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Yale School of Management

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Yale School of Management 135 Prospect Street
New Haven, CT, 06520-8200
United States
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Demographic Information

Number of full-time MBA students (2011): 

216

Number of part-time MBA students (2011): 

0

Total duration of full-time MBA program: 

21 months

MBA faculty (Fall 2010): 

119

Females as percent of student body: 

34%
Who Are the Students? See what percentage of the 2010-2011 graduating class came to this MBA program from the private sector, the non-profit sector and government jobs
 
Private Sector (76%)
 
Non-profit (16%)
 
Government (8%)


Description of MBA Program: 

The mission of the Yale School of Management is to educate leaders for business and society. Throughout its history, Yale SOM has been known for its social and environmental commitments and its focus on ethical leadership.

 

Social, environmental, and ethical considerations are included in the overwhelming majority of courses in SOM’s innovative integrated MBA curriculum. In core classes, students have created proposals for redeveloping Governors Island near Manhattan, analyzed South Africa’s Black Economic Empowerment program, and studied General Electric’s Ecomagination initiative. Advanced electives, both at SOM and elsewhere at Yale, allow in-depth study of social and environmental topics. A student-managed elective on Global Social Enterprise pairs student consulting teams with nonprofit organizations in the developing world. The Global Social Entrepreneurship elective facilitates education and interaction between social entrepreneurs and SOM students both at Yale and in the entrepreneurs’ home countries.

 

Social and environmental scholarship is a hallmark of Yale SOM. Our faculty includes world-renowned experts in fields such as nonprofit management, development economics and microfinance, and environmental management. The school has also pioneered new multimedia “raw” cases, many of which include social and environmental considerations. SOM has created such cases for use by the Aspen Institute Center for Business Education’s Business Leadership Case Competition in 2008 and 2011. Yale SOM also partnered with the Aspen Institute in developing the “Giving Voice to Values” curriculum. Recent guest speakers at the school include Robin Chase, founder of ZipCar; Ezekiel Emanuel, former special health advisor to the director of the Office and Management and Budget; and Alex Counts, president and CEO of the Grameen Foundation.

 

The school’s Program on Social Enterprise supports scholars, students, alumni, and practitioners interested in exploring the ways in which business skills can be harnessed to achieve social objectives, facilitating work on nonprofit and public sector social entrepreneurship as well as initiatives in private sector social enterprise, including courses, research, publications and working with SOM students to sponsor conferences. The school’s Center for Business and the Environment at Yale, a partnership with the Yale School of Forestry and Environmental Studies, provides a focal point for research, education, and outreach to advance business solutions to global environmental problems. The Millstein Center for Corporate Governance and Performance aims to be the leading research, teaching, and policy center for effective corporate governance, focusing on issues of corporate and shareholder accountability.

 

Students also pursue social aims through extracurricular and professional activities. Through SOM Outreach, students consult pro bono for nonprofit, public, and private organizations in the New Haven community. Yale SOM’s NetImpact Chapter is consistently one of the most active in the country. Every year, students plan, organize, and run conferences that promote discussion and action around social, ethical, and environmental themes. Three of the largest annual conferences at the school, each drawing hundreds of participants, are the Healthcare, Philanthropy, and Education conferences.

 

SOM provides unsurpassed resources for students and graduates pursuing careers in socially beneficial fields. The SOM Internship Fund unites the community in financial support for students who take summer internships with nonprofit organizations. In 1986, the school pioneered its Loan Forgiveness Program for graduates pursuing public or nonprofit careers, a model subsequently adopted by many business schools across the country.



How does the MBA program 'walk the talk' of social and environmental impact?: 

In spring 2010, students led the Yale SOM Sustainability Project, an initiative to reduce the consumption of resources and the waste produced at the school. The project, which included sifting through the contents of dumpsters to survey how much waste is thrown out at SOM, was undertaken as a for-credit independent study class with support by a grant from the Rocky Mountain Institute to the Yale Office of Sustainability. The project helped launch a school-wide program to address improved practices in four areas - energy, transportation, procurement, and waste – and, in January 2011, SOM was awarded Yale University’s highest certification level for developing green practices in the workplace.



Since 1986, the school has underscored its mission of educating leaders for business and society by providing support to qualified alumni working in the public or nonprofit sectors through a generous educational loan forgiveness program. The first program of its kind, it has provided a model for similar programs at business schools around the country since its establishment. Beginning with the Class of 2009, the program expanded to include qualified graduates who work in L3C organizations and certified B Corporations.



