Duke University's Fuqua School of Business

duke university’s fuqua school of business AnnualReport 2010 Duke University’s Fuqua School of business

About Duke’s Fuqua School of Business A complete list of The Fuqua (pronounced “FEW-kwa”) School of Business is regarded as one of Duke Duke University University’s top graduate programs, and commands respect from other elite business Schools includes: schools around the world. Fuqua is comprised of several buildings joined together, including the recently added Breeden Hall in 2008. The new building spans 91,400 Fuqua School of Business square feet with state of the art classrooms, team rooms, and auditoriums, and con- tains the renovated and expanded Ford Library. With this new addition, The Fuqua School of Law School of Business occupies an impressive 500,000 square feet on the Duke University School of Medicine West Campus, located adjacent to the Duke School of Law. As part of a re-branding effort initiated in 2008, the business school has displayed an increasing focus on the Trinity College of Arts & Sciences overall Duke University reputation and now commonly refers to itself as the Duke MBA Program, rather than The Fuqua School of Business. However, both names are The Graduate School still commonly used. Divinity School Although the Fuqua School of Business resides in close proximity to other distinguished Duke University Graduate Schools, there is little social interaction between Nicholas School of the Environment Fuqua students and other Duke grad students. This is partly due to the business School of Nursing school’s self-sustaning facility, which hosts an abundance of Fuqua-related activities and services. Activities include the ever popular “Fuqua Fridays,” where students, staff, Pratt School of Engineering and faculty members enjoy food and beverages, and “FuquaVision,” a student-pro- duced comedy video series. With a state of the art facility and robust activity calendar, Terry Sanford Institute of Public Policy graduate students from other Duke University Programs are often spotted enjoying Fuqua amenities. Undergraduate Duke students and Fuqua students rarely interact, partly because there is no formal undergraduate business school. Nevertheless, the business school’s convenient location relative to the football stadium, lacrosse field, and ever-popular Cameron Indoor Basketball Stadium, provides ample opportunities to enjoy the full collegiate experience with the entire student body. Duke University Programs

Duke’s Fuqua School of Business is one of the youngest of the many prestigious Duke University programs. The school’s rigorous undergraduate program is one of the best in the nation and is consistently near the top of every ranking system (eighth in the 2009 edition of U.S. World & News Report).

Additionally, the university is noteworthy for boasting elite graduate school programs in business, law, and medicine, as well as for being a basketball powerhouse and for featuring an enormous campus relative to the school’s student population (8,610 acres for just 13,457 total students – known as the “Gothic Wonderland”). The Fuqua School of Business

Like many of its peer schools, Fuqua is predominantly a general management program, with an additional emphasis on its marketing program. With a recently appoint- ed new dean (Blair Sheppard), additional state of the art facilities, and a revamped curriculum, Fuqua continues to stay relevant and innovative. The new curriculum includes the addition of concentrations while maintaining its highly regarded and longstanding Health Sector Management Program (HSM).

Even though many schools boast of teamwork and collaboration, Fuqua boasts of a truly unique partnership among the students and faculty. The term collaborative leadership is frequently used to convey the importance of teamwork and leadership – the two themes that are most pervasive throughout the program. Fuqua is very much a team-based program, and chants of “Team Fuqua” are commonly heard throughout the university. It can be safely said that few schools rival the level of teamwork and leadership that Fuqua instills in its students and faculty members.

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Duke is located in Durham, North Carolina, in the heart of the famous “Research Tri- angle” that includes Raleigh, Durham, and Chapel Hill. Fuqua is comprised of approximately 840 full-time students with a total enrollment around 1,300. While there is no part-time MBA program, Fuqua does feature highly ranked and highly respected executive programs as well as a recently launched Master of Management Studies (MMS). Fuqua also has several joint degree programs. The Duke Approach

Like most elite business schools, Duke is focused on providing hands-on learning opportunities, global perspective, and a flexible curriculum. What makes Duke some- what different is that the school is focused most of all on collaborative leadership. Other than Kellogg and perhaps UCLA Anderson, few business schools can cite that “Chants of ‘Team Fuqua’ are as the program’s most distinguishing feature to the degree that Fuqua can. With that commonly heard throughout in mind, the following are the key elements of the Duke Approach: the university.” Collaborative Leadership. Teamwork and leadership are common in every aspect of the Duke MBA experience from inside the classroom to clubs and activities. Each class includes group projects as a learning tool, so the ability to lead and work in a group environment is essential for success at Fuqua. Outside of the classroom, students are encouraged and almost expected to assume a leadership role in a club, activity, or Fuqua-related event. Fuqua is truly a student run program, which gener- ates numerous opportunities to lead projects or even create new ones. “Outside of the classroom, students are encouraged and Global Perspective. “Global” is a major MBA buzzword in this day and age, but few schools boast an international emphasis and flavor that rivals that of Fuqua. Each almost expected to assume a incoming MBA class begins with “Global Institute,” a one-of-a-kind program that runs leadership role in a club, activity, for three weeks prior to the first term and introduces students to the global busi- or Fuqua-related event.” ness environment and the world economy structure. Students discuss current global business issues and are exposed to diverse backgrounds and perspectives while also gaining exposure to more traditional “orientation” concepts such as leadership and team building. Fuqua also offers study abroad programs and the increasingly popular “Global Academic Travel Experience,” a course where students study international business trends from select regions and then travel to designated locations for hands-on experience. “Each incoming MBA class Diversity of Instruction. As has become increasingly common among in- begins with ‘Global Institute,’ a novative business schools, Duke’s courses feature a blended teaching approach that one-of-a-kind program that runs includes an almost equal distribution of case studies, lectures, and team projects. for three weeks prior to the first Each class is typically two hours and fifteen minutes long, allowing ample time for term and introduces students to a highly interactive case discussion, followed by a course lecture. Duke professors the global business environment conduct leading research and are adept at integrating relevant and topical business and the world economy structure.” issues into every class. Team projects are absolutely an integral part of each course, and select groups are called upon to present insights and strategic recommendations as a way to launch a class discussion. Class participation is expected and is a prominent grading criterion.

