become the world leader in integrating markets and morality into the curriculum of the School of Business at its foundation and throughout its programs. 27

Impact For students, the Center will provide a robust and encouraging intellectual community, supporting investigation into the theory and practice of capitalism, business and human prosperity. The experience and opportunity available through the Center will contribute to students understanding of what capitalism has been, is and can be; what its central challenges and shortcomings are; and how they themselves can contribute to generating and maintaining the political, economic and moral institutions required for peaceful, prosperous and humane life. For the School of Business, the Center will integrate its mission into all aspects of its programs curricula, complementing the programs training in the how of business with the why of business. The Center will also form a consortium of other business schools that wish to develop similar curricula, thereby contributing to a culture of conscious ethical professionalism and an informed sense of moral purpose in business education. The scope of the Center and its partners will extend to thought leadership on a global stage, establishing the School of Business as the premier source for knowledge and programs in the study of capitalism, and it will become the place for students, faculty, media and policy makers who wish to understand both the nature of capitalism and the role it can play in a society of free, responsible, productive and moral citizens. 29

CAMPAIGN PRIORITIES World-Class Programs $ million 39 Ensuring the highest levels of academic quality and interdisciplinary engagement within our programs starts with a commitment to enhancing the individual elements that collectively define them. Each program serves a distinct purpose as part of a well-designed and unified experience for our students. The students we attract, the faculty members who challenge them and the curriculum that will prepare them for the world that awaits all play crucial roles in strengthening and sustaining the transformative experience we offer. 30

Undergraduate Program Opportunity The undergraduate business program placed No. 18 nationally according to Bloomberg Businessweek s Best Undergraduate B-schools of 2013 annual ranking report. Perhaps even more impressive is the fact that the publication also ranked Wake Forest first in Academic Quality for the fifth consecutive year. Our leadership in academic quality is a direct result of combining a broad, liberal arts-based education and an innovative business curriculum. While these rankings indicate a strong sense of momentum, in order for the program to continue to rise, we must remain committed to enhancing its cornerstones: student and faculty talent, curricular innovation and experiential learning through unprecedented connection to the market. Resources students Removing the financial barriers that exist between exceptional students and the School of Business is as much a tradition as it is a priority. This campaign will create a combination of endowed and current use scholarships that will provide financial aid packages that allow us to compete with top schools for the very best students. 33

faculty As we continue to carve out a competitive advantage through strength of curricular innovation and market connection, we must attract and retain outstanding faculty to deepen our offerings in Finance, Business and Enterprise Management and Mathematical Business. Fellowships, endowed chairs and professorships provide faculty with valuable resources to create new knowledge that will advance the development of our students and the national reputation of the School of Business. Impact Investing in the core elements of the Undergraduate Business program will increase our ability to compete with the best schools, while adhering to the values that have led the program to the prominence it enjoys today. Enrolling the best and brightest students, regardless of financial means, will honor a tradition of providing an environment rich in both diversity of thought and the highest caliber of competition. Attracting top faculty will serve as a catalyst to further innovate our curriculum, while offering students a truly complete business education that will prepare them to contribute meaningfully and immediately in their chosen careers. 34

Master of Science in Accountancy Opportunity Having earned the No. 1 pass rate and highest average test score on the CPA exam 10 times since the program s inception in 1997, the Master of Science in Accountancy is a shining example of the success that can be achieved by surrounding high caliber students with innovative curriculum, limitless opportunity for practical application and direct access to the firms they aspire to join. The Master of Science in Accountancy is the top accounting program in the country, which makes the School of Business a premier recruiting target for the Big 4 accounting firms and many others. Our accounting program graduates traditionally achieve 100 percent employment at graduation, with each graduate typically fielding multiple job offers. The time is right to expand this program to meet the market s increasing demand for Wake Forest School of Business Master of Science in Accountancy graduates. Our goal is to increase our incoming class size from 150 to 180 students. 36

