If business schools were ranked based on MBA students’ results, the Foster School would leap to #12 in the country, according to MBA ranking site, Poets & Quants.
Poets & Quants re-ranked the schools in response to a recent Fortune magazine essay by Dean Glenn Hubbard of Columbia University’s Business School, who recommended weighting the MBA rankings based on student inputs and outputs. Hubbard wrote, “Every business school dean, myself included, will tell you that their school is the best, so as much as it pains me to say, you should probably look past the deans. Instead, look to the students. It’s in the student network that you will find the metrics that matter for assessing any business school: inputs and outputs.”
What would a new ranking focused on student metrics look like? Poets & Quants analyzed publicly available data to re-weight the ranking of the top 25 business schools in the U.S. When those student inputs – applications per seat and yield (acceptance of admissions offers) and outputs – job placement rates and pay – are weighted most heavily, schools that focus on student results rise to the top.
Based on the student performance factors, Foster ranks #12, above Duke, Yale, Cornell and Michigan, and third among public schools.
Poets & Quants
A New Ranking Of The Top Business Schools
Apps per seat
Source: Poets & Quants analysis from publicly available data
This post was written by staff members from the Center for Leadership and Strategic Thinking
On Friday March 13, the Center for Leadership and Strategic Thinking (CLST) and Foster MBA Association (MBAA) celebrated the upcoming leadership transition as elected 1st year students prepare to take over the reins from soon-to-graduate 2nd year students. This event is part of our year-long Leading Across Boundaries (LAB) workshops series. The theme chosen for this half-day event was to Transition under Pressure.
Working in four parallel teams of six to eight students, each team was charged with designing a giant Rube Goldberg machine! Teams consisted of both 1st and 2nd year students. Machines were required to involve at least 4 transfers of energy from one “mini” machine or component to the next culminating in a final machine that would drop a weight into a cup. Armed with an array of materials including dominoes, mouse traps, springs, and marbles, second-year students were instructed to work on the upstream portion of the machine and first-year students were instructed to work on the downstream or terminal portion of the machine. Midway through the event, the facilitators transferred a key player from each team to another team and added design requirements. The purpose of this challenge was three-fold: 1. To focus on how well, under extreme time pressure, the 1st and 2nd year MBAs coordinated the effort and communication needed to make all parts of the machine connect and work as one; 2. To examine how well teams adapted to unexpected and disruptive changes in their structure and resources; and 3. To observe how leadership emerged and was shared to achieve the team’s objectives.
Following the ending of the game competition, feedback about how the teams worked to achieve their goals was provided by the judges – CLST’s Bruce Avolio and Chelley Patterson; 2012 alumnus, former MBAA Executive Vice President, and co-founder with CLST of the LAB series, Colin Beazley; and Director, Full-time MBA Student Affairs, Sigrid Olsen.
Many thanks to outgoing MBAA Executive Vice President, Soleil Kelley, for keeping the LAB tradition alive and for all his thought- and leg-work putting together this Rube Goldberg event! And now we move on to working with the new MBA leadership on the next LAB event as we move into the Spring quarter…
Watch video of the event below:
L.A.B. sessions enable MBA students to discuss topics of interest with business and community leaders while developing their own leadership skills. The sessions are sponsored by MBAA and CLST. Visit CLST’s website to learn more.
Whether it’s tech, aerospace, or retail, Foster alums are often at the forefront of innovation and entrepreneurship. And in Washington’s wine industry, things are no different. With a focus on the business side of winemaking, the second annual Taste of Foster played host to a panel of four Foster alumni making waves in the burgeoning Pacific Northwest wine scene. Facilitated by Full Pull Wines owner/wine blogger Paul Zitarelli (MBA 2009), the panel included John Blair (MBA 2011), General Manager for Dunham Cellars, Angela Jacobs (MBA 2010), owner and winemaker for WineGirl Wines, and Bryan Maletis (EMBA 2010), owner of Fat Cork. Over the course of the evening, event attendees got to know a bit more about the panelists, their products, and their views on Washington’s growing wine industry. Below are a few highlights from the discussion.
Why do you think MBA’s aren’t well represented in the wine industry?
