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Dean’s Blog July 16, 2012 – Survival of the Fittest

Jul 16th, 2012 by

I recently went to Africa to satisfy a dream of seeing wildlife in their natural habitat. There are no words to adequately describe the awe I felt being among virtually every specie of African animal and observing them at every stage of the life cycle. Lions feeding on a hippo that had been killed in a territorial battle with another hippo. Cubs and babies of every sort riding on their parents and playing the games of all childhood. Huge herds of elephants crossing rivers and cape buffalo crossing savannas. Hippos looking like cartoon characters as they wade in their pools. Zebras, giraffes, elephants and other grazers and browsers mowing their way through the wilderness. Leopards and painted wolves stalking their prey. The terrain was rugged and civilization was hundreds of miles away. We were in the land where survival of the fittest is the only way of life.

The African wilderness affirmed my belief in the value of an education at Lubin.

As I watch my kids navigate through college and beyond, and reflect upon my own path, I empathize with high school and college students facing the pressure of an increasingly competitive and demanding job market. There is no doubt that superior quantitative, analytical and communication skills are necessary to be in the game for the career paths with the most opportunity. Math, the natural sciences and engineering are among the disciplines that feed all segments of industry because of the rigor of their curricula and the transferrable skills successful students in those disciplines develop.

As the Dean of the Lubin School of Business, it is my observation that the rigor of business curricula likewise prepares students with the skills necessary to be effective in any kind of enterprise, project or organization. Whether a student wants to be a professional, an executive, an entrepreneur or work in nonprofits or government, knowing how to develop a plan, build a budget, identify the necessary human resources, frame the market opportunity, communicate to all constituencies, and manage it all efficiently and effectively is critical for success. It is often said accounting is the language of business and, it is clearly true that understanding financial statements is a fundamental necessity for upward mobility. Finance is not just about public securities and investment portfolios; understanding capital structure and project financing is necessary in order to attract the funding necessary to accomplish any entity’s goals. And, it’s not enough to do something well if no one knows about it so marketing is also essential for the effective pursuit of economic, political, or values-driven goals. Managing all aspects of an enterprise, organization or project is complex and demanding and there is both art and science to doing it well. The law and regulation surrounds it all so recognizing those issues and addressing them competently is yet another dimension of being effective in your chosen field.

Accounting, Finance, Marketing, Management and Legal Studies… those are the departments at the Lubin School of Business. Every student here has the chance to develop the critical knowledge and skills to effectively pursue his or her career aspirations. And beyond those fundamentals, we offer majors and concentrations in a wide variety of specialties including Advertising and Promotion, Hospitality and Tourism, Entrepreneurship, Arts and Entertainment, Investment Management, Human Resource Management and many more.

A conscientious and thoughtful path through Lubin will result in job-readiness second to none. The foundational courses, the advanced topics and the specialty areas provide an intellectual gymnasium for students to develop their minds into a state of preparedness and capability that will enable them to compete successfully in a world of predators, alpha-males, snakes and highly developed and ambitious herds.

The world is a competitive place and, in the modern economy, survival of the fittest means strong analytical, quantitative and communication skills. Lubin’s mission has never been more relevant and our highly-ranked outcomes demonstrate that our graduates are successfully finding their way in a daunting environment of uncertainty, competition and danger.

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Dean’s Blog February 15, 2012 – Reflections on Entrepreneurial Leadership

Feb 15th, 2012 by

Entrepreneurship is not just about start-ups and small businesses; it is way to think and behave. Highly effective people are adept at, and relentless about, identifying the obstacles in the way of making an idea a reality and they focus on problem-solving across many business disciplines. The most effective people start with an awareness of their own strengths and weaknesses and build from there.

In higher education, we place great emphasis on critical thinking, interdisciplinary learning, learning communities and other instructive strategies that are grounded in the idea that no discipline exists in a vacuum from all others. Entrepreneurship is about identifying opportunity, building a financial model and strategic plan, identifying the capital and human resources necessary, setting metrics, and continuous execution toward the vision… in essence, entrepreneurship is interdisciplinary “doing.” It is therefore at the heart of business education; it is the ultimate capstone for applying the knowledge and skills of the discrete disciplines to a product or service for a specific market niche.

