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), MBA for Executives (EMBA), Master of Advanced Management (MAM), and Ph.D. degrees, as well as joint degrees with nine other graduate programs at Yale University. As of August 2015, 668 students were enrolled in its MBA program, 114 in the EMBA program, 63 in the MAM program, and 51 in the PhD program; 122 students were pursuing joint degrees. Beginning in the 2017-2018 school year, the school will launch a one-year Master of Management Studies degree in Systemic Risk. The School has 86 full-time faculty members, and the dean is Edward A. Snyder.
The School conducts education and research in leadership, behavioral economics, operations management, marketing, entrepreneurship, organizational behavior, and other areas. The EMBA program offers 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, the National University of Singapore Business School, EDHEC Business School and Tsinghua University.
History
Beginning in the 1950s, Yale University started to expand coursework offerings in business and organization management. In 1971, Yale University received a donation establishing a program in management from Frederick W. Beinecke, PhB 1909. Two years later, the Yale Corporation approved the establishment of a School of Organization and Management. Arriving in 1976, the first class of the two-year program that awarded a master's degree in public and private management (MPPM) attended the campus on Hillhouse Avenue.
Historically known for its strength in studies regarding nonprofits and the public sector, the school's focus began to evolve and changed its name to the Yale School of Management in 1994. Shortly thereafter in 1999, the School began offering a master of business (MBA) degree and discontinued the MPPM degree.
Yale SOM launched an executive MBA program for healthcare professionals in 2005, and in 2006 it introduced its mandatory, team-taught "Integrated Curriculum" for all MBA students.
Concurrently in 2012, SOM launched the Global Network for Advanced Management and the Master of Advanced Management (MAM) program, a one-year program in advanced leadership and management courses, open to students who have earned or are earning an MBA or equivalent degree from Global Network for Advanced Management member schools.
In 2014, Yale SOM enrolled its first class of students in an expanded MBA for Executives program, offering the Yale MBA integrated core along with advanced study in asset management, healthcare, or sustainability. That same year in January, SOM's new building, Edward P. Evans Hall, opened at 165 Whitney Avenue, one block away from the old campus on Hillhouse Avenue.
Campus
Edward P. Evans Hall, a 249,743-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 January 2014. The building, capturing the retro-futuristic bimorphic architectural spirit, is located at the northern end of the Yale University campus at 165 Whitney Avenue on 4.25 acres and cost a reported $189 million.
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.
Foster + Partners,the firm chaired by Pritzker Architecture Prize Laureate Lord Norman Foster ARCH ’62, designed the building with Gruzen Samton stated as the Architect of Record. Edward P. Evans Hall houses technology-enabled classrooms, faculty offices, academic centers, and student and meeting spaces organized around an enclosed courtyard.
MAM program
The Master of Advanced Management program is a one-year program based at SOM's New Haven campus for business students from Global Network for Advanced Management schools. All MAM students matriculate into the MAM program immediately after their graduation from their respective business schools to continue the studies at SOM.
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 customize their experience by choosing electives from throughout Yale University.
The MAM class of 2016 is composed of 63 students from 34 countries and 20 Global Network for Advanced Management schools and is 38% women.
MBA program
Integrated Curriculum
For the 2006â€"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. This new curriculum was designed with two primary components: foundational classes in a program called "Orientation to Management" and a set of classes called "Organizational Perspectives" that incorporate many aspects of traditional business classes into multi-disciplinary topics.
Orientation to Management
The Orientation to Management is the first segment of the curriculum, which introduces students to core concepts and business skills. The constituent courses include Managing Groups and Teams, Global Virtual Teams, Basics of Accounting, Probability Modeling and Statistics, Basics of Economics, Modeling Managerial Decisions, and Introduction to Negotiation.
Organizational Perspectives
The core of the integrated curriculum and first-year experience is a series of interdisciplinary, team-taught master classes called Organizational Perspectives. These courses include Employee, Innovator, Operations Engine, Sourcing and Managing Funds, Competitor, Customer, Investor, The Global Macro-economy, and State and Society. The final Organizational Perspectives Course, the Executive, focuses on solving a series of case studies involving cross-national or global business challenges and draw on the subject matter taught in the other Organizational Perspectives courses and Orientation to Management skills.
