An AACSB—International accredited business program
Curriculum Orientation
Department of
Economics and Business
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
What you will hear today
This orientation will provide prospective
students and their parents information on:
• The Mission Statement
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Students
Learning Environment
Curriculum
Faculty
What you can do with our degree
Value adding opportunities
Assessment results
Opportunities to minor in economics or business
Our goal is to help you decide if Economics
and Business is right for you.
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
Mission Statement
Virginia Military Institute
. . to produce educated and honorable men
and women, prepared for the varied work of
civil life, imbued with love of learning,
confident in the functions and attitudes of
leadership, possessing a high sense of public
service, advocates of the American
Democracy and free enterprise system, and
ready as citizen-soldiers to defend their
country in time of national peril.
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
Mission Statement
Department of Economics and Business
The mission of the Department of Economics
and Business is to develop leaders within the
framework of the unique VMI mission by
offering a rigorous and challenging liberal arts
curriculum based on a solid foundation in
economic theory, quantitative methods, and
management-specific knowledge and skills.
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
Finding the Right Students
To accomplish our mission we must find the
right students, young men and women who
not only meet the admissions standards of
VMI, but who also have a passion for being
21st century leaders.
“The degree program at VMI is most effective for
producing the characteristics of professionalism,
integrity, and work ethic that employers are looking
for.”
Shannon Daly ‘91
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
Creating the Proper Learning
Environment
We have a learning environment with a
unique faculty/student team that is dedicated
to developing future leaders by getting to
know each student as an individual and
understanding his or her strengths.
“I feel that the Economics and Business program is
great for producing well rounded professionals who
are instilled with integrity and a great work ethic.”
Jackson Castleberry ‘02
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
Offering a Rigorous and
Challenging Curriculum
We continually review our curriculum to
ensure that it stimulates intellectual
curiosity, and at the same time, gives our
graduates the skills to excel in the global
market place.
“While I didn’t understand why our requirements
were so high at the time, I now appreciate the fact
that so much was expected of us. . . We have an
immediate advantage once we get out into the
workplace.”
Ken Williams ‘05
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
To meet
AACSB
standards, we
have made
significant
changes in
the
curriculum
during the
past several
years.
New courses
include:
Managerial
accounting
Legal
environment
of business
Operations
management
Management
information
systems
Recruiting and Developing a
First-Rate Faculty
To create the right learning environment and
to teach the 21st Century curriculum, we
recruit and develop a faculty composed of
excellent teachers and scholars whose
primary goal is to bring out the best in you.
“My professors at VMI were very knowledgeable,
thorough and prepared. However, the one quality
that stood out above all others was their interest and
concern for me. Each took the time to get to know
me not only as a student, but as a person.”
Will Martin ‘97
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
The EC-BU Faculty
• Our department is small enough that we can tailor learning and
research interests to meet your specific needs.
• With our low student to faculty ratio, we can focus on you as an
individual, not as a number.
• As of the Fall of 2009, the economics and business department
has 13 full time faculty members and two adjunct faculty.
 13 have doctoral degrees in their fields, 1 adjunct member has a law
degree
 8 are tenured professors
 4 are eligible for tenure
 1 is a VMI alumnus
 For the EC-BU faculty, excellence in teaching is the primary
responsibility
Friday, April 10, 2015
VMI Dept. of Economics and Business New Cadets
Meet the Faculty
Department of Economics and Business
What can you do with your degree?
An Economics and Business degree from VMI
can prepare you for almost any leadership
position you may choose. You will be well
prepared for careers in:
 Finance
 Management
 Marketing
 Investments
 Banking
 or the Military
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
What MORE can you do with
your degree?
The EC/BU degree is also excellent
preparation for graduate work in:
 Economics,
 Business,
 Public administration,
 Health administration,
 or law.
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
What you can do with your degree?
“I would recommend the economics and business
degree to anyone attending VMI. I think it
produces the most well rounded graduate by
making them ready to take management
positions in any career field.”
