The STEM Path to the MBA: Innovative Recruiting Success Southern Business Administration Association Atlanta - November 2014 The STEM Path to the MBA • Modeled after medical schools’ early admissions programs. • Targets incoming freshmen students who: – Major in STEM disciplines – 3.5 High School GPA – 28+ ACT The STEM Pathway to the MBA • The Program – Freshman thru Junior Year • 1.5 credit hour STEM Business Honors course each semester while students pursue science, engineering or math majors – Summer following Junior Year • Apply in November of junior year and be admitted to Graduate School • Complete 9 hours of MBA courses online – Senior Year • 2-1.5 credit hour STEM Business Honors course capstone project • Graduate from STEM undergrad – MBA Year • Complete remainder of MBA program in one calendar year • Summer: Online • Fall & Spring: In-residence in Tuscaloosa The STEM Path to the MBA • STEM Business Honors Courses – Sections limited to 35 students – Instructors: • Tenured business faculty • Non-tenure-earning business faculty with STEM background: – Chemical Engineer, MBA – Aerospace Engineer, Business Analytics, MBA – Mechanical Engineer, CEO, MBA, MS Engineering Controls, MS Accounting – Faculty mentor assigned to stay with cohort for 4 years of the program • Ensures continuity of contact, retention • Allows faculty to closely monitor student progress The STEM Path to the MBA • STEM Business Honors Courses – Objectives: • Provide survey of various business disciplines • Intense exposure to innovation – Builds students’ confidence in their understanding of technical and business aspects of innovation – Provides unique understanding and perspective of business • Teach character strengths & virtues • Build network among students The STEM Path to the MBA • STEM Business Honors Courses – Yearly Focus • Freshman Year – Business Disciplines: Leadership & Marketing – Innovation Skill: Business Modeling – Virtues: Wisdom & Knowledge, Courage • Sophomore Year – Business Disciplines: Accounting & Finance – Innovation Skill: Customer Development – Virtues: Humanity, Justice • Junior Year – Business Disciplines: Operations Management & Global Business – Innovation Skill: Customer Validation – Virtues: Temperance, Transcendence • Senior Year – Business Disciplines: Project Leadership STEM Path to the MBA Class of 2016 31.6 ACT 33% In-State 67% Out-of-State 16% Science 64 Students 84% Engineering 22 States 43.2% Women 4.15 HS GPA 56.8% Men 81.8% White 18.2% Minority STEM Path to the MBA 31.4 ACT Class of 2017 11.8% Science 134 31.8% In-State Students 68.2% Out-of-State 4.11 HS GPA 79.7% Engineering 25 21.7% Women States 78.3% Men 8.5% Healthcare 89.6% White 10.4% Minority STEM Path to the MBA 31.6 ACT Class of 2018 24.2% In-State 255 Students 75.8% Out-of-State 4.09 HS GPA 12.2% Science 32.4% Women 83.4% Engineering 29 States 67.6% Men 4.4% Healthcare 85.1% White 14.9% Minority STEM Path to the MBA 31.5 ACT Class of 2019 22.6% In-State 305 Students (431 applied) 77.4% Out-of-State 4.09 HS GPA 11.6% Science 32.1% Women 34 States 67.9% Men 1.6% Healthcare 86.8% Engineering STEM Path to the MBA Class of 2019 – Breakdown of Science & Math Majors Microbiology 10% Physics 7% Mathematics 7% Marine Science 7% Exercise & Sports Science 7% Chemistry 10% Biology 52% STEM Path to the MBA Class of 2019 – Breakdown of Engineering Majors Mechanical Engineering 26% Metallurgical Engineering 1% Architectural Engineering 0% Chemical Engineering 24% Environmental Engineering 1% Engineering (undecided) 15% Electrical Engineering 4% Aerospace Engineering 9% Civil Engineering 8% Computer Science 9% Computer Engineering 3% STEM Path to the MBA Retention of Class of 2016 (as of May 2014) Class Entering Fall 2011 N Hours Complete Overall GPA UA Hours UA GPA SAT Total ACT High School Alabama Stayed in Stayed in Stayed at Registered for Composite GPA Residents Major Division UA Fall 2014 STEM Path to the MBA 64 94.79 3.50 72.76 3.49 1365.0 31.00 4.10 36.2% 58.6% 82.8% 90.6% 78.1% STEM Majors, 28+ ACT 810 89.90 3.47 71.83 3.45 1355.5 30.97 4.05 52.1% 41.2% 75.1% 87.3% 74.6% STEM Majors, <28 ACT 1193 72.84 2.90 65.51 2.88 1040.9 22.78 