Academic Departments

The challenges are many for the four teaching departments, as they grapple with technological changes that place great demands on their resources and ingenuity while simultaneously offering extraordinary opportunities to CBA students and faculty. The following summarizes what has been accomplished and the direction charted.


Gene Willis,
department head
The overwhelming consumer of time and energy across the Department of Accountancy the last two years, and continuing into the current year, has been devising a plan to meet the challenges posed by the 150-hour requirement to sit for the CPA examination mandated by the Illinois State Legislature. This requirement goes into effect in the year 2001. The last two years were devoted to researching this challenge and benchmarking other programs in an attempt to formulate a plan that would accommodate our students. The department has just gained approval to offer an experimental program to our continuing students while a final plan is devised. The key to the Illinois plan is "flexibility." Students have many options. If they do not want to take the CPA exam they can earn a B.S. in accountancy in the usual time frame. The new program will also allow students to earn a B.S. degree with 150 hours in less than five years. In addition, it will allow students to earn a B.S. and a master's degree in five years. These three alternative plans were reached after consulting widely with practitioners who hire our students. According to Ira Solomon, one of the architects of Project Discovery, when practitioners were asked what they thought about Project Discovery they said, "It's a Grand Slam. Don't change it." Instead, the department will make the current master's programs more like the Project Discovery program. Approval for the pilot program has only just been granted. Watch for a follow-up story that deals with the scope of the proposals in a future issue of InSight.

"These are very exciting developments," Solomon continued. "When the accountancy master's programs are revamped, we hope to offer this program not only to Illinois students, but to other accounting graduates across the state. We are working with one firm right now that is interested in sending their new hires to Illinois to get master's degrees at the firm's expense."

In other areas, the KPMG-UIUC Business Measurement Case Development and Research Program is moving into its third round. This partnership between academia and practice has been very successful. KPMG provides the funding, to the tune of about $1 million per year, for the case development and research components as well as the administration of the program. The University of Illinois, under the direction of Ira Solomon, provides the coordination and academic guidance. During FY 99 the program was broadened to include applications from around the world, not just around the nation. Seven cases were funded last year, including one in Australia. These cases are built by teams of academics working with KPMG audit engagement teams and client management. Once completed, these cases are made available, without charge, for educational purposes. They can be accessed at In connection with this program, a conference was held in January at the mid-year meeting of the AAA Auditing Section.

The department has also received a $180,000 gift from Caterpillar, Inc. This gift funds a joint project to develop and publish a set of teaching materials that integrates select topics from sophomore- and junior-level accountancy core courses. The materials to be developed are a series of cases and projects based on Caterpillar's Building Construction Products Division (BCP), headquartered in Clayton, North Carolina. The cases will be published in a Web environment that simulates a BCP Web site.

According to Clifton Brown, professor of accountancy and principal investigator for the project, "These new materials will be extremely important to the continuing development of the innovative undergraduate curriculum in accountancy known as Project Discovery." Other members of the Illinois faculty team are Marjorie Shelley, John Chandler, and Ananda Ganguly. In addition to funding, Caterpillar is providing a project team manager, Ron Klein, manager, Corporate Business Analysis Group, and the time and resources of other employees in Peoria and Clayton.

Business Administration

Huseyin Leblebici,
interim department head
Under the able leadership of Kent Monroe, John M. Jones Professor of Marketing and head of department until he stepped down from that post in August 1999, the department completed the restructuring of the doctoral program that has been under way for several years. The purpose of the reorganization is to leverage the strengths and utilize the fields represented in the department to greater advantage. The new program, guided by Anju Seth, director of graduate studies, has received departmental approval and is currently awaiting approval from the Graduate College before it can be implemented.

Some reorganization of the undergraduate majors and concentrations also took place, to make them more responsive to corporate market demands. For example, organizational administration has been combined with entrepreneurship and is now called management. According to Huseyin Leblebici, interim head of the department, the revamped concentration is "packaged to have more value." In other developments, the Brand Lab, headed by Brian Wansink, became well established this past year and has received considerable media attention (see InSight article in Spring '99 issue).

Looking toward the future, the department would like to push forward with several changes. The international master's degree, MSBA, managed jointly with EDC, is slated to see major changes in the content of the courses. The purpose will be to deliver knowledge that is especially relevant to our international manager clientele. "The addition of electives will make the program more flexible," Leblebici told InSight, "and we expect to ease some of the requirements for students who enter the program with expertise in a particular core area." Also in the international area, the department looks forward to a time when it can offer a certificate program in international business. Still in the planning stage, the department hopes to make progress in this area.