For John Blair, size is the issue. “A lot of wineries can’t afford to hire an MBA…I see that changing.” Bryan Maletis agreed with John, stating, “The big companies are getting bigger and there are more small startups. The big companies will be hiring MBAs.” Maletis also argued that more flexibility in state law will positively effect the number of MBAs in the wine business, especially when it comes to creating more direct-to-consumer experiences.
What are some misconceptions about the wine industry?
Be wary of over-romanticizing vineyard life says Angela Jacobs. “Living on a vineyard sounds fantastic,” she quipped, “but there’s frost in the winter and bugs in the summer. It’s amazing and rewarding but it’s not easy.” For John, it’s important to remember that a product is being sold. “It’s still a business,” he said, “a competitive business. I tell people when they go out to the grocery store that there isn’t a shelf more competitive that wine.”
Advice for someone interested in getting involved in the wine industry?
Bryan advises those looking for a well-rounded sense of the wine business to set up informational interviews. “The most successful candidates ask to be connected with more people.” Drawing from his own experiences, Paul agreed, stating, “I definitely asked for more informational interviews.”
Looking toward the future, where do you see the Washington industry? Pointing to the recent purchase of Columbia Winery by a California distributor and the success of Woodinville’s Chateau St. Michelle, John responded, “I think the sky’s the limit.” Angela agreed, stating, “Our market is not even close to saturation. It makes it possible for people like me to start a small winery.”
How do you maintain the balance betweenthe heart and business of wine?
“I don’t think there is a balance,” said Jacobs semi-jokingly. “It’s an art, a science, and a business.”
Foster’s mentoring maven, Susan Canfield, discusses how the time-honored practice has evolved, and how you can get involved
Mentoring is having its moment.
An ancient concept, the powerful exchange between expert and apprentice is experiencing a surge in the public consciousness. Mentoring is a buzzword in business. Columnists hold forth on its virtues. And formal programs proliferate at b-schools.
What’s new to learn about the ancient art of mentoring?
Susan Canfield: Plenty! Mentoring has evolved in recent years. Traditionally, people viewed themselves as either a mentor or a mentee. Today we recognize that we can be both at the same time and throughout our lives. It was once assumed that a mentor must be more senior and experienced than the mentee. In fact a mentor can be anyone from whom you can learn. In the past it was common for the mentor to choose the mentee and structure and drive the relationship. Now we know it is better if the mentee chooses the mentor and drives the relationship. Finally, mentoring used to be seen more as a formal, ongoing relationship. Today we know it need only last as long as it is useful and may be based solely on observation.
I titled my book Mentoring Moments because, after many years observing mentoring relationships and conducting interviews on the subject, I learned that mentoring moments can come from formal programs and one-time meetings. They can come from family, friends, colleagues and even people we hardly know. They can come from hearing wise words and seeing wisdom in action. In fact they often come when we least expect them and most often need them.
What do you think accounts for the growing interest in mentoring?
A number of factors. People are seeking ways to accelerate their learning as they navigate more frequent career changes and face life’s challenges. Baby Boomers are arriving at a time in their lives when they want to give back. Universities are finding mentor programs attract prospective students, enrich their students’ academic experience, and provide them with career insights and connections. And businesses are seeing evidence that mentoring brings bottom-line benefits and addresses the issue of knowledge transfer before those Boomers walk out the door.
What are the hottest mentoring trends?
There are several. In reverse mentoring, younger recruits provide senior staff fresh perspectives and feedback—and maybe even a few tips on social media. Group mentoring, a trend we’ve pioneered at Foster, is an efficient alternative to one-on-one one relationships. And our experiments with speed mentoring have received unexpectedly rave reviews from both participating students and mentors. When a mentee prepares ahead and comes with specific questions, you’d be surprised at how valuable a short, focused meeting can be.
Who should seek a mentor? Only the young and inexperienced?
We can all benefit from a mentor—or many mentors—throughout life. It’s a relationship that enhances our learning and growth, no matter what age. And, if we’re lucky, mentors inspire us as well.
My vibrant, still-learning 94-year-old mother has a number of informal mentors. One is Grace, a 99-year-old friend who travels, has an active social life and gets up early to swim every morning. Grace is an informal mentor and inspiration to my mother in how to continue aging with grit and gusto.
