MIT Sloan School of Management

MIT Sloan School of Management 
Type Private business school
Established 1914
Parent institution
 Massachusetts Institute of Technology
Endowment US$ 738 million
Dean David Schmittlein
Academic staff
 200
Undergraduates 263
Postgraduates 976
Location Cambridge, MA, USA
Coordinates: 42°21′39″N 71°05′02″W / 42.360732°N 71.083774°W / 42.360732; -71.083774
Website mitsloan.mit.edu

The MIT Sloan School of Management (also known as MIT Sloan or Sloan) is the business school of the Massachusetts Institute of Technology, in Cambridge, Massachusetts, USA.[1]

MIT Sloan offers bachelor's, master's, and doctoral degree programs, as well as executive education.[1] Its full-time MBA program is one of the most selective in the world,[2] and is ranked #1 in more disciplines than any other business school.[3]

MIT Sloan emphasizes innovation in practice and research.[1] Many influential ideas in management and finance originated at the school, including the Black–Scholes model, Theory X and Theory Y, the Solow–Swan model, the Modigliani–Miller theorem, the random walk hypothesis, the binomial options pricing model, and the field of system dynamics. The faculty has included numerous Nobel laureates in economics and John Bates Clark Medal winners.

MIT Sloan Management Review, a leading academic journal, has been published by the school since 1959. The annual MIT Sloan Sports Analytics Conference attracts leaders from the NBA, NFL, NHL, Premier League, and Major League Baseball.[4]

History

MIT Sloan completed its new central building, known as E62, in 2010

The MIT Sloan School of Management began in 1914, as the engineering administration curriculum ("Course 15") in the MIT Department of Economics and Statistics. The scope and depth of this educational focus grew steadily in response to advances in the theory and practice of management.

A program offering a master's degree in management was established in 1925. The world's first university-based executive education program—the Sloan Fellows program—was created in 1931 under the sponsorship of Alfred P. Sloan, himself an 1895 MIT graduate, who was the chief executive officer of General Motors and has since been credited with creating the modern corporation.[5] An Alfred P. Sloan Foundation grant established the MIT School of Industrial Management in 1952 with the charge of educating the "ideal manager". In 1964, the school was renamed in Sloan's honor as the Alfred P. Sloan School of Management. In the following decades, the school grew to the point that in 2000, management became the second-largest undergraduate major at MIT. In 2005, an undergraduate minor in management was opened to 100 students each year. In 2014, the school celebrated 100 years of management education at MIT.

The mission of MIT Sloan is "to develop principled, innovative leaders who improve the world and to generate ideas that advance management practice." Since its founding, the school has initiated many international efforts to improve regional economies and positively shape the future of global business. In the 1960s, the school played a leading role in founding the first Indian Institute of Management. Other initiatives include the MIT-China Management Education Project, the International Faculty Fellows Program, and partnerships with IESE Business School in Spain, IMD in Switzerland, Sungkyunkwan University in South Korea, Universidade Nova de Lisboa in Portugal, the Skolkovo Moscow School of Management in Russia, and Tsinghua University in China. In 2014, the school launched the Regional Entrepreneurship Acceleration Program (REAP), which brings leaders from developing regions to MIT for two years to improve their economies.[6]

Academics

Endicott House, longtime site of MIT Sloan executive education programs
Business school rankings
U.S. MBA
Bloomberg Businessweek[7] 4
Forbes[8] 9
QS (North America)[9] 7
U.S. News & World Report[10] 5
Vault.com[11] 5
Worldwide MBA
América Economía[12] NR
Business Insider[13] 5
CNN Expansion[14] 3
Economist[15] 15
Financial Times[16] 9

The curriculum is focused on action learning, which requires that students apply concepts learned in the classroom to real-world business settings. Courses are taught using the case method, lectures, team projects, and hands-on Action Learning Labs. The academic level of coursework is considered extremely demanding by business school standards, with a greater emphasis on analytical reasoning and quantitative analysis than most programs.[1]

Academic rigor has a strong influence on the school's culture. The first semester, also known as the core, is often considered the most difficult semester by design. Courses are graded using letter grades and on the standard five-point MIT scale. In its graduate programs, anything less than a 4.0 ('B') average will result in the student not being allowed to graduate. Unlike most business schools, MIT Sloan does not offer any academic honors at graduation, consistent with the practice throughout all of MIT. The philosophy behind this is that the 'honor' is in being an MIT graduate.[17]

MIT Sloan closely collaborates with other parts of MIT, in particular the MIT School of Engineering, the MIT School of Science, and the MIT Department of Economics. A special joint degree program with the School of Engineering is the Leaders for Global Operations program, where students concurrently complete an MBA and a Master of Science in Engineering.[18]

MIT Sloan degrees are conferred at Killian Court in the Institute-wide commencement

MIT also collaborates extensively with Harvard University, and students at each institution often pursue simultaneous degrees at the other. MIT Sloan students can freely cross-register for courses at Harvard Business School, and vice versa—the only leading business schools to have such an agreement. As a result, a number of courses have been created at each institution that regularly attract cross-registered students. MIT Sloan and the Harvard Kennedy School offer a formal dual degree program, combining an MBA and Master of Public Policy.

