Masters of Science in Management Proposed Degree ...

[Pages:86]Masters of Science in Management Proposed Degree

Department of Management Dolan School of Business

1. Description, Overview, and Summary

The Master of Science in Management (MSM) program provides recent college graduates with fundamental business knowledge and focused career development. Students join a collaborative cohort of individuals who represent a diverse set of undergraduate schools and majors. In particular, the MSM program is designed for recent college graduates with non-business degrees. The program is designed to complement students' undergraduate degrees in order to lead to jobs and careers that utilize their passions and skills.

The MSM is envisioned as a cohort program, providing students with a one-year, full-time experience as graduate students working through a proscribed curriculum. Currently, this is structured as primarily face-to-face, on site coursework, with some hybrid and technologysupported courses designed to ensure that students acquire the 21st century skills needed to work in fast-paced and often off-site business environments.

The goal of the program instantiates some of the current Fairfield 2020 aspirations, and helps to identify Fairfield as a "modern, Jesuit" university. The MSM program is designed to prepare students for work in a technologically sophisticated workplace, but one in which relationships and teamwork still matter. The MSM program reinforces the value and impact of strong liberal arts training. The MSM program reaches out to students where they are, providing an avenue for commitments to strongly held passions around vocation to be combined with real-world skills.

The MBA vs MSM

For many years, the Dolan School of Business has offered a part-time MBA program, which is currently populated with approximately sixty students. The MSM will not replace the MBA program. Rather the new program is designed very intentionally to reach out to an audience of students that the MBA cannot effectively serve.

The difference between the MSM and the MBA is the difference between career start versus career development. Top MBA programs may have a variety of high entry requirements; these may include a certain amount of work experience, strong professional achievements, as well as achieved academic distinction. However, often this marginalizes young, smart people who must first work and accumulate years of experience before being eligible to apply to top MBA programs. They typically have less than two years work experience but want to have a fast track career growth plan.

The MBA is a desirable degree for many working adults who want to take the next step in their careers. These next steps can take a variety of forms: switching career fields, enhancing their chances of promotion, switching to a higher paying job, or seeking to develop qualifications for a leadership or management position. The MSM focuses on younger students who have been working for a short time, or who perhaps have no full-time work experience at all but who want and need to develop an understanding of business to achieve their career goals. These individuals want to gain advanced skills or perhaps change from a non-business to a business field. They thus, as noted above, can put their careers on the fast track by equipping themselves with relevant skills that the job market desires. Not surprisingly, the average age of MBA applicants ranges from 25-32 years, while MSM applicants have an average age range of 21-25 years.

A fifth-year MSM program provides an attractive financial alternative to the traditional MBA by offering high quality education at lower costs. This may be very important to young people and recent college graduates who do not have large amounts of accrued resources or who do not want to accumulate further large amounts of student debt.

The typical MBA curriculum takes a pragmatic approach that stresses case studies and real world examples of business issues. This approach allows students to use their years of work experience in pursuing logical analyses and investigations of business scenarios. While there is overlap between the MBA and MSM curricula, the focus in the latter case is more theoretical with strong encouragement of critical thinking coupled with an introduction to the functional business areas. This combination of theoretical and practical knowledge is enhanced by team project pedagogies, which nurture public speaking, business writing, team building, and leadership skills.

The U.S. business community has embraced the MSM degree, as evidenced by top schools offering such a degree. These include the University of Virginia, Duke University, MIT, University of Southern California, Northwestern University, University of Michigan, Columbia University, University of Rochester, and many others. Catholic universities offering such a degree include University of Notre Dame, University of San Francisco, DePaul University, Catholic University of America, and Fordham University.

Finally, a criticism of many MBA programs is that they try to be all things to all people. The range of student experiences makes it difficult pitch the curriculum at a level that moves all students forward. As described by Datar, Garvin and Cullen in their 2010 book titled Rethinking the MBA, "Most schools require both experts and novices to wade through these same materials. This means that students who already have deep exposure to the field ("rocket scientists") often sit side by side with students who are largely unfamiliar with the basics ("poets"). The gaps between these two groups are frequently large...Oversimplifying the course means boring the experts; moving too quickly to more advanced material means losing the novices." (p. 83). Our model with the MSM will help separate the business "rocket scientists" from the "poets", carving out a space for students with deep and rich knowledge and skills from a liberal arts discipline to

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come to the business disciplines as novices. They will leave the program with that coveted combination of liberal learning and business education.