The Center for Business and the Environment supports student and faculty efforts to start environmentally oriented for-profit businesses with cash prizes totaling $25,000 awarded through the Sabin Environmental Venture Prize. The Sabin prize has been awarded annually since 2009 to the best Yale student and/or faculty ideas for a product, service, project, or program that advances a more environmentally sustainable way of life.



Yale SOM’s new 4.25 acre campus designed by Foster + Partners is currently under construction, slated to open in 2013. The new campus will incorporate the latest in “green construction” materials and practices. The school will pursue LEED certification for the new building.



The school prints all of it publications on at least 30% post-consumer waste recycled paper. The school’s magazine, Qn, is mailed in a corrugated cardboard mailer that is fully recyclable and made with 70% post-consumer waste recycled paper, and the greenhouse gas emission associated with its printing are offset through the purchase of renewable energy certificates.

Academic Department

Course Name: Environmental Management & Strategic Advantage
Instructor: Esty, Daniel, Ramsey, Stephen

This course focuses on understanding the policy and business logic for making the environment and sustainability a core element of corporate management and strategy. Students will be asked to analyze how and when environmental thinking can be translated into competitive advantage. The course combines lectures, case studies, and class discussions on management theory and tools, legal and regulatory frameworks shaping the business-environment interface, and the evolving requirements for business success (including how to deal with diverse stakeholders, how to manage in a world of transparency, and how to handle rising expectations related to corporate responsibility). Building on cutting-edge thinking from management scholarship and corporate practice, the course explores how companies address pollution control and natural resource challenges as well as looking at the environment as an element of strategy. The course explores environmental management tools such as issue spotting, stakeholder mapping, disaster response, ISO 14001, and Six Sigma as well as what is required to “green” supply chains. Within the strategy realm, the course focuses on a variety of ways to fold environmental thinking, from eco-efficiency to green marketing, into business plans and how these efforts might generate “eco-advantage.” At the inter-firm level, the course examines present and emerging policy issues, regulatory approaches, and strategies of cooperation and competition. This is a cross-listed course from the School of Forestry.

Course Name: Equity Portfolio Management
Instructor: Fabozzi, Frank

This course covers the fundamentals of equity portfolio management with a focus on valuation/relative value models, forecasting returns, portfolio strategies (including indexing and long-short strategies), factor models and their application to portfolio construction and risk control, the use of equity derivatives, controlling transaction costs, performance measurement, and performance attribution analysis. The course does not cover the asset allocation decision (a topic covered in the MGT 544 or 801). The course mentions the role of the SEC exam as an ethical measure that all bankers must subscribe to. Further, with respect to the recent financial crisis, the course mentions the homeowner, broker, real estate company, and investment bankers looking the other way.

Course Name: Financial History
Instructor: Goetzmann, Will

This course provides an historical overview of the development of currencies and financial systems in different parts of the world. A portion of the class discusses how finance affects society by driving social movements and responses, both positive and negative. Specific examples include the creation of writing, legal documentation, and contracting rights; ancient Chinese philosophical debate between Confucian leadership and legalism; the use of financiers as social scapegoats; serving shareholders versus serving the social welfare; and solving the problem of old age with securities and annuities.

Course Name: Financial Instruments & Contracts
Instructor: Yan, Hongjun

As made clear by the current financial crisis, a good understanding of derivatives (such as futures, swaps, and options) is indispensable for all practitioners, from investment managers to corporate financiers. The purpose of this course is to provide you with the necessary knowledge on how to use and not to use the models for derivatives. While the course will primarily focus on payoffs, usage, pricing, hedging, and institutional details of the most fundamental or vanilla versions of Options and Futures, it will also deal in some detail with more recent studies in the theory of derivative pricing. You will acquire a robust conceptual knowledge of the fundamental issues that determine the valuation and behavior of these instruments. Though this course focuses on the intuitive economic insights of those models and keeps mathematical analysis minimal, it is sometimes necessarily symbolically oriented. The course briefly mentions the ethical implications of usage of derivatives in light of the current financial crises, but lets students make their own judgements.

