UIUC College of Business
|University of Illinois College of Business|
|Motto||Knowledge. Innovation. Leadership.|
|Type||Public business school|
|Endowment||US $87.4 million (2007)|
|Location||Champaign, Illinois, USA|
|Affiliations||University of Illinois|
The undergraduate and graduate accounting programs are regularly ranked as the best in the country by U.S. News & World Report. The College of Business as a whole is ranked 12th in the same rankings, as of 2012. The accounting programs also consistently rank within the top five of the Public Accounting Report. The Chronicle of Higher Education ranked the Department of Finance third in faculty scholarly research productivity.
- 1 College History
- 2 Campus
- 3 Departments
- 4 Rankings
- 5 Alumni
- 6 See also
- 7 References
- 8 External links
The University Senate approved the College of Commerce and Business Administration on June 9, 1914 at the request of David Kinley, a University Vice-President who would later serve as President of the University of Illinois. The College was officially formed on April 27, 1915 through a vote of the University of Illinois (UI) Board of Trustees (see governance in higher education). The college began with three departments: Economics, Business Organization and Operation, and Transportation. The college underwent a major reorganization which began in 1951. At the time, several faculty from economics wanted their department housed in the College of Liberal Arts and Sciences (LAS). The proposal failed and the department stayed within the college until 2003 at which time it found a home in the College of LAS. In the same year, the college changed its name to the College of Business.
In 1913, prior to the College's formation, representatives of the University met in Madison, Wisconsin along with representatives from the University of Wisconsin–Madison and the University of California, Berkeley to establish the Beta Gamma Sigma honor society. The College has continued its involvement with the honor society and H. T. Scovill, a former accountancy professor and head of the Department of Business Organization and Operation, has previously served as the society's president.
The Champaign campus is located around the intersection of Gregory Street and Sixth Street. This is the current home of the College of Business. When the College was first formed, however, it occupied the Commerce Building, now the East half of the Administration Building on the Main Quad. The Commerce building, dedicated in 1913, was built at a cost of $100 thousand.
The College currently occupies four buildings: David Kinley Hall, Wohlers Hall, The Survey Building, and the newly constructed Business Instructional Facility. This area is known as the Business Quad and is considered part of the South Campus.
Wohlers Hall, formerly known as Commerce West was built in 1963. A naming gift of $6 million was provided by Albert H. and Jane Wohlers in 2000 for renovations. The September 21 dedication highlighted technology enabled classrooms, a dean's suite, a laboratory research suite, and a lecture hall.
The Business Instructional Facility (commonly referred to by the word its acronym spells, "BIF"), approved by the UI Board of Trustees on July 14, 2004, stands opposite of Wohlers Hall on Sixth Street. The new 153,900 sq ft (14,300 m2) building houses the Master of Business Administration (MBA) program, the Undergraduate Affairs Program, and the Accountancy Program. The $62 million project, designed by architect Cesar Pelli, has "green", environmentally friendly elements.
The Chicago campus is located within the Illini Center on 200 S. Wacker Drive. The location puts the campus within the heart of the Chicago Loop. The center is across the street from the Sears Tower and across the Chicago River from Union Station. The faculty of the campus administer the college's Executive MBA and M.S. of Taxation programs.
The campus is not to be confused with the business school at the University of Illinois at Chicago. The two schools remain separate, distinctive entities.
The College of Business houses three departments: accountancy, business administration, and finance. The three departments are quite independent in their administrative process.
The University offered courses in accounting before the creation of the University of Illinois at Urbana-Champaign College of Business. The courses were offered through the Department of Economics from 1902 to 1915. The college began the first Ph.D. program in 1938 and has graduated more accountancy Ph.D. candidates than any other accountancy department in the United States. After the formation of the college, the accountancy program was moved into the Department of Business Organization until the Department's reorganization in the 1950s.
Vernon K. Zimmerman Center
The Vernon K. Zimmerman Center was originally formed in 1962 as the Center for International Education and Research in Accounting (CIERA). The Center promotes the understanding of international accounting topics, coordinates an annual conference, and publishes the International Journal of Accounting.
The Center was renamed on September 20, 2002 after Professor Vernon K. Zimmerman, an advocate for the Center's formation. Professor Zimmerman later became the Center's director in 1965, and the dean of the college in 1971.
KPMG/University of Illinois at Urbana-Champaign Business Measurement Research Program
On January 30, 2002, the Department of Accountancy partnered with Big Four accounting firm KPMG to create the KPMG/UIUC Business Measurement Research Program. KPMG partially funded the program with a $2.8 million pledge. The initiative explores measurement, reporting and assurance as they pertain to today's accounting environment. The program was the driving force behind two monographs, Auditing Organizations through a Strategic Systems Lens and The 21st Century Public Company Audit, and several strategic systems auditing cases.