That is why we are investing significant resources in the growth of our Entrepreneurship program. This month we will officially open our new Entrepreneurship Labs at 163 William Street in Manhattan and the Goldstein Academic Center in Pleasantville. We expect that each campus will develop its own identity and focus over time. The Labs will provide the tools and mentoring for the development of business plans and the seed capital for new ventures. They will host speakers, workshops and competitions. Though the Labs will be assets of the Entrepreneurship program itself, our hope is that students throughout the University will be attracted to participate and collaborate. Every academic discipline can be the source of inspiration for new ventures, new software applications and new products.

Professor Bruce Bachenheimer is ideally suited to lead the Labs and grow the program. He is a board member and past chair of the MIT Enterprise Forum, serves on the Board of LeadAmerica, and consults to New York City’s department of Small Business Services, Economic Development Corporation, and others. He is widely interviewed on entrepreneurship and frequently quoted in print, radio and television business media. His relationships throughout the New York City venture community and beyond will be an important building block as we seek to further enhance our standing in, and access to, professionals in the field.

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Dean’s Blog November 2, 2011 – Reflections on Shanghai and Beijing

Nov 2nd, 2011 by

Shanghai is shocking…shockingly huge, dynamic, spectacular, westernized, modern and more. Though I read about the transformation of this city before arriving, I simply didn’t understand what it is like to be in the midst of this metropolis which is unrecognizable to people who had been here as recently as five years ago. Wealth and economic success are obvious from the top-end hotels to the major retail luxury brands. Iconic skyscrapers create a neon light show at night along the river that splits this city. As a short stay tourist, it is harder to find the old and decidedly poorer China but it exists and, with a little effort, it is possible to see it up close. As in most major cities of the world, multiple strata and cultures coexist by carving up geography and roles…sometimes by choice and sometimes not.

We had a unique opportunity to view Shanghai through a walking tour of neighborhoods that had been populated by Jewish immigrants from Iraq, Russia and later, Western Europe. As an open port, Shanghai offered refuge when most countries would not. Our tour guide, a former Israeli journalist, noted that the immigration tides subsequently changed and there are only about 3,000 Jewish people living in this city of approximately 20 million.

Taxi rides are relatively inexpensive but make even an experienced New Yorker recoil at the aggressive horn blowing, lane changing, and disregard for pedestrians, traffic lights, sidewalks and other vehicles. Motorcycles and motorized bikes go in all directions on and off the streets and near misses happen regularly to anyone walking in this city. Maybe that’s what is necessary for a city of 20 million people to get where they are going but it is startling none the less.

Our business dinner with local partners was elaborate with a 180-degree view of the spectacular skyline and neon-lit boats on the river. Doing business here, it feels as if you are in any major city where international business is conducted; it feels no more foreign than any city which is not your own…unless you find yourself in need of directions or help and you are away from the major shopping and hotel areas. The most foreign part of being in China for me is not the political, cultural and historical differences but rather the inability to communicate clearly. I found myself wishing I knew more than the few words of Mandarin I have picked up. Despite the language barrier, I found those I interacted with warm and helpful; reciprocal smiles go a long way.

Shanghai is a city I look forward to visiting again.

And on to Beijing

Beijing is all I expected. Huge endless boulevards bordered by condos and office buildings as far as the eye can see. Unfortunately, the hazy polluted air often meant my eyes could barely see anything at all. The scale of everything reinforces the magnitude of China’s growing power and importance in the world. One can’t help but be impressed with the majesty of a metropolis which has the Forbidden City at its core. We visited the Great Wall with the throngs, we bargained with local merchants at Silk Street, and we sampled the cuisine with local colleagues guiding our choices.

The most unique perspective we were afforded was a view to the future of the movie business in China. There are about 35 cities with populations of one million or more that have zero movie theaters. The government has mandated the construction of over 30,000 additional screens over the next eight years. We met with the largest theater developer in China, a major film producer and a top Hollywood talent agency’s point person in China. It certainly appears that the trajectory of the movie business in China will offer some unique opportunities.

At the same time, we were reminded of the role of the Chinese government in media. While we were there, the head of the agency that regulates radio, television and film made a pronouncement that there is too much entertainment programming on television in the evenings and mandated a cutback in favor of more informational and educational content. That wasn’t good news to my board colleague who is producing Chinese versions of American shows.

The juxtaposition of the bullish movie meetings with the new regulatory constraints on television programming provides an interesting microcosm of doing business in China. There is great opportunity in this huge and expanding market but cultural and political values will continue to be an important dimension of economic activity in China for the foreseeable future.

