Many students might think they’ll never need entrepreneurial chops if they have no intentions of launching a business of their own. They’re not the startup kind, they might think. But what business students are increasingly realizing is that employers are being attracted to, and seeking out, students with entrepreneurial skills and mindsets, because knowing how to establish a business from scratch, and plan out its lifetime, is an important skill no matter what industry or job function you’re in.
Georgetown University McDonough School of Business recently launched an entrepreneurship minor, where students take three required courses in the foundations of entrepreneurship, launching entrepreneurial ventures, and managing entrepreneurial Ventures. Students will also get to select a single elective course from a list that includes Global Innovation Strategy, Practicum in Developing New Products, Science Tech in Global Arena, and Social Entrepreneurship.
“The world needs entrepreneurs, and Georgetown McDonough students are poised to solve pressing challenges with their unbridled ingenuity,” Patricia Grant, Senior Associate Dean of the Undergraduate Program, is quoted as saying. “We offer a mix of academic, experiential, and professional opportunities that help students perfect the imperfection of entrepreneurial risk-taking.”
Georgetown University is a private research university in the Georgetown neighborhood of Washington, D.C., and the McDonough School of Business offers students a four-year undergraduate business program.
In Fall 2018, the school received 3,421 applications to join their undergraduate business program, and 542 students were admitted, giving the program an acceptance rate of 15.84 percent for direct applicants. About 75 percent of incoming students reported their SAT scores, and the average score was 1431, while the average ACT score from the 45 percent of students who submitted their scores was 31.8. The incoming Fall 2018 class had an average high school GPA of 3.87.
The school estimates that the total four-year cost, including tuition and fees, paid by a graduate in the Class of 2018 was $199,148, and the estimate for additional expenses such as room, board, transportation, living expenses, books, and supplies, will add another $75,892 to the cost. About 36 percent of incoming Fall 2018 students received scholarship support from the school, and the average scholarship amount disbursed was $38,979.
In a survey conducted by Poets&Quants, almost 60 percent of alumni from the Class of 2016 said that they believed their business degree was worth its cost in tuition.
B-STUDENTS INCREASINGLY EXPECTED TO KNOW PYTHON AND R
At Georgetown’s McDonough School of business, the Undergraduate Business Program is aimed at providing students with a “transformative education experience focused on global perspective, principles leadership, and analytical preparation”. “Rooted in Georgetown University’s deep Jesuit tradition and foundation in the liberal arts, a Georgetown business degree prepares today’s students to become tomorrow’s leaders,” Teresa Mannix, Senior Assistant Dean for Communications, shared.
On top the new Entrepreneurship minor that the school recently launched, the school has also introduced several new electives in Data Science, Data Visualization, Introduction to Business App Development in Python, Management of Business App Development in Python, and Fintech & Blockchain.
Students who choose the Data Science elective will learn about the techniques used in data-informed business analysis and how it influences decision making. Because lectures alone are no longer enough, students will discuss real-world problems in relation to problem-solving techniques with the available data.
In the Data Visualization course, students will learn how to create data visualizations in Tableau, and connect their work in the software with Python for advanced analytics.
In the elective on an introduction to business app development in Python, students will learn how to write practical business applications with zero programming experience to exploring business models and best practices for producing and managing application software. For hands-on learning, students will be guided through Python programming of apps, and if they choose to take the elective on Management of Business App Development in Python, they will learn to propose and manage their applications from ideation to delivery. “By the end of the semester, students should emerge with marketable technology management experience,” Mannix wrote.
In one of the fastest growing, and almost mythical industries to many people,
Students at McDonough School can now take the FinTech & Blockchain elective that is said to “help prepare finance majors for more advanced finance courses and their first job in the finance or FinTech industries. Non-finance majors can also benefit from this elective should they take on a job facing the financial services industry.
FIRST-YEAR SEMINAR A POPULAR RECENT INNOVATION
Freshman students at McDonough begin their business education with the First Year Seminar, where students explore scholarship and think about the important ideas in business. The program offers students nine seminars with titles such as “Who are you? Individual Differences and Workplace Performance”, “Competing in a Flat World”, “Entrepreneurship and the Jesuit Tradition”, and “An Exercise in Leadership: Jesuit Practices for Decision-Making and Organization Management”.
Students also take part in BUILD, which stands for Business Undergraduates Invested in Leadership Development, a week-long pre-orientation for first-year business students where they learn about effective communication, principled leadership, and integrated business knowledge.
Also available to help them kickstart their careers is the SmartStart Program which includes workshops, panels, and events for freshmen and sophomore students that help them align their business interests with the Jesuit ideal of “women and men for others”. Participants in this program are mentored by peers and alumni working at PricewaterhouseCoopers.
And in addition, students who are interested in Entrepreneurship can join the Living and Learning Community, where they can live, learn, and join in activities with an entrepreneurship focus while growing their professional networks.
At Georgetown, they understand that new beginnings, new directions, and new expectations can be overwhelming, and that’s where their 28-year-old tradition of ESCAPE retreats come in. First-year and transfer students can pick a weekend to go on a 27-hour overnight experience to meet new friends, eat great snacks, and enjoy live music for just $40. The retreat takes place at Calcagnini Contemplative Center in Blumont, Virginia, where breathtaking views of the Shenandoah Valley can help new students ground themselves.
