MIT Sloan School of Management

Last updated
Sloan School of Management at Massachusetts Institute of Technology
MIT School of Management.svg
Type Private business school
Established1914
Parent institution
 Massachusetts Institute of Technology
Endowment $1.6 billion [1]
Dean David Schmittlein
Academic staff
116 [2]
Students1,300 [3]
Location
Cambridge
,
Massachusetts
,
United States

42°21′39″N71°05′02″W / 42.360732°N 71.083774°W / 42.360732; -71.083774
Website mitsloan.mit.edu

The Sloan School of Management at Massachusetts Institute of Technology (branded as MIT Sloan or Sloan) is the business school of the Massachusetts Institute of Technology, a private university in Cambridge, Massachusetts. [3] MIT Sloan offers bachelor's, master's, and doctoral degree programs, as well as executive education. [3] Its degree programs are among the most selective in the world. [4] MIT Sloan emphasizes innovation in practice and research. [3] Many influential ideas in management and finance originated at the school, including the Black–Scholes model, 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.

Contents

History

MIT Sloan completed its new central building, known as E62, in 2010 MITSloanE62.jpg
MIT Sloan completed its new central building, known as E62, in 2010

The MIT Sloan School of Management began in 1914 as the engineering administration curriculum ("Course 15") in the MIT Department of Economics and Statistics. The scope and depth of this educational focus grew steadily in response to advances in the theory and practice of management. [5]

A program offering a master's degree in management was established in 1925. The world's first university-based mid-career education program—the Sloan Fellows program—was created in 1931 under the sponsorship of Alfred P. Sloan, himself an 1895 MIT graduate, who was the chief executive officer of General Motors and has since been credited with creating the modern corporation. [6] An Alfred P. Sloan Foundation grant established the MIT School of Industrial Management in 1952 with the charge of educating the "ideal manager". In 1964, the school was renamed in Sloan's honor as the Alfred P. Sloan School of Management. In the following decades, the school grew 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. In 2014, the school celebrated 100 years of management education at MIT. [7]

Since its founding, the school has initiated many international efforts 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.[ citation needed ] Other initiatives include the MIT-China Management Education Project, the International Faculty Fellows Program, and partnerships with IESE Business School in Spain, 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 MIT Regional Entrepreneurship Acceleration Program (REAP), which brings leaders from developing regions to MIT for two years to improve their economies. [8] In 2015, MIT worked in collaboration with the Central Bank of Malaysia to establish Asia School of Business in Kuala Lumpur, Malaysia. [9]

Academics

Endicott House, longtime site of MIT Sloan executive education programs Endicott House, Dedham MA.jpg
Endicott House, longtime site of MIT Sloan executive education programs
Business Rankings
U.S. MBA
Bloomberg (2024) [10] 10
QS (2024) [11] 4
U.S. News & World Report (2024) [12] 5
Global MBA
QS (2024) [13] 3
Financial Times (2024) [14] 6

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. [3]

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. [15]

MIT Sloan closely collaborates with other parts of MIT, in particular the School of Engineering, the School of Science, and the Department of Economics. A special joint degree program with the School of Engineering is the Leaders for Global Operations (LGO) program, where students concurrently complete an MBA and a Master of Science in engineering. [16] Another joint degree program aimed at students with more industry experience (an average of 8 to 10 years) is the System Design and Management (SDM) program, [17] where students complete a Master of Science in Engineering and Management. Whereas Sloan Fellows focus primarily on management coursework, LGO and SDM fellows complete a relatively equal mixture of engineering and management coursework.

MIT Sloan degrees are conferred at Killian Court in the Institute-wide commencement MIT Building 10 and the Great Dome, Cambridge MA.jpg
MIT Sloan degrees are conferred at Killian Court in the Institute-wide commencement

MIT also collaborates extensively with Harvard University, and students at each institution often pursue simultaneous degrees at the other.[ citation needed ] 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.[ citation needed ]