Experiential Learning. While Duke does not boast of an experiential learning program as robust as that of Ross or Tuck, Fuqua does offer numerous courses which help students convert theory into application. These classes provide knowledge and experience by assisting real-world businesses in such areas as consulting, strategic planning, marketing strategy and business plan development. Faculty members guide and participate in strategy sessions with the students to reinforce the translation of academic concepts to real world solutions.

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Admissions at Duke Deadlines Application Essay Topics Duke features the usual three-round admissions process, but offers a fairly unique Prior to this year, Duke featured three short answers and one longer essay question. Early Action application period for students Now, the school offers a lengthy preamble in the instructions, followed by three long who are certain that Duke is their top essay questions asking for two-page answers: choice. Note that Early Action – unlike Early “Today, companies must navigate through complex and interdependent issues. They Decision intakes (Columbia being the most must deal with health and security matters, environmental impact questions, and noteworthy) – is not binding. In many ways, diversity and cultural concerns. Leaders need adaptability, imagination, emotional Early Action is the real Round 1 application intelligence, as well as business acumen. Thus, Duke is in the midst of an ambitious period. With that in mind, applicants should global venture that will embed and connect us around the world, and we are seek- be aware that Fuqua moved its Early Action ing future leaders of consequence, those who value diversity and collaborative lead- deadline up by a week for 2010, while moving ership, and who aspire to impact the companies and communities of which they are Round 1 back several weeks. It seems clear a part in a lasting and positive way. that the admissions committee wants more In an effort to identify, engage, and foster the development of future leaders of con- time to study the applicant pool – in all sequence, the Admissions Committee would like to get to know our applicants in a likelihood as a method to better gauge intent more holistic manner. We would like to know who you are, what has shaped you into and desire to attend the program. Fuqua the person you are today, and how you hope to impact both Duke and the com- traditionally has a quick response time and munities of which you will be a part in the future. The essays are your opportunity gets out decisions faster than other top MBA to convey that to us. Please be open, genuine, and passionate. Share with us what programs. makes you a dynamic, multi-dimensional person.”

Describe your vision for your career, your inspiration Early Action 1 for pursuing this career path, and the role of The Duke Submission Deadline MBA in achieving your goals. If you are interested in a October 6, 2009 specific concentration or joint degree program, please discuss in this essay. Decision Notification November 24, 2009 Discuss a person, event, or experience that has 2 significantly shaped your life and explain why. Round 1 Submission Deadline Individuals choose a business school for many November 12, 2009 3 different reasons. Through your research, what attributes or characteristics of The Duke MBA Decision Notification Date program have most resonated with you and why? How January 19, 2010 do you plan to contribute to the strengthening and enhancement of those attributes and characteristics Round 2 during your time at Duke and beyond? Submission Deadline January 7, 2010 Optional Essay. If you feel there are extenuating circumstances of which the Admissions Committee should be aware, please explain them here (e.g., unexplained Decision Notification Date gaps in work, choice of recommenders, inconsistent or questionable academic per- March 8, 2010 formance, significant weakness in your application). Round 3 Reapplicant Essay. All reapplicants also are required to complete the Reap- Submission Deadline plicant Essay that follows. Please limit your response to two pages: March 9, 2010 Write an essay describing how you are now a stronger candidate for admission com- Decision Notification Date pared to the application you submitted the previous year. April 22, 2010 Veritas Prep clients working on their Duke applications will receive expert guidance on each of these essay questions. Head Consultants help clients understand how to highlight strengths and weaknesses as well as unique elements within the confines of the question, while also addressing each of the key business school admissions themes. Furthermore, Duke Specialists will help clients decide whether to make use of the optional essay and will ensure that all essay responses are in keeping with what Duke is looking for in its applicants and that the program highlights included in this guide are used as appropriate reference points and examples. 03 A DM i s s i o n s a t d u k e AnnualReport 2010 Duke University’s Fuqua School of business

