Executive Doctorate in Business Administration to Debut

Seasoned professionals who want to take their business knowledge—and their careers—to the next level have a new option: the Executive Doctorate in Business Administration (EDBA). The degree, which the Kellstadt Graduate School of Business will begin offering in September, is a three-year, part-time program for working professionals who previously earned business-related master’s degrees and have 8–10 years of experience in management or consulting.

Students in the program will learn to solve complex, real-world business problems using applied, evidence-based analyses of data. The program emphasizes practical business research techniques and will enroll a small cohort of 20 students to deepen networking relationships among students and research-focused faculty.

“We wanted to meet the learning needs of people who say, ‘I have my master’s, I continue to work but I still want to know more and dive deeper,’ ” says Robert S. Rubin, associate professor of management and the EDBA faculty board chair.

Ray Whittington, dean of the Kellstadt Graduate School of Business, says “DePaul’s EDBA is a practical, career-advancing doctoral program that equips executives with the tools to rigorously analyze real business data and find hidden solutions.”

Visit go.depaul.edu/EDBA for more information.

Professor Earns PhD Project Hall of Fame Award

When Sandra Shelton received her PhD in accounting two decades ago, she was a rarity. There were only a handful of minorities enrolled in accountancy doctoral programs nationally then. Today, there are more than 1,200 minority business professors with PhDs, thanks in part to the tireless work of Shelton and other pioneering professors at The PhD Project.

Founded by auditing and accounting firm KPMG in 1994, The PhD Project is an award-winning nonprofit organization dedicated to increasing diversity in business education. Shelton, the KPMG Distinguished Professor of Accountancy at DePaul, was inducted into The PhD Project’s Hall of Fame in November for her role in mentoring diverse faculty and students. DePaul has the most professors nationally who are alumni of The PhD Project.

“The PhD Project gave me the opportunity to give back,” Shelton says. “I am so grateful to the program and KPMG. It has definitely made a difference.”

Alumni Connect Students With Sports Management

DePaul business students got an inside look at the internal operations of Chicago sports franchises through a unique management course that connected them to alumni and other professionals working in these organizations.

During five days in December, the class visited 14 sports organizations, including the Chicago Bears, Bulls, Cubs and Blackhawks, as well as the corporate offices of athletics-related products, such as Gatorade. Faculty member Andy Clark, director of the college’s sports management programs, and his class were given extraordinary access to front offices and sneak peeks at new facilities, products and services by the 75 management and marketing professionals they met.

About 20 percent of the sports management professionals they visited were DePaul alumni.

“It was a great chance to meet people who are important in the industry,” says MBA student Ryan O’Neill. “We really got to know them and network with them. If you’re interested in the sports industry and looking to learn more about it, this course is a great experience.”

Richard H. Driehaus (BUS ’65, MBA ’70, DHL ’02), the college’s namesake and chairman of Driehaus Capital Management, and William Farley, chairman and president of LV Ventures, Inc., presented guest lectures during this spring in the course, “Practical Investing: How to Make Money and Enjoy Doing It.”

The Department of Finance class, taught by Joel Litman (BUS ’93), chief investment strategist of Valens Securities, emphasized how to make money by using data to pick stocks.

Driehaus and Farley showed students how successful investors think. Driehaus stressed embracing change, and Farley emphasized that success takes persistence and courage.

DePaul’s ties to the elite investment community provide opportunities for unique learning experiences, Litman noted. “Students get to hear stories you can’t get in a textbook.”

 Driehaus Dismisses Investing Myths

During his lecture, Driehaus outlined these nine approaches to investing that challenge popular investment paradigm.

1. Conventional advice: Buy low and sell high.
Driehaus advice: Buy high and sell even higher. “You want to buy stocks that have already had good moves and are doing well rather than take the risk on investing in a stock that is already in decline and hoping it goes up.”​

2. Conventional advice: Just buy stocks of good companies and hold them so you don’t have to pay attention.
Driehaus advice: Buy good stocks and hold them, but monitor daily and get rid of things if there are bad changes.

3. Conventional advice: Don’t try to hit home runs; you make the most money buying singles.
Driehaus advice: No, you make the most on home runs—but you also need discipline.

4. Conventional advice: A high turnover strategy is risky.
Driehaus advice: It reduces risk if you’re taking a series of small losses to avoid one big loss.

5. Conventional advice: Your investment process needs to be systematic.
Driehaus advice: True, investing requires discipline, but your process must be flexible enough to adapt to changing market conditions. “Don’t invest because of what you think should be happening—invest based on what actually is happening in the market.”

6. Conventional advice: You must have a value-based process and uniform evaluation for all of your picks.
Driehaus advice: “The world is not that precise. I’m convinced there is no universal valuation process.”

7. Conventional advice: Buy good research conducted by the best analysts.
Driehaus advice: He relies on the news and company reports to keep up to date

8. Conventional advice: The best measure of investment risk is volatility.
Driehaus advice: Not exactly. Volatility is only a risk for the short term, and much of discussing investment requires looking at long-term risk. What has the least short-term volatility may actually be the most long-term risk, so you have to watch out.