The innovative Technology and Management program offered jointly with Engineering continues to be well received. This year a new co-director was put in place — George Monahan, a professor in the production group in the department. The department is also working hard to find the resources needed to respond to the tremendous surge in demand in two areas, MIS/IT and IDM. Over 300 undergraduates have expressed interest in the MIS/IT concentration in the last year. "The only thing that holds back the number of majors is finding additional faculty," Leblebici observes. "We are currently conducting a search to fill the Hoeft Chair, which should help us attract high quality faculty to the department in the MIS area." The IDM program, which has been held at 60 students, could easily expand to over 100 students if more faculty resources could be found, Leblebici explained. "The interest is there on the part of students and recruiters. Every year, there are at least 120 firms who would like to hire IDM students. We don't have enough students for all the positions."

"All plans for growth are contingent on receiving additional resources. For us, that means more faculty," observes Leblebici. Last year, thanks to the generosity of the friends and family of Dale Cozad, two entrepreneurship students received scholarships (see Summer '99 InSight). With the approaching departure of Howard Thomas, who has not only been dean but also the James F. Towey Professor, the department has embarked on a search for a new named professor in the area of management of strategic change.


Richard Arnould,
department head
Last year was a successful one for economics. Several faculty achieved national prominence, including Roger Koenker, who was elected to the prestigious position of Fellow in the Econometric Society. The research of professors Jan Brueckner, Kevin Hallock, Earl Grinols, Larry Neal, and Dan Bernhardt were cited in the national media. And Larry Neal is currently serving as president of the Economic History Association and last year (as well as part of this year) he was president of the Business History Society. Department head Dick Arnould thought this was only the second time the same person had held both of these positions. The only other person to do so was Harold F. Williamson, father of Bill Williamson, professor of economics and associate dean for undergraduate affairs in the college.

In September, Charles R. Plott, the Edward Harkness Professor of Economics and Political Science at California Institute of Technology, delivered the David Kinley Lecture, entitled "Markets as Information-Gathering Tools: The Application of Laboratory Experiments in Economics." And in October the department hosted the 25th anniversary meeting of the Midwest Economic Theory/Trade Conference (see story).

The department received a $200,000 grant from Pew Charitable Trust to redesign Economics 172-173, the statistics sequence. Under the direction of Professor Wallace Hendricks, the course is being revamped to bring high-tech delivery and applications to the course materials and assignments. "The course is now applications-driven," Arnould noted.

One of the most exciting events to occur in the department was a gift establishing a new chair in the department. Called the Leiby Hall Chair in Economics, the department is beginning a search to fill this endowed chair.

Although the number of economics majors in the college remains low (59), the department is one of the largest majors in the college when you include the number of economics students who enroll through the College of Liberal Arts and Sciences (648). Although they earn an A.B. rather than a B.S. degree, the department supplies the faculty and facilities to teach and advise them. While the doctoral program has been downsized over the last few years by design, it is still one of the largest in the college. The international master's program, MSPE, continues to be very successful (see separate story below).

Department of Finance

Morgan Lynge,
department chair
According to department chair Morgan Lynge, finance has had a very busy year. This fall marks the implementation of several initiatives put in train last year. "The last few years have been ones of extraordinary growth," Lynge reported. There are 999 finance majors in the college this year, counting CBA (874) and LAS (125) finance students. To meet this added demand, the department is trying to hire additional faculty as quickly as lines are available and outstanding recruits can be found (see report).

At the doctoral level, the program has been reduced according to plan, Lynge reported. Last year four graduates were hooded. Two went to industry and two to academic posts.

The department continues to promote the CFA review course with considerable success. According to program director Jim Gentry, professor of finance, students taking this course have an exceedingly high pass rate compared to all takers, nationwide. "We do add value," department head Lynge says. "The stature of the CFA is rising in the investment community. Taking the review course while in school gets our students through the first leg of the three-stage exam."

Curriculum developments are quite exciting this year. Lynge was enthusiastic when he talked with InSight about the new investment course that allows students to manage real money accounts (see related story). And the department has developed a new course in mergers and acquisitions, Fin 490, as part of its plan to increase its offerings in the investment area to the MBA program. Lynge observed that "there is great demand in this area that we will be better able to meet as we hire additional faculty."