The Organizational Perspectives courses draw from multi-media "raw" cases developed by SOM and the Global Network for Advanced Management peer schools on topics from real-world challenges facing business, government, and nonprofit organizations.
Electives
MBA Candidates are able to take electives courses at the School of Management during their second semester of their first year and all throughout their second year. These electives include traditional instruction as well as independent reading and research with professors and instructors.
SOM students are also permitted to enroll in the 1000+ classes offered by other graduate and professional schools and at Yale University including the Yale Graduate School of Arts and Sciences, Yale Law School, Yale School of Public Health, and undergrad classes at Yale College.
Global Studies Requirement
MBA candidates are required to complete a Global Studies Requirement prior to graduation. This requirement can be fulfilled a number of ways including an International Experience Course, a Global Network Week, a Global Network Course, The Global Social Entrepreneurship Course, the Global Social Enterprise Course, or a term-long international exchange with a partner school.
MBA for Executives
The MBA for Executives at SOM during the 2015â€"2016 academic year includes 63 students, 41% of whom are women. Graduates of the MBA for Executives program go through the full integrated core curriculum. They also take advanced management courses as well as colloquia and advanced courses in one of three areas of focus: healthcare, asset management, or sustainability.
Admission
Admission requirements for the MBA include an earned four-year bachelor's degree from an accredited U.S. institution or the international equivalent, completion of an online application form and essay, GMAT or GRE score, academic transcripts, two professional recommendations, completion of video questions and a fee. The default application fee is $225 for applicants, but a sliding-scale exists for applicants who's compensation might be lower due to geographic considerations, or an entire fee waiver for Peace Corps volunteers, staff and alumni of Teach for All Programs, US military or US veterans, current Yale Graduate students, and current Yale College students applying to the Silver Scholars program.
Of all admitted applicants, 22% submit their application with a GRE score, one of the highest rates of any graduate business school accepting the GRE. The application process has three rounds.
During the 2014â€"2015 applications cycle for the MBA Class of 2017, applications were up 25%. The MBA Class of 2017 has a median GMAT score of 720 with the middle 80% GMAT range being 690â€"760 and a median undergraduate GPA of 3.6 with a middle 80% undergrad GPA range of 3.23â€"3.88. The 326 members of the Class of 2017 are made up of 40% women, 40% international students, and 10% under-represented U.S. minorities.
For the class of 2019, applications were up an additional 13%, for the first time exceeding 4,000 applicants for 340 slots, which is 12.3 applicants for every seat, more than Harvard (10.4), Columbia (9.9), Kellogg (9.6), Wharton (7.8), or Booth (7.0).
International Students is a metric of "Intentional Passport Holders"
Employment statistics
For the MBA Class of 2014, the full-time median salary upon graduation was $110,000 with median other guaranteed compensation being $35,000.
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 or MF 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, and MBA/MA in Global Affairs with the Jackson Institute for Global Affairs.
The School also offers the Silver Scholars Program for exceptional college seniors. Silver Scholars matriculate immediately from undergrad into the School of Management and participate in a one-year, full-time internship after completing the first year of the Integrated Core Curriculum. Following their internship, Silver Scholars return to campus to complete their second year of MBA coursework. In some circumstances, Silver Scholars receive permission to defer their matriculation as a result of fellowships or other extraordinary circumstances or extend their internships by an additional year.
Graduates who meet income eligibility requirements and who work full-time for government or nonprofit organizations can receive full or partial loan reimbursement for their annual debt repayment on need-based loans. While there are other programs that offer direct MBA admissions to college seniors too, the Yale Silver Scholars is unique in offering a mid-program internship.
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 40 MBA student clubs. There are career-oriented clubs such as Finance, Private Equity, Investment Management, Technology, Marketing, and Consulting. There are clinic-type clubs, such as Global Social Enterprise and Outreach Nonprofit Consulting, through which students complete pro bono consulting engagements with local and international non-profits. There are also athletic clubs including soccer, frisbee, crew, rugby, 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. 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).