Ed Hosken ‘94
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
What have others done?
Some of our graduates have become:
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Management Trainee, J.P. Morgan Chase Financial Services
Senior Vice President, Bank of America
Global Financial Services Manager, The Coca-Cola Company
National Bank Examiner, Comptroller of the Currency.
Vice President—Corporate Resources, Ethyl Corporation
Senior Vice President, Wachovia Bank
Vice President—Business Critical Solutions, Microsoft
Director of Business Operations, American Express Financial Services
Director of Business Services, Medical University of South Carolina
Foreign Service Officer, US State Department
College Professor--0rganizational behavior and human resource mgnt.
Clerk, US Supreme Court
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
Best Jobs in America – An excerpt
According to a recent survey by Money magazine and Salary.com*
Rank
1
2
3
4
5
6
7
8
9
10
11
Job
Software engineer
College professor
Financial advisor
Human resources manager
Physician assistant
Market research analyst
Computer/IT analyst
Real estate appraiser
Pharmacist
Psychologist
Advertising manager
Projected Job Growth Avg. Pay
46.07%
$80,427
31.39
81,491
25.92
122,462
23.47
73,731
49.65
75,117
20.19
82,317
36.10
83,427
22.78
66,216
24.57
91,998
19.14
66,359
20.34
107,049
21
Sales manager
19.67
135,903
23
Property manager
15.30
78,375
31
Management analyst
20.12
63,426
42
Financial analyst
17.33
66,203
44
Accountant
22.43
62,575
*Rank is based on (1) stress levels, (2) flexibility in hours and working environment, (3) creativity, and (4) how easy
it is to enter and advance in the field in addition to salary and projected growth.
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
Value Adding Opportunities
Opportunities for development both inside
and outside the classroom include:
 Undergraduate Research
 Internships
 Study Abroad
 Cadet Investment Group
 The Concentration in Financial Management
 Institute and Department Honors Programs
 Leadership in the Corps of Cadets
 Leadership in Extracurricular Programs
 A Minor in Leadership Studies
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
Assessment Results
VMI uses the ETS Major Field Test, Business (MFTB)
to measure the competency of Economics and
Business students in the major sub-disciplines of the
curriculum. The areas covered by the test are:


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Accounting
Economics
Management
Quantitative Business Analysis
Finance
Marketing
Legal and Social Environment
Information Systems (new in 2008)
International Issues
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
ETS Field Test Results*
Year
Number of
Schools
Number of Cadets in the Cadets in the
Students
90th %tile
99th %tile
VMI Rank*
1993
147
95th %tile
8,319
9 of 39
1 of 39
1994
184
92nd %tile
13,027
10 of 51
2 of 51
1995
240
71st %tile
26,293
3 of 44
0 of 44
1996
284
93rd %tile
41,197
9 of 42
1 of 42
1997
317
85th %tile
44,686
8 of 49
0 of 49
1998
244
87th %tile
10,830
10 of 55
3 of 55
1999
244
74th %tile
10,830
8 of 73 (91st)
1 of 73
2000
244
80th %tile
10,830
6 of 49
0 of 49
2001
388
92nd %tile
64,578
10 of 56
0 of 56
2002
108
48th %tile
4,467
5 of 63
0 of 63
2003
359
93rd %tile
24,715
13 of 51
1 of 51
2004
359
93rd %tile
24,715
13 of 51
1 of 51
2005
469
94th %tile
80,044
12 of 52
2 of 52
2006
513
95th %tile
109,982
7 of 33
0 of 33
2007
553
95th %tile
143,349
8 of 51
1 of 51 (98th)
2008
447
93th %tile
37,217
9 of 44
0 of 44
2009
564
70th %tile
83,323
2 of 32
1 of 32 (95th)
* The percentile scores are som etim es reported from the Educational Testing Serv ice at discrete interv als. For
exam ple, for 2 008, the percentile ranking for the ov erall score went from 90 th percentile to the 95 th percentile.