Admissions Criteria Admissions Statistics

The admissions committee features a panel of staff members and current students Among many of the elite business schools, who review each application. GMAT scores, undergraduate course work, essays, work the admissions numbers begin to blur to- experience, resume, letters of recommendations, and interviews all play an integral gether. However, in the case of Fuqua, stu- part in the application process. Until recently, Fuqua had a reputation of heavily dents have an opportunity to focus intensely weighting GMAT scores – however, the school has begun focusing more on inter- on program interest, as Duke’s 46% yield rate views in hopes that better interviewing skills will translate into more successful job lags behind many other top programs. It is interviews and thus more job offers for graduates. also worth noting that Fuqua’s average GPA is slightly higher than one might expect given Another recent change saw Duke go from one of the few schools that merely rec- the school’s average GMAT, acceptance rate, ommended an interview to a program that requires an interview in order to gain and place in most respected business school admission. These interviews can take place either on campus or through a “regional rankings. In fact, the average GPA at Duke is hub” and will follow a scheduled “open season” that runs from mid-October through a full tenth of a point higher than it is at Ross early November. (although average GMAT is 10 points lower) and on par with Columbia. Students with Because of the highly collaborative environment, teamwork skills are essential. Ad- strong academic records and a deep interest missions committee members seek applicants that fit the Fuqua culture. Important in attending Duke should hold a slight advan- qualities are as follows: tage in the admissions process. • Scholastic ability Applications...... 3,122 • Teamwork skills • Leadership qualities Acceptance Rate...... 30% • Career progress Yield...... 46% • Ambition Percentage of • Humility Applicants Interviewed...... 71% Average GMAT score...... 696 20th/80th Percentile GMAT Range...... 640-750 Average GPA ...... 3.4

“Another recent change saw Duke go from one of the few schools that merely recommended an interview to a program that requires an interview in order to gain admission.”

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Visiting Duke Contact Information. One of the best ways for candidates to truly understand if Fuqua is a proper fit is to Duke University visit the campus and get a feel for the academic environment, student life, and over- The Fuqua School of Business all campus culture. Additionally, visiting the school offers the opportunity for face-to- face contact with current students, professors and admission representatives. Fuqua 1 Towerview Drive offers a variety of activities for candidates to come and experience the school for Box 90120 themselves: Durham, NC 27708-0120 USA Class Visits. Fuqua strongly encourages prospective applicants to visit one of Phone: 919.660.7700 the many Duke MBA courses. Not only that, but candidates are encouraged to make Fax: 919.684.2818 their presence felt. Most top business schools ask that interested students refrain from engaging in a class visit, but at Duke, prospective students are asked to make a brief introduction or elect to “sing or dance.” Most prospective students chose a brief introduction but the occasional “song or dance” can be heard from the Fuqua Hallway (followed by boisterous applause). Class visits are held Monday through Fri- day with the exception of Wednesdays and visits are on a first-come, first-serve basis.

Distinguished Speaker Series. Prospective students have the opportu- “Most top business schools ask that nity to attend this highly acclaimed series that has featured such notable speakers as interested students refrain from Michael Dell (CEO of Dell) and (Jamie Dimon, CEO of JPMorgan Chase). engaging in a class visit, but at Duke, prospective students are asked to Facility Tour. Fuqua offers student-led tours that last approximately thirty minutes. make a brief introduction or elect to Duke MBA Weekend for Women. Fuqua offers this weekend event pro- ‘sing or dance.’” vided by current female students for prospective female students. Student members of the Association of Women in Business (AWB) serve as hosts for the three-day workshop and Duke MBA alumnae return to share educational and professional insights.

Workshop for Minority Applicants. This workshop offers minority applicants insights into Fuqua students, faculty, administration, and career services. As with the Weekend for Women, student members of the Black and Latino MBA Asso- ciation serve as hosts for the three-day workshop and many Fuqua alumni return to share educational and professional insights with participants.

Lunch with Current Students. Fuqua offers a complimentary lunch for prospective students to meet with current students.

MBA Club Afternoon Programs. MBA Association Clubs offer student- led activities to provide more information about The Duke MBA community and the ways that the MBA Association supports the needs of its students.

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Financial Assistance at Duke Tuition and Cost Financial Assistance Options The following annual costs are based on information released by Duke for the 2009-2010 Duke presents the following options for exploring financial assistance: academic year: Merit-Based Scholarships. All admitted applicants are automatically con- Tuition: ...... $45,850 sidered for a merit scholarship. Merit scholarships are determined by prior academic achievement, demonstrated qualities of leadership, involvement in the community, Room and Board Expenses: ...$15,438 extracurricular activities, and professional accomplishments. The scholarship is for Additional Expenses*:...... $5,335 two years and ranges from a partial tuition reward to a full tuition reward. Recipients will receive notification about the award approximately one week after admission. Total: ...... $66,623 No additional application materials are required. *Includes books, supplies, student health insurance, student health fee, MBA association fee. Named Awards. Named Awards are funded by Fuqua and corporate sponsors and are considered academic honors. The Named Awards replace merit awards already received, and do not provide additional funds to the recipient. All merit schol- Federal and Private Loans. arship recipients are considered and no additional application materials are required. As with most graduate programs, Duke makes available a series of loan programs that com- Keller Scholars. Keller Scholarships are named in honor of Dr. Thomas Keller, prise the bulk of each student’s financial assis- a highly revered, former dean of Fuqua. These scholarships are the most prestigious tance: awards granted and are funded by Fuqua, endowed funds, and corporate donors. Keller Scholars are determined by academic excellence and leadership. Federal Stafford Loan – Available to U.S. citi- zens and permanent residents. The maximum Need-Based Scholarships and Grants. In addition to merit-based dollar amount is $20,500 and the subsidized awards, Duke also provides need-based scholarships which are based on informa- amount can be up to $8,500, depending on tion from the FAFSA. financial need. International Student Loans. Fuqua recently announced a pending ar- Federal Perkins Loan – An interest-free loan rangement with a local lender to provide international student loans at a competi- while in school, it is a smaller loan program tive rate. These loans will not require a U.S. co-signer. Please check the Fuqua website available to qualified students who are U.S. citi- for further instructions on how to apply for these loans. zens and permanent residents.