Alumni and Student Giving
The Yale School of Management raised more than $3 million from a record 51.9% alumni in fiscal year 2016, the third straight year of 50%+ participation. SOM is the business school with the second-highest alumni participation in annual charitable contributions, behind Dartmouth Tuck School of Business at 70+% contribution and ahead of the University of Virginia Darden School of Business at 42% participation according to 2015 statistics.
The graduating MAM, MBA, and Executive MBA classes of 2016 all had a 100% contribution rate towards their class gifts prior to commencement.
Doctoral program
The doctoral program at Yale SOM is a full-time, in-residence program intended for students who plan scholarly careers involving research and teaching in management. There are five major tracks for PhD students follow at SOM: Accounting, Finance, Marketing, Operations, and Organizations and Management.
The program is designed to be completed in four or five years. The curriculum for the first two years of PhD candidates is composed of 14 courses . The program is small and admits only a few highly qualified students each year; there are currently 51 doctoral candidates in the program.
Global Pre-MBA Leadership Program
The school offers a Global Pre-MBA Leadership Program that introduces recent college undergraduates from cultural backgrounds that are under-represented in graduate management education to the benefits of an MBA degree.
Master of Management Studies in Systemic Risk
A new degree, the Masters of Management Studies in Systemic Risk will be issued during the 2017-2018 school year. The program will focus on finance and regulatory studies, with students being nominated by their parent financial and regulatory institutions for admission into the program.
Research and endowment
The School is home to the following research centers and programs:
- The Center for Business and Environment is a collaboration between the Yale School of Management and the Yale School of Forestry & Environmental Studies
- The Center for Customer Insights
- The International Center for Finance
- The Chief Executive Leadership Institute
- The China India Insights Program
- The Program on Entrepreneurship
- The Program on Social Enterprise
- The Initiative on Leadership and Organization
- The Yale Program on Financial Stability provides research and training regarding risk management in global financial markets. Regular panels are convened with participants including former Secretaries of the Treasury Timothy Geithner and Henry Paulson, and former Federal Reserve Chairman Ben Bernanke. Typical participants for master classes hosted by the Program on Financial Stability include members from over 20 central banks and several non-central bank organizations including the Federal Deposit Insurance Corporation.
- The Yale Center Beijing is located in the Chaoyang district of Beijing and supports research and study from each of the University's schools and divisions and serves as a gathering place for alumni from throughout Asia.
The School's endowment fund was valued at US $743 million in 2016, which is the sixth largest endowment of any US business school and third highest endowment per student. Yale University endowment fund manager David Swensen has generated exceptional investment returns over the past two decades.
Prominent faculty
- Jeffrey Garten â€" former Under Secretary of Commerce for International Trade
- Gary Gorton â€" expert in stock and futures markets, banking, and asset pricing; Editor, Review of Economic Studies
- Roger G. Ibbotson â€" Chairman, Chief Investment Officer, and co-founder of Zebra Capital Management, LLC, an equity hedge fund management firm; founder of Ibbotson Associates (a division of Morningstar, Inc.); financial markets expert and co-author of Global Investing
- Edward H. Kaplan â€" operations research specialist; recipient of the Lanchester Prize and the Edelman Award
- Barry Nalebuff â€" game theory specialist; co-founder of Honest Tea, Inc., a fast-growing beverage company
- Sharon Oster â€" competitive strategy authority; author of Modern Competitive Analysis
- Stephen Roach â€" Non-Executive Chairman of Morgan Stanley Asia; former Managing Director and Chief Economist of Morgan Stanley
- Robert Shiller â€" behavioral finance expert; Chief Economist and co-founder of MacroMarkets, LLC, a financial markets firm; author of Irrational Exuberance, Market Volatility, The New Financial Order: Risk In The 21st Century, and Macro Markets; co-developer of the Case-Shiller index
- Jeffrey Sonnenfeld â€" President and founder, The Chief Executive Leadership Institute
- David Swensen (adjunct) â€" Yale University Chief Investment Officer; manager of US $18 billion university endowment portfolio; developer of the Yale Model of investing; author of Pioneering Portfolio Management
- Arthur Swersey â€" specialist in production and inventory management, quality management, and mathematical modeling
- Victor Vroom â€" pioneer of expectancy theory
Notable alumni
Also see: List of Yale University people
- Tom Ascheim â€" Former CEO, Newsweek, Inc., President, ABC Family
- Laszlo Bock â€" Vice President, People Operations, Google
- Martha Brooks â€" Past President & COO, Novelis and Director of Harley Davidson, Bombardier, Jabril
- Roger H. Brown â€" President, Berklee College of Music
- Joaquin Avila â€" Managing Partner at EMX Capital, Former Fund Head at Carlyle Group Mexico, Former Managing Director and Head of Latin America at Lehman Brothers.
