Yale School of Management

Yale School of Management
Yale SOM

Yale School of Management
Motto Novus Ordo Seclorum
Motto in English "A New Order of the Ages" "Educating Leaders for Business and Society"
Established 1976
Type Private business school
Academic affiliation Yale University
Location New Haven, Connecticut
Coordinates: 41°18′55″N 72°55′13″W / 41.31528°N 72.92028°W
Dean Edward A. Snyder
Academic staff 98 (including joint faculty)
Postgraduates 552 ('13-14) (MBA)
Doctoral students 44
Website som.yale.edu

The Yale School of Management (also known as Yale SOM) is the graduate business school of Yale University and is located on Whitney Avenue in New Haven, Connecticut, United States. The School awards the Master of Business Administration (MBA), Master of Advanced Management (MAM), and Ph.D. degrees. As of October 2013, 552 students were enrolled in its MBA program, 49 in the MBA for Executives program, 38 in the MAM program, and 44 in the PhD program. The School has 90 faculty members (including joint and visiting faculty) and the dean is Edward A. Snyder.

The School conducts education and research in leadership, economics, operations management, marketing, entrepreneurship, organizational behavior, and other areas; as of this time, its most acclaimed programs are finance, strategic management, and organizational behavior. The School offers a wide range of graduate-level academic programs and concentrations. The School is known for its finance faculty, emphasis on ethics, and International Center for Finance. The School also has an Executive MBA degree program with opportunities for focused study in healthcare, asset management or sustainability. The school also offers student exchange programs with HEC Paris, IESE, IE Business School, the London School of Economics, and Tsinghua University.

History

The Yale School of Management has its origins in efforts in the 1950s and ’60s to expand the university’s coursework offerings in the management of businesses and other large, increasingly complex organizations.

In 1971 the university received a bequest from the estate of Frederick W. Beinecke, PhB 1909, for the creation of a program in management. Two years later, the Yale Corporation approved the creation of a School of Organization and Management, which would confer a master’s degree in public and private management (MPPM). The first class arrived in the fall of 1976.

Founders Hall, the school's former main building

The new school offered a two-year program designed to train leaders who could be effective in the business, government, and nonprofit sectors, and who would have the skills, understanding, and perspective to move among those sectors effectively. “Business and government are growing more interrelated,” an early admissions catalog said, “requiring effective managers in each sector, public and private, to understand in depth the goals and operations of the other.”

In 1994 the school changed its name to the Yale School of Management. In 1999 it began offering a master of business administration (MBA) degree, while maintaining its multi-sectoral focus.

Steinbach Hall, a mansion formerly used by the school on Hillhouse Avenue

Today Yale SOM offers a portfolio of degree and executive programs. In addition to the flagship full-time MBA program, the school has a robust PhD program, which confers degrees through Yale’s Graduate School of Arts and Sciences; an MBA for Executives, launched in 2005 for healthcare professionals; and the Master of Advanced Management (MAM) program, a one-year program in advanced leadership and management, launched in 2012, that is open to those who have earned or are earning an MBA or equivalent degree from member schools of the Global Network for Advanced Management. In 2014 Yale SOM will enroll its first class of students in an expanded MBA for Executives program, offering the distinctive advantages of the Yale MBA integrated core along with advanced study in asset management, healthcare, or sustainability.

In 2006 the school introduced its integrated core curriculum, unique among top business schools, designed to prepare leaders for the cross-functional environment of contemporary organizations. In multidisciplinary, team-taught core courses, students learn to draw on a broad range of information, tools, and skills to develop creative solutions and make strategic decisions. In 2012, SOM launched a significantly expanded Leadership Development Program, an intensive course of study across all master’s-level programs that consists of coursework, hands-on experience, and practice giving and receiving feedback. In the same year, Yale SOM led the creation of the Global Network for Advanced Management.

Campus

Front of Evans Hall

Edward P. Evans Hall, a 242,000-square-foot building named after the Yale alumnus who donated $50 million to the school, is the new home for Yale School of Management as of 2014. The building is situated at the northern end of the Yale University campus at 165 Whitney Avenue.

An inaugural conference entitled "Business + Society: Leadership in an Increasingly Complex World" marked the opening of the new campus. The three-day conference examined major trends transforming markets and organizations around the world.[1]

The building was designed by Foster + Partners, Design Architect with Gruzen Samton, Architect of Record. Foster + Partners is the prominent firm chaired by Pritzker Architecture Prize Laureate Lord Norman Foster ARCH ’62. Edward P. Evans Hall houses state-of-the-art classrooms, faculty offices, academic centers, and student and meeting spaces organized around an enclosed courtyard. The design is intended to create a teaching and learning environment that will support the school’s integrated MBA curriculum and connect the Yale SOM community.