2. Need

Careers related to Management and Entrepreneurship

A 2017 study by America's Small Business Development Centers1 states, "More than 13 million Millennials cite not knowing where to go for help to start or run a business as the #1 reason that keeps them from starting their own business." This study also states that 68% of millennials have owned or worked for a startup, while 62% have a "dream business in mind that they would love to start."

Forbes2 notes that the best jobs for entrepreneurs outside of startups are: (1) Sales Managers; (2) Lawyers; (3) Marketing Managers; (4) Computer Systems Managers; (5) Construction Managers; (6) Registered Nurses; (7) Medical and Health Services Managers; (8) Personal Financial Advisors; (9) Public Relations Specialists; and (10) Sales Representatives.

According to the Bureau of Labor Statistics, these careers are also predicted to remain in high demand with strong median pay: (1) Sales Managers, 7% growth 2016-2026, $121,060 2017 median pay3; (2) Lawyers, 8% growth, $119,2504; (3) Marketing Managers, 10% growth, $129,3805; (4) Computer and Information Systems Managers, 12% growth, $139,2206; (5) Construction Managers, 11% growth, $91,3707; (6) Registered Nurses, 15% growth, $70,0008; (7) Medical and Health Services Managers, 20% growth, $98,3509; (8) Personal Financial Advisors, 15% growth, $90,64010; (9) Public Relations Specialists, 9% growth, $59,30011; and (10) Sales Representatives, 5% growth, $60,340.

Internally, Dolan, Egan, and Engineering are preparing interdisciplinary graduate programs to meet the needs of Computer and Information Systems Managers, Registered Nurses, and Medical and Health Services Managers. Even with these segmented areas, the MS in Management can be a viable degree option for a large and growing market.

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Graduate Degree Programs for Management and Entrepreneurs

Management and entrepreneurship are treated differently throughout higher education at the graduate level. As evidenced in the list below, many institutions incorporate these concepts into their existing MBA programs, while others have created separate Master's degree programs in Management, Entrepreneurship, Innovation, and/or some combination of these. Google search terms reveal over one billion hits for "Masters in Management," 140 million hits for "Masters in Entrepreneurship," and just over 37 million for "Master's in Innovation." Having a general MS in Management will likely appeal to the broadest possible audience, but this also means we are in competition with far more institutions offerings this degree type. We can differentiate the degree by highlighting the entrepreneurial aspects of it.

The Princeton Review and Entrepreneur ranked the top 25 graduate programs12 in 2018 as (Bold = Management-or-Entrepreneurship-specific degree; Italics = regional competition):

1. Harvard University, Boston, MA ($75,353) with an MBA 2. Rice University, Houston, TX ($56,097) with a traditional, executive, and professional

MBA 3. University of Chicago, Chicago, IL ($59,753) with an MBA 4. Babson College, Babson Park, MA ($67,562) with an MS in Management &

Entrepreneurial Leadership13 5. Northwestern University, Evanston, IL ($70,435) with an MS in Management

Studies14 6. Brigham Young University, Provo, UT ($24,620, out-of-state) with an MBA 7. University of Virginia, Charlottesville, VA ($65,118, out-of-state) with an MBA 8. Temple University, Philadelphia, PA ($45,113) with an MBA 9. University of Michigan, Ann Arbor, MI ($61,918, out-of-state) with an MS in

Management15 10. Bernard Baruch College, The City University of New York, New York, NY ($27,064,

out-of-state; $15,039, in-state) with an MS in Entrepreneurship16 11. University of South Florida, Tampa, FL ($20,637, out-of-state) with an MS in

Management17 12. University of North Carolina at Chapel Hill, Chapel Hill, NC ($59,229, out-of-state) with

an MBA 13. Northeastern University, Boston, MA ($44,605) with an MS in Innovation18 (also

available online) 14. University of Oklahoma, Norman, OK ($33,804) with an MBA

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15. Syracuse University, Syracuse, NY ($38,544) with the Entrepreneurship and Emerging Enterprises Program19 and an MS in Entrepreneurship (also available online).

