Duke University The Fuqua School of Business
Exchange Report Spring 2014
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Duke University’s Fuqua School of Business Exchange Report Spring 2014
Contents 1. Preparing for the exchange ...... 1
1.1 Duke University’s Fuqua School of Business ...... 1 1.1.1 Duke University ...... 1 1.1.2 Fuqua School of Business ...... 1 1.1.3 Daytime MBA program ...... 2 1.2 Costs & visa process ...... 3 1.2.1 Exchange program costs ...... 3 1.2.2 Visa process ...... 4 1.3 Traveling to Durham ...... 5 1.4 Practical challenges ...... 6
2. Studying at Fuqua School of Business ...... 8
2.1 Semesters and terms...... 8 2.2 Courses and learning methods ...... 8 2.3 Choosing courses ...... 9 2.3.1 Consumer Behavior (Gavan Fitzsimons) ...... 10 2.3.2 Entrepreneurial Execution (Jesko von Windheim)...... 10 2.3.3 Game Theory for Strategic Advantage (David McAdams) ...... 11 2.3.4 International Strategy (Arie Lewin) ...... 11 2.3.5 Managerial Decision Making (Gregory W. Fischer) ...... 12 3. Life at Fuqua ...... 13
3.1 Durham ...... 13 3.2 Recreational activities ...... 14 3.3 Traveling in the U.S...... 14 4. Concluding remarks ...... 15
Table of Contents
Duke University’s Fuqua School of Business Exchange Report Spring 2014
1. Preparing for the exchange
1.1 Duke University’s Fuqua School of Business
1.1.1 Duke University
Duke University is a private research university located in Durham, North Carolina, United States. It was created in 1924 by James Buchanan Duke as a memorial to his father, Washington Duke. Duke University has approximately 14,600 students, of which 44.5% are undergraduate students and 55.5% graduate and professional students. The university has approximately 35,510 employees with 3,340 faculty members. Duke University’s campus area, which includes a golf course and the Duke Forest, spreads over 34 square kilometers and has over 250 university buildings. The West Campus, Gothic in style, also houses the Duke Chapel and its impressive 64-meter tower. Duke University is home to the following schools and colleges: Trinity College of Arts & Sciences, School of Law, Divinity School, Graduate School, School of Medicine, School of Nursing, Pratt School of Engineering, Sanford School of Public Policy, Nicholas School of the Environment, and the Fuqua School of Business. Figure 1: Duke Chapel
1.1.2 Fuqua School of Business
Duke University’s Fuqua School of Business was established in 1969. In its relatively short history, Fuqua has become one of the leading business schools in the world. With #1 ranked faculty according to Bloomberg Businessweek1 and renowned research centers, the school definitely sits among top-ranked U.S. business schools. Fuqua has 91 tenure or tenure track faculty members, and 11 other faculty members2. The school is headed by Bill Bounding (Dean), and accredited by AACSB International3 and SACS4. The school has over 1,500 students and more than 18,000 alumni, including e.g. Tim Cook (CEO, Apple Inc.) and Melinda Gates (Co- Founder, Bill and Melinda Gates Foundation).