Finance has received a $250,000 grant from UI OnLine to develop a distance-learning course that can lead to a certificate or, ultimately, a master's degree. Half of the funds have already been received and used to create a professional development sequence of finance courses (phase I). The courses for the certificate program are currently awaiting university approval. The goal is to develop four such courses that will be offered over the Web. A student must complete three of these four courses to earn the certificate. These courses will be offered simultaneously on the Web and on campus and can be taken for credit or not for credit. According to Lynge, "The program got off to a slow start as a result of bureaucratic wrangling. The great opportunities offered by the Internet have created new problems. For instance — who has jurisdiction over the intellectual capital created for offering on the Web? Until these questions could be answered to the satisfaction of all parties, the development of the courses was necessarily slowed." Also under consideration is the development of a master's in financial engineering, also on the Web. When complete and approved by the campus, the program will offer a selection of ten courses. Eight of them, including two new ones, are already taught on campus; two remain to be developed.

Lynge is excited about these new online possibilities. With this technology "the world is our market," he says, but "we must proceed with caution. We have a particular niche to fill in the area of continuing education — to actuaries (who are required to keep adding to their store of knowledge), as well as to earlier graduates in all areas of the financial market who wish to learn about new developments in the field of finance. While the up-front costs of developing these courses and placing them online is largely covered by the grant from UI OnLine, there is definitely a `fear' factor as we approach this area. If you don't compete you will surely be left behind. But, no one knows for sure how these new ventures will work out."

The professional development certificate courses should be ready by the end of the current academic year and the target date for the master's is the end of the next academic year, but Lynge observed that this target might not be met as there are still many unresolved issues, again involving intellectual property rights as well as sufficient numbers of faculty.

In other areas, this fall the department held an investiture ceremony for the Brandt chair (see related story), appointed Steve D'Arcy as the first Brogan Scholar in Risk Management and Insurance (watch for story in next issue of InSight), and received the fifth and final payment on a pledge in support of insurance education from State Farm (see related story below).

Other Programs and Units

Change and growth, always accompanied by excellence, are hallmarks of every program in the college, whether we are talking about the distinctive first-year curriculum of the MBA program or the pioneering distance-learning opportunities in the EMBA, or EDC's successful, innovative programs. We approach the millennium with pride and excitement.

MBA Program

The MBA program is continuing on the path set out in 1994 when the revised curriculum was first put in place. In the words of William Bryan, interim associate dean, "the first-year curriculum is excellent." His goal for the coming year is to work with the faculty to build a second-year curriculum that is as strong and highly regarded as the first-year. "This may be difficult," he remarked, "because the structure of the first year — its strength — turns out also to be its weakness. It is very labor-intensive. Consequently, the program requires a high degree of faculty buy-in to be successful."
Many changes engineered during the last fiscal year are coming to fruition this fall. For example, during the summer a new international program was offered. Called Preparatory English Program (PEP), this intensive summer course is required of all students who don't meet the college's minimum test score on TOEFL. The course was also made available to other students who wanted to get a head start in the fall. In addition to teaching English as a second language, the program also offered tips on acculturation, special insights into how to live and flourish in the Urbana-Champaign community as well as at the university. The six-week program was run by Anne Grinols, director of MBA Communications, and Christine Gozdziak, visiting assistant director of MBA Career Services.
International Night — an evening for Illinois MBA students (present and future) to share the foods and customs of classmates from around the world.

There was also a summer camp for math, finance, accountancy, and economics, open to all MBA students and designed to remove deficiencies in any of these areas. Similarly, students who wished to could enroll in a computer competency course during the summer, thus fulfilling the business-computing course required of all first-year students entering in the fall.

After a short, but intensive orientation program, the first-year students embarked on the first seven-week module — experiencing the program's unique integrated approach to the functional areas. The incoming class this fall is a little smaller, by design, but it has particularly good credentials.


William R. Bryan, interim associate dean for the MBA Program beginning this fall, is no stranger to the College of Commerce. He was a member of the finance faculty from 1966 until his retirement in 1995 when he became dean of the business school at Loyola University in Chicago. In June 1999 he stepped down from that post and was persuaded to return to the college while the search for a new head of the MBA program goes on. Bryan held many administrative positions while at Illinois including associate dean for research, director of the Bureau of Economic and Business Research, and chair of the finance department. An expert on monetary economics, debt management, and fiscal policy, Bryan has also worked at the U.S. Treasury and for the Federal Reserve Bank in St. Louis. He holds a doctorate and master's (1961, 1958) from the University of Wisconsin and a B.A. in history and English from Ball State (1954).