Federal Graduate PLUS Loans – This loan can cover cost of attendance after other assistance has been calculated, provided the student qualifies and is a U.S. citizen or permanent resident.

Private Loan Program – Private loans are used to supplement student aid. Most private loans provide payment deferment while the student is enrolled full-time and offers a six to nine month grace period after graduation before repayments begin. Duke University rec- ommends the following list for private lenders: • Access Group • College Foundation • J P Morgan Chase • Suntrust • Wells Fargo

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Duke Students Student Stats As with all business schools, the experience that a student has at Duke has as much Class Size...... 434 or more to do with the other students as it does with programs, faculty, or career opportunities. Duke truly has an international student body, with nearly 40 percent Average Age...... 29 of the students hailing from countries outside of the United States. Also, while other Male Students...... 61% top business schools have started to trend younger, Duke prefers applicants with extensive full-time work experience (the average age of 29 is on the high side for top Female Students...... 39% MBA programs), providing a greater wealth of real world knowledge and relevant in- International Students...... 40% sights to class discussions. Finally, Duke features a robust female population of close to 40%, which outpaces all but a few elite MBA programs. Minority Students...... 31%

Student Organizations Undergraduate Major: Engineering/Natural Sciences...... 36% Fuqua offers more than 50 student-run clubs. The Duke MBA Association provides oversight but the students determine the direction of each individual club. Also, The Business & Accounting...... 32% Duke administration strongly encourages and supports new clubs so all students Liberal Arts...... 13% have the opportunity to champion and lead an emerging organization. The school’s website provides a complete list of clubs and student organizations, however some Economics...... 12% of the most popular and important clubs, organization and activities a Fuqua include: Other...... 7% • MBA Games Average months of • Marketing Club pre-MBA work experience...... 60 • FuquaVision Married Students...... 27% • Duke Start-Up Challenge • Consulting Club • Brand Challenge • Finance Club • Entrepreneurship and Venture Capital Club • Private Equity Club • General Management Club • International Business Club

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Duke Academics Teaching Philosophy As discussed in The Duke Approach, Fuqua has a distinct focus on collaboration and As previously discussed, Fuqua courses employ leadership. Fuqua is a highly collaborative learning environment that fosters team- three teaching styles divided evenly over the work, leadership, and strategic problem solving. These elements are pervasive in majority of the curriculum: every aspect of the Duke MBA Program as each student engages in ample group assignments and has many opportunities to lead projects. • Case Method • Lecture Class Organization • Team Projects Incoming classes are divided into six sections of approximately 70 students. Students remain in sections for core classes during the first two terms. Each section has a unique history along with distinctive features that are passed down from class to class. For instance, one section substitutes the standard hand clap with a thunderous stomp of desks and tables while another section shouts the word “deuce” in unison any time the number two appears on a screen or slide. These eccentricities provide an example of the distinct and tight-knit Fuqua environment. Classmates are very “One section substitutes the standard proud of their sections and friendly competition exists across sections. Students are hand clap with a thunderous stomp of randomly assigned to sections, although Fuqua ensures that each section is com- desks and tables while another section prised of diverse backgrounds. shouts the word ‘deuce’ in unison any Within each section, students are divided into Integrative Learning Experience Teams time the number two appears on a (“ILE Teams”) that consist of five-to-six person groups. During core classes, most team screen or slide.” projects are completed in the pre-assigned ILE Teams. Just as each section includes diverse backgrounds, ILE Teams reflect Fuqua’s diversity of nationalities, career backgrounds, ethnicities, and gender. Beyond the core classes, teams are either assigned by the professor or self-formed.

Fuqua courses span four six-week terms: Fall Term 1, Fall Term 2, Spring Term 1, and Spring Term 2. This structure allows students to take more courses during the aca- “All classes include two hours of demic year than many other top business schools, providing a better foundation and instruction with a fifteen-minute break a broader knowledge base upon which to draw during interviews and internships. between the first and second hour.” All classes include two hours of instruction with a fifteen-minute break between the first and second hour. Typically, the first hour of class is dedicated to case discussions and group presentations whereas the second hour is devoted to lectures. Students complete the majority of core classes during the first two terms, which allows for many elective courses during Spring Term 1 and Spring Term 2. These electives provide additional training and tools prior to summer internships.