1 Bloomberg Businessweek (Intellectual Capital). Ranked #1 in 2012, 2010 & 2008 2 Other includes professors of the practice, research professors, lecturers, clinical professors and medical associates 3 Association for the Advancement of Collegiate Schools of Business 4 Southern Association of Colleges and Schools Page 1 of 15
Duke University’s Fuqua School of Business Exchange Report Spring 2014
Figure 2: Terrace area of the Fuqua School of Business building
1.1.3 Daytime MBA program
Fuqua is known for its Daytime MBA program, which is also where the international exchange takes place. This two-year Master of Business Administration degree is highly valued worldwide, but especially so in the U.S. where the MBA degree originated in the late 19th century as the country industrialized and companies sought scientific approaches to management. A Fuqua MBA is expensive and highly selective, with a program cost of $110,000 and an average GMAT score of approximately 700. The latest available ranking from Bloomberg Businessweek places Fuqua as the 6th best business school in the United States. The Fuqua MBA class size is 437 students, of which approximately 33% are women. A typical student is 29 years old and has 5 years of professional experience. Most students have undergraduate degrees in business & accounting, economics, or engineering/natural sciences. Figure 3: Full-Time MBA Programs (Bloomberg Businessweek)
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Duke University’s Fuqua School of Business Exchange Report Spring 2014
1.2 Costs & visa process
1.2.1 Exchange program costs
Duke University’s Fuqua School of Business is definitely not one of the low-budget exchange destinations. First of all, USA is not exactly an especially cheap country when it comes to general living costs. Second, Duke University and Fuqua require all students (including exchange students) to purchase certain study materials and other services that are expensive relative to the time spent in the exchange program. However, it is possible to affect the overall costs of the exchange with one’s own consuming and living choices. Below are shown the typical exchange expenses as estimated by Fuqua’s International Programs Office5:
Duke and Fuqua expenses Student Health Fee and mandatory Duke Student Health Insurance $1,484 Books, supplies and course packs $723 Other fees $369 Total Duke and Fuqua expenses $2,576 Living expenses Food $2,490 Rent/Housing (including utilities) $4,240 Transportation (local) $900 Miscellaneous expenses $1,860 Total living expenses $9,490 Total exchange expenses $12,066
Accordingly, incoming exchange students are required to demonstrate available funds of this amount (at minimum) on their bank account prior to the exchange. At the current exchange rates, these total estimated exchange expenses equal to approximately €8,700. In my personal experience, books, course packs, and local transportation can cost somewhat less than estimated in the above calculation, but food and especially miscellaneous expenses can be significantly higher. Also, the largest single line item is rent and utility costs, which can be significantly higher or lower than the estimated amount, depending on one’s personal choice of housing and related services. For example, the cost of electricity alone during a cold winter can easily exceed $200/month/1 bedroom apartment.
It is important to also realize that partying, going out for dinners, doing weekend road trips, and enjoying the spring (or fall) break will likely accumulate significant additional costs. Also, there can be substantial unexpected expenses e.g. you might need to buy furniture, a car, a bicycle etc. Keep in mind that there are also costs already before the exchange (flights, visa application fees).
5 Expenses estimated for 1 semester/5 months – estimated for a single student (no dependents) – likely to vary Page 3 of 15
Duke University’s Fuqua School of Business Exchange Report Spring 2014
1.2.2 Visa process
One of the very few negative aspects of choosing a U.S. school as the exchange destination is the exhausting visa process that must be completed in order to participate in the exchange program. Whereas some U.S.-bound exchange students have the option to apply for either a J-1 or an F-1 visa, Fuqua only sponsors the J-1 type (i.e. this will be the only visa class available). It is extremely important to recognize the differences between the J-1 and F-1 classes, and to know well in advance what implications obtaining a J-1 visa can have for you. I will not go into detail about all of the differences in this report, but I instead strongly recommend studying more about the visa classes online and by contacting Aalto University’s International Student Services for more information. However, I will introduce one of the most important aspects of the J-1 visa: the two-year home-country physical presence requirement (“the two-year rule”)6:
When you agree to participate in the exchange program with a J-1 visa, you will almost certainly be subject to the two-year home-country physical presence requirement. This means that you will be required to return to your home country for two years at the end of your exchange visitor program before you can apply and receive a U.S. immigrant visa or even a temporary worker (H), intracompany transferee (L), or fiancé (K) visa. It is not sufficient to simply reside outside of the U.S. for two years to fulfill this requirement, but you instead need to spend the time in your original home country. If your home country is Finland, this means that you will effectively be restricted to move to the U.S. after the exchange at any point of your life in the future unless you have first resided at least two years in Finland after the exchange.
The official reason why Aalto University’s students are typically subject to this rule is that the program in which the exchange visitor is participating is seen to be financed in whole or in part directly or indirectly by the U.S. government or the government of the exchange visitor's nationality or last residence. For example, the basic student financial aid from KELA, as well as exchange grants etc., count as financing received from the government. However, even if you are able to show that you will receive no support from KELA, you are still likely to be subject to the two-year rule. The process and logic of how this is determined is not transparent, and the U.S. embassy will not give indications of their possible decision regarding your situation in advance.
If you participating in the exchange with a J-1 visa (and are subject to the two-year rule) but later on realize that you are not able to fulfill the two-year home-country requirement, it is possible to apply for a waiver of the requirement. However, the waiver process can be very lengthy, costs hundreds of dollars, and there is no guarantee that you will receive a waiver.