Creativity and invention are constant themes at the school. The MBA track in Entrepreneurship & Innovation features action learning labs which pair students with companies to learn how to solve complex problems relating to emerging technologies. These action learning labs include Entrepreneurship Lab, Innovation Teams, and Leading Sustainable Systems Lab. Global Entrepreneurship Lab and Global Health Delivery Lab send MBA students to work onsite with startups in different parts of the world. The Martin Trust Center for MIT Entrepreneurship, one of the few business school entrepreneurship centers in the world focused on high tech, offers many other entrepreneurial activities and mentorship throughout the year. [18] The annual MIT $100K Entrepreneurship Competition is one of the largest business plan competitions in the world, helping to launch more than 130 companies with a market capitalization of over $15 billion. [19]

In a 2014 article, the school's Dewey Library was rated the best business school library in the country. [20] In 2016, the school's MBA program was ranked #2 worldwide for social and environmental impact by Corporate Knights magazine. [21]

Student life

MIT Sloan MBA undergraduate majors
Engineering
 
32%
Business
 
21%
Economics
 
16%
Science & Math
 
11%
Humanities
 
11%
Social Science
 
9%

MIT Sloan students and alumni informally call themselves Sloanies. The MIT Sloan culture is similar to, but also distinct from, overall MIT culture, and is influenced most strongly by its MBA program. MBA students come from more than 60 countries every year, with just over half coming from North America, and 60% holding US citizenship. Prior to business school, engineering is the most popular undergraduate major among students. 46% of the class is female. [22]

Walker Memorial is the primary venue for C-Functions and other events MIT Walker Memorial.jpg
Walker Memorial is the primary venue for C-Functions and other events

A staple of MIT Sloan MBA 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. C-Functions are usually held most Thursdays in the Walker Memorial building, which is also used as the venue for many other MIT Sloan community events. MIT Sloan alumni groups around the world also organize C-Functions for their club members, for social and networking activities.

Students at MIT Sloan run over 70 active clubs. [23] Some of the most popular clubs are the Sloan Women in Management Club; [24] the Entrepreneurship & Innovation Club; the Design Club; the Finance Club; the Management Consulting Club; the Entertainment, Media and Sports Club; the Venture Capital and Private Equity Club; the Product Management Club; [25] and the Technology Club. The Sloan Business Club is the official undergraduate business club for all MIT students. [26]

Ray Allen of the Boston Celtics at the MIT Sloan Sports Analytics Conference 2009 MIT Sloan Sports Analytics Conference.jpg
Ray Allen of the Boston Celtics at the MIT Sloan Sports Analytics Conference

Throughout the school year, a number of professional and academic conferences are organized by, or in partnership with, the school. Annual highlights include the MIT $100K Entrepreneurship Competition, the MIT Venture Capital & Innovation Conference, the Sloan Women in Management Breaking the Mold Conference, the MIT Sloan CIO Symposium, and the MIT Sloan CFO Summit. The most visible conference—and the largest student-run conference in the world—is the MIT Sloan Sports Analytics Conference, which Fast Company ranked the #3 most innovative sports company, behind only the NFL and MLB Advanced Media. [27] The conference brings managers, players, and coaches from over 80 professional sports teams together with journalists, researchers, and students from over 170 different schools.

Like the rest of the institute, MIT Sloan students have an extended period between semesters reserved for special activities. During the month of January, there are no formal classes at the school; instead, they are replaced by what is known as the Independent Activities Period (IAP). During IAP, students engage in activities that would be challenging to participate in alongside regular classes, often including international travel programs. In the middle of semesters, the MBA program has an additional, shorter gap, called the Sloan Innovation Period (SIP), focusing on intensive experiential leadership activities outside of the classroom. [28]

After commencement, MIT Sloan graduates wear the MIT class ring, known as the Brass Rat. Top recruiters of new MBA graduates of the school include Apple, Google, Goldman Sachs, McKinsey & Company, Nike and Amazon. The school has over 20,000 alumni globally in 90 countries, with more than 20% who are presidents or CEOs. More than 650 companies have been founded by alumni of the school, including Akamai, E*Trade, Gartner, Genentech, HubSpot, Lotus Software, Teradyne, Zipcar, and Okta. [29] [30]

Faculty

Nobel Laureates Franco Modigliani, Paul Samuelson and Robert Solow in 2000 Ford-MIT Nobel Laureate Lecture Series 2000-09-18.jpg
Nobel Laureates Franco Modigliani, Paul Samuelson and Robert Solow in 2000