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Core Classes Required Core Classes: Each student begins the core with the three-week Global Institute, where students • Leadership, Ethics, are introduced to the collaborative Fuqua environment and exposed to global busi- and Organizations ness issues. Global Institute counts as two core classes: “Leadership, Ethics and Or- ganizations” and “Global Institutions and Environment.” Classes meet every Monday, • Global Institutions Tuesday, Thursday, and Friday. Although there are no classes on Wednesday, students and Environment are busy meeting with teams, orchestrating club events, and attending career service activities. Students can waive a core class by performing well on an exemption • Probability and Statistics exam prior to the term or by receiving an administrative exemption that requires • Computer Skills incoming students to furnish documentation of relevant coursework or work experience. Students are required to maintain a 3.0 GPA and complete 79 units to graduate. • Managerial Economics Most students complete well over half of this requirement by the end of the first • Financial Accounting year and elect to take fewer classes during the second year in order to focus on their career search. • Leadership Communication I • Global Financial Management Concentrations • Marketing Management Concentrations are fairly new to Fuqua and are not mandatory. Fuqua first intro- • Foundations of Strategy duced concentrations in 2008; however Duke has always offered the very popular HSM (Health Sector Management) program. HSM makes tremendous use of the Re- • Leadership Communication II search Triangle area of North Carolina, home to many leading biotechnology, phar- maceutical, and health care organizations. HSM courses are taught by Fuqua faculty • Operations Management and Duke Hospital faculty. Concentrations include: Students frequently earn multiple concentrations as there are many overlapping required classes for each concentration. • Accounting – Financial Analysis

While Fuqua is known as a general management program, the school’s marketing • Decision Science classes and professors rival those of other top schools, and therefore the market- • Entrepreneurship and Innovation ing concentration is very popular. Finance classes and concentrations are also very popular. In fact, Fuqua students can earn a Certificate of Excellence in Finance by • Finance taking additional finance courses and performing well. • Energy and Environment Course Enrollment • Leadership and Ethics • Management Incoming students are automatically enrolled in core classes. Second-year students have priority over all electives and are provided an enrollment date and time. Elective • Marketing courses are then added on a first-come, first-serve basis, compared to the bidding systems that many other top MBA programs employ. Although popular electives • Operations Management fill quickly, they are offered on multiple days and at multiple times so students who • Social Entrepreneurship enroll on the first day of enrollment rarely have a problem securing a class. Wait lists are offered for full classes and multiple spots usually open during the beginning of • Strategic Consulting the term as students are adjusting their schedules by adding and dropping courses. This policy makes it easier for students to take their desired courses than at some other top business schools.

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Duke Professional Programs, Research Centers, Academic Calendar and Joint Degree Programs The Duke MBA calendar is divided into four Research Centers academic terms: Fall Term 1, Fall Term 2, Spring Term 1 and Spring Term 2. • The Fuqua/Coach K Center of Leadership & Ethics (COLE) • Center for the Advancement of Social Entrepreneurship (CASE) The tentative calendar for the 2009-2010 academic year is as follows: • The Global Capital Markets Center (GCMC) August • The Center for International Business Education 1-3 New Student Orientation and Research (CIBER) 4-28 Global Institute • Center of Entrepreneurship and Innovation (CEI) September • Corporate Sustainability Initiative 1 second Year • Center for Finance Student Orientation 7 labor Day – No Classes Joint Degree Programs 8 fall 1 Classes Begin Fuqua offers many joint degree programs in conjunction with other reputable Duke Graduate Programs. These programs allow students to earn dual degrees in less than October time than pursuing the degrees separately. Fuqua offers the following joint degree 16 fall 1 Classes End programs: 19-21 fall 1 Exams JD/MBA. The popular JD/MBA program combines two of Duke’s most selective 22-28 fall Break and highly ranked graduate programs: The Fuqua School of Business and the Duke 29 fall 2 Classes Begin School of Law. This program allows students to earn both degrees in four years rather than the typical five years. November 25-27 thanksgiving Break MD/MBA. The MD/MBA program is also very popular due to the highly ranked and respected medical program and the renowned Duke University Hospital. December 11 fall 2 Classes End MEM/MBA or MF/MBA. The MEM/MBA or MF/MBA degree program combines the Fuqua School of Business with the Nicholas School of Environment for a Master of 14-16 fall 2 Exams Environmental Management or Master of Forestry. 17 Winter Break Begins January MPP/MBA. The MPP/MBA program combines the Fuqua School of Business with the Sanford Institute of Public Policy for a Masters in Public Policy. This is a three year 18 Martin Luther King Day program and has recently increased in popularity. – No Classes 21 spring 1 Classes Begin MSN/MBA. The MSN/MBA program combines the Fuqua School of Business with the School of Nursing for a Master of Science in Nursing. March 2 spring 1 Classes End 4-6 spring 1 Exams 7-21 spring Break 22 spring 2 Classes Begin April 30 spring 2 Classes End May 3-5 spring 2 Exams 15-16 class of 2010 Graduation

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Duke Faculty The Duke faculty is divided The Duke faculty is populated with many prominent business leaders, researchers, and into 10 academic areas: teachers. Among Duke students, there are a handful of professors who are considered a “must,” due to their reputation both as educators and as experts. This list isn’t merely a 1. Accounting collection of famous names, but rather the instructors that Fuqua students deem to be 2. Decision Sciences essential for the full experience. These notable professors include: 3. Economics Dan Ariely 4. Finance James B. Duke Professor of Behavioral Economics 5. Health Sector Management Professor Ariely is a recent addition to the Fuqua School of Business, hailing from MIT’s 6. Management and Organizations Sloan School of Management. Although he first began teaching in 2007, his classes imme- 7. Management Communications diately reached capacity with extensive waiting lists. Unregistered students are sometimes 8. Marketing spotted in his classroom just to hear his lectures. Students rave about Professor Ariely’s behavioral economics class and his highly acclaimed book, “Predictably Irrational,” which 9. Operations Management has been hailed as the next “Freakonomics” and is used extensively in his course. Professor 10. Strategy Ariely focuses on how people actually act in the marketplace as opposed to how rational people are expected to behave. He has also provided commentary for the New York Times and CNN while his research has been cited in the New York Magazine, The Washington Post and The Financial Times.