6 The information regarding visas provided here is non-exhaustive. For more information please see e.g. http://travel.state.gov/content/visas/english/study-exchange/exchange.html Page 4 of 15
Duke University’s Fuqua School of Business Exchange Report Spring 2014
If the two-year rule will not be a problem for you, the visa process itself is not that complicated in the end. There will be lots of information to be gathered and many different forms to be filled, but Fuqua’s International Programs Office provides clear and straightforward instructions for this, and additional details can be found from the website of the Embassy of the United States in Finland7. However, you should definitely start the visa application process as soon as possible in order to ensure that you will receive the visa in time for the beginning of the exchange.
1.3 Traveling to Durham
Durham is located in the state of North Carolina, approximately 677 kilometers down south from New York. The nearest airport is the Raleigh-Durham International Airport (“RDU”), from where a cab ride to downtown Durham takes an estimated 20-30 minutes and costs approximately $40 (including tip). Durham also has its own train station, located downtown. There are currently no direct flights from Finland to Raleigh-Durham, and return flights (HEL- RDU-HEL) currently costs approximately €800-900 in total if booked well in advance.
There are a few alternative feasible ways of traveling to Durham from Finland:
1. The best option is to first fly from Helsinki (HEL) to London, and from London (LHR) to Durham (RDU). This is the optimal choice because by changing flights in London you can avoid the stress of having to go through U.S. border control while trying to make your flight connection in time.
2. An alternative option is to fly from Helsinki to New York, and then from New York to Durham. This could also be a good option for you if you are not worried about catching a connecting flight in a hurry (e.g. if you plan to visit New York before going to Durham).
3. A third possible alternative would be to first fly from Helsinki to New York and then take the train from New York (Penn Station, NYP) to Durham (Durham Station, DNC). However, the only available train (Amtrak, 79 Carolinian) leaves from New York at 7 am and takes almost 11 hours to reach Durham. The train is usually cheaper that a flight, but the ride can be somewhat uncomfortable (old train) and there might be severe delays (e.g. two hours). However, this could be the option for you if you are looking to travel cheap, don’t mind waiting, and want to see some east-coast scenery on the way. Figure 4: The Carolinian at Durham Station
7 http://finland.usembassy.gov/ Page 5 of 15
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1.4 Practical challenges
1.4.1 Accommodation
Selecting and booking accommodation from Durham can be somewhat difficult and burdensome. One of the key reasons for this is that the location of your apartment is very important because Durham does not have an extensive public transportation system and yet the distances between different places and services are often long. Accommodation on campus is usually not available for Fuqua students, and you will likely have to do some research and make your own arrangements. Below are listed some general categories of alternatives that you may look into:
1. Contact Duke University to ask if you can apply for accommodation on campus. It is unlikely that you will be successful, but it could be worthwhile to try. I do not have details on the terms of campus accommodation, but I would expect the location and price to be very good.
2. Rent a large apartment (e.g. a 3-bedroom) or an entire house with other exchange students. This is a viable option and can save you money. However, it requires you to contact other exchange students well in advance, and you will also need to contact the owner of such property in advance and sign the lease contracts etc. Depending on the property, you could also have to rent or buy furniture for the apartment/house and make separate utility contracts.
3. Rent a room in a shared apartment (or house) in which some students already live and that someone is sub-leasing. This is a very good option, especially if you find a room in an apartment in which some of the other residents are also studying at Fuqua. This way you can get a decent priced room that will likely be fully furnished, and you will probably not have to worry about making your own contracts with utility and internet service providers.
4. Rent a studio (or 1-bedroom) apartment only for yourself. This is probably the most expensive option, and one that likely requires you to complete a lot of paperwork. For example, you could have to sign separate contracts with the apartment owner, utility firm, furniture rental firm, Internet service provider, housing insurance company etc. However, this could be the only viable option if you require a 100% tranquil working/relaxing environment outside of school, e.g. in the case that you are working on your MSc thesis in addition to completing the courses at Fuqua.
