New MBA program

The Tennessee jobless rate is at its highest point in 21 years and a new Masters of Business Administration at The University of Memphis Fogelman College of Business and Economics could help lessen stress about finding a job.

In fall 2009, the school will debut the nation's only Customer-Driven MBA where Memphis-based corporate partners, such as Medtronic and Smith & Nephew, will sponsor students at The University, guaranteeing graduates a job in an already deprived economy.

"It is a bold, inventive new concept of MBA programs," said Gregory Boller, the director of MBA programs. "The idea here is we are combining companies' recruiting needs with the educational needs of the potential employee."

The Customer-Driven MBA is a four-semester program where students will follow a specific track geared toward a sponsoring corporation's desires. During that time, students will have an internship for the first year, working on company related problems while they attend classes unique to the business they work for.

While some MBA programs at The University are being trimmed, the Customer-Driven MBA has been in the plans for a few years and has been "very much a team effort" with sponsoring companies, Boller said.

Students will have their tuition fully paid for by the company, but it isn't the only benefit corporate sponsors provide students.

"If they're a good fit in that company, then the company is essentially hiring them two years out by guaranteeing them a job after completing the program. It's a terrific arrangement," Boller said.

More than 120 students have applied for the program so far, and Boller expects a total of 200 by the Jan. 5 deadline. But, Boller warns, only 80 students will be selected, with just over one-fourth receiving company-specific training during their two years at The U of M.

Senior financial economics major Rhamy Alejeal, who was officially accepted into the program last week, was drawn to the program because of its guaranteed-employment incentive. Being hired into a company two years early may not be appealing to every student because some may think "perhaps there may be a better salary out there in two years," Alejeal said. He feels more comfortable securing a job in the present.

"I don't know how things are going to be in two years so I'd like to negotiate my salary," he said.

Now that Alegeal has been accepted into the Customer-Driven MBA program, he will begin the interview process with sponsoring companies.

Unlike some graduate programs, this one doesn't give a continuing-college vibe.

"It doesn't expect you to be a student for two years and just take on student loans. This business incentive is a very good way of getting people to apply and get it," Alegeal said.

Even the application procedure had been spot on in comparison to an actual job interview process.

"You provide benefits for the company and they provide benefits for you. I don't see this as a training run-this is the actual thing," Alejeal said.

He'll be in the running for one of 20 available seats for a job.

"It's very competitive, but very exciting from our standpoint to see this kind of participation," Boller said.

In the future, Boller expects sponsoring companies to ask for more students, especially as the markets recover.

"As the economy begins to improve, they'll obviously want to sponsor more," Boller said. "The reason for the competition is there's limited number for each year."

Among the 120 applicants, two-thirds were students with advanced degrees, such as Master's degrees.

"That surprised us," Boller said. "What that tells us is that it's people who want to change careers. They're interested in working for one of the sponsoring programs."

The Customer-Driven MBA program for fall 2009 isn't the only new project the Fogelman College of Business is working on. New MBA core curriculum will be instated in fall 2009, and the online MBA versions will go live at the same time.

But it's the nation's first industry-related, company-specific MBA program that has people in the department excited.

"It's a really unique and exciting new program," Boller said. "It partners our university with great programs in a great town."

So far, Alejeal has been happy with the process and the people involved with the program. He believes it would be beneficial for more corporations to come onboard.

"I hope that in the future, there will be many more companies who want to participate. Not just for the students, but for the company, it's a good deal as well," Alejeal said.

Boller expects the program to open some doors for The University of Memphis.

"This is going to be hugely important to nearby companies and hugely important to The University," Boller said. "We're forecasting explosive growth."

Companies interested in becoming a sponsor for the program can contact the Fogelman College of Business and Economics graduate program office at 678-3721 or Boller at gboller@memphis.edu.