The Internship Development Project allows students to receive credit for working as interns. Working with a faculty member, a student who wishes to participate in this program must agree to do extra academic work in conjunction with the internship. This particular project adds depth and experience to the program.
MBA Statistics

Class of 2000

  • Enrollment — 200
    68% male
    32% female
    20% minority
    44% international
    56% domestic
  • Average GMAT — 612
  • Undergraduate
    GPA — 3.27
  • Average age — 27
  • Average years of work
    experience — 3.3

Class of 2001

  • Enrollment — 180
    65% male
    35% female
    18% minority
    44% international
    56% domestic
  • Average GMAT — 619
  • Undergraduate
    GPA — 3.35
  • Average age — 27
  • Average years of work
    experience — 3.7
The MBA program has also established a link with its alumni via the Web. This link allows all MBA alums access to FirstClass and free e-mail. To enhance networking, a student intern has been assigned to the alumni affairs office for the first time. The intern's specific tasks are to maintain and facilitate contact between the college and MBA alumni. As a result of these activities, the college has already seen the growth of alumni clubs across the country —three to date and more are expected to follow.

In other developments, the Office for the Study of Business Issues continues to grow and attract exciting projects that allow students to have hands-on experience in management consulting, technology transfer, venture capital development, corporate research, and other business initiatives.

Although the year has just begun, recruiting for new students is already aggressively underway under the able leadership of Camille Gilmore, director of admissions. The program is sending representatives to MBA recruiting forums in the United States, South America, Europe, and the Far East. And when those applications start coming in, we hope that most of them will arrive via our new online application process.



"The exposure to working in teams, throughout the MBA program, helps tremendously in preparing the student for the working world."

— Fred Brehling, Director of Business Management
Dynegy Power Corporation


Executive MBA Program

Recent rankings in Business Week (Oct. 18, 1999) placed the EMBA program among the top twenty programs in the nation, confirming what program director Merle Giles already believed, that "last year was a really good year for the EMBA program. Much of the year was spent examining and fine-tuning the excellent program that has developed over the past twenty-five years." As a result, this year will see the introduction of the first major change in curriculum in many years — the addition of a course in Information Technology and E-Commerce Strategy. Developed and taught by Mike Shaw, professor of business administration and a fellow at the Beckman Institute, the course will come online this spring.

For the past several years the program has also had a built-in international component — a ten-day trip abroad that takes place in the fourth semester. In the past, students visited a variety of companies while on this "overseas residency," to learn about their operations. But two years ago a new dimension was added. While on these visits, our EMBA students present strategic business solutions to company managers, based on their earlier study of a particular case pertaining to that company. This change from a passive to an active role has been very well received by both students and the companies visited.

EMBA students have been involved in Management 2000 projects — sharing their expertise with non-profit organizations — for a number of years. Teams of students from the class of 2000 are consulting for the following groups around the state: Matthew House; United States All Points Bulletin; Octave Chanute Air Museum; Forest Park Community Center; REHAB Products and Services; Greater Peoria Family YMCA; Coles County Homeless Shelter; and Hay-Edwards School, District 186. This program is very special to all participants says Giles. It shows that we "teach to the heart, not to the head."


Executive MBA Statistics
 for Classes of 2000 and 2001

  • Enrollment — 66
    18% female
    3% minority
    8% international
  • 13 years work experience — 
    5-30 year range
  • 18% already had graduate degrees
     when they enrolled in EMBA
  • $77,000 average salary of those
     enrolling in the program
  • Students spend 580 hours in class
    and 1800 hours outside class to 
    complete the degree.
Thanks to high-tech facilities and innovative curriculum, EMBA is leading the way in 
providing distance-learning opportunities.

 In the college, the EMBA program has led the way in providing distance-learning classes. This fall the program moved to new remote facilities — from Oakbrook to the new Illini Center in downtown Chicago. "This move has proved to be advantageous in several ways," Giles observed. "Being at a university site allows us to leverage university resources. The state-of-the-art facilities provide clean, clear transmission and the advanced wiring allows students to plug in their laptops and access class materials as they are being presented. Of course, being in a central location that is easily accessible by public transportation allows us to reach out to more students. Historically, we have underserved the Chicago population. For the first time, the EMBA program can bring public executive education to the Chicago market."

After twenty-five years of operation, there are now approximately 900 EMBA alumni. "To tie us ever more closely to our alumni base we have launched CID (Competitive Information Dialogue), which allows us to communicate with our alumni regularly, via e-mail," Giles told InSight. "These messages include updates about the program but they are also designed to make sure our alums are aware of the latest developments in business. So, we send reports of current research and other information we believe our alumni would find useful for their continuing education." According to Giles, e-mail has been chosen as the primary means of communication because of its speed, convenience, and low cost. "At present," he notes "the program can reach 95 percent of its dues-paying alumni through e-mail."

To commemorate its 25th anniversary, the Executive MBA program is planning a symposium — E-Magic on Main Street. The celebration begins on May 4, 2000. Watch for more information as the date approaches.