I lived at Station Nine Apartments, which is a very popular choice between Fuqua MBA and exchange students, and where options 2, 3 and 4 (from the above mentioned suggestions) are possible. If you are not running on a tight budget, Station Nine is an excellent choice: the apartment complex is full of other Fuqua students, a lot of the student parties take place there, there is a gym and an indoors basketball court, a bookable free-of-charge movie room, computers and a printer, an outside pool etc. Station Nine also happens to be located inside the range of Duke Van Service, a car service that takes you home from school every night of the week (after 5pm) free of charge. Very close to Station Nine there is also a bus stop of a convenient university bus (H5) that takes you to Duke Chapel on weekday mornings (from where you can walk to Fuqua). Page 6 of 15
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Figure 5: Station Nine Apartments courtyard
In hindsight I would say that option 2 is probably the best option to go for if you decide to live at Station Nine. This is because that way you can share the costs and have the same apartment for the exact time of your exchange semester. If your exchange takes place in the spring semester, the problem with option 3 at Station Nine will be that almost all of the rooms that are being sub- let are only available for the first term (Spring 1) because that is when Fuqua’s MBA students have their exchange abroad. Renting such a room would mean that you would have to find new accommodation for the second term before March. However, there are plenty of other good options in addition to Station Nine that should be explored before making decisions. Fuqua’s International Programs Office will provide good tips for the apartment search, and you can discuss housing arrangements with other Fuqua students (both exchange and MBA) well in advance e.g. in a Facebook discussion group. If you need to rent furniture for your apartment, a firm called CORT Furniture is a reliable and quite popular choice with lots of customizable options.
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2. Studying at Fuqua School of Business
2.1 Semesters and terms
The academic year at Fuqua is divided into the Fall Semester and the Spring Semester. Both semesters consist of two terms, i.e. the Fall Semester includes Fall 1 and Fall 2 terms, and similarly the Spring Semester includes Spring 1 and Spring 2 terms. Each term is relatively short in duration, running only six weeks. The fall terms are separated by a week-long Fall Break, and there is a two-week Spring Break between the spring terms. Example dates for the 2013-2014 Daytime MBA calendar are shown below8:
EVENT START FINISH Fall 1 term (including exams) September 5th, 2013 October 19th, 2013 Fall Break October 20th, 2013 October 27th, 2013 Fall 2 term (including exams) October 28th, 2013 December 14th, 2013 Winter Break December 15th, 2013 January 15th, 2014 Spring 1 term (including exams) January 16th, 2014 March 1st, 2014 Spring Break March 2nd, 2014 March 16th, 2014 Spring 2 term (including exams) March 17th, 2014 April 30th, 2014
2.2 Courses and learning methods
During the exchange semester, students are recommended to take 5 courses, which is considered a full load at Fuqua. This is also the amount of courses required by Aalto University School of Business. Almost all of the available courses run for one term and account for three credits9, with the exception of some communications courses that are worth two credits. The rational thing to do is to spread the courses over the two terms (e.g. three courses in Spring 1 and two in Spring 2), which makes the workload very manageable and leaves plenty of room for extracurricular activities and social events. It should also be noted that Wednesdays are almost always completely free of lectures. Students can also usually take at least one additional course if they wish to do so, and it is also possible to distribute the course load differently over the semester.
One of the best things at Fuqua is the extremely engaging learning environment. Professors are enthusiastic about the subjects that they teach, which really shows in the classroom every day. Also, class sizes are relatively small, with the maximum amount of students typically set at 75. Methods such as case studies, strategic games and realistic simulations are often used to drive understanding of the subjects and to bridge the gap between theory and real-world applications.
8 Mandatory orientation was held for spring semester exchange students at Fuqua on January 9th, 2014 9 Credits earned from courses at Fuqua are not equivalent to ECTS credits Page 8 of 15
Duke University’s Fuqua School of Business Exchange Report Spring 2014
Accordingly, participation in in-class teaching and discussion is a key requirement in completing courses, and classroom activity usually constitutes a significant proportion of a student’s final course grade. Students also often have the opportunity to make short presentations in class, which is invaluable experience for any business student. In most courses, students also have to complete individual and/or team exercises and cases, of which many serve as preparation for classroom discussion. The exercises are typically not Figure 6: Typical classroom at the Fuqua School of Business overwhelming in either extent or difficulty, but some time has to be spent studying outside of the classroom every week. It is important to notice that only very few courses can be completed without participating in all of the lectures10. Many of the courses do not have any exams, but there are also numerous exceptions to this.