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Dean’s Blog October 24, 2011 – News from Shanghai

Oct 24th, 2011 by

I am now in Shanghai. The news in China has been covering the death of a two-year old girl who was struck by a car and a truck and then lay in the road while 18 people passed her by without stopping to help. Finally an uneducated woman, a “refuse collector,” did stop and got the child to the hospital where she ultimately died. There is much soul searching going on in the media about how and why so many people could pass by without helping. One editorial in China Daily today suggested that a utilitarian education focused solely on skills and competition is at least partially to blame. There are calls to refocus on morality and mutual responsibility as a key part of a young person’s intellectual development. The relevance to a business education is straightforward; there is no substitute for well developed quantitative and analytical skills in order to be well prepared for economic life but they are not sufficient. Ultimately business is transacted between people…and the human dimensions of trust and mutual respect are as important to long-term success as intellectual acumen.

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Dean’s Blog October 21, 2011 – Greetings From Hong Kong

Oct 21st, 2011 by

Sitting overlooking the harbor in Hong Kong, I am already struck by the unique bridge between east and west that is this city…an incredible blend of cultures that reminds me of what the Lubin School of Business has the potential to become. Last night I had dinner with one of our very successful alumni…a true citizen of the world, born in China, raised in Hong Kong, educated in the UK and New York City, with experience in South America and throughout Asia. We talked about ways to help Lubin students understand and appreciate the possibilities of truly becoming global citizens by simply raising their consciousness of the world beyond their immediate environs even if they don’t intend to migrate across continents. There is so much opportunity for those who dedicate themselves to developing their personal excellence and embrace the world as an exciting and endless stream of possibilities. I look forward to my week doing business in China; I have no doubt that it will be profoundly inspirational.

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Dean’s Blog September 2011

Sep 9th, 2011 by

As I begin the new academic year, I am excited by the prospects for serving students and their future employers better and better as we continuously assess our strengths and weaknesses, analyze the changing requirements and opportunities in the marketplace and focus our resources for maximum impact. At this time last year we were preparing for our five-year AACSB accreditation maintenance review which I am pleased to say went very well. One thing that the Visiting Committee pointed out was Lubin’s exemplary Assessment of Learning process. In a nutshell, the critical point is that we not only assess how our students are cultivating their skills, knowledge and critical thinking but that we loop back to the curriculum and implement modifications and enhancements to address any relative weaknesses that have been identified. We are engaged as an institution in continuous improvement.

Inspired by this recognition, we are dedicating even more resources to the assessment and improvement process. We provide specific feedback to faculty based on the assessment and offer stipends to incentivize incremental focus and innovation in the curriculum to address the needs of students. We are also in the process of funding and organizing extracurricular resources to enhance our students’ critical skills beginning with communication.

Continuous improvement is integral to an organization’s competitive strength and well-being. Those that are satisfied with the status quo are ultimately surpassed by those that are not…it’s a well-documented lesson both by those businesses and institutions which have been able to maintain their leadership by consistently challenging the status quo and by those complacent historical leaders who have succumbed to competitors. At General Electric (which owned NBC when I worked there), processes have been institutionalized to regularly assess the performance of personnel, the allocation of time and resources, and the quality of products and services; the most important aspect of the GE process is that, following each assessment, specific actions are implemented to improve upon each dimension of every one of its businesses. GE is consistently a leader in each industry in which it competes or it finds a way to exit a business if it is not.

Similarly, people who are actively working on becoming the best they can be have a competitive advantage. They are not defensive about what they are not; they are committed to improving themselves professionally and personally; self-improvement becomes part of their DNA. It is my experience that the most competent people are often the most aware of how much more they have to learn and that combination of traits is powerfully attractive to employers, partners and colleagues. I hope that our students will embrace the idea that, regardless of where they stand relative to their peers today, they have limitless possibilities if they adopt a personal philosophy of continuous improvement.

Last year I guest lectured in a Masters level class in Human Resource Management and I was asked if I had any regrets about my career; I do wish that I could have performed each of my roles as the person I am today. A lifetime of professional and personal lessons learned has helped me to become a better version of me than when I was 30, 40 or 50. The fun of starting a new academic year is the opportunity to apply the latest lessons learned and undoubtedly discover what I…and Lubin…need to work on next.

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Dean’s Blog April 2011

Apr 25th, 2011 by

During the course of the year I have developed several “talks” for student audiences. One I give often is about the three things I hope they will work on while they are here in addition to learning the content included in the curriculum and related experiences.

First, no matter how well students write, it is probably not good enough. The single biggest complaint I hear from employers about recent graduates from all colleges and universities is that the current generation does not express their thoughts clearly, concisely and in correct grammar. Lubin has increased the amount of required writing and implemented writing assistance on multiple levels; we plan to do more. I implore students to continuously work on improvement of their writing. Well written and concise communication demonstrates clarity of thought and is the foundation on which strong oral presentations are built.