Stewart Parker (MBA 1981), a Foster MBA Mentor who founded Targeted Genetics, says that you can get along without mentors, but it may be harder to fully realize your opportunities and potential. Mentors make it easier to have perspective and a healthy approach to life.
How do you find a mentor?
We can seek mentors in formal programs (at work, school or community organizations) or create them informally on our own.
Formal mentoring programs in companies, for example, can run the gamut from being available to all employees to only being offered to select, high-potential managers. Increasingly mentor programs have become more widely available because of growing evidence that they help attract and retain talent, contribute to employee engagement, enhance training opportunities, and support leadership and diversity initiatives.
Informal mentoring opportunities are all around us and are often there just for the asking. If you are open, curious, and eager to learn, then it is natural to seek conversations with people you want to learn from. Avoid starting with “will you be my mentor?” Instead, ask for advice or feedback about a specific question or problem. One conversation over a cup of coffee may be sufficient. However, if you would like to meet again, you may eventually use the word “mentor.” Or maybe not.
At Foster, we encourage our MBAs to take advantage of our formal MBA Mentor Program and seek informal mentoring opportunities as well. Better yet, I recommend creating a mentoring network consisting of diverse people with unique experiences, skills and perspectives that can be your guides in different parts and stages of your life. This dynamic approach might include a combination of ongoing mentors and others who move in and out of your life as your interests and needs change.
How does a dynamic approach work?
A great example is Chris Howard (MBA 2007), founder of Fuel Capital, a San Francisco venture firm. As an incoming MBA student, Chris immediately impressed me with his networking savvy. He knew the power of creating a mentoring network—including faculty, staff, peers, alumni and members of the business community—that he called his “board of advisors.” He was very intentional about what he wanted to learn and finding people he wanted to learn from.
Along with this fluid board of advisors, Chris took full advantage of our formal mentor program and chose Richard Tait, co-founder of Cranium and founder of Golazo, as his mentor. Both Chris and Richard were seeking a goes-both-ways mentoring relationship, and they clicked immediately. Eight years later, they’re still learning from each other and regularly return to Foster to speak on their powerful mentoring relationship.
Chris would be the first to admit that all of these relationships helped him turn a pre-MBA career in advertising into a successful second act in venture capital.
What do exceptional mentees contribute to a great relationship?
Great mentees take initiative and maintain contact with their mentor. They know what they want to learn and they actively drive the relationship. They prepare for meetings. They are honest about challenges at work and in life, and are open to feedback. They respect their mentor’s time. They express appreciation and lend mentors a hand when they can. They create a network of mentoring relationships. They pay it forward and seek opportunities to mentor as well.
In short, great mentees are hungry to learn and appreciative of all the wisdom they can observe, hear and absorb.
Who should be a mentor? And why?
Anyone who wants to facilitate the professional and personal development of another should consider mentoring, not only for the sake of the mentee but also for their own growth and opportunity.
Studies from the pioneering corporate mentoring program at Sun Microsystems found that mentors are 20 percent more likely to receive a raise, and six times more likely to be promoted. And, according to several longitudinal studies cited in George E. Vaillant’s Aging Well, those who mentor—seeking to better the world not only for themselves but for others—effectively triple their chances of being joyful in their 70s.
Outside of formal programs, how do you go about offering mentorship?
The short answer is: be someone people want to learn from.
In fact, you may already be mentoring and not even know it. Many of the senior executives I interviewed for my book mentioned learning great lessons from their bosses and leaders by simply observing their actions and behavior. In addition, these executives were encouraged to stretch and grow professionally by someone who believed in them. In many of these situations, the word “mentor” was never used.
How can you become an exceptional mentor?
Exceptional mentors see the relationship as a two-way street. They create an atmosphere of trust. They genuinely enjoy mentoring. They listen deeply and ask insightful questions. They give honest feedback. They are vulnerable and willing to share their own setbacks and how they overcame them. They see abilities in mentees they may not see in themselves. They discuss and help mentees set goals. They facilitate connections. They provide role modeling for work and life. They inspire mentees to be their best selves.
We may not all be born with the mentor gene but we can certainly strengthen our mentoring muscles with guidance, good role models, practice, and a genuine desire to get better. I have seen this among our MBA mentors, many of whom have been guiding and inspiring our students for a decade or more.