THE NOT-SO-SURPRISING INTERNATIONAL COMPONENT OF THE D.C.-BASED SCHOOL
Over 80 percent of alumni from the Class of 2016 said that the business program at McDonough prepared them well for the world of work, and 90 percent of graduates said they would recommend the program to a close friend or colleague. About 50 percent of alumni said they were engaged in a “signature experience” while at Georgetown, and shared stories of their First-Year Seminar, having worked on capstone projects, engaged in consulting programs as a Global Business Fellow, or joined the Entrepreneurship Fellows Program.
The school shared that the university offers over 70 semester-abroad opportunities for students, while the business school offers three summer programs, and four spring break programs. Students can also choose from over 40 opportunities by the Office of Global Education in which they can participate in for business credit. The school estimates that 64 percent of students in the graduating class in May 2018 went abroad, and this excludes Students in the Global Business Experience course.
The Global Experience Initiative’s Global Business Experience is intended at helping McDonough students better understand how business is conducted around the world. The program has benefited over 8,500 students who took part in over 1,600 projects in 22 countries.
As part of the experience, students work on projects with international organizations in areas such as market research, innovation strategy, communications, competitive strategy, and global growth strategy. Partner companies include Boeing, Philips, Lamborghini, General Electric, Citi, and Booz Allen Hamilton. From Hong Kong, Shanghai and Korea, to Istanbul, Tel Aviv, and Nairobi, Global Business Experience students have traveled throughout the globe to help in whatever way they can with their skills and knowledge.
As part of the program, Tatiana Hadchiti from the Class of 2018 traveled to Lille, France, to work with client company Bonduelle. “My team and I produced a detailed business strategy proposal for Bonduelle, a world leader in ready-to-use vegetables and presented our finding and recommendations to upper-level executives of the company,” she said. “GBE teaches teamwork, organization, communication, and professionalism, and overall it is an extremely rewarding experience.”
About 43 percent of alumni from the Class of 2016 said that they were part of a global immersion, trip, or project while at McDonough, and traveled to France, Italy, London, Spain, and many other countries.
An alumni who now works as a Restructuring Analyst at Houlihan Lokey, said that he took part in Georgetown’s Undergraduate Business Program in Comparative Strategic Management hosted at the University of Oxford while at McDonough. He called the trip the “most transformative portion” of his McDonough experience.
“The superb faculty, combined with weekly trips into London to connect classroom topics with the real-world practice of finance and strategic management, stoked a passion to improve my understanding of complicated, ever-changing financial concepts and, more broadly, confirmed my interest in pursuing a career in financial services, specifically investment banking,” said the Finance and International Business major.
While there are plenty of reasons and opportunities for students to leave the Georgetown campus and get their feet wet and hand dirty, students at McDonough who choose to stay are also exposed to diverse viewpoints and experiences. The school shared that 10 percent of incoming Fall 2018 students are first-generation college students, about 10 percent are international students, and 17 percent of students belong to underrepresented minority groups.
EMPLOYMENT SLIP LEADS TO RANKINGS SLIP
The school shared that an impressive 98 percent of students in both the classes of 2017 and 2018 had at least one business-specific internship before graduation, and with the Class of 2017, 92 percent of students found full-time jobs within a couple of months of graduation. This number fell slightly as 88 percent of students from the Class of 2018 found full-time employment in the same time frame.
The average overall salary for business majors with full-time employment from the Class of 2018 was $72,915. While the list of top employers for students from the Class of 2017 and Class of 2018 included renowned companies such as Goldman Sachs, Deloitte, JP Morgan, Ernst & Young, and PricewaterhouseCoopers, the list of companies for the Class of 2018 included more tech companies such as Facebook, Google, and Uber.
Almost 70 percent of alumni from the Class of 2016 told P&Q in a survey that their first job after graduating was at their desired company.
What Alumni Say:
“I studied abroad at the University of Oxford through a business school program. It was amazing to live and study in the dorms there. We also toured many of the big banks and consulting firms such as Bain, Goldman Sachs, and Skadden Arps, in London that had many Georgetown alumni who hosted us for the day.” – Recent Alum
“Starting as freshmen, Georgetown McDonough provided frequent signature experiences. In your first year, you participate in an intimate seminar with the highest rated faculty which culminates in a case competition to create, present, and help execute programs to address the need of an organization in the local community. As a junior, I was able to study abroad through the school at Oxford in the UK (strategic management and international finance courses). Senior year, we engage in the social responsibility of a business course which includes a semester-long capstone project where we create a company and lead it through a variety of simulated ethical dilemmas proposed by the professors. The project requires multiple presentations to the company board (the class), who are responsible for challenging the planned courses of action until you can ‘sell’ them on the pitch.” – Recent Alum
“Given Georgetown’s Jesuit heritage, our capstone was in Social Responsibility of Business. The goal was to investigate and argue the various ethical responsibilities of businesspeople and the entities they work for.” – Recent Alum
Where The Class of 2018 Went To Work:
JP Morgan – 6
PwC – 6
EY – 5
Deloitte – 4
Credit Suisse – 4
Facebook – 3
Google – 3
Goldman Sachs – 3
McKinsey & Co – 3
NBC Universal – 3
Uber – 3