MSPE Program

The Master's in Policy Economics was originally designed for mid-level governmental administrators in developing countries. When these students come to the program they usually have many years of experience and are sent to us for retraining. "While this remains our target audience," program director Firouz Gahvari stated, "a new area of growth for us is among students who come here as private citizens, without government sponsorship. For many of them who do not have management experience, this program provides the background they need to apply for a doctoral program."

When the program began in 1984, it enrolled eighteen students. This fall the program has ninety-one students enrolled across the two years. "Despite the Asian crisis, which we thought might hurt enrollment," Gahvari noted with satisfaction, "we have the largest number of students ever." He attributes the continued success to a growing number of satisfied alumni whom we can leverage to advertise the program for us with their associates, and aggressive recruiting by the program. One area of the world that is underserved, according to Gahvari, is Eastern Europe. "The problem here is funding. The many students who could benefit from this program cannot attend unless they can find U.S. government scholarships, like the Muskie scholarships."

Designing a successful program for a very heterogeneous group of students has been challenging. The MSPE has risen to that challenge and offers an academically strong program that is flexible and open to change. To accommodate the many different academic backgrounds and goals of these culturally diverse students, the program provides a great deal of individual attention in the form of advising, specially designed programs, and mentoring. Every effort is exerted to keep the lines of communication open between students and the program. "We have our finger on the pulse so to speak, of what our students need in the way of education," Gahvari noted. "For example, during the past two years, we have added two new courses — Topics in International Economics and Urban/Public Economics — to our menu of course offerings. These came about as a result of student feedback."

Several field trips a year are built into the curriculum, including a week-long trip over spring break. Business visits are arranged for each of these excursions. And the program includes a highly touted seminar series that introduces experts from different areas of academia to the students.


First- and second-year students in MSPE program gather for an annual 
summer picnic at Lake of the Woods.


Executive Development Center

Fiscal Year 1999 has been an exciting one for the Executive Development Center, which has been providing businesses, professional organizations, and government with programs and short courses tailored to their special needs for continuing management/executive education since 1957. Chief among EDC's achievements this year is the "China-Illinois Learning Center" designation. As one of four such centers in the United States, EDC will build upon the executive education programs it has provided for senior managers from Chinese businesses, government agencies, and academic institutions since 1993. To date, EDC has hosted thirty-nine different delegations — nearly 900 high-level business leaders, scientists, government officials, bank directors, and academicians from every region of China — on the Urbana campus. This new designation will expand the offerings from this campus beyond the realm of business to include other units such as Agriculture, Engineering, Law, and Labor and Industrial Relations. Also new last year was a leadership course developed for the National Center for Supercomputing Applications (NCSA) and delivered on site. The object of this highly successful pilot course was to provide administrators who already possess the requisite technical expertise with an understanding of the leadership skills they need to become effective coaches and mentors for the people they manage. The A3 Illinois Leadership Program is designed to assess and identify each participant's strengths and weaknesses on a continuing basis and then to build on those strengths while remedying the weaknesses. It also teaches the participants how to transfer their newly learned leadership skills to their organization and to continue to build these skills after the program is over.
Introduced only a year ago, the CBA Certificate program is an acclaimed success. This fall, in addition to our regular, on-campus certificate program, EDC has answered a call from Illinois Power and is providing a special Certificate Course for employees of the company held in Decatur. As a result of high demand, two sections of forty students each are being offered. And, in response to a call from Caterpillar, EDC has designed a pilot program that addresses both the leadership and management skills needed to manage a team or department. This seven-day course will be taught by UI faculty on location in Peoria over a period of six weeks during spring semester. The course focuses on the functional understanding of the core management disciplines and the interpersonal activities necessary to motivate and lead a workforce.

Also new this year is a joint program with Brazil PUC that focuses on international business management technology. Twenty-nine managers are enrolled in the course. The program also continues with its specialized international master's programs in accountancy, business administration, and finance, as well as several domestic and international executive programs.

East meets West for a cooperative education program. Front row, l-r: Zhao Lixian, Director, Department of Regulations and Liaison, State Bureau of Foreign Experts (SBFE); Zhai Hong, Deputy Director, Department of American Affairs, China Association for International Exchange of Personnel (CAIEP); Michael Aiken, Chancellor, UIUC; Yang Hanyan, Director General, CAIEP and Deputy Director-General, SBFE; Carolyn Pribble, Acting Director, EDC; Zhang Fan, Deputy Division Chief, Department of Technological Progress, State Economic and Trade Commission (SETC). Back row, l-r: Virginia Waaler, Program Director, EDC; Wang Nianhua, Representative of the China Training Program; Earl Kellogg, Associate Provost for International Affairs, UIUC; Gao Lang, Deputy Director, Department of Technological Progress, SETC.