MAM program

The Master of Advanced Management program is a one-year program for top students from Global Network for Advanced Management schools who want to deepen their understanding of the most complex management issues facing leaders worldwide.

MAM students participate in a required series of courses and discussions oriented around major trends in global business and the role of business leaders, and also customize their experience by choosing electives from throughout Yale University.

MBA program

Integrated Curriculum

For the 2006-2007 academic year, the School introduced its "Integrated Curriculum," an effort to move away from the typical "siloed" teaching approach to a more integrated perspective.[2] The new curriculum is unique among those offered by leading business schools.[3]

Rankings

Business School Ranking
U.S. MBA
Bloomberg Businessweek[4] 6
Forbes[5] 18
U.S. News & World Report[6] 13
Worldwide MBA
Business Insider[7] 11 Worldwide, 9 in US
Financial Times[8] 10 Worldwide, 7 in US

Admission

Admission requirements include an earned four-year bachelor's degree from an accredited U.S. institution or the international equivalent, completion of an online application form, GMAT or GRE score, academic transcript, two essays, two professional recommendations, and video-recorded responses to three randomly selected questions. The application process has three rounds.

The class of 2015 has a median GMAT score of 720 and a median undergraduate GPA of 3.6.[24] The acceptance rate was 21%.[25]

The five most represented undergraduate universities in the MBA student body for the combined classes of 2012 and 2013 are University of Pennsylvania, Yale University, Harvard University, Cornell University, and Columbia University.[26]

Employment statistics

For the class of 2013, median base salary upon graduation was $110,000. The mean signing bonus was $26,281.[27]

Joint-degree and scholarship programs

The School's joint-degree programs include the MBA/JD with Yale Law School, MBA/MD with Yale School of Medicine, MBA/PhD with Yale Graduate School of Arts and Sciences, MBA/MEM with Yale School of Forestry and Environmental Studies, MBA/MArch with Yale School of Architecture, MBA/MFA with Yale School of Drama, MBA/MDiv or MBA/MAR with Yale Divinity School, MBA/MPH with Yale School of Public Health, MBA/MA in International Relations with Yale Graduate School of Arts and Sciences, and MBA/MA in Russian and East European Studies with Yale Graduate School of Arts and Sciences.

The School also offers the Silver Scholars Program for exceptional college seniors. Among traditional MBA applicants, approximately 30% of incoming students receive merit-based academic scholarships based on prior academic performance, evidence of leadership potential, and standardized test scores.

Graduates with incomes of $77,600 or less who work full-time for government or nonprofit organizations can receive full reimbursement for their annual debt repayment on need-based loans. Those who make more than $77,600 can receive partial loan forgiveness. Eligible alumni may apply at any time during the first 10 years following graduation.

Student life

Students at the School, like all Yale University students and alumni, are called "Yalies" or "Elis" after Elihu Yale; they are also known as "SOMers." They operate more than 50 MBA student clubs. There are career-oriented clubs such as Finance, Private Equity, Biotechnology, Investment Management, Technology, Marketing and Consulting. There are also clinic type clubs, such as Global Social Enterprise and SOM Outreach, through which students complete pro bono consulting engagements with local and international non-profits. There are also athletic clubs including soccer, frisbee, crew, skiing, and squash. SOM participates in the coed MBA ice hockey tournaments during winter months. The Yale SOM Cup soccer tournament is held in October and attracts clubs from numerous top business schools. Each November, many students attend the Harvard-Yale football game (known as "The Game"), the location of which alternates each year between New Haven and Cambridge. The weekend's activities include the Harvard-Yale Leadership & Ethics Debate, an annual contest between the two schools' MBA students.[28] Yale MBA students, like other members of the Yale graduate student community, frequent Gryphon’s Pub, the bar owned and operated by GPSCY (Graduate and Professional Students Center at Yale).[29]

More graduates of the Yale School of Management enter management scholarship than do their contemporaries at other graduate schools of business, with more MBA graduates entering doctoral programs in business.

Doctoral program

The doctoral program is intended for students who plan scholarly careers involving research and teaching in management. The program is small and admits only a few highly qualified students each year. Students choose a field of specialization from the following: accounting, financial economics, marketing, and organizations and management.