3.52 66.8% 25.9% 50.5% 66.6% 51.6% Non-STEM Majors, 28+ ACT 860 88.03 3.55 71.41 3.54 1322.2 30.32 3.96 51.1% 26.6% 73.4% 87.0% 76.0% Non-STEM Majors, <28 ACT 2720 72.50 2.92 66.25 2.90 1031.5 22.46 3.35 47.6% 26.5% 62.4% 67.0% 59.2% STEM Path to the MBA Retention of Class of 2017 (as of May 2014) Class Entering Fall 2012 N Hours Complete Overall GPA UA Hours UA GPA SAT Total ACT Composite High School GPA Alabama Residents Stayed in Major Stayed in Division Stayed at UA Registered for Fall 2014 STEM Path to the MBA 141 69.74 3.65 46.39 3.64 1396.0 32.07 4.16 31.1% 56.3% 82.2% 95.7% 89.4% STEM Majors, 28+ ACT 948 64.01 3.54 44.37 3.52 1348.4 31.06 4.09 41.5% 52.6% 81.3% 92.6% 77.5% STEM Majors, <28 ACT 1373 45.44 2.96 39.16 2.93 1062.3 22.99 3.54 60.1% 41.0% 58.3% 80.8% 52.9% Non-STEM Majors, 28+ ACT 911 63.24 3.60 45.06 3.59 1323.0 30.51 3.96 46.5% 40.6% 78.7% 90.3% 81.7% Non-STEM Majors, <28 ACT 2875 44.58 2.95 40.06 2.94 1026.6 22.41 3.35 43.3% 46.7% 68.8% 80.3% 64.1% STEM Path to the MBA Progression toward MBA Applications Class Entering Semester # as Freshmen # as Sophomores # as Juniors # as Seniors MBA - in Year 2 MBA – in Year 3 GMAT MBA – in Year 4 Fall 2011 64 54 42 31 0 21 676 - Fall 2012 134 118 92 - 2 41 - - Student Accomplishments • 2 Students from Class of 2017 Seeking Patent – During freshman year, invented technology to reduce fuel consumption and brake maintenance expenses on tractor-trailers – Provision patent filing this fall • Crimson Startup Program – Teaches participants lean customer discovery based on NSF approach – Teams go on to develop prototypes and perform customer validation – Averaging 8 teams per semester for last 6 semesters • Over 600 new product/business ideas developed by STEM teams in 20132014 • Students/Program becoming major attraction for corporate recruiters Student Accomplishments • Avon/National Cancer Institute Breast Cancer Startup Challenge – 3 UA teams composed of STEM MBA students, Hudson Alpha and Quest Diagnostics scientists, venture capitalists, medical/science entrepreneurs, attorney alums, and STEM, AIME, OTT directors – 10 University programs selected nationally: • Duke, Northwestern, Wake Forest, Columbia, Texas Tech, North Carolina, NYU, Harvard, Rutgers, Dartmouth, University of Alabama STEM Path to the MBA – NCI Provides 10 patented technologies – University teams develop business plans for commercializing selected technologies – NCI to provide startup funding for top team in each of the 10 technologies • National Institutes of Health Neuro Startup Challenge Student Accomplishments • Non-Profit Consulting Group – Providing consulting services to international NGO working to build schools for children and factories for women in Pakistan. – Quality Control, Distribution and Retailing, Business Model Performance • Founding “Innovators Anonymous” Student Organization – Provides networking opportunities for students especially interested in innovation, startups, and entrepreneurship • Sponsoring Startup Weekend events – Brings campus and community together for a weekend of innovation and entrepreneurship STEM Path to the MBA Advisory Board • Provides feedback on curriculum, program structure • Assists us with identifying new opportunities for coops, internships, jobs for students • Provide themes for business model generation projects • Includes: ADTRAN, Alabama Power, Boeing, Brasfield & Gorrie, Eastman Chemical, Egen, Evergreen Private Care, Harbert Venture Partners, International Paper, KKR, Proctor & Gamble, Southern Research Institute, U.S. Army, Mercedes, Tektronix, NASA The Future • Working with experts on STEM Advisory Board to develop UA fund to provide seed funding for STEM students wanting to take inventions and new product ideas forward, for prototyping, proof-of-concept testing, and commercialization • Launching on pilot basis “CREATE Path to the MBA” track that would allow 28+ ACT/3.5 HS GPA students majoring in creative disciplines (e.g., drama, music, art, apparel design, textiles) to join with STEM Path students The STEM Path to the MBA: Innovative Recruiting Success Southern Business Administration Association Atlanta - November 2014