MBA News You Need: Yale SOM Dean Search Continues, Berkeley Haas Discusses Value of MBA for Women Leaders, HBS Opens Lehman Brothers Exhibit, and More
Each week we collect all the MBA news that’s fit to print and provide a quick overview of the latest trending topics from top business schools around the world. Here’s your quick MBA News You Need digest for the week of November 8, 2018.
Yale SOM Search for New Dean Enters Interview Stage
The search for someone new to lead Yale SOM began last spring when Dean Edward Snyder announced he would step down at the end of this year. A search advisory committee chaired by Finance Professor Andrew Metrick and composed of nine other faculty members was created to identify top contenders. Several candidates have now advanced to the interview stage based on feedback from SOM faculty, staff, students, and alumni. The search committee is now generating a shortlist for Yale President Peter Salovey.
Candidates at this stage include administrators from SOM and other top business schools, non-traditional candidates with closely related business experience, and leaders in the business world. The majority fall into the second category. Extensive feedback on each candidate has been gathered from the SOM community via surveys and town hall meetings. In addition, a separate 16-member alumni consultative committee played a significant role in the search.
To learn more about the search for the new dean of the Yale SOM, explore the original blog on the Yale Daily News.
Berkeley Haas Center for Gender, Equity and Inclusion Director on the MBA’s Value for Aspiring Women Leaders
Dr. Kellie McElhaney, founding director of the Center for Gender, Equity, and Inclusion at Berkeley Haas, sees three key ways that pursing an MBA offers value to aspiring woman leaders.
- It helps women develop quantitative skills alongside traditional business acumen.
- It creates a high-caliber network for the present and future.
- Helps women develop confidence in the value they bring so they feel comfortable asking for what they need and want.
McElhaney sees the way the MBA degree helps graduates moves into higher-level positions with more authority as one of its greatest benefits. It also provides the hard skills and working knowledge individuals need to rise to the top. Finally, MBA programs bring people with different backgrounds and life experiences together at the table, providing all with a rich network for job opportunities, business partnerships, and collaborations.
“Not only will you have more knowledge and more confidence to make decisions, no one can BS you—you can hold your own in any business discussion,” wrote McElhaney. “Regardless of their reasons for choosing to enter an MBA program, women will find that the benefits are many and that they last a lifetime.” (Berkeley Blog)
Lehman Brothers’ Rise and Fall Forms New Exhibit at Harvard Business School’s Baker Library
It was an historic moment when Lehman Brothers, then the fourth-largest investment bank in the United States, declared bankruptcy and set off a chain reaction in the financial world leading to the Great Recession of 2008. To mark the 10th anniversary of the crisis, Harvard Business School’s Baker Library has opened a new exhibit called “Lehman Brothers: A History, 1850-2008.”
Thanks to generous donations, the exhibit is free of charge to both Harvard communities and the general public. It will display business records and other materials that tell the Lehman Brothers’ story from its meteoric rise during the 1840s through the 1880s to its fall from grace during the new millennium.
“This exhibit tells the story of an investment bank that played a major role in the economic development of the United States in the 19th and 20th centuries and the impact of the firm’s collapse,” said Laura Linard, the senior director of the Baker Library Special Collections. “I cordially invite visitors from both this community and beyond to come to our campus to visit this very special exhibit.” (HBS press release)
Tuck Professor, Former BlackRock Exec Warns of Another Financial Crisis
Ten years after the Great Recession of 2008, former BlackRock senior executive and Dartmouth Tuck clinical professor Peter Fisher warns the public of another financial crisis looming in the distance. According to Fisher, the catalysts for the original crises are still with us—not to mention additional challenges that emerged amid the fallout—placing the economy in jeopardy of another one.
According to Fisher, the Fed held interest rates too low for too long and then raised rates too slowly, which caused a too-rapid growth of credit. The Fed intentionally borrowed more than than it could ultimately pay back, which led to a disaster from which we haven’t fully recovered.
While the economy is experiencing a healthy rate of growth, debt levels are still high relative to income and there are stark inequalities in both income and wealth.
“I am often asked: Will it happen again? The answer, unfortunately, is yes it will. But ‘it’ may not be exactly the same,” explained Fisher. “Will we have another recession? Yes, some day we will. Will we face another ‘bank run?’ Probably we will. Will it look just like 2007 – 2009? Probably not.” (Dartmouth Tuck News)
How Female MBA Graduates Can Build a Network of Support
When women have mentors, managerial echelons become more diverse and leadership teams get better results. Mentorship for women also leads to increased salaries, promotions, and higher career satisfaction. It can sometimes be hard for women business leaders to find and experience mentorship, but many female MBA students have opportunities to both have and be mentors.
According to Maura Herson, director of the MIT Sloan School of Management MBA program, the goal is to cultivate three types of mentors:
- Coaches: These mentors help you develop skills and capabilities for the future.
- Sounding Boards: These mentors provide guidance on important choices.
- Champions: These mentors advocate for you on high-profile assignments, promotions, and board positions.
But one person doesn’t need to fulfill all three roles! Women should cultivate different mentors for each position and be prepared to change relationships as they continue to grow. The key is to seek out mentors with whom you share common ground and operate at appropriate levels of seniority. (Financial Times)