In October 2017, The Miami Herbert Business School announced that John Quelch would be their new dean. Prior to joining the school, Quelch was the Charles Edward Wilson Professor of Business Administration at Harvard Business School. He was also a professor of health policy and management at the Harvard T.H. Chan School of Public Health and was the first to hold primary appointment in both schools.
Going back one step further, Quelch was dean, vice president, and distinguished professor of international management at the China Europe International Business School (CEIBS) from 2011 to 2013.
“This is a very exciting location with a tremendous amount of potential,” Quelch said in an interview with a marketing major from the business school.
For admissions to the fall 2017 semester, the school received slightly over 7,500 applications to their four-year program. Only 2,453 were admitted, or about a third of all applicants.
THREE NEW CORE BUSINESS COURSES OFFERED IN SPANISH TO TAP INTO LATIN AMERICA MARKET
Over the past three years, the program has made multiple curriculum innovations to attract students, and in turn, make those students more attractive to employers. The school has introduced three business core classes conducted in Spanish—Accounting 1, Business Law, and Business Technology. They have also added an elective that prepares students to do business in Latin America. In a school where 35% of incoming students for Fall of 2017 are under-represented minorities, the move to provide core classes in another language is a natural and considerate move that many other universities have yet to adopt.
Miami’s Herbert Business School offers a Bachelor of Business Administration degree and a Bachelor of Science in Business Administration degree. Undergraduates can choose from 14 majors available including accounting, business analytics, business technology, economics, entrepreneurship, finance, global business studies, health sector management and policy, human resource management, international finance and marketing, legal studies, management, marketing, and real estate. With exception to the Schools of Architecture, Engineering, and Music, students can add a second major from the business school or any other college within the University of Miami.
INTERNATIONAL BUSINESS A FOCUS
Part of the school’s vision is to prepare individuals and organizations for the complex, dynamic, and interconnected world of international business. The school is also home to the University of Miami Center for International Business Education and Research (CIBER) that offers international learning opportunities to students. As part of community engagement, the school has chosen to focus its efforts on fostering intellectual and economic vitality in South Florida and Latin America.
Another change that the school recently introduced is the Global Business Studies program. Currently, the program is Latin America-focused. Students combine a co-major in Latin American studies with a major in a functional area of business. In order to join the program, incoming business freshmen need to apply and be selected. The program involves exploring Latin America through its economy, history, politics, language, and culture through lessons and spending at least one semester abroad. Not only will students be guided to foreign language competency, but graduates of the program will also have cultural knowledge of the region and a professional network in the area.
The school reports that 25% of their students have a global experience before graduation and 50% of students in the Class of 2017 had internships before their senior year. Subsequently, 63.87% of students in the class had found employment within 90 days of graduation.
With Quelch at the reins of the China Europe International Business School, their annual revenue increased by more than 25% to over $100 million and their MBA global ranking and Executive MBA ranking all jumped up by almost ten places.
$500K STUDENT-RUN INVESTMENT FUND HIGHLIGHTS MULTIPLE EXPERIENTIAL LEARNING OPPORTUNITIES
Within Miami’s Herbert Business School, there are several programs in place to provide students with hands-on learning. The school’s Category 5 Student-Managed Investment Fund is both an investment portfolio and a track of classes. Students conduct research to make investment decisions on $500,000 in assets.
Only outstanding undergraduate business students interested in the investment management industry with a GPA of 3.5 and above in their major can apply to the prestigious program. Once they are in, students join one of six groups: Energy and Utilities, Health Care, Industrials and Materials, Real estate and Financials, Tech, and Media and Telecom. At the start of each semester, training sessions in investment analysis and financial modeling are held. Throughout the semester, each team’s Portfolio Manager will lead their team in industry-specific training. Students are also expected to contribute to investment proposals over the course of the semester.
In the Poets&Quants alumni survey, an alum of the Student Managed Investment Fund said the club allowed him to put into practice what he learned in the classroom. As a result, he picked up a key skill set for a career in investment banking and is working as an investment banker at Barclays Capital today.
For sophomore students who have clear interests in the investment industry, they can apply to join the Bermont/Carlin Scholars program. Accepted students start off by reading about current events and devouring new and classic books on the investment industry. They then prepare an in-depth research report on a target bulge-bracket firm offering summer internships in the New York City area.
When they return in the fall semesters, scholars begin personal consultations with local leaders in the investment community and participate in lecture and discussions on topics such as interpretation of current events, conditions in the financial sector, and how to apply corporate finance theory to investment industry issues.
As part of the program, students also take a three-day trip to Wall Street in early October to visit businesses and institutions such as the New York Stock Exchange. The school hopes that as the program matures, a graduated batch of Bermont/Carlin Scholars can help organize the New York Trip and serve as mentors to younger scholars.
For students with no interest in Finance, the Hyperion Council may be the organization to help them accumulate hands-on learning to boost the community engagement factor on their resumes. Each year, the council initiates an international project that involves students putting their knowledge in technology, entrepreneurship and marketing, accounting, finance, and business to use while helping a micro or small for-profit or not-for-profit grow.
From Peru and the Dominican Republic to the Galapagos Islands and Jamaica, the Hyperion Council has helped entrepreneurs globally. To join, students must be in their sophomore year with a minimum 3.4 cumulative GPA. They must also be nominated to join and submit at least two letters of recommendation, with one being from the business community.
Marketing The Students
Every year, students in the marketing division who are selected for the marketing scholars program take an all-expense paid trip to New York City. Over the course of three days, sophomore and junior year students meet and hear presentations from leading marketing companies including Unilever, PepsiCo, Edelman, Nielsen, and Horizon Media.
The networking opportunity is also a chance for students to build relationships with top company executives, who may later make internship and employment offers.
“The goal of the trip is to give our most outstanding marketing students an opportunity to meet with the most outstanding marketing companies,” explains Jeffrey Weinstock, the marketing lecturer at the School who runs the program. “The meetings are very focused on internships and full-time job opportunities.”
For the school’s undergraduate entrepreneurship majors, their capstone experience is a real-world experience where they become consultants for real people and real businesses. Ranging from small businesses and nonprofits to high growth companies, Miami students have worked with more than 80 entrepreneurs and businesses including the Miami City Ballet, Miami-based wireless company Brightstar Corporation, and Mediterranean restaurant Pasha’s, located Downtown Miami.
Going to school in Coral Gables, Florida, is pretty different from the impression that most people have of Miami. While University of Miami students may like to party like regular college students, the private research university isn’t a party campus. Students work hard in classes during the day and head to nearby beaches to chill with friends at night. The school is located 15 minutes away from Downtown Miami by car and the family-friendly neighborhoods of Coral Gables have one of the lowest crime rates in the Miami-Dade County.
On top of all of the organized opportunities that students at the University of Miami’s Herbert Business School get, networking for students here takes a whole new meaning because right outside their doors are the national and regional headquarters for nearly 200 major American, European, Latin American, and Caribbean companies. A night out with friends here could mean a job offer any time.