The Department of Business Administration was founded in 1968 through the mergers of the Department of Industrial Administration and Marketing and the Graduate School of Business Administration. The Department awards B.S., M.S. in Technology Management (M.S. Tech), M.B.A., and Ph.D. degrees. The Executive MBA program is offered at two locations: the Chicago campus and Warsaw, Poland in conjunction with the University of Warsaw.
The MS-Tech program encompasses a set of technology management courses. Course topics include intellectual property management, managing innovation, new product development, project management, simulation and risk analysis, supply chain management, and technology strategy. Traditional business foundation and advanced courses in Accounting, Finance, Statistics, Finance and Marketing also form a large part of the MS-Tech. The program recently introduced two tracks of courses. One for recent graduates and another for experienced professionals.
In 1957, the UI Board of Trustees approved the Dean's proposal to create a Department of Finance. The Department currently offers B.S., M.S.F., and Ph.D. degrees. The Department offers specializations in banking and financial institutions; corporate finance; financial engineering; investment and portfolio management; real estate and urban economics; and risk management and insurance.
The M.S.F. program began in 1958. In 2008, the CFA Institute announced the M.S.F. program's inclusion as a CFA Program Partner. The deputy CEO of the CFA Institute, Bob Johnson, noted, "Students in this program are exposed to the Candidate Body of Knowledge, concepts and principles that have been identified by investment experts worldwide as essential to global practice".
The College of Business at the University of Illinois is consistently ranked as one of the top undergraduate and graduate business schools in the United States and in the world. Led by its renowned accountancy program, UIUC also excels in finance, supply chain, and management. On top of its excellent academic programs, the Career Services center located inside the BIF is also regularly ranked as one of the best in the country. According to US News and World Report, the undergraduate accountancy program is #2 in the country, the finance program is #13 in the country. The College as a whole is ranked in the top ten for all undergraduate businesses schools. Businessweek ranks the College of Business as having the #1 career services center ranked by students and #6 career services office as ranked by recruiters. Further, the Wall Street Journal lists Illinois' College of Business as being the #3 preferred institution for recruiters. According to the Illinois MBA website, the College of Business was named one of the top 25 universities in the world by the Academic Ranking of World Universities (ARWU) publication, which is regarded as one of the most influential and widely observed international university ranking systems. For graduate school, the college was ranked as the #3 accountancy program by US News and World Report. It was also ranked third among US MBA programs for return on investment, according to Businessweek. Forbes and US News and World Report listed the school as 10th and 13th best, respectively.
Because of the school's location two hours from Chicago, and many students hailing from the Chicago area, Chicago is a major destination for students to begin their careers after graduation with some of the biggest companies in the world. Companies that regularly recruit from the College include all four of the Big Four accounting firms (Deloitte, KPMG, EY, and PwC), as well as 3M, Accenture, Allstate, Bain Capital, BP, Deere & Company, Grant Thornton LLP, JP Morgan Chase, Pepsi, Wells Fargo, along with many more. After graduation, there is a 95% job placement rate. Each major within the College of Business has a median starting salary of at least $55,000, with the highest being Supply Chain Management at $62,000. Most graduates go on to work in the state of Illinois (85%), and of those students almost all find careers in the Chicago area (95%).
The University of Illinois at Urbana-Champaign College of Business has many notable alumni that have excelled in academia, business, and politics. Alumni are denoted by their area of study: accountancy (Accy), business administration (BADM), finance (Fin), or general/unassigned (Gen).
- William L. Barnes, Ph.D. (Accy) 1958 — Former Dean and Head of Accounting, University of Iowa.
- Leslie J. Buchan, Ph.D. (Accy) 1943 — Former Dean, Tulane University and former Vice-President, Washington University.
- Raymond C. Dockweiler, Ph.D. (Accy) 1969 — Head of Accounting, University of Missouri.
- Nicholas Dopuch, Ph.D. (Accy) 1961 — Former Head of Accounting, Washington University.
- Walter G. Kell, Ph.D. (Accy) 1952 — Former Head of Accounting, University of Michigan.
- H. Fred Mittelstaedt, Ph.D. (Accy) 1987 — Chair of Accounting, University of Notre Dame 
- Sybil C. Mobley, Ph.D. (Accy) 1964 — Dean and Head of Accounting, Florida A&M.
- Donald E. Kieso, Ph.D. (Accy) 1963 — Former Head of Accounting, Northern Illinois University.
- Vernon J. Richardson, Ph.D. (Accy) 1997 — Head of Accounting, University of Arkansas.
- Rober E. Schlosser, Ph.D. (Accy) 1955 — Former Head of Accounting, University of Delaware.
- Donald H. Skadden, Ph.D. (Accy) 1955 — Former Head of Accounting, University of Michigan.