John Lynch Roy J. Bostock Professor of Marketing Professor Lynch teaches the ever-popular Market Intelligence class at Fuqua. Fuqua is well “Students rave about Professor known for its marketing program and Professor Lynch is one of the most highly regarded Ariely’s behavioral economics class marketing professors. Even non-marketing students often take Professor Lynch’s highly relevant and valuable course. He is the past president of the Association for Consumer and his highly acclaimed book, Research and past associate editor for the Journal of Consumer Research. In 2003 he re- ‘Predictably Irrational,’ which has been ceived the Society for Consumer Psychology Distinguished Scientific Contribution Award hailed as the next ‘Freakonomics’ and and in 2004 he received the American Marketing Association Paul D. Converse Award for is used extensively in his course.” Outstanding Contributions to the Science of Marketing.

Doug Breeden William W. Priest Professor of Finance Professor Breeden is the former Dean of the Fuqua School of Business and a highly respected Fuqua faculty member. He is also the founder and chairman of the successful Smith Breeden Associates, Inc, a global asset management firm with more than $10 billion under management. Smith Breeden Associates frequently hires Fuqua interns and gradu- “Even non-marketing students often ates. Professor Breeden donated generously during Fuqua’s recent building expansion and take Professor Lynch’s highly relevant Breeden Hall was named in his honor. With Professor Breeden’s acclaimed academic and and valuable course. “ professional background, his finance classes are in high demand and fill up immediately.

David Robinson William and Sue Gross Distinguished Research Scholar Associate Professor of Finance Professor Robinson is a very popular instructor due to his keen finance and entrepreneurial insight as well as his engaging discussions and unique sense of humor. His Entrepreneurial Finance class is always in high demand. The class features guest speakers including successful entrepreneurs and venture capitalist as well as a consulting firm, which presents a live case. Professor Robinson is very approachable and often provides guidance to students interested in entrepreneurial pursuits.

Shane Dikolli Assistant Professor of Managerial Accounting Professor Dikolli is a fairly new professor who hails from Australia but has already estab- lished himself as highly demanded professor. His passion and ability to make abstract concepts easy to understand make him very popular. Students rave about his interesting lectures where he provides unique and relevant examples to explore academic theories. He recently won the Daimler Chrysler Core Teaching Award and frequently attends Fuqua Fri- days and other events to enjoy social and academic conversations with current students.

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Grading Policies The grading scale

The Fuqua grading policy is on a 4.0 scale with an HP (High Pass) or 3.5 as the mean is as follows: for each class. To graduate, each student must maintain at least a 3.0. All grades are on a forced curve with approximately 25% of the class receiving an SP, 40%of the SP (Superior Pass)...... 4.0 class receiving an HP, 35% of the class receiving a P, LP or F. Elective course grades are HP (High Pass)...... 3.5 distributed as follows: 30% of the class receives and SP, 45% of the class receives an HP and 25% of the class receives a P, LP or F. P (Pass)...... 3.0 LP (Low Pass)...... 2.5 Fuqua uses the pass/no pass model rather than typical letter grades to encourage a collegial environment. However, since the pass/no pass grading system is on a 4.0 Fail...... 0.0 scale, many students question the difference. Also, unlike many other top schools, Fuqua has a full grade disclosure policy, meaning that recruiters may ask students what grades they have earned. Duke Business Plan Competitions

Duke Start-Up Challenge. This campus-wide business plan competition provides entrepreneurial experience by helping develop and realize new business ideas. The competition spans six-months and awards a total up to $100,000 in seed capital to start-up companies.

12 d u k e a c a D E M i c s AnnualReport 2010 Duke University’s Fuqua School of business

The Fuqua School of Business Campus The Fuqua School of Business has grown significantly in past 30 years, and at roughly 500,000 square feet, it is quite an impressive sight. What began as one large building is now several state of the art buildings all linked together. These buildings house innovative technology to enhance productivity, teamwork, and strategic decision- making. Ample team rooms fill the Fuqua School along with the newly expanded Ford Library, computer center, auditoriums, and classrooms. The most recent addition, Breeden Hall, opened in August of 2008 with new team rooms, classrooms, auditoriums, along with a rooftop terrace. All of the Fuqua MBA programs from the full-time program to the numerous executive programs are housed in the Fuqua complex, although some of the executive degrees are distance-learning programs. “Introduced in 2002, the Fox Center, At the heart of Fuqua is the Fox Student Center. Introduced in 2002, the Fox Center, with its indoor winter garden and with its indoor winter garden and outdoor terraces, has been compared to a grand outdoor terraces, has been compared hotel lobby. The Fox Center is surrounded in an atrium of glass and filled with plenty to a grand hotel lobby.” of tables, chairs and sofas. Within the Fox Center, students can dine on a wide array of cuisines from the food court, conduct team meetings, or find a comfortable sofa for reading.