MIT Sloan offers nine degree programs overall: the MBA program, the PhD program, the undergraduate program, the Leaders for Global Operations program, the Master of Finance program, the Master of Science in Management Studies program, the System Design and Management program, the Executive MBA program, and the Sloan Fellows program. The doctoral program is organized into three main areas: Management Science; Behavioral & Policy Sciences; and Economics, Finance & Accounting, with eleven research areas under these.[19]

The school also offers numerous non-degree executive education programs, including the Advanced Management Program, the Advanced Executive Certificate Program in Management, Innovation & Technology, the Executive Certificate in Technology, Operations, and Value Chain Management, the Executive Certificate in Management and Leadership, and the Executive Certificate in Strategy and Innovation.

The school's Dewey Library has been rated the best business school library in the country.[20]

Student life

Undergraduate majors of MIT Sloan MBA students[21]
Engineering
  
 25%
Business & Commerce
  
 24%
Humanities, Arts & Social Sciences
  
 22%
Economics
  
 15%
Science & Mathematics
  
 14%

MIT Sloan students and alumni informally call themselves Sloanies. The MIT Sloan culture is similar to, but also distinct from, overall MIT culture, and is influenced most strongly by its MBA program. MBA students come from more than 60 countries every year, with just over half coming from North America, and 60% holding US citizenship. Prior to business school, engineering is the most popular undergraduate major among students. 41% of the class is female.[22]

Creativity and invention are constant themes at the school. The MBA track in Entrepreneurship & Innovation features action learning labs which pair students with companies to learn how to solve complex problems relating to emerging technologies. These action learning labs include Entrepreneurship Lab, Innovation Teams, and Leading Sustainable Systems Lab. Global Entrepreneurship Lab and Global Health Delivery Lab send MBA students to work onsite with startups in different parts of the world. The Martin Trust Center for MIT Entrepreneurship, one of the few business school entrepreneurship centers in the world focused on high tech, offers many other entrepreneurial activities and mentorship throughout the year.[23] The annual MIT $100K Entrepreneurship Competition is one of the largest business plan competitions in the world, helping to launch more than 130 companies with a market capitalization of over $15 billion.[24]

Walker Memorial is the primary venue for C-Functions and other events

A staple of MIT Sloan MBA life is the weekly C-Function, which stands for "cultural function" or "consumption function". The school sponsors food and drink for all members of the MIT Sloan graduate community to enjoy entertainment organized by specific campus cultural groups or clubs as well as parties with non-cultural themes. C-Functions are usually held most Thursdays in the Walker Memorial building, which is also used as the venue for many other MIT Sloan community events. MIT Sloan alumni groups around the world also organize C-Functions for their club members, for social and networking activities.

Students at MIT Sloan run over 70 active clubs.[25] Some of the most popular clubs are the Sloan Women in Management Club;[26] the Design Club; the Finance Club; the Management Consulting Club; the Entertainment, Media and Sports Club; the Venture Capital and Private Equity Club; the Product Management Club;[27] and the Technology Club. The Sloan Business Club is the official undergraduate business club for all MIT students.[28]

Ray Allen of the Boston Celtics at the MIT Sloan Sports Analytics Conference

Throughout the school year, a number of professional and academic conferences are organized by, or in partnership with, the school. Annual highlights include the MIT $100K Entrepreneurship Competition, the MIT Venture Capital & Innovation Conference, the Sloan Women in Management Breaking the Mold Conference, the MIT Sloan CIO Symposium, and the MIT Sloan CFO Summit. The most visible conference—and the largest student-run conference in the world—is the MIT Sloan Sports Analytics Conference, which Fast Company ranked the #3 most innovative sports company, behind only the NFL and MLB Advanced Media.[4] The conference brings managers, players, and coaches from over 80 professional sports teams together with journalists, researchers, and students from over 170 different schools. With its focus on analytics in the sports industry, Bill James, the creator of Sabermetrics, said that "this conference is a culmination of 30 years of my work."[29]

Like the rest of the institute, MIT Sloan students have an extended period between semesters reserved for special activities. During the month of January, there are no formal classes at the school; instead, they are replaced by what is known as the Independent Activities Period (IAP). During IAP, students engage in activities that would be challenging to participate in alongside regular classes, often including international travel programs. In the middle of semesters, the MBA program has an additional, shorter gap, called the Sloan Innovation Period (SIP), focusing on intensive experiential leadership activities outside of the classroom.[30]