Courses are graded on a five-scale system:
GRADE NUMBERICAL GRADE RECOMMENDED DISTRIBUTION11 Superior Pass (SP) 4.0 No more than 30% of class (SP) High Pass (HP) 3.5 45% of class (HP) Pass (P) 3.0 At least 25% of class (P, LP and F Low Pass (LP) 2.5 combined) Fail (F) 0.0
2.3 Choosing courses12
Exchange students choose their courses from a comprehensive list of electives that are normally offered for full-time MBA students. Broad course categories include e.g. management, accounting, decision sciences, economics, energy & environment, finance, health sector management, marketing, management communications, social entrepreneurship, strategy, and operations. A list of available courses is sent out to exchange students well before the beginning of the semester, and there also exists a helpful database of course evaluation scores from
10 Absence from some lectures is of course usually allowed for personal reasons 11 Applies to elective courses (i.e. recommended distribution is different for core courses) 12 Course information is based on the author’s experiences in the spring of 2014 and could have changed after this Page 9 of 15
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previous years, which makes it easier to observe which courses have been well-regarded among students. It is important to notice that the quality of a course is likely very dependent on the professor teaching it, so a change in course instructor could cause a significant change in course quality. Some of the most popular courses will be oversubscribed and can be somewhat difficult to get into. However, this is not a major issue and almost everyone is typically able to take at least most of the courses that they desire. Below are listed the five courses that I took during my exchange (course instructors are given in parentheses). All of these courses were excellent and I could recommend any of them for future exchange students at Fuqua.
2.3.1 Consumer Behavior (Gavan Fitzsimons)
Consumer Behavior is one of the most enjoyable and exuberant courses available at Fuqua. Taught by Gavan Fitzsimons, the course provides students with a psychological framework for understanding customer choice in consumer businesses, simultaneously introducing specific techniques for influencing it. The topics covered in the course include: subliminal perception, learning and memory, motivation, persuasion, and group influence. Gavan Fitzsimons is an inspiring instructor with extremely deep knowledge in consumer behavior. He has performed dozens of academic studies and worked with many companies in projects related to the subject.
Each classroom session in Consumer Behavior consist of two parts. First, the instructor introduces a psychological theory and demonstrates its relation to the behavior of consumers by reviewing results from numerous academic research studies (many conducted by Gavan Fitzsimons himself). Second, the class is divided into teams to briefly work in a so called “Brainstorming Breakout”, during which students developed an idea of a possible practical application of the theory. Some of the teams are then asked to present their idea to the rest of the class. This combination of theory, research results, and practical application makes every session very exciting and fun.
Course work in Consumer Behavior is relatively light and only includes two mid-sized team projects (no individual assignments). There is no final exam in the course.
2.3.2 Entrepreneurial Execution (Jesko von Windheim)
Entrepreneurial Execution covers the different dimensions of successful creation and early execution of a new venture, with a focus on new businesses with substantial innovations with potential for high growth and venture capital funding. The topics covered in the course include: understanding whether there is a market, competitive position, growth, financing a new venture, building a team, early sales and marketing execution, and building an operating plan.
The classroom sessions in Entrepreneurial Execution are based mainly on various case studies and on the instructor’s personal experiences in the startup and venture capital environment. Jesko von Windheim is an enthusiastic instructor with an impressive track record in high-tech startups, and hearing about his experiences is the best aspect of the course. The course also succeeds in
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covering all of the key action points in planning and executing a new venture, and the course is therefore highly recommended especially for students who are thinking of doing a startup at some point.
Course work in Entrepreneurial Execution includes two individual assignments, one mid-sized team assignment, and a large final project to be completed in teams. The final project is related to creation of a real or fictional venture, and it nicely ties together everything learned during the course. In addition to the aforementioned assignments, students are also required to read an article or a case in advance for each lecture, prepare a some slides based on the readings, and to be prepared to present their slides to the class at any time. There is no final exam in the course.
2.3.3 Game Theory for Strategic Advantage (David McAdams)
Game Theory, taught by the legendary David McAdams, is one of the most famous courses at Fuqua. The goal of the course is to develop deep strategic thinking and to give students the tools to capitalize on opportunities for strategic advantage in real-life games. McAdams’ teaching method is different from the traditional approach to "game theory for business" in that it explores strategic implications of irrationality and some distinct ways not to play dominant strategies. Important application areas include: economics and strategy (e.g. price wars), finance (e.g. liquidity in asset markets), entrepreneurship (e.g. raising venture capital), and organizational behavior (e.g. social norms).
