Wake Forest University School of Business

The Wake Forest University School of Business was established in 1969 as the Babcock Graduate School of Management, admitting its first classes of full-time and executive students in 1971 and presenting its first graduating class in 1973. The Babcock School was established with a gift from the Mary Reynolds Babcock Foundation and named in honor of Charles H. Babcock, a noted businessman and philanthropist who influenced civic, cultural, and economic development in Winston-Salem and North Carolina.

Wake Forest University
School of Business
TypePrivate
Established1969
DeanDr. Charles L. Iacovou
Academic staff
90
Administrative staff
100
Students1,300
Location
Winston-Salem
,
North Carolina
,
United States
CampusUrban
ColorsOld gold & Black
   
Websitebusiness.wfu.edu

In 1985, the Babcock Graduate School of Management earned its accreditation from the AACSB, and in 1993, the school moved into the newly constructed Worrell Professional Center, the first building in the nation to house both graduate business and law schools under one roof. In 1987, Babcock launched its evening Master of Business Administration (MBA) program in Winston-Salem, followed by an evening MBA program in Charlotte in 1995 and a Saturday MBA program in Charlotte in 2004.[1] It was announced in the fall of 2014 that the full-time MBA program would be discontinued in order to focus on the evening program, with the last class matriculating in the spring of 2016.[2][3]

International relationships

The Wake Forest University School of Business has long-standing relationships with international business schools including eight international programs that allow faculty and students from each school to teach and study at the other. The partner schools are Bordeaux School of Business, France; EM-Lyon Graduate School of Management, France; European Business School, Germany; Indian Institute of Management Calcutta, India; Institute of Business Studies, Russia; University of Kaiserslautern, Germany; WHU – Otto Beisheim School of Management, Germany and Vienna University of Economics and Business, Austria.

Centers and institutes

The Wake Forest University School of Business houses several centers and institutions.

  • Center for Leadership and Character
  • Center for Retail Innovation
  • BB&T Center for the Study of Capitalism

Marketing Summit
Students celebrate the opening of the 2007 Marketing Summit.

Each year, the Babcock School hosts a Marketing Summit which includes an MBA case competition, undergraduate case competition and a marketing forum.

For the MBA case competition, major corporations submit marketing challenges in a business case format. For example, in 2008, (judged by Bingham Willis) the event was sponsored by PepsiCo and students were challenged to develop new business opportunities for its True North snack food brand. In 2007, Motorola challenged students to create a marketing plan for its new Q product for small and mid-size U.S. companies. MBA student teams have 36 hours to create a marketing solution that is presented to a panel of judges and the sponsor's representatives. Past sponsors have included Motorola, Yahoo!, Coca-Cola, Lowe's, Apple Computer, Sara Lee, GlaxoSmithKline, Heineken, Microsoft, DISH Network / Echostar Communications and R. J. Reynolds Tobacco Company. The first-place team receives $5,000; second place, $3,000; and third place $2,000. In addition to prize money, participating students get great exposure to some of the world's best companies. Resumes of participating team members are published in a book that is distributed to the sponsor, panelists, judges and distinguished guests attending the Summit. Moreover, communications to senior marketing executives and recruiters at the country's 1,000 largest corporations highlight the competition and encourage executives to review participants' resumes. Past participants in the MBA case competition include teams from the University of Washington, University of Virginia, Michigan State University, Indiana University, Hong Kong University, Dartmouth College, University of California-Berkeley, and the Babcock School.

In the undergraduate case competition competing teams participate in a three-phase challenge over the course of two months in which they deal with pressing issues facing the event's corporate sponsor. The three highest-scoring teams are invited to attend the Marketing Summit and present their solutions before a panel of MBA faculty, CEOs, CMOs and representatives from the sponsor. The winners are announced at the closing awards dinner and receive their cash prize. Past participants have included teams from the University of Pennsylvania, the University of Florida and Boston College, among others.[4]

The Marketing Forum features marketing leaders executives from companies from around the world arranged for a panel discussion with the general public. Panelists discuss issues facing their companies and offer unique insights into current marketing trends.