- Karl F. Skousen, Ph.D. (Accy) 1968 — Dean and Head of Accounting, Brigham Young University.
- Robert J. Swieringa, Ph.D. (Accy) 1969 — Dean, Cornell University and former member of the Financial Accounting Standards Board.
- Doria Tremblay, Ph.D. (Accy) 1966 — Head of Accounting, Université Laval.
- Jerry J. Weygandt, Ph.D. (Accy) 1968 — Former Head of Accounting, University of Wisconsin–Madison.
- Floyd W. Windal, Ph.D. (Accy) 1959 — Former Head of Accounting, University of Georgia
- Harry O. Bercher, B.S. (Gen) 1928 — Former President, International Harvester Company
- Harold Boeschenstein, B.S. (BAdm) 1920 — Former President, Owens-Corning Fiberglass Corporation
- Jim Cantalupo, B.S. (Accy) 1966 — Former Chairman and CEO of McDonald's (1991-2004)
- Robert H. Frank, B.S. (BAdm) 1964 — President, Walt Disney Studios
- Mark Hogan, B.S. (BAdm) 1973 — President, Magna International Inc.; Former General Manager, General Motors North America
- George E. Keck, B.S. (Gen) 1932 — President, United Air Lines, Inc.
- Michael Krasney, B.S. (Fin) 1975 — Founder and former CEO, CDW Corporation
- George Henry Lesch, B.S. (Gen) 1931 — Chairman of the Board, Colgate-Palmolive Company
- Thomas Murphy, B.S. (Accy) 1938 — Former Chairman, General Motors
- Matthew Paull, M.A.S. (Accy) 1975 — CFO, McDonald's
- Leslie B. Worthington, B.S. (Gen) 1923 — Former President, U.S. Steel
- John D. Zeglis, B.S. (Fin) 1969 — Former President, AT&T; Former Chairman and CEO of AT&T Wireless
Government and politics
- Andrew Barr, B.S. (Accy) 1923, M.S. (Accy) 1924 — Chief Accountant, Securities and Exchange Commission
- Charles Bowsher, B.S. (Accy) 1953 — Comptroller General of the United States, Government Accountability Office
- Conrad Hewitt, B.S. (Fin) 1958 — Chief Accountant, Securities and Exchange Commission
- George Evan Howell 1927, U.S. Congressman
- David F. Linowes, B.S. (Accy) 1941 — Professor, Political Economist, Consultant to U.S. Presidents
- Samuel K. Skinner, B.S. (Accy) 1960 — Secretary of Transportation (1989-1991); White House Chief of Staff during the George H. W. Bush Administration (1992)
- Sheldon Siegel, B.S. (Accy) 1980 — American novelist and author best known for his works of modern legal drama
- Wilma L. Vaught, B.S. (BAdm) 1952 — Retired Brigadier General, United States Air Force
- "Businessweek 2008 College Profile:University of Illinois". Retrieved 2008-04-14.
- Department of Accountancy Rankings
- "Department of Economics, University of Illinois at Urbana-Champaign: History". Retrieved 2008-05-19.[dead link]
- "UIUC Library Archives: Business". Retrieved 2006-09-05.[dead link]
- "History of Beta Gamma Sigma". Retrieved 2008-05-22.
- Bedford, Norton M. (1997). "A History of Accountancy at the University of Illinois at Urbana-Champaign" (PDF). Center for International Education and Research in Accounting. Retrieved 2008-05-22.
- "Wohlers’ Generosity to Fund Reconstruction of Commerce West" (PDF). Retrieved 2008-06-13.
- "Wohlers Hall to be dedicated Sept. 21". Retrieved 2008-06-13.
- "Seventy Third Report". University of Illinois. 2006. pp. 373–374.
- "Business Instructional Facility Home". Retrieved 2008-04-18.[dead link]
- "University of Illinois Board of Trustee Archives". Retrieved 2008-04-14.
- "KPMG-UIUC Research Program Homepage". Retrieved 2008-04-14.
- "MS Tech Website". Retrieved 2008-04-14.
- "MSF Program recognized as CFA Program Partner". Retrieved 2008-04-11.
- University of Notre Dame Mendoza College of Business Biography
- "University of Illinois Office of Public Affairs List of Prominent Alumni". Retrieved 2008-04-18.[dead link]
- University of Illinois Alumni Association Alumni Achievement Award
- CFO.com: Why McDonald's CFO Is Heading for Academia
- "National Women's Hall of Fame Biography: Wilma Vaught". Retrieved 2006-04-18.
- UIUC College of Business Homepage
- UIUC Department of Accountancy Homepage
- UIUC Department of Business Administration Homepage
- UIUC Department of Finance Homepage
- Beta Gamma Sigma Homepage
- Beta Alpha Psi Homepage
- Warsaw-Illinois Executive MBA