MIT
Reports to the President 1994-95
Student use of Sloan's existing computer labs continues to grow with Windows
usage increasing dramatically over previous years. The new Tang Center features
an additional PC computer lab as well as over 600 laptop "plug-in" areas with
electrical and network connections. Executive Education students are now
required to bring a laptop and laptops were highly recommended to incoming
Master's students.
America Online accounts will be used by the majority of Sloan students for
electronic mail, conferencing, information database access and file sharing.
The Alumni office continues to add new alums to the Sloan community through AOL
and a series of chat sessions are now taking place between Sloan faculty/staff
and alums and between various alumni groups. Sloan's Web pages are constantly
updated and provide general information on Sloan to members of the Sloan
community as well as others interested in Sloan.
The Sloan IBM mainframe was sold and replaced with an HP workstation.
For the fourth year in a row, the Sloan School can again point to superior
results in placement. As of graduation day, all but 2% of the graduating class
was either employed or weighing offers. In an increasingly competitive job
market, students received offers from 150 different firms in 20 countries
around the world. Their median base salary, at $75,000, is 10% above last
year. Total compensation has increased 19% to $89,000.
The average number of job offers has increased from 3.1 to 3.6. Students
participating in our recruiting programs enjoyed an average of 14 interviews
each, with 37 firms interviewing on campus for the first time. 61% of the
graduating class got their job through the campus recruiting programs, 14%
returned to previous employers (summer or full-time), and 6% were contacted by
employers responding to resume book mailings.
With a growing number of students looking to change careers, the Career
Development Office is devoting more resources to helping them define their
career goals and evaluate various options. This year we offered 17 career
management seminars, in collaboration with alumni, faculty, librarians, and
recruiting firms. Topics included self-assessment, career options, resume
writing, interviewing, assessing corporate culture, and negotiating
compensation.
The Office of Alumni Relations continued its programs to provide Sloan
graduates with social, academic and professional benefits, allowing them to
effectively connect with each other and the Sloan School through (1) alumni
club programs, (2) alumni career services, (3) reunions, (4) educational
convocations, (5) alumni/admissions and student programs, and (6) an on-line
MIT Sloan Alumni News Network.
During 1994-95, Sloan alumni participated in the global network of over 100 MIT
and Sloan alumni clubs. Additionally, the new Sloan Club started this year in
Seattle hosted Dean Glen Urban and Phil Condit, President of Boeing. The new
Sloan Club in Boulder, the Boulder Business Series, hosted the owners of
Rockies Brewing Company, the CEO of Storage Technology Corporation, the owner
and CEO of the Leanin' Tree, the CEO of Alfalfa's Markets, Inc., the co-founder
of Exabyte, the joint owners and partners of Warren Miller Entertainment,
Colorado's Lieutenant Governor, Gail Schoettler, and the founder and chairman
of Somatogen, Inc. Successful evenings were held at Chatauqua Park with the
Colorado Symphony Orchestra and a well-attendedholiday gathering at Dolan's
cafe.
The Sloan Club of Boston sponsored a dinner with the Dean, back to the
classroom with Arnoldo Hax and Peter Senge, the sixth annual "Trends in Venture
Investing", a program with Bob Beckwitt on "How to Invest $17 Billion in 1995",
and the bi-annual financial services networking reception.
The Sloan Club of Northern California hosted a wide variety of social and
educational programs including the Sloan Annual Picnic and the monthly
Consumption Functions. Professor Jeremy Shapiro spoke to the club on
"Optimizing Supply Chain Management", Dr. Roger McCarthy, CEO of Failure
Analysis Associates, Inc. discussed technology and its impact, and the Women's
Workshop Series featured Drs. Strober and Jackman who facilitated a discussion
on career issues raised by the entry of highly-educated women in the workplace.
It held an Executive Speaker Series event with Dr. J. R. Beyster, Founder and
Chairman of the Board of Science Applications International Corporation. The
Club also hosted a reception with prospective students and the California
Career Fair, featuring career counselor, KenWhite.
The Sloan Club of New York sponsored an alumni career workshop and monthly
Consumption Functions. Distinguished speakers included Donald Trump and
Michael Bloomberg, while monthly Consumption Functions were held throughout the
year. The club also hosted a reception with prospective students, a career
forum, a gathering on the topic of wireless telecommunications, and a
presentation on "The Art of the Turnaround" with Matthew Shuchman. Finally,
the President of the Sloan Club of New York, hosted the New York Convocation on
"The Financial Industry: Trends in the 21st Century".
Internationally, alumni hosted events in Paris, Madrid, London, Santiago,
Buenos Aires, Mexico, and Istanbul. In addition, Sloan alumni participated
and held leadership roles in many of the MIT clubs throughout the world.