The Foster School launched its MBA Mentor Program in 1999 to offer students a broader and deeper understanding of business through regular meetings with business leaders from a wide array of companies and industries.
Though it’s a voluntary program, more than 250 full-time and evening MBAs each year take advantage of the golden opportunity to learn from one of 86 senior executives about careers, companies and industries, and to discuss the keys to effective leadership, overcoming challenges and finding long-term success.
The program has been so successful that director Susan Canfield regularly fields inquiries from the world’s top business schools—Harvard, Oxford, Stanford, Chicago, MIT, to name a few—when they are considering installing or improving their own mentoring programs.
Canfield attributes the Foster program’s exemplary status to six differentiating qualities:
Leadership – The Foster School leadership—including Dean Jim Jiambalvo and Assistant Dean Naomi Sanchez—is a strong supporter of the MBA Mentor Program, providing essential backing and resources.
Longevity – At 15 years, it’s one of the oldest continuously running MBA mentor programs in the country.
Innovation – Foster has been on the vanguard of trends such as group mentoring, speed mentoring, reverse mentoring and promoting mentoring networks.
Efficiency – Mentoring software facilitates the logistics of mentor-student matching and students who serve as lead contacts synch schedules and organize preparation for meetings.
Flexibility — Within the program structure is a great deal of latitude to adapt based on the needs and wishes of mentors and students.
Commitment – The program is powered by a potent renewable energy—senior executives who serve as mentors year after year. “Our mentors say they get more than they give,” Canfield says. “They enjoy hearing what’s on the minds of future business leaders, they like being asked the tough questions that help them reflect on their own career and decisions, they are energized by being around bright and eager minds, and they enjoy getting to know other mentors who share their same commitment. Foster is lucky to be in the midst of many generous alumni and a giving-back business community.”
There are more than 2 billion people who live on less than $2 per day. The good news? Effective poverty solutions have already been developed. Today’s challenge is finding a better way to distribute health products like vaccines, energy products like solar lamps, and many other proven solutions to some of those 2+ billion people. Entrepreneurs from the Foster School of Business and the University of Washington are tackling this challenge. They are starting organizations that we believe can grow to be the biggest, more high impact ventures on the planet”. – NICHOLAS FUSSO, Program Director at D-Prize
D-Prize is an organization dedicated to expanding access to proven poverty solutions in the developing world. The Foster School’s Global Business Center is pleased to be part of the growing family of D-Prize academic partners. This winter, five UW teams competed in the inaugural Foster D-Prize by offering distribution innovations for proven poverty solutions. Each team (including at least one MBA student), was challenged to either 1) Improve vaccine supply chains, 2) Distribute solar lamps, or 3) Deliver Sexual Education to girls to reduce the risk of HIV
Five UW teams submitted 2 page concept notes that were judged by D-Prize. On Wednesday, January 14th, the five UW graduate student teams showcased their distribution solutions at the Foster D-Prize Trade Show. At the trade show, the UW Global Business Center announced which of the 5 teams D-Prize selected to advance to the next round of the competition. Tradeshow guests also voted for the winners of two $1,000 prizes (People’s Choice and MBA Choice).
In the next round of the competition, teams will write full proposals and compete to win $10,000 to implement their solution this summer in a developing country. D-Prize management told the UW Global Business Center they were extremely impressed with the quality of UW submissions in the first round of the competition. The average acceptance rate into the second round among university D-Prize programs is 20-40%, and is only 5% in the global competition. For the first time in the history of D-Prize competitions, they invited all UW first round teams to move on to the next round of the competition.
Foster D-Prize is open to currently enrolled UW graduate students in any discipline who submit a plan that uses business principles to create distributions solutions to existing social enterprise models. Applications for the 2nd annual competition are due in November 2015. Learn more about Foster D-Prize.
International study trips have been offered as an option to Executive MBA students for many years. As the direct and indirect impact of global business on companies of every size has grown dramatically, the EMBA Program has responded by establishing this “International Immersion” experience as a required course in the curriculum. In 2014, all second year EMBA students participated in one of three study trips offered by the program, traveling to Brazil, Vietnam or Germany and the Czech Republic for an intensive week of visits to local and multinational companies, business schools, non-profit organizations and government agencies. Among the goals of the International Immersion: To offer students a firsthand experience in analyzing and understanding the business environment in these countries and stimulate insights into the potential opportunities and challenges of operating in a global context. Along the way, students broadened their cultural horizons, sampled local cuisine, and deepened their collegial bond. In this post, they share their experiences in words and images.