16. University of Texas at Austin, Austin, TX ($51,804, out-of-state) with an MBA and specialized MS degrees (nothing specific to entrepreneurship)

17. New York University, New York, NY ($69,110) with specialized MBA in Tech and Fashion and Luxury

18. Texas A&M, College Station, TX ($34,849) with an academic track/certificate in Entrepreneurship20

19. University of Texas at Dallas, Richardson, TX ($32,974 out-of-state) with an MS in Innovation & Entrepreneurship21

20. DePaul University, Chicago, IL ($24,960) with an MS in Entrepreneurship22 21. University of Rochester, Rochester, NY ($47,089) with MBA and specialized MS degrees 22. Washington University, St. Louis, MO ($55,385) with MBA and specialized MS degrees 23. University of Utah, Salt Lake City, UT ($49,366, out-of-state) with MBA and specialized

MS degrees 24. George Washington University, Washington, DC ($48,975) with an MBA and

specialized MS degrees 25. University of California at San Diego, La Jolla, CA ($50,909, out-of-state) with an MBA

Regional Competition

Our regional campus-based competition for the MS in Management (and centered on entrepreneurship) is relatively light. Yale and New Haven both offer programs (not degrees) on Entrepreneurship. The University of Bridgeport offers a 36-credit MBA with an Entrepreneurship concentration. No college or university in Connecticut currently offers an MS in Entrepreneurship degree, and only the University of Hartford offers an MS in Management.

We are also well priced in the market: Syracuse tuition is $38,544; Bernard Baruch is $27,064; Northeastern is $44,605 (available online). At 30 credits, our MS would cost $29,250, so we seem reasonably priced in comparison. We should take note that multiple online programs exist, and that market will continue to expand and present additional competition.

3. Rationale

The Fairfield University Context

The proposed MSM degree program is not one whose intent is simply to proselytize recruits for the business community. In fact, it looks to engage two groups of individuals:

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a. Individuals from the Humanities, Arts and Sciences who want to be enabled to aggressively pursue career paths that align with their personal passions. Consider the following excerpt from the Princeton Review describing a day in the life of a performing arts administrator:

Many people see the performing arts as a refuge from the financially motivated corporate world. Performing arts administrators, however, know that the success of a show, a troupe, or a theater is often determined long before the audience shushes and the lights go down. The world of business and the world of art come together in the office of the performing arts administrator. A PAA controls the finances of a company or a theater, with the goal of producing exciting and profitable performances. A performance arts administrator often acts as an artistic director, guiding the focus of a season's shows and hiring directors, and as an internal accountant/promoter/publicist/manager, controlling all the financial decisions that affect a theater, from allocating a budget for props to hiring a janitorial crew to clean up after each show. A PAA has to make difficult decisions that may be unpopular with directors, performers, and audiences. "You're always the man in the black hat," wrote one PAA. "Most of the time you're out there trying to get money, publicity, press coverage, and reviews," he said, adding that networking, pitching to supporters of the arts, lining up talent, and negotiating nonessential contracts all contribute to the value of the end product... This education in "creative financing," as one wrote us, seems to satisfy the need for innovation that many in this profession feel. A PAA can work long hours, particularly for a small theater. Many firmly believe in their houses' potential profitability; a number invest their own money in struggling or failing concerns... This is one position where a good "rainmaker" can make an enormous difference to a theater or a troupe. Why do people do this? "It's not for the money," wrote one, and others agreed.... They do it because it needs to be done. They love the arts, they want to contribute, and they can. One respondent said, "you work a long day and then, sometimes at night, you open the door to a world that makes people feel alive. That's what everybody should be doing."

The take-away here is that many professionals working in business across the national and international economy have found ways to pursue their passions while at the same time structuring a career that is as productive as it is meaningful. The goal of this program is to provide students who have completed liberal arts degrees ? in everything from Art History and English to Chemistry and Physics ? with skills and knowledge of business practices. This will enable them to flourish in all sorts of jobs or in a business they start themselves.

The MSM has a prominent entrepreneurship presence with experiential modules to empower exactly these types of individuals. Experience in our undergraduate entrepreneurship courses has provided the department valuable lessons. Students from the areas of music, film, theatre, and the like frequently populate the undergraduate entrepreneurship minor because they are looking to pursue leadership in production type careers. Students with strong math and science skills are strong contributors to the annual StartUp competition, which provides seed money to student teams that pitch exciting new ideas for products or services. Additionally, we are seeing more

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students from the College and the other professional skills either double majoring in management or pursuing the management minor.

b. Individuals from the Humanities, Arts and Sciences who believe they can make important differences in the world inhabited by businesses.