The Fuqua complex also includes the R. David Thomas Executive Conference Center. The 112,000-square foot facility is named after the founder of Wendy’s. The center includes guest rooms, executive suites, a 230-seat luxury dining room and a full bar where many Fuqua students congregate prior to Fuqua Friday events. The Thomas Center is primarily used by the school’s executive education and executive MBA students.

13 d u k e c a m p u s AnnualReport 2010 Duke University’s Fuqua School of business

Professional Recruitment at Duke “Duke MBA students have access to the complete Duke University network Career Development Resources of over 120,000 alumni worldwide.” Fuqua provides students with a series of career resources to help incoming students secure summer internships and assist second-year students with their full-time job search. Fuqua maintains relationships with many Fortune 500 companies as well as top investment banks and consulting firms. Duke also benefits from a network of over 13,000 alumni in seventy-eight countries. Additionally, Duke MBA students have access to the complete Duke University network of over 120,000 alumni worldwide. CMC activities and services CMC (Career Management Center). The Career Management Center provides tools, services and other resources to all students. In fact, the CMC contacts include the following: incoming students prior to arrival to prepare students for job search related activities. The CMC has numerous counselors specializing in different industries. Each CMC Counselor has strong relationships with many top corporations.

On Campus Interviews. The majority of Fuqua students secure jobs and internships via on-campus interview. Students submit cover letters and resumes to target companies, and some are selected by the company for interviews. Students • Resume and Cover Letter Reviews who aren’t selected have the option to bid for an interview slot using a finite number of points they are granted at the beginning of the school year. If a student unsuccess- • Mock Interviews fully bids for an interview slot, then those points are returned to the student. • Individual Appointments SIPs (Special Interest Presentations). Select companies chose to visit • Off Campus Job Search Services Fuqua and make a company presentation. After the presentation, students and com- • Situation/Action/Result Workshops pany representatives mix for an informal networking opportunity. • Career Leader Assessment Tool Career Fairs. Fuqua offers a few career fairs each year. Each fair specializes in a functional area such as marketing related jobs or finance related jobs.

Career Compass Job Postings. Career Compass is the Fuqua career website, where many companies post job opportunities specific to the Fuqua community.

Resume Book. Every Fuqua student has the opportunity to submit a resume for the Duke MBA Resume Book. These books are made available to companies and recruiters.

Alumni Network. Fuqua’s alumni network of over 13,000 is extremely loyal and very approachable. Fuqua students have access to the alumni network database as well as access to the University wide network of over 120,000 alumni. The Fuqua Alumni Network also provides ongoing workshops and networking events for all Fuqua Alumni. Additionally, there numerous alumni clubs in various cities around the world.

14 p r o f essional recruit m e n t a t d u k e AnnualReport 2010 Duke University’s Fuqua School of business

Employment Statistics Salaries Duke graduates go into a variety of fields and there is nearly equal interest among Mean Salary: ...... $101,136 finance, consulting, and marketing. In fact, a larger percentage of Fuqua graduates go into the consumer products sector than at any other top business school. Median Salary: ...... $95,000

By Industry Signing bonus average: ...... $20,000 *Based on the 2008 graduating class Consulting 25% Consumer Products 13% Major Employers Technology 10% Major companies across the globe recruit Pharmaceuticals/Health Care 8% Duke graduates and many of the most common employers are similar to those that recruit at other top business schools. The following Financial Other 7% companies hired five or more graduates from the class of 2008: Services Manufacturing 4% 31% Media/Entertainment 1% • Citigroup Inc. (12) Retail 1% • Deloitte (11) • Accenture (10) • McKinsey & Company (9) By Function • Johnson & Johnson (9) • Bank of America (9) Consulting 31% • Kraft Foods (6) • PricewaterhouseCoppers (6) Marketing/Sales 24% • Bain & Company (6) • Goldman Sachs (5) • ZS Associates (5) • Lehman Brothers (5) Finance • Dell (5) 33% General Management 10% Source of Job Offers Other 2% Duke-facilitated Activities...... 72% Graduate-facilitated Activities...... 28% By Location

International 16%

South 16%

Northeast Midwest 12% 30%

West11%

Other 2% Mid-Atlantic 7% Southwest 7%

15 p r o f essional recruit m e n t a t d u k e AnnualReport 2010 Duke University’s Fuqua School of business

Duke and Veritas Prep Veritas Prep has a distinguished track record helping our clients gain acceptance to one of the world’s truly elite business schools. The secret to our success, as always, is in first ensuring that Duke is a proper fit for the client, and then assisting the client in expressing that unique fit in the most articulate and impactful way possible. Our Team

Our team of Duke consultants includes former admission representatives, alumni interviewers, members of influential student groups, and, of course, accomplished professionals in a variety of fields. With multiple Duke consultants on our admission consulting team, we are able to provide customized service to clients based on background, timing, and logistics. Our Duke consultants have career experience in a variety of industries and functions.

Each client who works with Veritas Prep on a Duke comprehensive package will receive a customized team of consultants: a Head Consultant and a Duke Specialist.