Elevator Competition
MBA students pitch their ideas during the Elevator Competition.

Another event at the Babcock School is the Elevator Competition. The competition was first held in 2000 and has been held every year since at the Wachovia Center in downtown Winston-Salem. During this competition, MBA students with an interest in entrepreneurship pitch their ideas to a venture capitalist while riding in an elevator for two minutes. The student must also supply a detailed business plan and prepare a formal presentation of their business venture. The objective is to earn more time to present their ideas formally to a panel of venture capitalists, which chooses the winners. The winning team wins $5,000 in cash, $40,000 in professional services and the opportunity to meet with a venture capital group to explore possible funding for their business plan.[5]

Past participants have included MBA students from Babson College, Carnegie Mellon University, Yale University, Duke University, Hong Kong University of Science and Technology, New York University, Peking University, Purdue University, University of Arkansas, University of Chicago, University of Michigan and Wake Forest University.

Student life

The School's primary location is on the Wake Forest University campus in Winston-Salem, North Carolina. Programs offered there include a Bachelor of Science (BS) degree program for undergraduates with majors in finance, accountancy, mathematical business, and business enterprise management. Graduate business programs include an evening MBA, MA in Management and MS in Accountancy. The School of Business also maintains a campus in Charlotte, North Carolina that houses the Charlotte evening and Saturday MBA programs.

Student clubs and organizations

Students at the Wake Forest University School of Business can choose from among nearly 20 clubs and organizations, or they can participate in a variety of events including the Greater Babcock Open and a Charity Auction. Student organizations include the Black Business Students Association, Entrepreneurs Club, Hispanic Club, Net Impact Club, Strategy and Consulting Club, Women in Business and The Joint Degree Society.[6]

Lecture series

Through the Babcock Leadership Series and Broyhill Executive Lecture Series, MBA students can meet, both formally and informally, with business and government leaders.

Notable past speakers have included:

Members of Pilobolus also visited to stress the importance of creative thinking in the business world.[7][8][9]

Career Management Center

The Career Management Center (CMC) staff works with students to assess career options, refine goals, and network with well-placed corporate contacts. Beyond the immediate job search, the staff works with students to develop interview and résumé skills.

Faculty and academic units

More than 75% of the school's faculty have international consulting, teaching work or research experience. More than 90% hold a PhD or other doctoral degree, 33% serve on a company board of directors, and 30% have experience owning their own company.[6]

Notable students and alumni

Deans
NameYears as Dean
1Robert S. Carlson(1969–1971)
2Jack Ferner(1972–1974)
3Frank J. Schilagi(1974–1980)
4Bernard L. Beatty(1980)
5Edward L. Felton, Jr.(1980–1982)
6Robert W. Shively(1982–1988)
7Paul A. Dierks(1988–1989)
8John B. McKinnon(1989–1994)
9Gary Costley(1994–1996)
10R. Charles Moyer(1997–2003)
11Ajay Patel(2003–2008)
12Steve Reinemund(2008–2014)
13Charles Iacovou(2014–present)

[1]

See also

References
  1. "Chronological History of Wake Forest University". Babcock Graduate School of Management.
  2. "Full-Time MBA". Wake Forest University School of Business.
  3. "Ending the Traditional MBA". InsideHigherEd.com.
  4. Marketing Summit, Elevator Competition draw top MBA students to campus;Babcock Graduate School of Management
  5. About the Elevator Competition;Babcock Graduate School of Management
  6. "Crafting Possibilities Bulletin". Babcock Graduate School of Management.
  7. Audio Lectures;Babcock Graduate School of Management
  8. Babcock Leadership Series & Broyhill Executive Lecture Series;Babcock Graduate School of Management
  9. Past Lectures;Babcock Graduate School of Management
  10. "Budd may have had 'rookie' advantage". Davie County Enterprise Record. June 30, 2016. Retrieved November 3, 2016.

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