Undergraduate Curriculum Task Force

Our highly ranked undergraduate program has been under careful scrutiny the last few years. Changes are afoot, but for the most part, the curriculum was found to be excellent, and will remain.

The dean convened three task forces to examine the undergraduate program and to make recommendations for changes and improvements. After two years of study, the various committees have made some recommendations that are being fine-tuned this fall.

The Service Delivery Task Force, headed by George Monahan, professor of business administration, recommended the creation of a service quality advisory committee. Composed of faculty and students who will advise the undergraduate office, the aim of the committee is to improve the delivery of services to the undergraduate population. Another recommendation is to pilot a one-hour freshman orientation course — called Business 100 — which will allow juniors to exercise their leadership skills and will build a sense of a learning community among CBA

CBA Undergraduate
11.5% of total
11.7% of total
Enrollment by gender:
Non-resident enrollment:
Mean ACT score:
Mean SAT score:
Median High School
Percentile Rank:
The Core Curriculum Task Force, headed by Huseyin Leblebici, professor of business administration and interim head of the department, was asked to review the core and recommend incremental changes that would improve the core while recognizing the constraints imposed on the college by limited resources. After careful study, the task force concluded that much about the present core is very good. One change that has already been implemented is a greatly altered curriculum in CS 105. This basic computer course is taught by the Computer Science Department of the College of Engineering so we worked with them to revamp the course to make it more relevant to today's business students. The resulting course teaches Visual Basic, the next generation of BASIC, and is much more user friendly. It provides a contemporary approach to computer (programming) language that allows students to build applications for the business environment.

A large part of the effort of this committee has centered on two new core courses that would be required of majors in all disciplines. One, a course on operations management, has already been approved by the faculty, but has not been implemented due to resource constraints. The second is a course in technology, information technology, and organizations. This course has been designed but still has to be presented to the various faculty, college, and university groups that have to approve all curriculum changes. The committee believes this is an essential course to add to the basic core so our students can enter the workforce ready to deal with the huge and growing amount of information technology found in the work place. "The ability to leverage all kinds of technology to enhance productivity is phenomenal," remarks Devanathan Sudharshan, professor of business administration and associate dean for planning, who has spearheaded and coordinated the task forces. "We must, therefore, teach our students how to understand the management of technology and the implications technology has for organizational dynamics. To be successful, our students must understand the issues and know how to deal with them. We want to position the college as one having a strong techno-based undergraduate program.

"The Task Force on the Majors was headed by Seymour Sudman, professor of business administration. This group concluded that the principal responsibility for changes in the majors resides at the department level within the college.


A Vintage Year

The past year marked two milestones — the inauguration of a new lecture series and the college's first formal investiture ceremony. It also marked the completion of a five-year gift commitment in support of insurance education.

Cozad Lecture

V. Dale Cozad
A delightful talk by Frank Jacobs (B.S. Marketing '54) provided an inspiring kick-off for the V. Dale Cozad Lecture Series in Entrepreneurship, inaugurated on April 6, 1999, in the Levis Faculty Center. Wit, thoughtfulness, and ethical perspectives enlivened his account of the extraordinary way in which he took Falcon Products, Inc., from a two-man business to a multimillion dollar company with 2,000 employees and two million square feet of manufacturing space, whose office products are sold through 3,000 distributors on four continents. Having humorously pointed out that a table in the lecture room was made by Falcon, he told the audience that "entrepreneurs are people who take advantage of opportunities." Present in the capacity crowd of students, faculty, and members of the university and business communities were Greg Cozad and Cindy North, son and daughter of the late V. Dale Cozad, for whom the series was named. On hand as well was Peter Fox of Fox Development Corporation, whose generous gift established the lecture series, also supported by additional gifts from the family and friends of Cozad, who died in 1993. Founder of Cozad Asset Management and Cozad Westchester Agricultural Asset Management, Dale Cozad was a supporter of the University of Illinois and valued member of the Commerce Business Advisory Council for many years. A scholarship fund, providing support to CBA undergraduates who major in entrepreneurship, has also been established in his memory.