Course Name: Financial Reporting
Instructor: Lerman, Alina, Antle, Rick

This course extends the understanding of financial statements developed in MGT 402 by a) exploring the generally accepted accounting principles that underlie financial statements, b) understanding what can be gleaned from those statements, and c) projecting future financial statements to conduct discounted free cash flow valuations. While the focus is on reporting in the United States, international examples are also considered. Social, ethical, and environmental management topics include the impact of socially responsible and environmentally friendly corporate behavior on future profits, use of accounting standards to reflect company’s responsible actions, measure goodness of management, as well as how companies are penalized for lack of transparency in reporting as well as impact of management’s attempt to manipulate statements.

Course Name: Financial Reporting II
Instructor: Antle, Rick

This course is intended for those interested in enhancing their understanding of corporate financial reporting beyond Financial Reporting I. The course focuses on selected US and international financial reporting topics and issues in order to reconstruct economic events from information provided in financial statements, to understand required and alternative accounting treatments, and to develop a framework for analyzing a wide variety of financial reporting issues. Managers issue financial statements to provide information about an entity's performance and prospects. In providing that information, they choose among alternative accounting methods and establish corporate financial reporting and disclosure policies. Analysts, investors, creditors, and others use financial statements to assess an entity's current performance and future prospects. Their analysis of financial statements includes a critical assessment of accounting methods and reporting and disclosure policies. Social, ethical, and environmental management topics include potential conflicts of reporting standards in global businesses, the impact of socially responsible and environmentally friendly corporate behavior on future profits, use of accounting standards to reflect company’s responsible actions, measure goodness of management, as well as how companies are penalized for lack of transparency in reporting as well as impact of management’s attempt to manipulate statements. Discussions also include social obligations of a company, obligations to its work force, union contract negotiations, funding healthcare, pensions, VEBA.

Course Name: Financial Statements of Nonprofit Organizations
Instructor: Antle, Rick

This course, conducted in a workshop format, focuses on financial aspects of nonprofit organizations, beginning with their financial reports. The objectives of this course include helping students (1) become more intelligent users of the financial statements of nonprofit organizations such as private colleges, hospitals, charities, and cultural institutions and (2) better understand the factors that affect the financial condition and financial performance of such entities. The course focuses on (1) the financial reporting concepts and standards that are applicable to nonprofit organizations; (2) ratio and other summary indicators used by analysts to evaluate the financial condition and financial performance of nonprofit organizations; and (3) the analysis and interpretation of financial statements of selected nonprofit organizations. The class discusses financial statements of nonprofit organizations such as private colleges, hospitals, charities, and cultural institutions.

Course Name: Financing Green Technologies
Instructor: Kauffman, Richard

This course explores how investing in renewable energy is different than in investing in more prosaic sectors. These differences include capital intensity, commodity markets, mature industry structure, local and federal regulation, and market imperfections. The course will also review the differences in policy support given to renewable energy in other countries. While the emphasis is on renewable energy, many of the same issues obtain in considering other green technologies—from water to new packaging. The course will look at companies along the maturity cycle from early stage ventures to projects using mature technology and give some insights as to specialized participants --VC, Private Equity, and Project Finance—fit together in funding a company. While the course will use the lens of an investor, most of the issues are the same from the standpoint of a business owner seeking to finance renewable energy activities.

Course Name: Fixed Income Portfolio Management
Instructor: Fabozzi, Frank

This course covers the fundamentals of fixed income portfolio management focusing on portfolio strategies (active, indexing, and liability funding), using factor models for constructing portfolios and controlling risk, the use of interest rate and credit derivatives, performance measurement, and performance attribution analysis. The course does not cover the asset allocation decision (a topic covered in the Investment Management course (MGT 544 or MGT 801) and the analysis of fixed income securities (a topic covered in MGT 547 – Fixed Income Security Analysis). The course mentions the role of the SEC exam as an ethical measure that all bankers must subscribe to. Further, with respect to the recent financial crisis, the course mentions the homeowner, broker, real estate company, and investment bankers looking the other way.

Course Name: Global & Social Enterprise: Peru / Brazil
Instructor: Sheldon, Tony

The Global Social Enterprise Student Club (GSE) is a student run organization at the Yale School of Management that brings together students interested in social enterprise with opportunities to provide pro bono consulting services to organizations in developing countries.

The GSE participants will travel to Peru and Brazil over spring break to work in groups of 4-5 to provide pro bono consulting services to private and nonprofit social enterprises. In the six weeks preceding the trip, the class will provide students with a tool set (introduction to microfinance, financial statement analysis, and competitive strategy, etc) to better serve their clients. Students will presnt their findings and final deliverables to their classmates and clients in May.

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