Alumni Relations has taken several initiatives to provide career resources to
enhance the professional development of graduates and to respond to their
career management needs. In addition to the Schools new career counselor, a
bibliography of job search publications, an executive search firm list,
recruiter and job contact lists, and access to the ProNet placement service,
the school has expanded distribution of its alumni job newsletter, published
twice a month to include online access through America Online.
Sloan held its third annual California Career Forum for alumni and students,
which consisted of an informational exchange among Sloan alumni, students and
company representatives and interviews. Throughout the year, Sloan alumni also
volunteered to assist students with their job search and participated in
workshops to help students improve interview and resume writing skills. In
addition, many alumni returned to recruit Sloan students to their companies and
organizations.
The Sloan School implemented a nationwide Alumni Interview program, offering
applicants the opportunity to interview with a Sloan alumnus. Over 150 alumni
volunteered as interviewers and nearly 200 alumni volunteered internationally
to serve as admission contacts in their local areas. Alumni also participated
as speakers at admissions receptions for minority and women applicants and at
Open House. Gatherings for regional alumni and prospective students were held
in Los Angeles, Detroit, Chicago, New York, San Francisco Washington, DC,
Philadelphia, Paris, Madrid, Santiago, Buenos Aires, and London.
The Mentor Program continued into its fourth year with more than 250 alumni
volunteers. First-year masters students were matched with alumni from Boston,
New York, and Northern and Southern California based upon industry, job
experience and career interest. A number of current students were ambassadors
to the distinguished speakers at the New York Convocation while 50 students
attended the conference. Many students participated in alumni club programs
such as the financial services reception and the Bob Beckwitt event.
To encourage more interaction between alumni and students, the Alumni Office
distributed alumni directories to current Sloan students from all programs.
Across all Sloan programs, graduating students were invited to the Alumni
Office for a wine and cheese party at which they received a packet of
information including the alumni resources guide, the alumni club contact list,
the career services guide, and American Online information.
Reunions were held during the weekend of June 14-17, 1995 for the Master's
Program classes 1955, 1960, 1965, 1970, 1975, 1980, 1985, 1990, LFM graduates,
and PhD graduates. We enjoyed a turnout with 230 graduates and guests in
attendance, a 50% increase from the 1993 reunion. The program included a
Consumption Function on the Sloan Plaza, class-specific dinners, a back to the
classroom with faculty, and a dinner at the Museum of Science Reunion committee
volunteers were recruited to encourage classmates to attend and to participate
in the reunion class giving program.
A convocation in London was held this year in October entitled, "The Role of
Europe in the International Economy" and in New York on "The Financial
Industry: Trends in the 21st Century".
To promote continued communication between alumni and the Sloan School and to
allow graduates to network with each other, the Office of Alumni Relations
established the MIT Sloan Alumni News Network, an online service available
through America Online. The service provides Sloan alumni with information
about alumni activities and programs, news about the School and information
about classmates and faculty. It also provides access to the Internet, an
e-mail address, and other benefits as a member of America Online--business
news, stock quotes, on-line daily newspapers, etc.
A PictureTel video conferencing system was used during the spring semester to
bring non-Sloan faculty into Sloan classes. Students and faculty are very
excited about using and experimenting with this new technology. Several
professors taught remote courses (lectures and interactive sessions) during the
year with great success. A number of PictureTel desktop video conferencing
systems have also allowed faculty and staff to participate in personal video
conferences. Conversion to digital service at the local NYNEX office in
August will give us additional capabilities required to fully utilize the
technology.
By early February, Sloan expects to have a new distance learning laboratory to
be used in a number of continuing and new initiatives including:
- enhancements to current Sloan classes
- support for the China initiative
- support for Systems Design and Management courses
- joint venture with Nanyang Technological University (NTU) in Singapore for
improvement of teaching and research quality
- alumni convocations and meetings
- continuing education and lifelong learning
In addition, all classrooms and several conference rooms in the Tang Center
will have ISDN lines to support video conferencing activities.
Recognizing the strategic importance of effective communications to the
achievement of its goal of preminence, Sloan established the Office of
Communication during the past year. The purpose of the Office is to plan and
manage efforts to promote the School's reputation and achievements among its
various external constituents, including prospective students, alumni/ae,
industry leaders, donors, government leaders, and the press.
A central function of the Office is to coordinate and refine the School's
public relations and marketing communications operations. Within this context,
it also oversees the writing and production of Sloan's diverse promotional and
informational publications so they meet appropriate standards of excellence in
quality and effectiveness at a reasonable cost.
Under the auspices of the Office, a major school-wide effort was begun to
expand the Sloan School's presence on the World Wide Web. The goal is to
provide a unified, engaging, and useful view of the full range of Sloan's
activities in this important and rapidly evolving medium.
