MIT Sloan School of Management
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Mission | To develop principled, innovative leaders who improve the world and to generate ideas that advance management practice. |
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Established | 1914 |
Official name | Alfred P. Sloan School of Management |
University | Massachusetts Institute of Technology |
School type | Private |
Dean | Richard L. Schmalensee |
Location | Cambridge, MA, USA |
Enrollment | 976 graduate, 263 undergraduate |
The MIT Sloan School of Management is one of the five schools of the Massachusetts Institute of Technology, located in Cambridge, Massachusetts, USA. It is one of the world's leading business schools, conducting research and teaching in finance, entrepreneurship, marketing, strategic management, economics, organizational behavior, operations management, supply chain management, information technology, and many other fields.
MIT Sloan offers bachelor's, master's and doctoral degrees, as well as non-degree executive education programs. Its largest program is the MBA program, which matriculates students every year from more than 60 countries, offers the widest range of electives,[1] and according to US News and BusinessWeek, is ranked #1 in more disciplines than any other business school in the United States.
Contents |
History
MIT Sloan began in 1914 as the engineering administration curriculum (or "Course XV" in the MIT parlance) in the MIT Department of Economics and Statistics. The scope and depth of this educational focus have grown steadily in response to advances in the theory and practice of management to today's broad-based management school. A program offering a master's degree in management was established in 1925. The world's first university-based executive education program - the Sloan Fellows - was created in 1931 under the sponsorship of Alfred P. Sloan, Jr., himself an 1895 MIT graduate, who was chairman of General Motors and has since been credited with creating the modern corporation. A Sloan Foundation grant established the MIT School of Industrial Management in 1952 with the charge of educating the "ideal manager", and the school was renamed in Sloan's honor as the Alfred P. Sloan School of Management.
Since then, the school has grown to the point where management has become the second largest undergraduate major at MIT. In 1990, the MIT Entrepreneurship Center was founded at Sloan, one of the few business school entrepreneurship centers in the world focused on high tech. It sponsors both the MIT $100K Entrepreneurship Competition as well as the popular and unique Entrepreneurship Lab and Global Entrepreneurship Lab courses, which sponsor MBA students to work on-site with start-ups throughout the world.
MBA
The main professional degree awarded at MIT Sloan, prior to 1995, was the SM in Management – an advanced professional degree combining the course requirements of the more widely-known MBA degree with a formal Master of Science dissertation. The completion of a dissertation was previously an Institute-wide requirement for all master's students. An exception was made for Sloan students in 1995, and the school began awarding the MBA degree entirely on the basis of coursework. While some members of the MIT community felt that removing the dissertation requirement would reduce the educational merit of the degree [1], it was accepted since this was the practice at all other major business schools. Sloan continues to offer the SM degree for students who choose to complete master's dissertations, but the vast majority of students now receive an MBA degree and do not write a dissertation. In practice, Sloan's SM and MBA have always been viewed as equivalent in industry, although the SM is generally preferred as preparation for Ph.D. work.
Deans
- Erwin Schell, 1930-1951 (Head of the Department of Business and Engineering)
- Edward Pennell Brooks, 1951-1959
- Howard W. Johnson, 1959-1966
- William F. Pounds, 1966-1980
- Abraham J. Siegel, 1980-1987
- Lester Thurow, 1987-1993
- Glen L. Urban, 1993-1998
- Richard L. Schmalensee, 1998-present
Academics and student life
The Sloan culture is similar to, but also distinct from, overall MIT culture, and is influenced most strongly by its MBA program. Most classes are taught in the Tang Center, although the school's live trading room is located in the basement of the original Alfred P. Sloan building. Courses are taught using both the case method as well as through lectures and team projects. The academic level of coursework is considered extremely rigorous by business school standards, with a greater emphasis on analytical reasoning and quantitative analysis than most top programs.
Academic rigor has a strong influence on the school's culture. The first semester, also known as the core, is the hardest of all semesters by design. In 2005, the students and faculty expressed solidarity against the core by wearing t-shirts that said "think outside the core." In 2006, the students placed their name-cards upside-down during the weeks where the workload was particularly demanding.
A staple of Sloan life is the weekly C-Function, which stands alternately for "cultural function" or "consumption function". The School sponsors food and drink for all members of the MIT Sloan graduate community to enjoy entertainment organized by a specific campus cultural groups as well as parties with non-cultural themes. These functions are held every Thursday, often in the Walker Memorial building next to the school. MIT Sloan students and alumni are informally nicknamed Sloanies.
