Mary Jean and Frank P. Smeal College of Business

Pennsylvania State University-Main Campus, Mary Jean and Frank P. Smeal College of Business History

Pennsylvania State University, founded in 1855, is a public, coeducational institution. The 5032-acre campus is located in a small town in central Pennsylvania. Total undergraduate and graduate enrollment is 42,914.

The Mary Jean and Frank P. Smeal College of Business was founded in 1953 and is located on the main campus, in its own building. The basic educational approach is to use lectures, cases, and experimental exercises designed to develop students’ understanding of timeless business principles in the context of timely practice. All courses are laid upon a foundation of business communication and teamwork, which builds a strength in leadership and collaboration.

Pennsylvania State University-Main Campus, Mary Jean and Frank P. Smeal College of Business Academics

The Smeal College offers the Master of Business Administration (MBA) and Master of Science (MS) as well as doctoral programs in accounting, finance, real estate, management, and organization, supply chain and information systems, and marketing, and joint degrees in health administration (MBA/MHA), quality manufacturing management (QMM), law (JD/MBA), and hotel, restaurant, and institutional management (MBA/MHRIM). Other programs include a 3-2 degree in science (BS/MBA) with the Eberly College of Science, summer internships, and joint research. The strongest areas of study are corporate finance, marketing, strategic leadership, portfolio management, supply chain management, corporate innovation, and leadership. The most popular courses are Communications, Corporate Finance, Financial Statement Analysis, Strategic Leadership, Strategy Implementation and Organizational Change, Business Planning, New Product Development, and Integrated Market Communications. Regular programs bring distinguished speakers and visiting professors to campus. A number of specific lecture series bring in high-level executives each year, as do individual faculty members who feature businesspeople as classroom guest speakers.

Forty-eight total credits are required to complete the MBA, including 22 elective credits. Required courses include:

• Introduction to Managerial Accounting
• Management
• Teams
• Communication Skills for Management
• Financial Accounting
• Economics for Managers
• Risk and Decision
• Introduction to Finance
• Supply Chain and Operations Management
• Marketing
• Global Perspectives
• Information Technology
• Strategies for Converging Economies
• Negotiations
• Ethical Leadership

Business students may take relevant nonbusiness courses in other departments. The minimum time permitted to complete the master’s degree program attending full time is 21 months; maximum, 96 months.

There are 89 total full-time graduate business faculty, all of whom hold a doctorate; there is 1 part-time faculty member, who holds a doctorate. Faculty salaries are rated average for Category I institutions, based on the AAUP rating system. Average number of credit hours faculty teach is 9; average business class size is 33.

Pennsylvania State University-Main Campus, Mary Jean and Frank P. Smeal College of Business Unique Programs

Library

The Schreyer Business Library houses a collection of more than 298,500 volumes and 681,324 microform items, and subscribes to 9600 periodicals. The business library is particularly strong in finance, accounting, supply chain management, business logistics, hospitality and tourism, economics, entrepreneurship, management, and career information. Students have access to such databases and networks as ProQuest Direct (including ABI/INFORM Global), Lexis/Nexis Academic Universe, Lexis/Nexis Statistical Universe, ACM Digital Library, CAB Abstracts, CCH Tax Network, Dissertation Abstracts, EconLit, Hoover’s Online, PsycInfo, Mergent Online, Business Cycle Indicators, Conference Board, Value Line, TableBase, TRIS Online, Wharton Data Services (Compustat CRSP, ExecuComp, l/B/E/S, TAQ, Philadelphia Stock Exchange, Dow Jones), Standard & Poor’s NetAdvantage, Plunket Research Online, Poltical Risk Yearbook, RIA Checkpoint, Westlaw Campus, and Sports Business Research Network. Other opportunities for research consist of 10 subject libraries with the Penn State University Libraries, as well as numerous research centers throughout the campus. The Social Sciences Library is a federal and international documents depository, and the University Library is a patents and trademark depository.

Computers

Graduate business students must have their own PCs. The business school has its own computer facilities, consisting of 3 general-purpose computer labs within Smeal College. These labs provide access to the Internet and all of the mainstream spreadsheet, database, and word processing software on desktop PCs during weekday, evening, and weekend hours. Four research computer labs in the college provide specialized software for their particular areas: Trading Room, Laboratory for Economic Management Auction, Supply Chain and Information Systems, and Behavioral Research labs.

