MIT Sloan School of Management
|Type||Private business school|
|Endowment||US$ 678 million (2013)|
|Location||Cambridge, MA, USA
|Mission||To develop principled, innovative leaders who improve the world and to generate ideas that advance management practice.|
|Affiliations||Massachusetts Institute of Technology|
MIT Sloan offers bachelor's, master's, and doctoral programs, as well as non-degree executive education. Its largest program is its full-time MBA, which is one of the most selective in the world, and is ranked #1 in more disciplines than any other MBA program.
MIT Sloan emphasizes innovation in practice and research. 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. Since 2006, the MIT Sloan Sports Analytics Conference has attracted leaders from professional sports leagues, including the NBA, NFL, NHL, Major League Baseball, and the Premier League.
The MIT Sloan School of Management began in 1914, as the engineering administration curriculum (or Course 15 in the MIT parlance) in the MIT Department of Economics and Statistics. The scope and depth of this educational focus have grown steadily in response to advances in the theory and practice of management to today's broad-based management school. 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 chairman of General Motors and has since been credited with creating the modern corporation. An Alfred P. Sloan Foundation grant established the MIT School of Industrial Management in 1952 with the charge of educating the "ideal manager", and the school was renamed in Sloan's honor as the Alfred P. Sloan School of Management.
In 1990, the MIT Entrepreneurship Center was founded at MIT Sloan—one of the few business school entrepreneurship centers in the world focused on high tech. It sponsors both the MIT $100K Entrepreneurship Competition as well as the popular Global Entrepreneurship Lab, which sends MBA students to work onsite with startups in different parts of the world. The school has grown 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.
MIT Sloan has numerous international initiatives 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.
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.
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.
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.
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.
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 MIT Sloan culture is similar to, but also distinct from, overall MIT culture, and is influenced most strongly by its MBA program. MIT Sloan graduates wear the famous MIT class ring, known as the Brass Rat. MIT Sloan students and alumni informally call themselves Sloanies.
A staple of MIT Sloan 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. These functions are held on most Thursdays, often in the Walker Memorial building near the school. MIT Sloan alumni groups around the world also organize C-Functions for their club members, for social and networking activities. C-Functions are usually held in the Walker Memorial building, which is also used as the venue for many other MIT Sloan community events.
Students at MIT Sloan have organized about 25 business and professional clubs, 30 cultural or personal affiliation clubs and 8 sports and recreation clubs. Some of the most popular clubs are Sloan Women in Management (SWIM); Design Club; Finance Club; Management Consulting Club; Entertainment, Media and Sports (EMS) Club; Venture Capital and Private Equity (VCPE) Club; Product Management Club; and the MIT Sloan Technology Club. The Sloan Business Club is the official undergraduate business club for all MIT students.
During the month of January, there are no formal classes at the school; instead, they are replaced by a period known as the Independent Activities Period (IAP). During IAP, students engage in special activities, often including international travel programs. Between semesters, the MBA program has a period called the Sloan Innovation Period (SIP), focusing on intensive experiential leadership activities outside of the classroom.
The school has over 20,000 alumni globally, with more than 20% being presidents or CEOs. Top recruiters of new MBA graduates of the school include Apple, Google, Goldman Sachs, McKinsey & Company, and Nike.