Classroom sessions in Game Theory are very interactive and the nature of learning can vary a lot from session to session. David McAdams is a very motivating instructor and goes to great lengths in ensuring that students get comfortable with the key lessons, despite of a student’s individual starting level knowledge in game theory. In many of the sessions the students play a game against each other, for which everyone has prepared for in advance. There is often also a simulation of results from an online game that students have played individually through a web- based platform. McAdams then proceeds to explain why the results are like they are, and how the games should perhaps optimally be played. Also the case study method is utilized from time to time, and notable guest lecturers (e.g. directors of major companies) may be featured in class.
Course work in Game Theory is large in number but not that much in scope. This is because students are required to complete online games, short case surveys, or in-class game sheets for almost every session. These assignments, however, are often very fast to complete and serve mainly as a basis for in-class teaching. There are also two larger team projects that require more work. There is no final exam in the course, but there are three short quizzes of which two best ones count in the final course grade.
2.3.4 International Strategy (Arie Lewin)
International Strategy is an advanced strategy course that develops appreciation for the complexity of managing globally dispersed business units in a rapidly changing environment.
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The goal of the course is to develop approaches for identifying and solving key problems when managing international engagements. Key themes examined in the course include: the question of how global are companies today, the globalization strategies on multinational corporations from newly industrialized countries, strategic and organizational challenges faced by international managers, the globalization of innovation, and entering joint ventures in emerging economies. International Strategy is taught by the very experienced and respected Arie Lewin.
Classroom sessions in International Strategy are largely based on pure discussion between the instructor and the students. Students are expected to come up with interesting and current topics for discussion e.g. by studying a business news article of their choice before class. Sessions also rely heavily on case studies for which students have to prepare for in advance. The most interesting aspect of the sessions is the opportunity to ask in-depth questions to Mr. Lewin who possesses an incredible amount of knowledge of strategy, different markets and economies, as well as individual companies.
Course work in International Strategy consists of preparing for classes by reading case studies and news articles, holding four seminar presentations (in teams), and completing a more extensive final project (individually). The seminar presentations are based on case studies that the student teams must complete, but the topic for the final project can be chosen by each student individually. There is no final exam in the course.
2.3.5 Managerial Decision Making (Gregory W. Fischer)
Managerial Decision Making, taught by Gregory Fischer, focuses on the psychological approaches to understanding decision making and the role of uncertainty in judgment and choice. Questions explored in the course include: what constitutes high-quality managerial decision making, how managers tend to predictably fall short of these standards, and how managerial decision making can be improved. In addition, students are encouraged to diagnose specific biases in their own decision-making process so that they can improve both personal and professional decisions.
Classroom sessions in Decision Making are based mostly on lecturing and on case studies. The lectures follow a logical path, and an impressive amount of different topics is covered during the duration of the course. Mr. Fischer engages students in active discussion and also uses numerous interactive in-class decision demonstrations to drive his points. In some sessions, students are divided into many teams of which each receives an individual task of looking at a problem from a specific decision perspective.
Course work in Decision Making consists of one individual qualitative assignment, two individual analytical exercises, and two team assignments. Preparing for classes by reading case studies is also occasionally required. The individual assignments are typically quite concise and limited in scope, but especially the final team assignment requires significantly more time (although not overwhelmingly so). There is no final exam in the course.
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3. Life at Fuqua
3.1 Durham
Located in Southeastern United States, Durham is the fourth-largest city in the state of North Carolina. North Carolina has a total population of approximately 9.8 million people, of which an estimated 246,000 live in Durham. Durham, also known by the nickname “Bull City”, is part of the Research Triangle Area and the home of the Research Triangle Park, one of the most prominent high-tech research and development centers in the United States. In addition to Duke, also the North Carolina Central University (NCCU) is located in Durham. The city has a total area of 245.8 square kilometers, and its downtown area has been undergoing an economic and cultural renaissance in the recent years. In 2010, the per capita income for the city was $27,156, and approximately 18.6% of the population was below the poverty line. Major employers in Durham are Duke University, the Duke Medical Center, and companies in the Research Triangle Park.
