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Introduction to the University of Michigan

Introduction to the University of Michigan
This course is based on courses that I teach at the University of Michigan. And before we dive in to the course material I’d like to give you a snap shot of the town for I live. Which is in Ann Arbor, Michigan the university and in the business school where I teach which is within the university. This might be of greater interest to those of you from outside the United States, but if you are from inside the US or outside the US please feel free to skip this segment and move on to the first unit on preparing for negotiation. The town where I live, Ann Arbor, Michigan, was founded in 1824. Has the nickname of Tree Town.
It’s a rather small town. Town, or you could even call it a small city with 116,000 residents. As you can see, this is a young town, median age 28. We’re a relatively fat town. 27% of us are obese, which probably is pretty similar to the rest of the United States, we’re an educated town, 70% of the people in Ann Arbor have a bachelor’s degree or higher. And where people on the search for a mate almost six out of ten people have never married in Ann Arbor and generally we’re pretty chilly. We’re in Michigan which is in the northern part of the United States.
For those of you who are from outside the United States, if you can picture Chicago which is right in the center of the country, north center part of the country. Ann Arbor, Michigan is about a four hour drive east of Chicago. We have a mixed population. You can see the demographics here and over 20% of the people in Ann Arbor speak a language other than English in the home. You can see here that about one-third of the population of Ann Arbor is affiliated with a religious congregation and you can see the, next the top six religions represented by this one-third of the population. Americans love rankings. And so we rank our cities. We rank our universities.
We rank our business schools. Here’s a number of rankings related to Ann Arbor, Michigan. You can see it’s one of the most highly rated college towns. Highly rated for startup businesses, #1 Best cities for singles, but it’s #2 also among the great cities for raising families. It’s a healthy, smart, digital educated community according to these various ratings. And here’s some pictures from Ann Arbor. On the left is a night scene of the city, we have a large farmer’s market in the summertime, that’s a picture of the farmer’s market in the center, and a major art fare in the summer, which is the picture on the right.
I mentioned earlier that Ann Arbor is called tree town, and you can see why, from this picture. A lot of trees in the city, which are spectacular in the fall, with various colors, red, oranges, and greens. A big splash of color, on the horizon, in the fall. Now, the University of Michigan, is a major employer within the city of Ann Arbor. You can see here that the University was founded in 1817, and currently has 3 campuses, the home campus is Ann Arbor. But there are also campuses in Dearborn and Flint. Very international student body, 60,000 students that come from all 50 states and 122 countries. Most of the students, 43,000 are on the Ann Arbor campus.
And 28,000 of the 43,000 are undergrads. There’s one faculty member for every 16 students. And the campus has grown from its original 1,920 acres to 21,157 acres. This is a major operation. If the University of Michigan were a corporation we would rank among the largest in the world. With an operating budget of over $6 billion dollars we receive $300 million in state support. Now for those of you outside the U.S. you might not be familiar with the distinction that we make in the U.S. between state universities and private universities. Michigan is considered a state university because we receive support from the state. But as you can see here, the amount of support is relatively small compared to the overall budget.
300 million out of a 6 billion dollar budget, which would be around five percent of that overall budget. So, we’re grateful for the state support, but it’s a small percentage. We spend a lot of money on research at the University of Michigan, over $1 billion. And we’re usually ranked number one or two in the United States in terms of research expenditures. Currently, we’re number two. And we have a very large, enthusiastic alumni body, over 500,000 alums.
Here are some former University of Michigan students. We have Supreme Court Justices, we have a lot of astronauts, many Nobel Prize winners, we have a President Gerald Ford, we have singers such as Madonna.
Shown on screen: Former University of Michigan Students • 3 U.S. Supreme Court justices, 11 astronauts, many Nobel Prize winners • President Gerald Ford • Madonna (singer) • Michael Phelps (Olympic swimmer) • Arthur Miller (playwright) • Larry Page (Google co-founder) Athletes such as a swimmer named Michael Phelps. We have people talented in the arts such as the playwright Arthur Miller and people who are very successful in business, among those is Larry Page the co-founder of Google.
Here again we love rankings in the United States and so here is the latest ranking of the World’s Best Universities by Reputation and you could see here that the University of Michigan is rank by the times as one of the top 15 Universities in the World. Of course there are many rankings this is one of the rankings we like better than some of the others we like the methodology used in this particular ranking. Here’s some pictures of the University of Michigan, our famous Law Quadrangle. The Law Quadrangle was donated by an alumnus of the law school named William Cook. And he wanted the university to build something like the quadrangles at Oxford and Cambridge University.
And they succeeded, spectacularly with the law quad. Here’s the football stadium. At Michigan we don’t have a school of theology. Instead some say the religion might be football. It’s the largest football stadium in America. It seats 114,000 people. Now if you remember earlier, there are 116,000 people in the city of Ann Arbor. So the city is very quiet on a football afternoon, when the stadium is packed with 114,000 fans. Let’s move on then to the business school within the University which is where I teach, founded in 1923 with a very good faculty student ratio, 15 faculty and 26 students. Today that has expanded to over 3000 students 126 full-time faculty who teach in eight areas.
And when we look at these areas they represent the key functions in any successful business. Seven of the eight are business functions. The eighth one which is business economics and public policy, is a key discipline, a key foundation, that our students need in order to perform well in business. We offer a variety of degrees, have an undergraduate called a BBA, we have several masters programs ranging fro the full time MBA, to global, to part time, we have masters in accounting, supply chain management, entrepreneurship And a general one year Master of Management Program. And we have a Ph.D program. A research oriented degree. And finally we bring in thousands of business executives.
Who take our Executive Education courses which tend to be short courses. Typically one or two weeks.
This will give you a flavor for the kinds of students who walk around the Ross Business School. We admit 450 MBA’s to our Full-time program every year. Average age 28. We want people who have business experience. I think the educational experiences more valuable when they do have this experience. One-third of them are females and you can see here the mix of citizenship. Just to give you a sample of what my class looks like, my negotiation course at Ross. The last time I taught the course, 50% of the students were from outside the US. You can see the countries represented. And 50% from within the US, from a variety of states.
This is what the MBAs do after graduation. Over a third of them go into consulting, one fifth into finance. Marketing is very popular, and then, followed by general management, strategy and operations. In 2013 the median starting salary was 112,000 but that does not include starting bonuses.
Here we go again with rankings. On the undergraduate side, the US News and World Report does a ranking of BBA programs and Michigan is tied for second with MIT and Berkeley after Wharton. On the MBA side, the magazine called Business Week began ranking schools 25 years ago. They were really the founders of the ranking business. And four schools have appeared in the top ten in their rankings every. Ranking over the last 25 years and you can see them listed here, Harvard, Northwestern, Michigan, and Wharton. So here’s a picture of where I teach, the Ross School of Business. We named the Ross School after Stephen Ross, a very successful graduate of the Ross School. Who’s successful in real estate development.
A few years ago he wrote a check to this school for $100 million, which allowed us to build this building. And more recently he wrote another check for another $100 million to help us renovate some of the other buildings on campus. So, that’s our snapshot look at the city of Ann Arbor.
The University of Michigan within the city, and then the Ross Business School, within the University of Michigan.
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