The 93 rd percentile is an estim ate based on extrapolating the results within this 5 point interv al. In prev ious
y ears, these discrete interv als were m uch sm aller.
ETS Field Test Results*
VMI Percentile Scores by area 1993 - 2009*
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
Average
%tile
%tile
%tile
%tile
%tile
%tile
%tile
%tile
%tile
%tile
%tile
%tile
%tile
%tile
%tile
%tile
%tile
%tile
Accounting
56
66
38
53
56
71
39
30
52
25
57
62
63
24
87
68
45
52
Economics
99
99
94
99
98
98
98
99
99
97
99
99
98
98
98
98
95
98
Management
73
60
47
63
46
82
59
54
85
23
91
80
92
92
85
83
55
69
Quantitative
94
90
91
92
90
84
78
76
96
48
95
88
87
95
70
97
90
86
Finance
96
94
41
79
81
76
70
71
87
50
91
84
92
83
99
94
70
80
Marketing
75
78
75
77
53
85
59
71
82
36
79
98
86
95
97
90
55
76
Legal/Social
-
76
52
96
65
71
50
82
54
28
89
54
85
55
51
73
40
64
Information
Systems
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
48
15
32
International
-
86
80
99
96
88
79
74
96
85
99
99
86
95
99
93
75
89
95
92
71
93
85
87
74
80
92
48
93
93
94
95
95
93
70
85
Areas
VMI overall
ranking
* The percentile scores are sometimes reported from the Educational Testing Service at discrete intervals. For example, for 2008, the percentile ranking for the overall score went from 90 th
percentile to the 95th percentile. The 93rd percentile is an estimate based on extrapolating the results within this 5 point interval. In previous years, these discrete intervals were much smaller.
The ETS Field Test and
Continuous improvement
The 16 year track record with the Major Field Test, Business
confirms our strengths and indicates opportunities for
improvement.
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•
We will continue to draw from our strengths in the economics,
quantitative, and international components.
•
We have added a second accounting course and will continue to
monitor this area.
•
We have added a legal environment of business course and will
continue to monitor this area.
•
The past six years have shown great consistency in all areas except
accounting and legal/social.
•
The Information Systems course will be first offered to the class of
2010 as a curricular requirement. We expect our scores in
information systems will improve in future years.
Conclusion: We will continue to monitor and improve our
curriculum to ensure that our students are prepared for the
21st Century world.
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
An Alumnus’ Reflection
The department's consistently exceptional
performance on the Business Achievement
Test is awe inspiring. . . students come and go,
but a sound curriculum and superb
instruction are more enduring. This is an easy
lesson to accept as I continue to appreciate the
standards of candor, decency, and integrity
exemplified by (the faculty), and given that a
day does not go by that I do not draw on the
knowledge imparted through the curriculum
by its instructors.
Todd Brickhouse ‘93
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
What is the significance of AACSB
accreditation?
Estimated # of business schools, world wide
AACSB membership, world-wide
AACSB accredited schools world-wide
AACSB accreditation in process world-wide
Estimated # of business schools, United States
AACSB membership, United States and Canada
AACSB accredited schools, United States and Canada
AACSB accreditation in process, US and Canada
11,833
1,124
567*
176
1,602
707**
481
69
* Of the 567 accredited schools worldwide, 42 (7.3%) are undergraduate only.
** Of the AACSB member schools in the United states, only 4% are classified as
“Baccalaureate Colleges” by the Carnegie Classification.
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
Department of
Economics and Business
Any Questions?
Please visit our website at
http://www.vmi.edu/ECBU
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House
Minors in Economics or Business
We offer minors in both business and
economics.
 Both programs require Microeconomic and Macroeconomic
Principles
• Minor in Economics—12 additional hours in economic theory and
economics electives
• Minor in Business—12 additional hours to include Principles of
Management, Principles of Marketing, Financial Accounting, and
Business Finance.
 The minors programs supplements other majors by giving
them a general economics or business orientation.
Friday, April 10, 2015
VMI Dept. of Economics and Business Open House