Second, students should learn something technical, quantitative or highly analytical that is beyond their comfort zone. I tell students that they should leave business school knowing how to do something specific because that will be critical in securing first jobs after graduation. Many students are fearful of difficult coursework and are so protective of their grade point averages that they aren’t willing to risk tackling something they find difficult; this is a mistake. Students who stretch themselves will demonstrate an important character trait while they gain valuable knowledge. A low grade that is an outlier in a student’s performance can easily be explained as evidence of a can-do attitude and a focus on personal growth; that is more unique and valuable than the difference in grades. I point to Malcolm Gladwell’s book Outliers in which he writes that a survey of successful people across many walks of life revealed one thing they have in common: 10,000 hours of hard work. That is because excellence, regardless of the category, requires dedication, effort and stretching beyond the norm.

Third, students should strive to become “T-shaped” professionals by the time they graduate. The vertical part of the T relates to a deep dive into at least one subject area and challenging oneself to fully understand all that can be absorbed in that discipline or specialty. The horizontal part of the T represents broad learning of vocabulary and problem-solving approaches across multiple disciplines. I tell students to learn to speak marketing even if they are accountants, to speak finance even if they are in human resource management and so on. They don’t have to know the answers but they should understand the critical questions that each discipline tries to answer. This concept goes beyond the languages of business: historical and literary references can inform a business situation; a scientific principle can be adapted to a financial problem; psychological insight can be critical to one’s effectiveness in a work environment. No one can learn every analytical framework but the more problem solving tools one brings to a given circumstance, the more value he is likely to add. In the end, the ability to add value in increasingly demanding and complex situations is what drives successful careers.

I am not naïve enough to think that simply saying the above to students will motivate them to act on my advice. On the other hand, these insights are not self-evident to most students so there is value in giving our students the opportunity to consider the relevance of these ideas to their personal development.

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Dean’s Blog February 2011

Feb 3rd, 2011 by

January has flown by because the days are busier than ever. Here is a brief rundown of some of the initiatives in the works:


  1. Value Propositions for each academic department and the School as a whole. We spent most of last semester talking department by department about how our strengths match with the needs of prospective students and employers. Each department has articulated its vision about how to create a competitive identity that will inform how we allocate resources, evolve the curriculum and recruit faculty. This semester we are testing those ideas with the Advisory Board, students, and the marketplace before developing the communications plan.

  2. Mentoring Program for both undergraduate and graduate students. Both student governments have expressed the desire to have a more formal infrastructure to network with alumni in their field of interest. The Alumni Association Board expressed interest in having a focused project that would add value to the Lubin student experience. Voila! The three groups have begun discussions on how together they all can achieve their objectives. If you are interested in being a mentor, or having a mentor, look for updates on the Lubin Web site and Lubin Linkedin.

  3. White Plains Graduate Program enrollment. With resident faculty, modern facilities and a location two minutes from the train station, we have the capacity to offer our excellent graduate programs to many more students than we currently serve. We are developing a major outreach and marketing program to all businesses and residents within commuting distance of our White Plains campus at One Martine Avenue.

  4. China initiative. Following President Friedman’s recent trip to visit seven major universities in China, we are already working on several initiatives to partner with Chinese universities and develop an enhanced learning experience for Chinese students and executives through Lubin. We are pursuing the opportunity to put a conference together with one of China’s most prestigious universities; we are developing a summer program for the students of another Chinese university; and we are exploring the possibility of offering the EMBA program to a cohort of Chinese students.

  5. AACSB follow up. We are extremely proud that AACSB International, the premier accrediting organization for business schools, has confirmed our maintenance of our dual accreditation in accounting and business, which is shared by less than 2% of all business schools. In their report they specifically noted our exemplary Assurance of Learning and Continuous Improvement activities as well as our seamless cross-campus management. They also made some constructive recommendations about how to fine tune some of our processes and objectives; faculty committees have already been formed and are immersed in following up on those recommendations.

  6. Proposal development. We have identified and prioritized a number of programs that have the potential to expand and excel beyond their current configuration. We are developing plans and financial models to present to potential funding sources.

  7. Business process improvement. Many of the simple things that need to get done on a daily basis have been done the same way for years (or longer) without a reexamination. We are building a culture at Lubin to ask ourselves if there is a more efficient, student-friendly, faculty-friendly, way to get things done. Continuous improvement should not only be our mantra for academic outcomes but should include the full range of transactions between our students, faculty and staff every day.