MIT Sloan benefits from its proximity to the world's best engineering and science programs as well as from integration with MIT's world-renowed Economics and Finance programs, all of which are often ranked #1 in world rankings. Many of the world's most influential thought-leaders in finance and economics (including Black, Scholes, Merton, Samuelson, Meyers and many more) and many of the most famous theories applied in business and on wall street (including Black-Scholes, System Dynamics, Operations Research, Quantitative Strategies, and many others) had their origins at MIT.
Students from both MIT and Harvard University frequently pursue simultaneous graduate degrees at the other respective institution, and many Sloan students simultaneously complete degrees from Harvard Law School and the John F. Kennedy School of Government in particular. In addition, Sloan offers its students the ability to freely cross-register for courses at Harvard Business School, one of the few pairs of leading business schools to have such an agreement.
Programs and centers
MIT Sloan is home to a number of research centers, including the MIT Entrepreneurship Center, the Financial Engineering Lab, the MIT Center for eBusiness, the System Dynamics Group, the Operations Management Group, and the Center for Innovation in Product Development. It also publishes the peer-reviewed management journal MIT Sloan Management Review.
Unlike many business schools, MIT Sloan does not offer an Executive MBA program or a part-time MBA program. It does offer a number of other specialized degree programs, including:
- Leaders for Manufacturing (LFM) program is a dual-degree partnership program run by both the Sloan School and the MIT School of Engineering that caters to students who are interested in manufacturing and operations careers. LFM students earn both an MBA (or SM in Management) from the Sloan School as well as an SM in any participating engineering department at MIT, all within a 24 month timeframe. Currently, every engineering department except the Nuclear Engineering department participates in the LFM program.
- MIT Sloan Fellows Program in Innovation and Global Leadership is a management program that caters to students with significant managerial experience. Depending on the curricula they choose, students can earn either an MBA, an SM in Management, or a Master's degree in the Management of Technology (MOT) in either 1 or 2 years of full-time study. Over the years, as Sloan Fellows wanted more entrepreneurship courses, and MOT students sought general management courses, the traditional Sloan Fellows program was merged with the innovation-focused Management of Technology (MOT) program in 2004 to create its newly named larger program, the MIT Sloan Fellows Program in Innovation and Global Leadership.
- Systems Design and Management program is a joint program run by both the Sloan School and the Engineering Systems Division of MIT, in which students are awarded a joint SM degree in Engineering and Management. Note that this is a single degree as opposed to the dual-degree that can be obtained through LFM. The SDM program can be completed either on a 13-month full-time basis, or through a 24-month part-time distance learning option.
- Biomedical Enterprise Program or BEP is a joint partnership program run by the Sloan School and the Harvard-MIT Division of Health Sciences and Technology. Students can either complete the BEP program in conjunction with the regular Sloan program or the Sloan Fellows program and earn a SM degree in Health Sciences and Technology in addition to an MBA or SM in Management Science. The BEP also offers those who already hold a graduate degree in management the option of earning a 1-year SM degree in Health Sciences and Technology.