Notable current and former faculty
- Dan Ariely, author, Predictably Irrational
- Richard Beckhard, pioneer in organizational studies
- Warren Bennis, pioneer in leadership studies
- Fischer Black, co-inventor, Black–Scholes option pricing model
- Lael Brainard, Under Secretary, US Treasury
- Erik Brynjolfsson, director, MIT Center for Digital Business
- Randolph Cohen, leading expert on financial economics
- Paul Cootner, co-inventor, Random walk hypothesis
- John C. Cox, co-inventor, binomial options pricing model
- Donald W. Davis, former CEO, Stanley Black & Decker
- John J. Donovan, founder, Cambridge Technology Partners
- Rudi Dornbusch, inventor, the overshooting model
- Stanley Fischer, 8th Governor, Bank of Israel
- Jay Wright Forrester, founder, System Dynamics
- Michael Hammer, inventor, business process reengineering
- John R. Hauser, co-founder, Marketing Science
- Jerry A. Hausman, 1985 John Bates Clark Medal recipient
- Bengt R. Holmström, leading expert on information asymmetry
- Thomas Kochan, leading expert on industrial relations
- Simon Johnson, former chief economist, International Monetary Fund
- S. P. Kothari, editor, Journal of Accounting and Economics
- John Little, co-founder, Marketing Science
- Andrew Lo, inventor, Adaptive market hypothesis
- Peter Lorange, former president, IMD
- Stuart Madnick, inventor, Little Man Computer model
- Thomas W. Malone, co-founder, We Are Smarter Than Me
- Andrew McAfee, co-director, MIT Initiative on the Digital Economy
- Robert C. Merton, 1997 Nobel laureate in economics
- Douglas McGregor, inventor, Theory X and Theory Y
- Franco Modigliani, 1985 Nobel laureate in economics
- Kenneth Morse, co-founder, 3Com
- Stewart Myers, inventor, real option theory
- Athanasios Orphanides, Governor, Central Bank of Cyprus
- Wanda Orlikowski, creator, Practice Lens
- Stephen Ross, inventor, arbitrage pricing theory
- Paul Samuelson, first American Nobel laureate in economics
- Edgar Schein, coined the term "corporate culture"
- Myron S. Scholes, 1997 Nobel laureate in economics
- Peter Senge, author, The Fifth Discipline
- George P. Shultz, 60th United States Secretary of State
- Robert Solow, 1987 Nobel laureate in economics
- John Sterman, leading expert on System Dynamics
- Richard Thaler, inventor, the endowment effect
- Eric von Hippel, leading expert on user innovation
- Jack Welch, former CEO, General Electric
- Birger Wernerfelt, leading expert on organizational studies
- Magid Abraham, co-founder and chairman, comScore
- Duane Ackerman, former CEO, BellSouth
- Thad W. Allen, 23rd Commandant of the Coast Guard
- Abdullatif Al Othman, governor, Saudi General Investment Authority
- Kofi Annan, 7th Secretary-General of the United Nations
- Magdalena Barreiro, former Finance Minister, Ecuador
- Frank Blount, former CEO, Telstra
- Megan Brennan, 74th United States Postmaster General
- Daniel Carp, chairman, Delta Air Lines
- Richard Carrión, CEO, Popular
- Colby Chandler, former CEO, Eastman Kodak
- Robin Chase, co-founder, Zipcar
- Lim Kim Choon, CEO, Civil Aviation Authority of Singapore
- Bill Ford, chairman, Ford Motor Company
- Philip Condit, former CEO, Boeing
- Marian Czakański, Minister of Health of Poland
- Alex d'Arbeloff, co-founder, Teradyne
- Rafael del Pino Calvo-Sotelo, chairman, Ferrovial
- Eric Daniels, former CEO, Lloyds Banking Group
- Patrick Donahoe, 73rd United States Postmaster General
- Susan Dudley, former head, Office of Management and Budget
- Armand Feigenbaum, former president, American Society for Quality
- Carly Fiorina, former CEO, Hewlett-Packard
- Donald Fites, former CEO, Caterpillar
- James Foster, CEO, Charles River Laboratories
- Robert Garriott, co-founder, Origin Systems
- Gideon Gartner, founder, Gartner
- Pavlos Geroulanos, former Minister for Culture, Greece
- Thomas Gerrity, former dean, Wharton School of Business
- Shuman Ghosemajumder, co-founder and chairman, TeachAIDS
- Sumantra Ghoshal, founding dean, Indian School of Business
- Adi Godrej, chairman, Godrej Group
- Bruce Gordon, former CEO, NAACP
- Ilene Gordon, CEO, Ingredion
- Brian Halligan, co-founder and CEO, HubSpot
- Robert Hamada, former dean, Chicago Booth School of Business
- John Hennessy, CEO, Credit Suisse First Boston
- Daniel Hesse, CEO, Sprint Corporation
- Yang Hua, president, China National Offshore Oil Corporation
- Neo Kian Hong, 7th Head of Singapore Armed Forces
- Sir Robert Horton, former CEO, BP
- Robert Huang, founder and chairman, Synnex
- Justin Jaschke, CEO, Verio
- Ploypailin Jensen, member of Thai Royal Family