After commencement, MIT Sloan graduates wear the MIT class ring, known as the Brass Rat. Top recruiters of new MBA graduates of the school include Apple, Google, Goldman Sachs, McKinsey & Company, and Nike. The school has over 20,000 alumni globally in 90 countries, with more than 20% who are presidents or CEOs. More than 650 companies have been founded by alumni of the school, including Akamai, E*Trade, Gartner, Genentech, HubSpot, Lotus Software, Teradyne, and Zipcar.[31]

Faculty

Nobel Laureates Franco Modigliani, Paul Samuelson and Robert Solow in 2000

Deans

Notable current and former faculty

Notable alumni

7th UN Secretary-General, Kofi Annan 
Ford Motor Company Chairman, Bill Ford 
Lotus Software Founder, Mitch Kapor 
Former Hewlett-Packard CEO, Carly Fiorina 
Prime Minister of Israel, Benjamin Netanyahu 

See also

References

  1. 1 2 3 4 "About MIT Sloan". MIT Sloan School of Management. Retrieved August 2, 2015.
  2. ↑ "Most Selective Business Schools". Bloomberg BusinessWeek. October 20, 2011.
  3. ↑ "US News Business Specialties". U.S. News & World Report. Retrieved August 2, 2015.
  4. 1 2 "The World's 50 Most Innovative Companies: Top 10: Sports". Fast Company. May 1, 2012. Retrieved June 11, 2013.
  5. ↑ "The MIT 150: 150 Ideas, Inventions, and Innovators that Helped Shape Our World". The Boston Globe. May 15, 2011. Retrieved August 8, 2011.
  6. ↑ "Singaporean President Tony Tan hosts MIT delegation". MIT News. July 24, 2015. Retrieved August 1, 2015.
  7. ↑ "Best Business Schools 2015". Bloomberg Businessweek. 2015. Retrieved 2016-02-06.
  8. ↑ "The Best Business Schools". Forbes. 2015. Retrieved 2016-02-06.
  9. ↑ "TopMBA Global 200 Business Schools Report". Quacquarelli Symonds. 2015. Retrieved 2015-01-25.
  10. ↑ "Best Business Schools". U.S. News & World Report. 2015. Retrieved 2016-02-06.
  11. ↑ "Best Business Schools". Vault.com. 2015. Retrieved 2016-02-09.
  12. ↑ "MBA Global Ranking". América Economía. 2015. Retrieved 2016-02-06.
  13. ↑ "The 50 best business schools in the world". Business Insider. 2015. Retrieved 2016-02-06.
  14. ↑ "Ranking:Los Mejores MBA en el mundo". CNN Expansion. 2015. Retrieved 2016-02-06.
  15. ↑ "Full time MBA ranking". Economist. 2015. Retrieved 2016-02-06.
  16. ↑ "Global MBA Ranking". Financial Times. 2016. Retrieved 2016-02-06.
  17. ↑ Morales, Andrew (August 1, 2014). "Where We Earn Our Honors". MIT Sloan School of Management. Retrieved August 1, 2015.
  18. ↑ "Leaders for Global Operations". Massachusetts Institute of Technology. Retrieved May 21, 2015.
  19. ↑ "MIT Sloan PhD Program". MIT Sloan School of Management. Retrieved July 13, 2014.
  20. ↑ "12 Exceptional Business School Libraries". CEO Magazine. Retrieved August 11, 2015.
  21. ↑ "Class Profile". MIT Sloan School of Management. Retrieved August 2, 2015.
  22. ↑ "Record percentage of women to enter MIT Sloan this year". CBS. Retrieved August 11, 2015.
  23. ↑ "Entrepreneurship & Innovation Track". MIT Sloan School of Management. Retrieved August 2, 2015.
  24. ↑ "The MIT $100K Entrepreneurship Competition". MIT Sloan School of Management. Retrieved August 2, 2015.
  25. ↑ Pai-Ling Yin. "MIT Sloan Student Clubs". MIT Sloan School of Management. Retrieved May 20, 2014.
  26. ↑ "MIT Sloan Women In Management". Sloan Women In Management. Retrieved May 20, 2014.
  27. ↑ "The MIT Product Management Club". The MIT Product Management Club. Retrieved May 20, 2014.
  28. ↑ "Business clubs join together". The Tech. October 19, 2010.
  29. ↑ "The B.S. Report: 3/2". ESPN. February 3, 2012. Retrieved March 4, 2013.
  30. ↑ "Sloan Innovation Period". MIT Sloan School of Management. Retrieved August 2, 2015.
  31. ↑ "MIT Sloan MBA Program". MIT Sloan School of Management. Retrieved August 1, 2015.
  32. ↑ Johnson, Howard Wesley, Holding the Center: Memoirs of a Life in Higher Education, MIT Press, 2001. ISBN 0-262-60044-7

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