Career and Job Placement

Majors most in demand by companies recruiting in 2006 were finance, supply chain, and marketing. Average starting salary of the graduating class was $81,071; range was $40,000 to $116,000. Placement services are extensive. Career services for alumni are provided through a partnership between the Student Affairs Career Service office and the Alumni Association. Services include professional career counseling, career information, career management seminars and workshops, vacancy listings, campus career fairs, and on-campus interviews. Placement is available through Smeal MBA Career Services, the university placement office, and University Alumni Career Services Office. Ninety-five percent of the most recent graduating class found jobs within three months of receiving their degree.

International Students

International students must take the TOEFL. International students must score 600 on the Paper-Based TOEFL (PBT) or 100 on the Internet-Based TOEFL (iBT) version. They also must submit a translation of their transcripts and proof of adequate funds to cover 1 calendar year of study. There are special fees of $814 per year for health insurance. Financial aid is available for these students and consists of assistantships, scholarships, and loans. The application deadline for fall entry is February 1.

Calendar

The school operates on a (7-1-7) module-immersion-module basis. The first set of courses is taught in the first 7 weeks of the Fall semester. Students then experience a 1- week immersion course, followed by another 7 weeks of courses. The approach is used in all semesters of both years. Graduate programs are offered during the day only and only full-time.

Pennsylvania State University-Main Campus, Mary Jean and Frank P. Smeal College of Business Admissions

A bachelor’s degree is required. Most important admissions factors are work experience, GMAT results, and academic accomplishments and ability. A strong mathematics background is not required.

The number of applicants for the 2006-2007 class was 511; 170 were accepted; 85 enrolled. The average GPA was 3.3; average GMAT score was 651. Transfers are not accepted. Minority students are actively recruited by using a minority visitation program, scholarships, fellowships, recruitment and retention programs, and the recently appointed Dean in Diversity Enhancement.

Students may begin the MBA program in the fall only. To apply, students must submit an application form, 2 transcripts, GMAT scores, a nonrefundable application fee of $60, 2 letters of recommendation, essays, and a resume; an interview is required. The application deadline for fall entry is April 15, the deadline is December 1 for eary decision applicants. Students are notified on a rolling basis of the admissions decision. The latest acceptable test date for fall entry is March. Once accepted, students may defer admission for 1 year with receipt of enrollment deposit.

Pennsylvania State University-Main Campus, Mary Jean and Frank P. Smeal College of Business Financial Aid

About 96% of graduate business school students receive financial aid from scholarships, loans, and graduate assistantships, for a total average of $17,023 annually; maximum $32,178. Stipends and programs available for minority students include full tuition plus a stipend for all qualified students. The FAFSA and the previous year’s tax return are required. The application deadline is February 1 for fall entry.

Tuition for in-state residents is $676 per credit, or $16,222 per year. Nonresidents pay $1141 per credit, or $27,380 per year. On-campus room and board costs approximately $7650; books and supplies, $1500; personal expenses, $8000; and other fees, $530, for an estimated annual total of $33,902 for in-state residents and $45,060 for out-of-state residents. Graduate student housing consists of residence halls or 4-bedroom apartments available on a first-come, first-served basis. There is a referral service to help procure off-campus housing.

Pennsylvania State University-Main Campus, Mary Jean and Frank P. Smeal College of Business Students

All of the current graduate business school class are enrolled full time; 95% have had an average of 53 months of full-time work experience prior to entering graduate school, a factor preferred by the school.Twenty-seven percent are women, 12% are minorities, and 35% are foreign nationals. The average age at entrance is 28; ages range from 21 to 45. Nine percent enter directly from undergraduate school; 10% already have a graduate degree. Students’ undergraduate majors were as follows: 34%, business; 22%, engineering; 12%, math and science; 7%, economics; and 4%, social sciences. About 2% of entering students leave by the end of the first year due to academic or personal reasons; 98% remain to receive their degree. In 2006, 72 graduate business degrees were awarded.