Kinkead Investiture

On October 27, 1998, the College of Commerce and Business Administration observed the investiture of renowned economic theorist In-Koo Cho as the William S. Kinkead Distinguished Professor of Economics. In-Koo is known worldwide for his work on signaling, bargaining, and behavior in complex situations, as well as belief formation and adaptive behavior. He holds a doctorate in economics from Princeton, where he was a member of the faculty prior to accepting the Kinkead professorship. The investiture, the first formal observance of its kind in the history of the college, took place in the Krannert Art Museum's Kinkead Pavilion — a most appropriate venue, as it too was endowed by the late William S. Kinkead. Kinkead, who spent a year at Illinois in 1919-1920 before going on to a distinguished career in industrial manufacturing, described his time on campus as "one of happiness, if not the happiest of my life." The professorship was established in 1982 by the William S. Kinkead Charitable Fund to honor an individual who "displays a commitment to the study and enhancement of an efficient market economy." The Kinkead fund has provided a range of other support to the University of Illinois, including the endowment for the Kinkead Pavilion, scholarships, fellowships, research stipends, and funds for student counseling.

In-Koo Cho

Awards and Honors

CBA is proud to acknowledge highlights of major college-and campus-wide awards won by faculty, students, and staff members during 1998-99. For a more complete listing of awards, see the Summer 1999 issue of InSight.

Commerce Alumni Association Undergraduate Teaching Award
David M. Sinow, Adjunct Professor of Finance

Commerce Alumni Association Graduate Teaching Award
Charles M. Kahn, Bailey Memorial Distinguished Chair in Finance

Commerce Alumni Association Teaching Assistant Awards
Cathy Shakespeare, fourth-year doctoral student in accountancy; Jon Perkins, third-year doctoral student in accountancy

Weinstein Excellence Award
Elisabeth Oltheten, Assistant Professor of Finance and Advisor

Chancellor's Academic Professional Excellence Award
Paul Magelli, Director, OSBI

Commerce Academic Professional Award
Alice Waldoff, Director, Commerce Publications

CBA Outstanding Staff Award
Naoko Miki, Secretary in the Economics Department

Emerson Cammack Service to Undergraduate Students Award
Mary Porter, Assistant Dean for Alumni and External Affairs

President's Award
Stephanie Katz, President of Commerce Council

Student Leadership Award
Brett Sanchez, External Vice President for Phi Gamma Nu and Alumni Coordinator for the Latino Association for Business Students

State Farm

State Farm Insurance representatives traveled to campus at the end of September to present the last installment of a $100,000 commitment to the college in support of insurance education. State Farm has been providing $20,000 a year to the CBA insurance program for the last five years. According to Steve D'Arcy, professor of finance who teaches a majority of the insurance courses, "These funds have been very important in maintaining the quality of the insurance program since they provide supplemental support in a number of areas. These allow us to try new approaches in teaching, invite speakers to campus, offer awards to students to help them take professional exams, purchase new books for the library, and do many of the little things that it takes to stay ahead of the competition."
In addition to the company's generous financial support, D'Arcy speaks appreciatively of the many gifts of time and information State Farm shares with the program. "Each year they provide several speakers who make class presentations, provide policy forms for class use, and answer complex student questions that sometimes stump me. I am very grateful for all this support.

"The college is very pleased to acknowledge this generous gift and State Farm's commitment to our educational mission. The final $20,000 installment was given to the college on September 25, well ahead of schedule, and we thank them for their support and look forward to forging new and
stronger ties.

Present for the occasion (l-r) were: Ray Nierstheimer, agency field executive; Howard Thomas, dean; Cheryl Sowash, vice president; Dan Parker, agency field executive; and Mark Neville, associate dean of development.


The college's many ties to the wider business community add to our strength and knowledge. Company representatives share their knowledge in the classroom, provide sage advice through many advisory boards, strengthen our programs with gifts of time and money, and eagerly recruit our students.

BAC Challenge — Meeting the Goal and More

After two years of researching and discussing the image and public perception of the College of Commerce and Business Administration, the Business Advisory Council was challenged to take action. At the Fall Meeting in 1998, George Morvis, President & CEO of Financial Shares Corporation, then chair of this influential group of business leaders, threw down the gauntlet. He asked BAC members to pledge $100,000 to the Investors in Business Education Fund, to be used to establish a more clearly recognized Brand Image for the college. The challenge was taken up by BAC member Stan Golder and alumni and friend of the college, Bob Dockson. Between them, Golder (BS Economics 1951), consultant, Golder, Thoma, Cressey, Rauner, Inc., and Dockson (BS Commerce Curriculum 1939), retired chairman of California Federal Bank and former dean of the business school at the University of Southern California, pledged $35,000 if the other BAC members would raise an additional $65,000 within FY 99.