The climate in Durham is mild in the sense that it usually does not get especially cold in the winter or extremely hot in the summer. However, there are exceptions, and the winter happened to be remarkably cold during my time in Durham. During that winter (2014 spring semester), temperatures routinely dropped below -10 degrees Celsius, and schools, shops and services were closed due to accumulation of snow and ice on more than one occasion. On average, however, seasonal temperatures in Durham fall into the following ranges:
Durham is not a very large city, which shows in the small number of different stores, services, restaurants etc. available in the area. It is also evident from the lack of a high-quality public transportation system. Durham has some public bus lines, but it can often be difficult to get to a certain place without a car. Many of the buses also have very infrequent schedules, i.e. it is common that a bus might arrive at a stop only once every hour. This is problematic because different shops and services are sprinkled around the city, and the distances between them are often too long to walk. However, Duke University has its own transportation system, so traveling to the school is usually not as big of a problem.
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One of the nicer streets in Durham is the Ninth Street, where many shops, services, restaurants and bars are located. Station Nine Apartments stands right next to Ninth Street, which is a notable advantage in terms of convenience for those living there. The Durham Downtown area is however larger, and features more restaurants, bars, galleries, and a brewery. Durham also has a few shopping centers, the most noteworthy one being the enormous “Streets at Southpoint” shopping and entertainment area.
3.2 Recreational activities
Although Durham might not be the most exciting city in the U.S., there is a lot of fun to be had as an exchange student at Fuqua. First of all, the exchange student group will quickly become a group of good friends, and most of the students are likely to be very social and outgoing. This means that almost every evening there will be something happening, and that it is easy to organize various types of events together. Examples of activities that my exchange group did together include: dinners, drinks and nights out, house parties, road trips to different parts of the U.S., movie nights, celebrations of various countries national days, a hiking trip, cross-country cycling, HIIT classes, salsa lessons, a weekend retreat in the Smoky Mountains in Tennessee, an ‘80s retro theme party, Duke basketball games live, an NHL ice hockey game live, visit to Duke Lemur Center, company visits (e.g. Red Hat), paintball, bowling, tennis, cross-fit training, Chinese new year party, Saint Patrick's Day celebrations, Mardi Gras in New Orleans, spring break in New York, and of course: Fuqua Fridays.
Fuqua Friday is a recreational event that is held almost every Friday afternoon/evening at the Fox Center in the Fuqua school building for the entire Fuqua community, including MBA and exchange students, faculty, staff, PhDs etc. The event provides everyone with free food, free drinks, and often a performance of some sorts (e.g. a band playing). Fuqua Friday is always a great way to kick off the weekend, and it further strengthens the spirit of “Team Fuqua”: a philosophy of collaboration, accountability, and respect between the members of the Fuqua learning community.
3.3 Traveling in the U.S.
Spending a full semester at Fuqua is a great opportunity to learn about the United States, and one of the best ways to do so is to travel to other cities and states. The spring (or fall) break offers the best timing for a longer trip, and you can find very cheap flights within the U.S. if you start looking early. It is also possible to easily travel to many major cities by train or bus directly from Durham, which is often even cheaper than flying. However, the official holiday break is not the only possible opportunity to travel. In fact, some exchange students will likely be going on road trips to different parts of the U.S. on most of the weekends. The costs of leasing a care together and staying one or two nights at a shared hotel/motel room are unlikely to be overwhelming. Finally, the beginning and end of the exchange program offer even more opportunities for traveling in the U.S., as the visa is valid for a broader time period than just the official dates of the exchange program.
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Duke University’s Fuqua School of Business Exchange Report Spring 2014
4. Concluding remarks
While Duke University’s Fuqua School of Business is definitely not the easiest or cheapest alternative for exchange destination, it is in my opinion probably one of the very best ones. The courses and professors at Fuqua are excellent, and you will experience a very interactive and engaging way of learning. The student body is hard working and extremely motivated, and you will develop valuable networks for the future. The school is very highly ranked, and its brand name will give you instant credibility when applying for jobs in large global organizations. Duke University’s facilities are top-notch, and you will not have trouble finding a working printer, a Bloomberg Terminal, a free cab ride home late at night, or a massive and modern free gym. Traveling around the U.S. is easy and cheap, and you will have many opportunities to visit places that you have always wanted to see. Finally, the team spirit at Fuqua is second to none, and you will gain many new lifelong friends.
Figure 7: The Ford Library at Fuqua
In his memoir, John Brooks Fuqua, after whom The Fuqua School of Business is named, wrote:
"I think if I had not had access to those books from Duke and other reading materials, I would certainly have been less successful early on in my business career."
Similarly, I am confident that having access to the entire experience at Duke and Fuqua will increase the chances of success in any student’s future business career.
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