Pre-MBA program

The school also offers a two-week program for college juniors, seniors, and recent graduates titled the Global Pre-MBA Leadership Program. It is intended to help attendees acquire business and leadership skills as well as introduce them to the benefits of an MBA degree.[30]

Research and endowment

The School is home to the following research centers:

The School's endowment fund, valued at US $591 million in 2013, is part of the larger Yale University endowment. The endowment is primarily used according to the donors' wishes, which include the support of teaching and research. Yale University endowment fund manager David Swensen has generated exceptional investment returns over the past two decades.[31]

Prominent faculty

Steinbach Hall Tower
Dean Years
1 William H. Donaldson (1975–1980)
2 Geoffrey C. Hazard, Jr. (1980–1981)
3 Burton G. Malkiel (1981–1987)
4 Merton J. Peck (1987–1988)
5 Michael E. Levine (1988–1992)
6 Paul MacAvoy (1992–1994)
7 Stanley Garstka (1994–1995)
8 Jeffrey Garten (1995–2005)
9 Joel M. Podolny (2005–2008)
10 Sharon Oster (2008–2011)
11 Ted Snyder (2011–Present)

Notable alumni

Also see: List of Yale University people

Notes

  1. ↑ http://som.yale.edu/our-approach/edward-p-evans-hall/opening-events/business-society-leadership-increasingly-complex-world
  2. ↑ "MBA curriculum changes at Yale and Stanford". The Economist Magazine. 2007-05-10. Retrieved 2007-06-08.
  3. ↑ Alsop, Ronald (2006-07-11). "M.B.A. Programs Blend Disciplines To Yield Big Picture". Wall Street Journal. Retrieved 2007-06-29.
  4. ↑ "Business School Rankings and Profiles: MBA". Bloomberg Businessweek. 2012. Retrieved 2012-01-19.
  5. ↑ "Business School Rankings and Profiles: MBA". Forbes. 2013. Retrieved 2014-05-19.
  6. ↑ "Best Business Schools". U.S. News & World Report. 2012. Retrieved 2012-03-13.
  7. ↑ "The World's Best Business Schools". Business Insider. 2013. Retrieved 2014-01-12.
  8. ↑ "Global MBA Rankings". Financial Times. 2015. Retrieved 2015-01-26.
  9. ↑ "2014 Business School Rankings". Businessweek. Retrieved 2014-11-11.
  10. ↑ "Financial Times MBA 2014". Financial Times. 2014.
  11. ↑ "A League of Their Own: The Top 10 Programmes in Selected Categories". Financial Times. 2014. Retrieved 2014-01-26.
  12. ↑ "A League of Their Own: The Top 10 Programmes in Selected Categories". Financial Times. 2014. Retrieved 2014-01-26.
  13. ↑ "A League of Their Own: The Top 10 Programmes in Selected Categories". Financial Times. 2014. Retrieved 2014-01-26.
  14. ↑ "School Rankings 2013". The Princeton Review. 2013. Retrieved 2011-10-24.
  15. ↑ "School Rankings 2013". The Princeton Review. 2013. Retrieved 2013-03-24.
  16. ↑ "School Rankings 2013". The Princeton Review. 2013. Retrieved 2013-03-24.
  17. ↑ "The World's Best Business Schools". Business Insider. Retrieved 2013-07-17.
  18. ↑ "QS Global 200 Business Schools Report 2014, North America".
  19. ↑ "America's Best Graduate Schools 2013". U.S. News & World Report. L.P. Retrieved 2011-03-15.
  20. ↑ "America's Best Graduate Schools 2012, Specialty Rankings". U.S. News & World Report. L.P. Retrieved 2011-03-15.
  21. ↑ "2009 Rankings". The Economist. Retrieved 2009.
  22. ↑ Badenhausen, Kurt (2009-08-05). "The Best Business Schools". Forbes.com (Forbes.com LLC). Retrieved 2009-10-24.
  23. ↑ "Rankings: Top Ten Lists". The Aspen Institute. Retrieved 2011-11-25.
  24. ↑ http://som.yale.edu/our-programs/full-time-mba/student-experience/class-profile
  25. ↑ http://www.accepted.com/mba/YaleSOM.aspx
  26. ↑ http://directory.som.yale.edu/search.php?target=browse_cat&opt=newsearch&term=school&browse_cat=school
  27. ↑ http://som.yale.edu/our-programs/full-time-mba/careers/employment-statistics
  28. ↑ "Annual HBS-Yale MBA Leadership Debate". The Harbus. Retrieved 2007-06-27.
  29. ↑ http://www.yale.edu/gpss/GPSCY_Bar/gryphons.html
  30. ↑ http://som.yale.edu/our-programs/global-pre-mba-leadership-program
  31. ↑ Vickers, Marcia (2005-10-03). "The Money Game". Fortune Magazine. Retrieved 2007-06-08.

See also

Wikimedia Commons has media related to Yale University.

External links