- Tim Collins (financier) â€" CEO and founder, Ripplewood Holdings LLC
- David S. Daniel â€" CEO, Spencer Stuart & Co.
- Michael R. Eisenson â€" CEO, Managing Director, and co-founder, Charlesbank Capital Partners
- Kirk Fansher - Cofounder, Bulldog Innovation Group
- James Firestone â€" President, Corporate Operations, Xerox
- Donald Gips â€" United States Ambassador to South Africa
- Anne Glover â€" CEO and co-founder, Amadeus Capital Partners
- Andrew K. Golden â€" President, Princeton University Investment Company
- Seth Goldman (businessman) â€" CEO and President, Honest Tea
- Jack Griffin â€" CEO, Time, Inc.
- John D. Howard â€" CEO, Irving Place Capital (formerly Bear Stearns Merchant Banking)
- Mary Ellen Iskenderian â€" CEO and President, Women's World Banking
- Martha N. Johnson â€" Administrator, United States General Services Administration
- Ellis Jones â€" CEO, Wasserstein & Co.
- Trish Karter, founder of the Dancing Deer Baking Co.
- Richard Kauffman â€" Chairman, Levi Strauss & Co.
- Neal Keny-Guyer â€" CEO, Mercy Corps
- Susan Kilsby - chairman of Shire
- Ned Lamont â€" Chairman of Lamont Digital Systems, political challenger to Joe Lieberman
- Austin Ligon â€" Co-founder and retired CEO, CarMax
- Constance McKee â€" CEO, President, and founder, Asilomar Pharmaceuticals
- Linda Mason â€" Chairman and founder, Bright Horizons Family Solutions
- Jane Mendillo â€" CEO and President, Harvard Management Company
- Wendi Deng Murdoch â€" Director, MySpace China; former VP, News Corporation; wife of Rupert Murdoch
- Ranji H. Nagaswami â€" Chief Investment Officer, AllianceBernstein Fund Investors
- Indra Nooyi â€" CEO, PepsiCo, Inc.
- Rob Quartel - CEO, NTELX, Inc., Co-founder of Bulldog Innovation Group
- Daniel S. O'Connell â€" CEO and founder, Vestar Capital Partners
- Jay Readey - Executive Director of the Chicago Lawyer's Committee for Civil Rights Under Law, Cofounder of Bulldog Innovation Group
- Bobby Sager â€" title character of NBC TV show The Philanthropist is loosely based on Sager.
- Nanpeng (Neil) Shen â€" Co-founder of Ctrip.com, founding managing partner of Sequoia Capital China
- D. Ellen Shuman â€" Chief Investment Officer, Carnegie Corporation
- Dean Takahashi â€" Senior Director of Investments, Yale Investments Office
- Ashwin Sanghi â€" Writer Chanakya's Chant The Rozabal Line
- John L. Thornton â€" Professor and Director of Global Leadership, Tsinghua University; Senior Advisor and Former President and Co-COO, Goldman Sachs
- Chad Troutwine â€" CEO and Co-founder, Veritas Prep
- Sandra Urie â€" CEO and President, Cambridge Associates
- David P. Warren â€" CFO, NASDAQ
- Daniel Weiss â€" President, Haverford College
- Zhang Lei â€" Founder and Managing Partner, Hillhouse Capital Group, recently made $8,888,888 contribution to Yale SOM
See also
- Yale Insights, a Yale SOM publication
- Economics
- Glossary of economics
- List of United States business school rankings
- List of business schools in the United States
- Yale Club of New York City
- Yale Corporation
- Yale Publishing Course
Notes
External links
- Official site