- Michael Kaiser, president, Kennedy Center
- Mitch Kapor, founder, Lotus Software
- Robert Kennedy, dean, Ivey Business School
- James Killian, 10th president, Massachusetts Institute of Technology
- Robert Kuhn, host, Closer to Truth (PBS)
- Aileen Lee, partner, Kleiner Perkins Caufield & Byers
- John Legere, CEO, T-Mobile US
- Douglas Leone, managing partner, Sequoia Capital
- Peter Levine, general partner, Andreessen Horowitz
- Nabiel Makarim, former Minister of the Environment, Indonesia
- Jamie McCourt, former CEO, Los Angeles Dodgers
- Dennis Meadows, co-author, The Limits to Growth
- D.R. Mehta, former chairman, Securities and Exchange Board of India
- Lorenzo Mendoza, chairman, Empresas Polar
- Victor Menezes, co-founder, American India Foundation
- Camila Merino, former Minister of Labor, Chile
- Robert Metcalfe, co-founder, 3Com, inventor of Ethernet
- Chung Mong-joon, president, Korea Football Association
- Daryl Morey, general manager, Houston Rockets
- Jon Moynihan, former chairman, PA Consulting Group
- Alan Mulally, former CEO, Ford Motor Company
- Preetish Nijhawan, co-founder, Akamai Technologies
- Benjamin Netanyahu, 9th Prime Minister of Israel
- Nitin Nohria, dean, Harvard Business School
- Sanjay Parthasarathy, founder and CEO, Indix
- Narendra Patni, founder and CEO, Patni Computer Systems
- Randal Pinkett, winner, The Apprentice, Season 4
- Cressida Pollock, CEO, English National Opera
- William Porter, founder, E*Trade
- John Potter, 72nd United States Postmaster General
- Tony Purnell, former head, Jaguar Racing
- Raghuram Rajan, 23rd Governor of the Reserve Bank of India
- John Reed, former CEO, Citigroup
- Howard Samuels, former chairman, Democratic National Committee
- Martha Samuelson, CEO, Analysis Group
- Richard Santagati, chairman, NYNEX
- Gerhard Schulmeyer, former CEO, Siemens AG
- Antony Sheriff, managing director, McLaren Automotive
- Chan Chun Sing, Chief of Army, Singapore
- Hannes Smárason, CEO, Icelandair
- Chartsiri Sophonpanich, president, Bangkok Bank
- Herman Staudt, former Under Secretary of the Army
- Jeff Stibel, former CEO, Web.com
- Robert Swanson, founder, Genentech
- Keiji Tachikawa, former CEO, NTT DoCoMo
- Bill Taylor, co-founder, Fast Company
- Stavros Thomadakis, chairman, Hellenic Capital Market Commission
- John Thompson, former CEO, Symantec
- Ronald Turner, former CEO, Ceridian Corporation
- Richard Van Horn, president, University of Houston
- Milen Veltchev, former Finance Minister, Bulgaria
- Ron Williams, former CEO, Aetna
- Thornton Wilson, former CEO, Boeing
- Randy Woelfel, CEO, Nova Chemicals
- Robert Varkonyi, champion, 2002 World Series of Poker
- Carl Yankowski, former CEO, Palm Computing
- Elisabeth Zinser, president, University of Idaho
- Ronald Zlatoper, Commander of the United States Pacific Fleet
- MIT Center for Biomedical Innovation
- MIT Center for Collective Intelligence
- MIT Center for Computational Research & Management Science
- MIT Center for Digital Business
- MIT Center for Energy & Environmental Policy Research
- MIT Center for Entrepreneurship
- MIT Center for Information Systems Research
- MIT Laboratory for Financial Engineering
- MIT Laboratory for Information and Decision Systems
- MIT Leadership Center
- MIT Operations Research Center
- About MIT Sloan: Mission
- About MIT Sloan: Students and Alumni
- "Most Selective Business Schools". Bloomberg BusinessWeek. October 20, 2011.
- US News Business Specialties
- "The World's 50 Most Innovative Companies: Top 10: Sports". Fast Company. May 1, 2012. Retrieved June 11, 2013.
- "The MIT 150: 150 Ideas, Inventions, and Innovators that Helped Shape Our World". The Boston Globe. May 15, 2011. Retrieved August 8, 2011.
- "Singaporean President Tony Tan hosts MIT delegation". MIT News. July 24, 2015. Retrieved August 1, 2015.
- "Where We Earn Our Honors".
- "Leaders for Global Operations Website". Retrieved May 21, 2015.
- "MIT Sloan PhD Program". Retrieved July 13, 2014.
- Pai-Ling Yin. "MIT Sloan Student Clubs | Clubs & Activities | MIT Sloan Community | MIT Sloan MBA". MIT SLOAN SCHOOL OF MANAGEMENT. Retrieved 2014-05-20.
- "MIT Sloan Women In Management". Sloan Women In Management. Retrieved 2014-05-20.
- "The MIT Product Management Club | Educate, prepare, connect, lead". The MIT Product Management Club. Retrieved 2014-05-20.
- "Business clubs join together". MIT Tech. Oct 19, 2010.
- "MIT Sloan MBA Program". MIT Sloan School of Management. 2015.
- 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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