“I was so thankful to be taken out of my comfort zone and placed into a unique situation.” – Matt Gleason (North America 16)
“I left Vietnam with a sense of wonder about the growth potential of this small nation. While still a relatively poor country with major infrastructure issues, the population seems primed for incredible growth. I look forward to following the progress of Vietnam and its people.” – Andy Wolverton (EMBA Regional 31)
“Brazil is a land of contrasts. The vibrant culture, fast paced environment and economic growth are contrasted with extreme poverty and rampant crime. Looking back on my week in Sao Paulo and Curitiba I can honestly say that I saw the “true” Brazil. I was exposed to the culture in the form of the food (delicious) artwork (vibrant) and people (optimistic and friendly). I also learned a tremendous amount about the business of Brazil. I came away from Brazil with new connections, friendships and lifelong memories.” – James McBride (EMBA North America)
“The opportunity afforded by this cultural and business immersion was truly a unique opportunity that would never have been possible by simply visiting a country or culture on one’s own agenda.” – Charles Baer (EMBA North America 16)
The Fall 2014 Leading Across Boundaries (L.A.B.) session focused on the topic of dealing with “complexity” in the workplace. In a recent global study, both CEOs and MBA students identified dealing with complexity as a major area of challenge in their work. Bruce Avolio, Mark Pigott Chair in Business Strategic Leadership and Executive Director of the Center for Leadership & Strategic Thinking (CLST) describes complexity as;
“1. When you have a lot of competing and difficult priorities to choose from and not all the information you need.
2. When you are trying to lead systems that have a lot of moving parts and you are trying to figure out how to integrate them to get things done.
3. When you have lots of competing priorities and have to determine how to get each done with limited resources.”
During the session, a panel of business leaders (Beth Schryer, Director 737 Business Operations for Boeing Commercial, Karen Clark Cole, CEO & Founder of Blink UX, and Nick Dykstra, Finance Director at Intellectual Ventures) sat with a group of ten MBA leaders to discuss the challenges they have with dealing with complexity in their current leadership roles. The panel then provided their strategies for dealing with complexity and responded to questions posed by the MBA leaders in attendance. Soleil Kelly, Foster’s MBA Association (MBAA) Leader and Bruce Avolio moderated the dialogue.
See photos of the event below:
L.A.B. sessions enable MBA students to discuss topics of interest with business and community leaders while developing their own leadership skills. The sessions are sponsored by MBAA and CLST. Visit CLST’s website to learn more.
Guest post by Nick Dwyer, Foster MBA Candidate, 2016
Before enrolling in the full-time MBA program at the Foster School this fall, I often heard full-time business students characterized as “day students”. But with the vast number of engaging presentations, speakers’ series, networking opportunities and other evening events at our disposal, I now realize this was a misnomer. While I’m not currently taking any evening classes, my on-campus education rarely ceases before 6PM. Perhaps my most notable example is the evening of November 20th, when I had the opportunity to hear from the former US ambassador to Japan, John Roos.
Ambassador Roos came to the Foster School as part of the Tateuchi Foundation Asian Business Distinguished Speaker Lecture, a series of annual speeches by business leaders focused on presenting US-Japan business opportunities.
By partnering with the Tateuchi Foundation, we can honor the legacy of Mr. Tateuchi’s business success and further the Foundation’s goals of promoting international understanding, knowledge, and relations.
The event is made possible by the Tateuchi Foundation, a family foundation charged with building bridges of understanding between the United States and Japan. Given this mission, its unlikely there is a more fitting presenter than John Roos, who served in his role as ambassador to Japan from 2009 to 2013.
One of the most interesting points of Ambassador Roos’ presentation was his atypical professional background for an ambassador. Unlike most American ambassadors to Japan, John Roos never held a significant public office before his ambassadorship and was not a political figure in Washington, DC. Before Japan, Roos was a lawyer in Silicon Valley, where as CEO he led a premier technology law firm.
