The Krannert School of Management MBA: What You Need To Know
Purdue University’s Krannert School of Management full-time MBA is a two-year program that includes an array of core courses and an optional specialization. The coursework is designed to provide future managers with the ability to make data-supported decisions. The school emphasizes learning through in-class market simulations, management decision-making scenarios, and case competitions.
The current dean of the Krannert School of Management, David Hummels, came to Krannert after five years on faculty at the University of Chicago Booth School of Business. After experiencing different communities over the course of his career leading up to becoming dean, Hummels has the utmost confidence and pride in the community at Krannert, describing it as a perfect fit for himself as well as for many others like him.
“I think that from a faculty perspective at Purdue it really was apparent to me from the beginning that the environment here really made me feel that I could be more productive than I had been in the past,” Hummels said. “There’s a real sense here that people want to help you succeed. They want to help you overcome each other’s obstacles and simultaneously provide positive encouragement, which are both so helpful in a program like this.”
In addition to Krannert’s core curriculum, most students choose to gain additional expertise through completion of one or two areas of focused study, called option areas. There are seven functional option areas and five inter-disciplinary option areas offered. With a requirement to complete a total of 25 credit hours of electives before graduation, students can usually complete one or two option areas successfully.
EXPERIENTIAL LEARNING PROJECTS THAT ENABLE DECISION AND ACTION
The full-time MBA program at Krannert strives to foster interdisciplinary problem solving primarily through the use of experiential learning programs, which have largely been successful in the eyes of Krannert’s faculty. The program hopes to admit students who would work well into this system, says Hummels.
“One of the qualities we are really interested in applicants is the student who can take analytical skills and apply them to problem-solving and decision-making situations,” Hummels points out.
Purdue launched its Experiential Learning Initiative in the fall of 2009, and since then more than 800 students from seven colleges and 15 academic units (all within Purdue) have undertaken over 160 projects from a variety of client organizations.
“We’ve really started focusing on our experiential learning programs and our goal is to find students who can work in teams with our people over in research park on all of these new startups that have exploded in quantity on campus recently,” Hummels says.
These experiential projects are not by any means classroom projects. They interact with real-world clients and deal with real-world problem-solving. The ELI program at Krannert is split into two categories – Corporate Consulting ELI Projects and Tech Commercialization ELI Projects.
Corporate Consulting ELI projects are designed for teams of 4-5 students with a rich diversity of skills and backgrounds. The intention of the program is to present the group with a problem that requires a cross-functional or an interdisciplinary perspective in order to achieve success. In other words, the project encourages students to utilize their specific skills – be they poets or quants.
The ELI projects in corporate consulting are sponsored at a senior level by their client organizations in order to ensure the teams have access to the companies’ people, information, and other resources. Additionally, teams have the opportunity to present their projects to a group of senior stakeholders and decision-makers of the client company.
Existing in a more technological setting, the Tech Commercialization ELI project is geared towards driving the pistons of technological innovation forward. Students are made to work over the course of a semester with several Purdue Principal Investigator/Founders who have their own technology that they have developed that has commercial potential.
The projects typically revolve around developing business models that focus on achieving success for entrepreneurial start-ups. The year 2014 was without a doubt a big one for Purdue’s startup community, with record 24 startups stemming from the innovation of Purdue research.
The majority of Krannert’s job-seeking full-time MBA graduates have been able to find employment, with 75.9% receiving job offers three months after graduation. The average starting salary was $95,718. The list of major employers of Krannert graduates is varied, with names such as Amazon, ExxonMobil, General Motors, IBM, and Wells Fargo making the line-up.
Krannert graduates move onto a variety of industries and professions, with 36.9% working in the operations field post-graduation, and 16% and 17% of graduates working in marketing/sales and the consulting fields, respectively. 76% of graduates at Krannert work in either consulting, consumer products, or manufacturing fields. Furthermore, the median and average signing bonus for full-time MBA students is $15,000 and $17,528, respectively. The high base salary for Krannert graduates was $150,000 for the class of 2015, while the low base salary was $30,000.
Akin to other schools, the numbers for employment from Krannert only include those students who are actively searching for jobs, not students who are non-job seeking or have already been employed during their time earning an MBA and students who were sponsored for their MBA by their employer.
Compared to many other alumni networks, the Krannert alumni network is expansive, with over 40,000 active members who still work in business.
“Our alumni are eager to come onto campus and help educate, work with and eventually hire students,” says Hummels said. “ We really want to continue to grow this network.”
Students have access to guest speakers who periodically make appearances on campus, a mentoring program that provides opportunities to work individually with current alumni, resume critiques, and mock interviews. The alumni network also provides students further opportunities in corporate participation, where students are connected with possible internship, job and potential consulting opportunities.
Purdue’s alumni network also has a built-in relocation program where alumni can connect with other alumni in their geographic area, domestic or internationally.