Prominent faculty
Current and former faculty members include:
- Paul Samuelson, first American Nobel Laureate in Economics, 1970
- Franco Modigliani, 1985 Nobel Laureate in Economics
- Robert Solow, 1987 Nobel Laureate in Economics
- Robert C. Merton, 1997 Nobel Laureate in Economics
- Myron S. Scholes, 1997 Nobel Laureate in Economics
- Jerry A. Hausman, economist, 1985 John Bates Clark Medal recipient
- Daron Acemoglu, economist, 2005 John Bates Clark Medal recipient
- George P. Shultz, former US Secretary of State
- Jack Welch, former CEO of General Electric, Fortune "Manager of the Century"
- Warren Bennis, leading expert on Leadership, author of "Leaders"
- Peter Senge, author of "The Fifth Discipline", Fortune Magazine top management guru
- John Little, Institute Professor, founder of marketing science
- Jay W. Forrester, founder of System Dynamics
- Douglas McGregor, inventor of "Theory X and theory Y"
- Michael Hammer, creator of Business process reengineering theory
- Stewart Myers, inventor of real option theory, author of "Principles of Corporate Finance"
- Thomas J. Allen, inventor of the Allen Curve, author of "Lean Enterprise Value"
- Fischer Black, co-inventor, Black-Scholes option pricing model
- John C. Cox, inventor of binomial options model, author of "Options Markets"
- Stephen Ross, inventor of arbitrage pricing theory
- John R. Hauser, co-founder of marketing science
- Erik Brynjolfsson, leading expert on information technology productivity
- Thomas W. Malone, original Wired magazine columnist, author of "The Future of Work"
- Michael A. Cusumano, author of "Competing on Internet Time"
- Kristin Forbes, youngest-ever member of U.S. Council of Economic Advisers
- Richard Beckhard, pioneer in the field of Organizational Development
- John Sterman, leading expert on System Dynamics
- Rebecca Henderson, leading expert on Technology Strategy
- Edgar Schein, inventor of the term "corporate culture"
Notable alumni
- Kofi Annan, Secretary-General of the United Nations, Nobel Peace Prize recipient
- William Clay Ford, Jr., Chairman & CEO, Ford Motor Company
- Benjamin Netanyahu, former Prime Minister of Israel
- Carly Fiorina, former Chairman & CEO, Hewlett Packard;#1 "Most Powerful Woman in Business", 1998-2003, Fortune Magazine
- Mitch Kapor, founder, Lotus Development, inventor of Lotus 1-2-3 spreadsheet
- F. Duane Ackerman, Chairman & CEO, BellSouth
- Robert Metcalfe, founder, 3Com, inventor of Ethernet and Metcalfe's Law
- John S. Reed, former Chairman & CEO, Citigroup; former Chairman, New York Stock Exchange
- Henry Mintzberg, McGill University professor, Fortune Magazine top management guru
- Milen Velchev, former finance minister of Bulgaria
- John W. Thompson, Chairman & CEO, Symantec
- Robert A. Swanson, founder of Genentech
- Thad W. Allen, head of Federal Emergency Management Agency
- Thomas P. Gerrity, former dean, Wharton School
- Nabiel Makarim, Minister of the Environment of Indonesia
- Bruce S. Gordon, President & CEO, NAACP
- Robert Hamada, former dean, University of Chicago Graduate School of Business
- John Kotter, Harvard University professor, BusinessWeek "#1 top leadership guru", 2001
- Daniel Carp, Chairman & CEO, Eastman Kodak Company
- Philip M. Condit, former Chairman & CEO, The Boeing Company
- Robert Thirsk, astronaut, NASA
- Keiji Tachikawa, CEO, NTT DoCoMo
- John E. Potter, United States Postmaster General
- Ron Williams, CEO, Aetna
- Clay Johnson III, Deputy Director for Management, White House Office of Management and Budget
- Martha Samuelson, CEO, Analysis Group
- Colby Chandler, former Chairman & CEO, Eastman Kodak Company
- Judy Lewent, CFO, Merck
- Justin Jaschke, CEO, Verio
- Carl Yankowski, former CEO, Palm Computing
- Robert Varkonyi, 2002 World Series of Poker champion
- James C. Foster, Chairman & CEO, Charles River Laboratories, Inc.
- Dennis Meadows, author "Limits to Growth"
- Gerhard Schulmeyer, CEO, Siemens AG
- Sumantra Ghoshal, founding dean, Indian School of Business
- Joseph Nacchio, Chairman & CEO, Qwest
- Thornton Wilson, former Chairman & CEO, The Boeing Company
- Ronald L. Turner, CEO, Ceridian Corporation
- William A. Porter, founder, E*Trade
- Daryl Morey, GM (starting in 2007) of the Houston Rockets
- Michael Kaiser, President, John F. Kennedy Center for the Performing Arts
- Lorenzo Mendoza, Chairman, Empresas Polar
- Jaime Rosenthal, former Vice-President of Honduras, congressman
- Rob Ketterson, Managing Partner, Fidelity Ventures
- Adi Godrej, Chairman, Godrej Group
- Randal Pinkett, winner of The Apprentice 4
See also
References
- ^ BusinessWeek's MBA Report, 2004. Business schools with most electives are MIT Sloan (200), Kellogg (194), Wharton (185), Chicago (150), Columbia (131), Stanford (96), and Harvard (87).
External links
- MIT Sloan School of Management (official web site)
- MIT Sloan Fellows Program in Innovation and Global Leadership
- Systems Design and Management
- Satellite image from WikiMapia, Google Maps or Windows Live Local
- Street map from MapQuest or Google Maps
- Topographic map from TopoZone
- Aerial image from TerraServer-USA
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