Sloan Management Review, the School's quarterly peer-reviewed journal, had a
successful year on several fronts:
- Impact. Circulation rose to 18,000 this year. (SMR is thelargest-circulation
general-management journal in the U.S.) Renewal rates were in the 60s (above
industry averages). SSCI citation and "impact" ratings rose for the fifth year
in a row.
- Editorial. SMR published 7 MIT articles from 5 separate functional areas and
research centers. Seventy percent of the academically generated articles were
from top-20 business schools. High-visibility authors included Warren McFarlan,
Henry Mintzberg, Robin Cooper, Robert Eccles, Ernst Berndt, Stan Finkelstein,
and John Rockart.
- Profitability. SMR had its best year ever, contributing $263,000 to the
School, after expenses. Profit margins were around 40 percent.
The Diversity and Community Committee spent this past year developing four
reports concerning improved recruiting and hiring processes for women and
minorities which targeted faculty, staff, research staff, and students.
Recommendations in these reports are being adopted throughout the School. The
Committee also reviewed teaching evaluation forms and began to formulate
questions concerning diversity issues in the classroom, worked with students
developing diversity orientation sessions, and read many minority student
admission applications. Plans for next year include reports on creating an
environment conducive to the retention of minorities and women on the faculty
and staff and to provide a supportive environment for minority students at the
School.
The primary purpose of the following report is to review the past year's
results and work toward annual fundraising and activity goals in close
collarboration with all Sloan faculty and staff as well as MIT senior officers
and resource development staff to meet the priority fundraising objectives of
the School and Institute.
Highlights: FY '95 results were very good. About $9,120,000 in cash was
raised while approximately $5,400,000 in new written pledges were recorded. A
total of $14, 520,000 in gifts and new pledges was brought in during the year.
These results are at the same high level as those achieved during FY '94
excluding the double NTU payments of that year.
The Sloan Annual Fund showed considerable growth during FY '95 reaching
$700,000, about a 7% increase over the previous year's results. 329 new
annual fund donors were added during the year representing a 20% increase over
the number in the previous year. Sloan's number ranking in U.S. News &
World Report and the newly launched Dean's Fund for Preeminence helped achieve
the year's strong results.
Building on the good work of previous years, the Deans and Sloan Development
Team reached a record number of alumni/ae and corporations by focusing their
efforts where the pay off was high and by leveraging off other resource
development offices at the Institute. The May 1995 Campus Visit that Sloan
hosted for about 40 alumni/ae and their quests was a great success and led to
several significant gifts.
Sloan welcomed several new members to the External Relations team and
concentrated on developing a cross-selling and team-based aproach toward
development and client partnerships. The new team and its approach should
begin to make a real difference during FY '96.
Looking at the FY'95 fundraising results we note that 54% of the gifts came
from individuals; 26% from foundations and 18% from corporations. The level of
individual giving is quite high and will be the greatest source of future
growth for the School.
Some of the year's most notable gifts were the following:
Jerome & Dorothy Lemelson made pledge payments totalling $1,649,000 to
support their chair and prize at Sloan.
The effort to endow the Professor Franco Modigliani Chair in Financial
Economics neared an end as more than $300,000 in cash plus $200,000 in new
pledges were recorded.
Damador Ratha GM '73 pledged $750,000 to endow a Career Development Chair in
Entrepreneurship while several friends of Sloan pledged another $750,000 toward
the establishment of the Maurice Strong Chair in Entrepreneurship.
J. Spencer Standish '45 MG completed his pledge with two gifts totalling
$603,018 to endow a professorship in his name.
The James S. McDonnell Foundation made a pledge payment of $412,649 to support
the E. Pennell Brooks Chair.
Mary Francis Wagley '47 CM made a pledge payment of $50,249.06 to support the
J.C. Penny Chair.
CS Holding completed payment of its pledge to endow the CS Fellowship with a
gift of $149,985.
Alvin J. Siteman '48 MG made a pledge payment of $50,000 toward his endowed
minority fellowship.
Jeffrey Shames GM '83 pledged $60,000 while several companies made gifts
totalling about $30,000 to support minority fellowships and scholarships at the
School.
FY'95 saw $4,481,1000 in gifts to support the Tang Management Center bringing
the total raised thus far for the project to almost $9,000,000.
Jack Tang '49 CH made $765,000 in pledge payements while David Wong '62 EE and
Jospehine Jimenez GM '81 pledged $1,000,000 and $800,000 respectively to name
parts of the center. Other pledges included one from Elliot Wolk '57 MG of
$250,000 and another from Robert Horton SL '71 of $100,000.
Ralph Wanger '55 GM pledged $200,000 to support the establishment of a trading
room while Eric Rosenfeld '75 GM made gifts of $50,000 toward the venture.