He explained that he was such an outsider that his wife quipped that he “didn’t have a chance in hell” before formally receiving his nomination for the post. But his less than common background was appealing to President Obama, who appreciated his experience in technology and innovation and his understanding of Asia-Pacific business. “But most of all, it was just a matter of trust” Roos confirmed.
As someone who has always been interested with the economy of Japan, I particularly enjoyed watching Ambassador Roos interact with Japanese students in the Q&A part of the evening. What emerged was a major difference of opinion between the state and potential future of Japan. Several students commented they felt pessimistic about the future of Japan, given the weak economy, the high population loss, and the high national debt. Ambassador Roos reminded them that Japan is still the third largest economy in the world and that 90% of the world would trade places with them. When asked what is the best characteristic of Japanese business, Roos stated that “quality and attention to detail permeate the whole society” and there is a very high level of service, which can continue to drive the Japanese business. He also sees the Japanese business culture beginning to address its lack of entrepreneurial thinkers and businesses, which will be key for future economic growth.
While Japanese business was a major conversation point for the evening, Roos also discussed a number of geopolitical issues, including the thorny relationship between Okinawa and the United States, the dispute between Japan and China over the Senkaku Islands, and North Korean threat to Japan. He also described the biggest challenge of his ambassadorship; the 2011 Japan earthquake and tsunami. The link between national security and economic wellbeing was not lost on the ambassador, as he frequently pivoted between both topics.
In all, Ambassador Roos painted a complex yet optimistic picture of Japan and Japanese businesses. His belief in the country is illustrated by his current position on the board of directors at Japan’s largest electronics company, Sony. While Japan has to overcome it’s shrinking population and stiff competition, his ambassadorship allowed him to see up close what makes Japan so dynamic.
While I certainly don’t wish to underestimate my daytime classes and activities, Ambassador Roos certainly demonstrated that learning about global business doesn’t necessarily slow when the sun sets at Paccar Hall.
The Executive MBA experience kicks off each fall with a five day residential program at Skamania Lodge on the Columbia River east of Portland. Away from the distractions of daily life, first year students immerse themselves in intensive instruction, collaborative projects and bonding with their fellow students. Here are some snapshots of this year’s residential session, with comments by students on the value of the experience, including a challenging class with the inimitable Charles Hill, Professor of Management & Organization and the faculty director of the EMBA Program.
“The rapid pace of learning at Skamania was outstanding. The professors provided ample material to read, contemplate and absorb in preparation for five consecutive days of class. During the daily sessions, students were required to recall significant portions of the assigned material to examine precepts of micro economics, finance and leadership.”
“Charles comes at you as-advertised – fast and intense – with questions requiring that you to not only read the assigned material, but also to think deeply about it. This deep thinking will get you about 60% of where you need to be. From there, you have to take a deep breath, sit on the edge of your seat and lean into it. Fortunately, the intensity of Charles’ class session is matched by his love of teaching and fair approach. It won’t hurt too badly.”
“The intensity at residency was unreal. Long days, amplified by classroom encounters with professor Charles Hill out of Scared Straight resulted in a searing educational experience. I’ve never learned more in a shorter time period. The fear of failure in the classroom quickly dissipates as everyone participates, and gets not-so-politely corrected by professor Charles Hill.”
“There were three constant thoughts that ran through my head while at Skamania and in the Charles Hill hot seat:
No matter what you do, do not criticize the text or mention that it might be a little dry because the guy standing in front of you (Charles Hill) wrote it.
If I look him directly in the eye maybe he won’t see me …. darn it, that didn’t work!
Everyone is watching so here goes nothing! Please be the correct answer, please be the correct answer….
On a serious note I remember thinking how interesting his class was and that despite being exhausted what a good job he did keeping us all engaged in the class. Additionally I recall thinking how impressed I was with the caliber of the professors and how lucky I was to be a part of such a smart and talented cohort, Skamania was a very humbling experience for me.”
“Skamania overall was a tremendous opportunity to sit through several intense days of class and brush away the mental cobwebs. More so, though, it was an opportunity to spend focused time with your new classmates and teammates. A great time to start some shared experiences and friendships of a kind that are harder to find the older you become.”