The council handsomely met this challenge, donating $100,607. Combined with the original challenge, that puts $135,607 in the Image Fund — fully 35 percent over the goal. The college remains grateful to this extraordinary group of alumni and friends who generously share their expertise and time with the college in addition to their financial gifts.

Thank you, Business Advisory Council!


Business Advisory Council

The Business Advisory Council (BAC) of the College of Commerce and Business Administration was established in 1968 to provide lines of communication between CBA faculty and administration and leaders in business and government. Meeting twice yearly, in Chicago and on campus, the council has grown to become one of the largest and most effective organizations of its kind in higher education, with a membership that now stands at more than 100. The college welcomes the following new members appointed to BAC in FY 99. The current chair is Howard S. Engle, partner at Arthur Andersen, LLP. Edward W. Moneypenny, chief financial officer for Florida Progress Corporation is the vice chair.

Robert Cohen (BS Economics '54), President, Griffin Winning Cohen & Bodewes P.C.
Sheldon Cohen (BS Accountancy '71), Chief Financial Officer, Color Communications, Inc.
Joel Greenberg (BS Marketing '63), Chairman, Alaron Trading Corporation
Mary Kay Haben (BS Business Administration '77), Executive Vice President of Kraft Foods, Inc.; President, Kraft Cheese Division
Todd Miller (BS Business Administration '81), President, The Revere Group Ltd.
Thomas Neri (BS Accountancy '73), President and Publisher, Pioneer Press
Joseph Nolan (BS Accountancy '86), Principal, GTCR Golder Rauner, LLC
Stan Ommen (MBA '86), President & CEO, State Farm Federal Savings Bank
Sheldon Pekin (BS Accountancy '57), Partner, Pekin Singer & Shapiro Asset Mgr.
Courtney Price, Chairman and Founder, Entrepreneurial Education Foundation
John Schoen (BS Accountancy '53), Chairman, The Metrix Company

BAC Fall 1999 meeting

Visiting Executives

Emerson Cammack Lecture Series

Fran Anderson, CPCU, Bridge Communities Inc.
Richard Carlson (AM 1969, EMBA 1985), Illinois CHIP
Richard Erickson (BS Finance 1972), President, Quad Cities Risk Managers
Mil Grauer (BS Commerce Curriculum 1949), CLU, ChFC, President, Chartered Financial Service, Inc.
Fred Kist, Actuary, CNA Financial Corporation
Laurel Matthews, Indiana Insurance Companies
Charles McClenahan, William M. Mercer, Inc.
Daryl Miller (MBA 1983)
Lissa May Mudrick (AB French 1980), CLU, State Farm Insurance
Ed Rust, President, State Farm
Michael Sheppard, SURS
Mark Strauch (BS Finance 1977), Treasurer, Arthur J. Gallagher and Company
Albert Wohlers (AB LAS Economics 1939), Chairman, Albert H. Wohlers & Co. (retired)
John W. Wright II (BS Physical Education for Men 1969), General Agent, Northwestern Mutual Life and Baird Securities

Executives- in-Residence
Robert Ady (BS Marketing 1958), Co-Managing Partner, World Business Chicago
Kent P. Dauten, Founder & President, Keystone Capital, Inc.

Janet E. Klug (MBA 1985), Marketing Communications Manager, Ford Division, Ford Motor Company
Tom Lewicki (MAS 1979), CPA, Business & Financial Consulting Services; former CFO, Spyglass
Mike Muhney (BS Finance 1974), Senior Manager, Deloitte & Touche Consulting Group; former Founder & CEO, CelebritySoft, Inc.

Professional Lyceum
Daniel P. Doheny (BS Accountancy 1984), Partner, KPMG, LLP
Howard Engle (BS Accountancy 1972), Partner, Arthur Andersen, LLP
John Gilbertson, Managing Director of Investment Banking, Goldman Sachs
Thane Hanson (BS Accountancy 1992), Senior Consultant, McGladrey & Pullen, LLP
Steve Honhart (MS Accountancy 1997), Deloitte & Touche, LLP
John Kloet (BS Accountancy 1975), Manager, International Accounting, Deere & Company
Dave Kuhl, President and CEO, Busey Bank
Doug Mills (BS Marketing 1962), Chairman of the Board, First Busey Corporation
Mark Mirsky (BS Accountancy 1992, MS Accountancy 1996), Tax Consultant, McGladrey & Pullen, LLP
Sri Ramamoorti, Arthur Andersen
Tim Reierson (BS Accountancy 1981), Partner, PricewaterhouseCoopers, LLP
Tom Vogelsinger (BS Business Administration 1973, MBA 1974), Partner, Ernst & Young, LLP