New Vision Statement, New Direction
In the last issue of the Ithaca College Quarterly President
Williams wrote about her first five years in office and about the
Institutional Plan that will guide the College administration for
the next decade or more. This fall the deans and faculty of the
School of Business adopted the following vision statement to guide
the school's efforts in the years to come:
The business school at Ithaca College will become the institution
of choice for prospective business and accounting majors. The
school will combine elements of the best small and large institutions
-- the dedication to developing close working relationships between
faculty and students that is associated with small colleges and
the breadth of faculty expertise and sophistication of instructional
resources that are the hallmarks of larger universities.
In the United States 1,293 colleges and universities offer degrees
in accounting and business administration. The top 10 percent of
those institutions are considered the royalty among business schools;
most of their names are household words. Excellent in every undertaking,
they attract gifted students and faculty from around the world
and are known for producing each generation's business leaders.
High quality ensures high student demand, in good times and bad,
which helps make those institutions the strongest, most robust
schools in the nation.
We have taken deliberate steps to move Ithaca College's School
of Business into that top 10 percent, and in some important respects
we have already arrived. This is clearly the case when student
achievement is measured. The school uses the ETS Major Field Test
in Business to assess how well its baccalaureate students have
learned their lessons. The test, which has been published since
1989, has been used in recent years by about a third of the colleges
and universities that offer baccalaureate degrees in business.
In the past three years Ithaca College seniors have consistently
scored in the 90th and 91st percentiles.
Progress on other important fronts, sustained over the past five
years, suggests that our ambitious goal is within reach. The following
examples of recent accomplishments help make this point.
Sigma Iota Epsilon, the student chapter of
the Academy of Management, is one of the newest and most successful
student professional organizations
on campus. Founded by associate professor Susan Rosenthal in 1998,
the IC chapter was awarded National Chapter of the Year honors
just one year later. This year the club regained that honor --
becoming one of only five schools in the country to have won the
award twice. Chapters that competed for the award were judged on
membership growth, academic programs, professional development
programs, members' honors and awards, and the club's strategic
and program planning. In announcing the award, the president of
national Sigma Iota Epsilon, G. James Francis, wrote to the IC
organization: "Your accomplishments in service, scholarship, and
professional activities are most impressive, as is the involvement
of your membership. The Zeta Iota Chapter is the benchmark for
others across the nation." In addition, two of the chapter's members,
John McGrory '03 and Jenna Wohlwend '03, were awarded Sigma Iota
Epsilon national scholarships; only five such scholarships are
awarded every year.
Another, more mature organization, the Core Trading Consultants,
operates the school's trading room. Last spring Professor Abraham
Mulugetta, who supervises the organization, invited students to
coauthor with him a paper on banking. Hristo Hadjiniklov, a junior
from Bulgaria, took him up on the offer. Together they researched
and wrote Transparency of Risk Management in Light of FASB 133
Requirements. Their paper was accepted by the second International
Conference on Banking and Finance that was held in August on the
island of Crete. Hadjiniklov attended the conference, with the
school's support, and presented the paper to an audience of international
bankers and finance professors. He was accompanied by Mulugetta
and Dana Professor of Business Raquib Zaman.
Zaman, left, with colleagues and Crown Prince Abdullah of Saudi Arabia
Zaman, who is widely respected in international banking as well
(his work on Islamic banking was reported in ICQ 2002/2),
has lately received some truly royal treatment. He was invited
to the annual Oxford Banking Forum, held this year in Jeddah, Saudi
Arabia, in September. Invitees also included economics professor
Robert Mundell of Columbia University, a Nobel laureate in economics
who is considered to be the father of the euro; economics professor
Rodney James Alexander Wilson of the University of Durham, England,
who has authored many books on Islamic economics and finance; Mohamed
Ariff, executive director of the Malaysian Institute of Economic
Research; prominent heads of multilateral banks; and high level-government
officials from around the world.
Zaman's paper, Islamic Banking and Finance: Assessing the Need
of the Present and the Future, was the only paper to be distributed
to all attendees and was introduced by the forum president as
the most innovative paper on Islamic banking. Says Zaman, "It
was quite an exhilarating as well as a humbling experience to
hear that they appreciated my research work."
Forum participants decided to appoint an advisory council to the
Islamic Development Bank. Zaman and four other economists were
named to the council; after the forum they traveled to Riyadh as
guests of Crown Prince Abdullah, the ruler of Saudi Arabia. Following
an audience in the royal palace with the crown prince and several
ministers, the council returned to Jeddah to dine with the governor
of the western region in his palace.
Such royal treatment may not be daily fare, but the School of
Business is determined to make a name for itself in the noble company
of the top-tier business schools. We are well on the way.