Of course, our days are mostly filled with the myriad of activities implicit in educating and serving the needs of over 3,000 undergraduates and 1,000 graduate students on three campuses. It’s busy, it’s productive, it’s satisfying and it’s often fun.

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Dean’s Blog December 2010

Dec 10th, 2010 by

First, let me take this occasion to wish everyone a happy and healthy holiday season and new year. The semester is almost over and, like everyone else at Pace, I am focused on getting things done before the holidays. Value propositions for each department, the launch of a new Arts Management Course, strategic plan implementation, AACSB follow up, faculty requests of all kinds, alumni undertakings, student initiatives and more. It’s good to be busy!

I was recently interviewed for a Westchester newspaper and the theme of the questioning was whether a business education is a good investment. In case anyone has any doubt about the answer to that question, I thought I would take this occasion to summarize the reasons I believe that, now more than ever, a business school education is among the best uses of time and resources for young adults.


  1. At Lubin, we teach people how to think conceptually and creatively, to analyze complex situations, and we offer time tested and considered approaches and skill sets that provide the starting point for solving complex business problems. Those skills are becoming more valuable, not less.

  2. Cross-discipline problem solving has never been more critical and that’s what we teach. While functional silos may exist in firms, the most successful managers are able to understand and address the impact of their recommendations and decisions across the firm.

  3. The more technical and quantitative disciplines require study, instruction and practice; you don’t learn accounting through osmosis. People with mastery of these subjects are always in demand.

  4. The ebbs and flows of the job market do not diminish the importance of business and a strong foundation in accounting, finance, marketing and management is critical to being competitive. In fact, a downturn in the job market provides the opportunity to retool for new and fulfilling careers as the economy and job market recover.

  5. It’s not just about getting the first job, it’s about having the analytical framework to solve increasingly complex problems and advance your career. With business knowledge and skills, career options in the world increase. In this era people can expect to change jobs five to six times in their lifetime; a strong foundation in all the business disciplines expands the range of opportunities.

  6. New markets, new competitors and technological change are appearing at an accelerating pace making change management critical. Diverse markets and employees require more breadth of knowledge and better leadership than ever before. Learning the lessons of those who have demonstrated great leadership in a variety of circumstances provides the context for facing new challenges.

  7. Understanding capital formation, investment analysis, operational execution, market analysis and segmenting, accounting principles, economics and consumer and employee behavior are a necessary part of understanding the world we live in and becoming an effective citizen.

  8. Given the increasing complexity of a global, multicultural, technologically connected, resource-constrained world, it’s never been MORE important to have a good understanding of how global business works, how to lead and work in teams, how to get things done in an organization and how to be effective in the marketplace.

  9. There is always a market for excellence. It’s not enough to get the degree. A business school education is only as valuable as the effort put into it. Anyone who finds a passionate focus and does everything necessary to be the best they can be will surely realize a positive return on that investment.

Enjoy your holiday plans and I will be in touch in the New Year.

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Dean’s Blog November 2010

Nov 16th, 2010 by

The Lubin School of Business has been profoundly affected by the recent tragic deaths of two Lubin students. Although I did not know Max Moreno or DJ Henry personally, I have felt the impact of their shocking and untimely deaths resonate throughout the Lubin and Pace community. I offer my sincere condolences to the families, friends, teammates, classmates, faculty, advisers and acquaintances who feel the loss of these two lives most directly. There are no words that are adequate to alleviate the pain but I hope that we all will continue to find comfort in each other’s support and friendship.

I have been impressed by the empathy, restraint, thoughtfulness and constructive response to these tragedies by all those touched by them. I feel the communal sadness of the Pace Community but I also feel the shared conviction to seek the truth and to move forward.

Thanksgiving is upon us and this year in particular it is hard to escape the idea that this very American holiday is about more than family get-togethers and holiday meals. When tragedy unexpectedly touches our lives, we remember that each day is precious and life is volatile and fragile. It is a time to remind ourselves to be good to all the people who are important to us, to use each day to pursue our goals and improve our lives, to see our respective glasses as at least half full and to take full advantage of the opportunities before us.

I have lost loved ones but I am still inspired by them. As life inevitably moves on, my wish for everyone most affected by these two tragic deaths is that the inner light you knew within Max and DJ serves as a continuing inspiration for you to incorporate a bit of Thanksgiving into each and every day.

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