Resources students Accounting Firm Fellowships and Accounting Honor Scholarships will help the School of Business grow the Master of Science in Accountancy program without compromising the caliber of the students we re known for, while also sustaining an environment that mirrors the marketplace through scholarships designed to provide opportunity for underrepresented groups. faculty As enrollment grows, we must increase the size of our faculty in order to maintain the high levels of personal attention and reputation that define our leading position in accounting. Endowed Chairs and Faculty Fellowships greatly increase our ability to attract and retain faculty that align with our vision in a highly competitive market and make our accounting program and graduates the exceptional best in the country. Impact These initiatives will provide the MSA program with the resources necessary to grow without compromise, meet the market demand for our graduates and attract and retain the unique students and faculty that thrive within our environment while advancing our mission and maintaining our 100 percent employment rate. 39

Master of Arts in Management Opportunity While relatively new, the Master of Arts in Management represents one of the School of Business most innovative and nationally visible programs. In a short time, this 10-month, full-time graduate program designed to provide liberal arts, science and engineering majors with the knowledge and skills they ll need to excel in the business world has risen to the top of an emerging category. Much like our Master of Science in Accountancy program, market demand has placed us in a position to expand the enrollment of this dynamic program from 140 to 180 students. Resources students The Master of Arts in Management program has achieved substantial success early in existence in part because of its strategy of aggressively recruiting the best and brightest liberal arts graduates regardless of their financial means. 41

faculty As enrollment grows, we must add faculty in order to maintain the high levels of personal attention for which the School of Business is known. Endowed Chairs and Faculty Fellowships greatly increase our chances of attracting and retaining the very best faculty members that align with our vision in a highly competitive market. Impact We will grow without compromise, and through additional Corporate Fellowships we will build upon a solid foundation of market connection by adding valuable new relationships with industries and employers. In addition to meeting the business world s demand for talented, critical thinkers of integrity with a global mindset, we are taking the necessary steps to raise the profile of this important program for the future. Currently, there are no national rankings for Master of Arts in Management programs. As more schools react to this growing need, we will see awareness and attention increase for this category. When rankings do materialize, we plan to be in contention for the top spot. 42

Part-time Master of Business Administration The Wake Forest University School of Business offers a part-time Master of Business Administration program in the evening on our Reynolda campus and evenings and Saturdays in our Charlotte Center. This program is recognized as the No. 1 program of its kind in North Carolina and ranks in the top 10 percent nationwide among part-time MBA programs by U.S. News & World Report. The part-time MBA program for Working Professionals focuses on teamwork and the real-world application of coursework. It s not unusual for students to see their careers take off even before graduation. Opportunity While our MBA program for working professionals continues to make its mark in national rankings, competition for the best students and faculty increases daily. More than ever before, competitive financial aid packages are a deciding factor for top students when considering where to study. These scholarships will assist the MBA program to accelerate its path to excellence. Impact Financial aid directly affects our ability to recruit and enroll the high-caliber, highcharacter students required to achieve our goals. With more competitive packages, we will be able to secure the extraordinary students that thrive within an environment of limitless opportunity and engagement the kind of leaders employers value. 44

Full-time Master of Business Administration The Wake Forest Master of Business Administration creates dynamic, highly capable business leaders by developing the whole person. Through personal engagement and constant challenge we shape leaders who get results with integrity. Incorporating assessments and development opportunities outside the classroom, along with our integrated curriculum, enables our graduates to deploy a broad range of skills in careers that match their passions and professional goals. Opportunity While our MBA program continues to make its mark nationally, competition for the best students and faculty continues to increase. More than ever before, competitive financial aid packages are a deciding factor for top students when considering where to study. These scholarships will assist the MBA program to accelerate its path to excellence. Impact Financial aid directly affects our ability to recruit and enroll the high-caliber, high-character students required to achieve our goals. With more competitive packages, we will be able to secure the extraordinary students who thrive within an environment of limitless opportunity and engagement the kind of graduates employers seek. 46

A complete business education must go beyond technical knowledge. At Wake Forest, our objective is to help each student define his or her calling in life and grow as a leader in all areas of life. Our students should be challenged to follow their passions so that their life s work has significance to them as well as to our society. Steve Reinemund, Dean, Professor of Leadership and Strategy