9. Conventional advice: It’s risky to give you money to a star manager and safer to have it in a diversified group.
Driehaus advice: No, it’s still smarter to go with a talented individual who really knows the market.

College Welcomes New Hospitality School Director

Misty Johanson, an associate dean and professor at the Driehaus College of Business, has been appointed director of the college’s School of Hospitality Leadership.

Nicknamed “Dr. J.” by her students, Johanson is a prolific scholar and teacher who joined DePaul in 2009. She helped develop the curriculum of the hospitality school, which was founded five years ago with a $7.5 million gift from the Conrad N. Hilton Foundation.

Johanson earned her bachelor’s, master’s and doctoral degrees in hospitality business and tourism from Michigan State University. In addition to her academic knowledge, she brings experience as a management advisor and consultant for major hospitality industry companies to her new role.

Ray Whittington, dean of the Driehaus College of Business, praised Johanson as a “talented and enthusiastic academic leader whose industry experiences and connections will help us access all the opportunities that a world-class hospitality city can offer to enhance the prominence and success of the school.”

New 3D Printer Helps Students Turn Ideas Into Reality

DePaul business students have a new digital tool for visualizing their business ideas. The Center for Creativity and Innovation (CCI) has purchased a 3D printer that allows users to make three-dimensional figures from electronic files. Students can access the device to create prototypes of product ideas for business classes and pitches.

The printer was bought to support the efforts of the CCI’s new Innovation Lab. The lab is underwritten by a gift from Robert Perrelli (BUS ’04, MBA ’06), a senior manager at TCF Inventory Finance, Inc. and a member of the CCI Advisory Board.

Do What You Love, CEO Bob Mariano Tells Graduates

DePaul’s business alumni network grew by more than 1,200 graduates at DePaul’s commencement ceremony in June. Robert Mariano (DHL ’14), CEO of Milwaukee-based Roundy’s and founder of the fast-growing Mariano’s Fresh Market grocery chain, delivered the commencement address.

Mariano had the following advice for new alumni: “Successful business people are wildly passionate about something. If you’re serious about going into business, you must have passion. Life is short, and you don’t want to waste even one day doing something that doesn’t make you happy. Whether you make a dollar or a million, if you find what you love, you will be successful.”

Financier Warren Buffett Shares Wisdom With MBA Students

What’s it like to discuss careers, investing and the economy with Berkshire Hathaway CEO Warren Buffett? For MBA student Kate Stevenson, it felt like investing two hours to gain “the lessons of a lifetime.”

Stevenson and 19 other DePaul graduate business students were invited to query the “Oracle of Omaha” and tour several Berkshire Hathaway businesses during a visit to the multinational conglomerate’s Omaha headquarters in October. The students were chosen from more than 300 Kellstadt Graduate School of Business applicants who sought a chance to meet the renowned business leader, investor and philanthropist. Kellstadt was among a select group of only seven business schools, including Harvard and Columbia, asked by Berkshire to participate in the student forum. Alumnus Frank Ptak (BSC ’65), president and CEO of Marmon Group, a Berkshire Hathaway company, helped secure DePaul’s invitation.

Buffett answered a wide range of questions during a two-hour Q&A session. He advised students to be true to themselves and follow their career passions.

“Very few people succeed at something that doesn’t excite them,” he said. “Find a job you would do even if you were already rich and didn’t need the money. I’m 83 and still excited by what I do.”

Scholarships Expand for Alumni and New Graduate Business Students

DePaul is making graduate education more accessible for university alumni and new Kellstadt students by increasing its scholarship offerings.

DePaul alumni who wish to earn another degree from their alma mater through the Double Demon Scholarship program begun last year can now apply the scholarships to graduate study at Kellstadt or six other DePaul colleges and schools.

Alumni receive a 25 percent discount on tuition for master’s degree programs and select certificate programs. Meanwhile, beginning this fall, new students who enroll in Kellstadt degree programs may be eligible for thousands of dollars in DePaul scholarships, with award amounts determined by each student’s academic profile.

The Kellstadt Graduate Scholarship is for domestic students, and the Kellstadt Dean’s Scholarship is for students who require a visa to study in the United States. For more information about scholarship award amounts, eligibility and deadlines, contact the Kellstadt Graduate School of Business office at (312) 362-8810 or kgsb@depaul.edu.

Business Programs Receive High Marks in Three Rankings

The Driehaus College of Business was recognized for its academic excellence this year in the following rankings:

No. 1: Kellstadt’s Master of Science in Taxation (MST) tied for first place in TaxTalent.com’s ranking of the best MST programs in the nation, based on a survey of tax firm hiring managers.

No. 24: DePaul’s undergraduate entrepreneurship program again made the annual list of the best colleges for entrepreneurs published by Entrepreneur Magazine and The Princeton Review.

Top 30: Thirteen of DePaul’s graduate business degree programs earned top-30 rankings among U.S. business schools in an international survey of 1,000 business school deans conducted by Paris-based education.

– Business Exchange Staff