Head Consultant. All of our Head Consultants have experiences as admissions representatives that afford each of them a unique perspective on the applicant pool and how candidates must position themselves to express proper fit and “The Veritas Prep approach is built to stand out in an increasingly competitive process. The Head Consultant will guide upon identifying the right fit for the client through every step of the process: from the initial Diagnostic Session to each client, regardless of the generic submission of the application. qualities of the business school.” Duke Specialist. Every comprehensive package client who chooses Duke will also receive a Duke University Specialist who is either a current student or recent graduate of the school. This individual will ensure that essay responses are both topical and aligned thematically with the things that matter to Duke. In addition to helping clients find specific courses, programs, clubs, and professors that match their interests, the Duke University Specialist will also comb through each question and answer to ensure that the response is properly aligned with the qualities that “Each client’s Head Consultant will Duke seeks in a candidate. create a Personalized MBA Game Plan, a strategic approach based on the For more on Veritas Prep’s incredible team and the individuals who serve as our client’s professional, academic, and Duke consultants, please visit the Consultant Profiles page of our website. personal history. Our Duke Services

The Duke School of Management is always one of the most popular school selec- tions among our clients due to its reputation as an elite business school with a collaborative approach, friendly student body and renowned faculty. The Veritas Prep approach is built upon identifying the right fit for each client, regardless of the generic qualities of the business school. Only once we have verified a proper match do we begin to build the candidate’s personal marketing platform and piece together the perfect Duke application.

Diagnostic Session. Our Diagnostic Session – the first step in our comprehensive packages as well as a stand-alone service – assures that each client’s goals and prospects are properly aligned. Once we have helped ensure that the client is making sound choices with regard to each business school application, we start building a timeline and a strategy specifically tailored for a Duke engagement.

16 D u k e a n d veritas prep AnnualReport 2010 Duke University’s Fuqua School of business

Personalized MBA Game Plan. Each client’s Head Consultant will create a Personalized MBA Game Plan, a strategic approach based on the client’s professional, academic, and personal history. Those elements will become the foundation of the Duke application story, allowing the client to demonstrate leadership, innovation, maturity, teamwork skills, analytical ability, and potential for academic excellence. A major component of the Game Plan is the identification of each candidate’s strengths and weaknesses – as well as truly unique qualities – relative to the Duke applicant pool (this applies to nearly all of the elite business schools). This will create an application platform from which to work and will help mold and shape the strategy of how to address application components such as the resumé, essays, and letters of recommendations.

Teamwork. From inside and outside the classroom, teamwork is pervasive in all aspects of the Duke MBA Program. Every class features team projects while activities require group participation. Fuqua students embrace the communal environment and the admissions office seeks candidates who reflect this attitude. The ability to work in a collaborative environment is critical for success at Duke. Prospective students must demonstrate experience working in teams as well as an understanding of the group benefits. Our approach to the Fuqua application is to ensure that the client displays a deep understanding of collaborative process and “Fuqua is truly a student run program provides clear illustrations of teamwork experience in the candidate’s essays, resume and the admissions office favors and letters of recommendation. The teamwork theme is instrumental in the Fuqua consulting engagement. candidates who express a strong interest in leading a Fuqua club, Leadership. Leadership and teamwork function in unison at Fuqua. The term activity or service.” “Collaborative Leadership” is commonly used to stress the importance of the leadership/teamwork dynamic. The admissions office seeks candidates with experience leading diverse teams, uniting various perspectives and leveraging different skill sets to solve complex business problems. Fuqua is truly a student run program and the admissions office favors candidates who express a strong interest in leading a Fuqua club, activity or service. The Head Consultant will ensure that the client’s leadership skills in conjunction with teamwork are clearly articulated and accentuated, while the Fuqua Specialist will help provide relevant leadership illustrations that convey an exceptional fit for the unique Fuqua community.

Balance and Perfection. Once the themes of teamwork and leadership have been installed as the backbone of the Duke application, the Veritas Prep Head Consultant and Duke Specialist will team up to ensure that all of the questions have been properly answered, that the resumé and essay questions have been crafted with style and efficiency, and that all of the key business school themes have been addressed in a balanced way throughout the application. It’s not easy applying to one of the most popular schools in the country, but our consulting team will ensure that Veritas Prep clients give themselves the best chance of admissions success through the most accurate, engaging, and persuasive portrayal of their candidacy that they can possibly create. This is true of our approach to all schools, but particu- larly at Duke, where two critical themes – teamwork and leadership – must resonate so strongly and consistently throughout the application.

17 D u k e a n d veritas prep AnnualReport 2010 Duke University’s Fuqua School of business

About Veritas Prep Founded in 2002, Veritas Prep has emerged as a global leader in GMAT® education and MBA admissions consulting. The company’s business school team includes more than 300 graduates of the world’s elite MBA programs, managed from its headquar- ters in Malibu, California.

The Veritas Prep consulting model is built on adding value to a student’s application process by providing both mentorship and expertise. The business school admissions process has become increasingly competitive and applicants must do every- thing possible to showcase their value. Our consultants assist applicants in present- ing their unique stories in the most professional and meaningful way possible. In a sense, our consultants are translators – helping an applicant discover raw materials “Success Favors the Prepared“ and information and then helping that candidate articulate a unique story in a lan- guage that admissions committees understand. More than anything, Veritas Prep gives candidates a sense of ownership and control over the process. Quality of work, attention to detail, care for the student, and integrity are the lynchpins of a successful consultation.

In addition to elite MBA admissions consulting services, Veritas Prep also offers the finest GMAT preparation available in the industry, as well as admissions consulting for law school, medical school, and graduate school services.

For comprehensive information on all of Veritas Prep’s many services, please visit our website.

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