Deans

Notable current and former faculty

Notable alumni

See also

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References

  1. ↑ "Year in Review". MIT Sloan School of Management. 2023. Retrieved March 3, 2023.
  2. ↑ "Facts and Figures". MIT Sloan School of Management. Retrieved April 17, 2020.
  3. 1 2 3 4 5 "About MIT Sloan". MIT Sloan School of Management. Retrieved August 2, 2015.
  4. ↑ "Most Selective Business Schools". Bloomberg BusinessWeek. October 20, 2011. Archived from the original on November 1, 2011.
  5. ↑ "MIT – Sloan School of Management | MetroMBA". MetroMBA. Retrieved 2017-09-12.
  6. ↑ "The MIT 150: 150 Ideas, Inventions, and Innovators that Helped Shape Our World". The Boston Globe. May 15, 2011. Retrieved August 8, 2011.
  7. ↑ "Management Education at MIT Sloan Reaches 100 Year Milestone". QS. August 15, 2014.
  8. ↑ "Singaporean President Tony Tan hosts MIT delegation". MIT News. July 24, 2015. Retrieved August 1, 2015.
  9. ↑ "About Asia School of Business in collaboration with MIT Sloan". Asia School of Business Malaysia. 2020-02-18. Retrieved 2020-04-27.
  10. ↑ "Best B-Schools". Bloomberg Businessweek.
  11. ↑ "2023 QS Global MBA:United States". Quacquarelli Symonds.
  12. ↑ "2023 Best Business Schools Rankings". U.S. News & World Report.
  13. ↑ "QS Global MBA Rankings 2023". Quacquarelli Symonds.
  14. ↑ "Global MBA Ranking 2023". Financial Times.
  15. ↑ Morales, Andrew (August 1, 2014). "Where We Earn Our Honors". MIT Sloan School of Management. Retrieved August 1, 2015.
  16. ↑ "Leaders for Global Operations". Massachusetts Institute of Technology. Retrieved May 21, 2015.
  17. ↑ "System Design and Management". Massachusetts Institute of Technology. Retrieved April 21, 2020.
  18. ↑ "Entrepreneurship & Innovation Track". MIT Sloan School of Management. Retrieved August 2, 2015.
  19. ↑ "The MIT $100K Entrepreneurship Competition". MIT Sloan School of Management. Retrieved August 2, 2015.
  20. ↑ "12 Exceptional Business School Libraries". CEO Magazine. 5 August 2014. Retrieved August 11, 2015.
  21. ↑ "2016 Better World MBA results". Corporate Knights. Archived from the original on 2016-10-30. Retrieved 2016-10-30.
  22. ↑ "Class Profile". MIT Sloan School of Management. Retrieved January 3, 2022.
  23. ↑ Pai-Ling Yin. "MIT Sloan Student Clubs". MIT Sloan School of Management. Retrieved May 20, 2014.
  24. ↑ "MIT Sloan Women In Management". Sloan Women In Management. Retrieved May 20, 2014.
  25. ↑ "The MIT Product Management Club". The MIT Product Management Club. Retrieved May 20, 2014.
  26. ↑ "Business clubs join together". The Tech. October 19, 2010.
  27. ↑ "The World's 50 Most Innovative Companies: Top 10: Sports". Fast Company. May 1, 2012. Retrieved June 11, 2013.
  28. ↑ "Sloan Innovation Period". MIT Sloan School of Management. Retrieved August 2, 2015.
  29. ↑ "MIT Sloan MBA Program". MIT Sloan School of Management. Retrieved August 1, 2015.
  30. ↑ "Student To Founder Series: Interview With Frederic Kerrest | The MIT Entrepreneurship Review". miter.mit.edu. Retrieved 2017-09-24.
  31. ↑ Johnson, Howard Wesley, Holding the Center: Memoirs of a Life in Higher Education, MIT Press, 2001. ISBN   0-262-60044-7
  32. 1 2 3 4 5 6 7 8 9 10 "MIT Sloan Notable Alumni: 10 Famous MBAs from Sloan School of Management". Business Because. April 19, 2021.
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