A recent survey of executives -- including CEOs, presidents, vice presidents, and C-level executives ? by the Association of American Colleges and Universities revealed:

? 93% of executives say "demonstrated capacity to think critically, communicate clearly, and solve complex problems" is more important than a particular degree.

? 80% of executives say that regardless of a student's major, they should have "a broad knowledge" of the liberal arts and sciences.

? 80% of executives say schools should place more emphasis on oral and written communication skills.

? 71% of executives say schools should place more emphasis on the ability to innovate and be creative.

? 74% of executives would "recommend a liberal education to their own child or a young child they know."

Jesse Waters, Director of the English Department's Bowers Writers House at Elizabethtown College in Pennsylvania, argues that studying the arts gives students a competitive advantage: "A solid grounding in literature, language, history, culture and philosophy gives one a sense of not just how things work, but when and where human interaction is best developed and applied within those fields and when in the past it has failed and found prior successes." Innovative thinking is an essential skill that arts students learn says Waters, "The ability to think not outside the box, but rather, outside the book, is a skill liberal grads and humanities students are asked to engage and improve from the day they begin their academic adventures."

Timothy M. O'Donnell, Associate Provost for Academic Engagement and Student Success at the University of Mary Washington in Fredericksburg Virginia, admits that technical competence may appear to make graduates in other majors more qualified for future jobs, nevertheless he says: "Employers are increasingly saying the skills, characteristics, and habits of mind inculcated by the liberal arts curriculum distinguish candidates who thrive in their careers."

Dr. William Carpenter, Chair of the Department of English at High Point University in North Carolina, agrees that liberal arts majors may sometimes begin new jobs with steeper learning curves than some of their peers. However, he says these employees are also more likely to be promoted to a company's upper ranks, "They usually progress up the ranks of management more quickly because of their critical thinking and interpersonal skills. This is why their median salaries eventually outpace those in many other areas," says Carpenter.

The MSM program will take the strong critical and analytical thinking skills of the liberal arts student and partner them with practical knowledge of "how to do business". Modules on accounting, statistics, and business analytics will emphasize the importance of data-driven decision-making. A course on entrepreneurship will equip students with the skills needed to take

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an idea to market. A course on leadership, combined with a module focused on professional development, will prepare students with the people skills needed to be effective in any business setting.

4. Objectives and the Entrepreneurship Capstone

Human capital is the most valuable resource that an organization possesses. The majority of MSM courses will examine issues in organizations from the "people side". More specifically, students will learn how to maximize human capital to actualize organizational strategies. Although the focus of the MSM will be on growing management skills, it is understood that both quantitative and people skills are important - one cannot exist in a vacuum without the other. Thus the curriculum gives students a business foundation, but then focuses on motivating and empowering people to achieve goals.

Very much consistent with the Jesuit mission of Fairfield University, the MSM seeks to develop great leaders who change lives. As such, leadership development is integrated throughout the entire curriculum so that students will be prepared to advance strategy and innovation in their organizations. Since leadership is at the core of every successful organization, the MSM degree focuses on the human capital side of business - preparing students to effectively lead people to grow their organizations. The MSM degree will produce individuals who understand that leadership is all about motivating, supporting, and mentoring people. They will have the interpersonal, strategic, and business knowledge to successfully lead and orchestrate change in their organizations.

In sum, the MS in Management degree seeks to attract students with strong liberal arts undergraduate degree and will then provide them with the business skills that they need to be more effective business leaders. In a report from the Carnegie Foundation published in 2011, the authors identify five broad recommendations for change in business education. They conclude, "Our emphasis is on the implications or our central thesis: that in order to add value in contemporary business settings and contribute as well to the larger world, students need a stronger education in the liberal arts and sciences, one that is intentionally integrated with their preparation for a career in business." (p. 10) Fairfield's innovative MS in Management program is an answer to this call for broadly educated business leaders.

In his book, "On Becoming a Leader," Warren Bennis listed differences between the manager who plans, organizes and coordinates and the leader who inspires and motivates:

The manager administers; the leader innovates. The manager is a copy; the leader is an original. The manager maintains; the leader develops. The manager focuses on systems and structure; the leader focuses on people. The manager relies on control; the leader inspires trust. The manager has a short-range view; the leader has a long-range perspective. The manager asks how and when; the leader asks what and why. The manager has his or her eye always on the bottom line; the leader's eye is on the

horizon.

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