The Sloan Foundation made a pledge payment of $700,000 as part of its support
of the School's Program on the Pharmaceutical Industry. The Ford Foundation
gave $109,000 to support faculty research on work & family issues and the
Kauffman Foundation made a grant of $60,000 to help launch Sloan's
Entrepreneurship program.
EPOCH Foundation Several new gifts and pledges were made to the EPOCH
Foundation including gifts from Phillips Taiwan for $500,000 and Taiwan
Semiconductor for $500,000. Continental Engineering pledged $1,000,000 while
Yageo Corp. pledged $500,000.
The Lemelson-MIT Prize Program awarded its first $500,000 national prize for
American invention and innovation to 34-year old automotive engineer William J.
Bolander. The inaugural co-recipients of the Lifetime Achievement Award were
William R. Hewlett and David Packard, founders of Hewlett-Packard Company. The
awards were presented before an audience of over 400 of this country's leading
educators, technologists, and industrialists at the Smithsonian Institution in
Washington, DC.
In addition, the Prize Program made several awards to MIT students for their
work in invention, innovation, and entrepreneurship. Thomas H. Massie, a
second-year graduate student in mechanical engineering, received the first
$30,000 Lemelson-MIT Student Prize for inventiveness and creativity. Stefan
Thomke (EE/GM) and Benjamin Linder (ME) were granted doctoral fellowships for
their research in the inventing process and product design education.
Thomas Allen, Ph.D., Management and Paul Asquith, Ph.D. in Economics were
appointed Senior Associate Deans replacing Paul M. Healy and Robert B.
McKersie.
There were five promotions to full professor: Paul Asquith (also named Senior
Associate Dean), Robert M. Freund, Ph.D. Operations Research, David
Scharfstein, Ph.D. in Finance, John Sterman, Ph.D. System
Dynamics and Lawrence Wein, Ph.D. in Operations Research.
Tenured was granted to two Associate Professors: Dimitris Bertsimas, Ph.D.,
Operations Research and Applied Mathematics and Joanne Yates, Ph.D. whose field
of interest is Managerial Communication and Business History.
Seven faculty members were promoted to the rank of Associate Professor : John
Heaton, Ph.D., in Economics, Wanda Orlikowski, Ph.D. in Information Systems,
Stephan Schrader, Ph.D. in Business Administration, Marcie Tyre, Ph.D. in
Business Administration (Production and Operations Management), Jean-Luc Vila,
Ph.D. in Finance, Jiang Wang, Ph.D. in Finance, and Richard Wang, Ph.D. in
Management Information Systems.
Don May, Ph.D. in Accounting and Paul Resnick, Ph.D. in Computer Science.
Six faculty were named to Professorships: Andrew Lo was named to the Harris
and Harris Professorship; David Scharfstein to the Dai Ichi Kangyo Professor;
Jeremy Stein, the J. C.. Penney Professorship; Vien Nguyen, the Robert N. Noyce
Engineering Career Development Professorship; Mauro Guillen, the Edward Pennell
Brooks Career Development Professorship of Management; Maureen Scully, the
Young Career Development Chair.
Visiting
Faculty
Gregory Clinch, Visiting Associate in the Accounting Group from the University
of New South Wales; Jerome Detemple, Professor of Finance from McGill
University; James Hines, Assistant Professor of System Dynamics; Morris
McInnes, Professor of Accounting, School of Management, Suffolk University;
Lilian Ng, Assistant Professor of Finance, University of Texas; Richard Thaler,
Professor of Economics, Cornell University; C. Peter Wilson, Associate
Professor of Accounting, Harvard Business School.
Deborah Ancona, Gabriel Bitran, Michael Cusumano, Paul Healy, Jeremy Shapiro,
Richard Schmalensee, and Lawrence Wein.
Lotte Bailyn, S. Lael Brainard, Julio Rotemberg, Lester Thurow, and Jean-Luc
Vila.
Arnoldo Hax, France LeClerc, Chris Kemerer, Paul Osterman, Nancy Rose, Thomas
Stocker, Karl Ulrich, Eleanor Westney, Alwyn Young, Nicholas Ziegler.
Professors Ron Adiel, John Heaton, Chris Kemerer, France LeClerc, William
Ocasio, Jean-Luc Vila, Alwyn Young.
As a result of Sloan's restructuring efforts, many existing administrative
staff members' duties and titles changed. The new hires for this period were:
Carmon Cunningham, Director of Alumni Relations replacing Lawrence Abeln who
move to the position of Director of Master's Program. Peter Adgate and Maria
Fernandez as Financial Analyst and Financial Aid respectively. David Lampe,
Director of Communication; Meg Manderson, Associate Director of Program
Marketing, Recruitment, and Enrollment.; John McNally, Associate Director,
Educational Services; Ron Thomann, Director Resource Development and Client
Partnerships.
We were able to increase the number of women and minorities in hiring of
Administrative Staff.
MIT
Reports to the President 1994-95