Image by Dan Dry
I like the phrase the glass is half full. In the case of Chicago Booth, it feels like the glass is two-thirds full. Demand for our programs is at or near record levels, and our MBA programs are ranked among the highest in the United States and the world. We have the world’s best faculty, our alumni continue to achieve great things in all sectors and all regions, and together we are setting the stage for a sustained period of success and influence for the GSB enterprise.
Our objective — to be the best business school in the world and be recognized as such — is not just a self-interested goal. Like many of you, I believe the GSB has a special role among business schools in strengthening market-oriented economies across the globe. Thus, our power and influence serves to benefit societies by helping businesses to perform better and markets to work well.
I wouldn’t trade our position for that of any other school, yet the GSB still faces two significant gaps:
- We have less brand-name capital than our strongest competitors do.
- We have a significant endowment gap compared to those competitors.
Based on a strategic review that included a series of Dean’s Forums with students, alumni, faculty, and staff; evaluation of our strategy and potential initiatives by our Council and Global Advisory Board; and an internal team working with an outside consultancy, we have considered how to move forward.
Our four goals for the GSB through 2011 and beyond are to carry out our educational and research mission, increase our influence, support and engage our alumni, and enhance our capabilities and effectiveness.
To give you a sense of what this means and some of the actions we are taking right now, let me offer these specifics:
- We are committed to increasing our faculty by 10 percent, and we hope that our supporters will help us recruit and retain the best by endowing nine new chairs over the next three years.
- We will continue to increase scholarships for MBA and PhD students at a dramatic rate.
- Caroline Karr, ’88, will focus her efforts sometime over the coming months as associate dean for global initiatives.
- Scott Meadow, clinical professor of entrepreneurship, will assume the responsibilities of faculty director of the Initiative on Global Markets.
- We will work with the university and explore the establishment of additional academic and program centers, similar in nature to the university’s Center in Paris, in strategic locations outside the United States.
- We will continue our progress in moving our endowment to third in the world among business schools (was tenth, is now seventh) and moving our annual fund to third in the world (now fifth).
- We are committed to building a new Asia campus.
- We will develop a new information infrastructure to disseminate GSB intellectual capital.
As always, we appreciate your support of the GSB. It is a privilege for me to serve as dean.