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Balancing Joy & Pain in the College Selection Process

How much will I owe when I graduate? How long will it take to pay it back? Am I going to get a well-paying job when I graduate?

 

These were just a few of the questions posed by my younger daughter over the past several months as she’s made her college decision. It’s a tough decision under normal circumstances. Mixing in the uncertainty of the ROI of tuition costs during a serious economic downturn is downright painful. I have the unique perspective of being both a university dean and the father of a daughter recently graduated from high school, and another already in college. When speaking to parents and students let me assure you - I feel your pain.

 

Being a business dean, I naturally prepared a rather sophisticated Excel projection to help analyze the 4-year costs for my daughter. This analysis was important since “we” agreed she would assume a certain portion of the cost. Of course, I was more impressed by the logic of the financial case than was my daughter. And therein lies the major conflict of the decision: How do you balance fiscal responsibility with emotional factors when choosing a college? At what cost comes the joy a daughter feels about going to her desired college?

 

Both my daughters, for very sound reasons, have chosen to go to colleges where I am not a dean (thus forgoing a generous tuition benefit from Villanova), so my ultimate position on the economic frugality vs. happiness scale is obviously apparent. While there were very complicated and painful discussions, ultimately, I opted for them to be happy, to have their top choice, and to blaze their own trails. Was this a wise decision? It still remains unclear and probably will for many years.

 

During the college selection process, however, what is interesting upon reflection is the way in which the world has changed over the last 30 years. Our expectations of ourselves as parents—and of our children—have shifted. For example, had my family had an opportunity for me to receive a lower cost, undergraduate education, there would have been no discussion. It would have been simply understood—via mutual expectations—that my college path was pre-determined. The same is true of most of my contemporaries.

 

Given my unique perspective as both a dean and a father, do I have a simple explanation for this generational shift? No. But just as at the beginning of the whole process, there are many questions.

The Business of Education

This past month the academic community lost an outstanding leader, Constantine Papadakis, who was president of Drexel University. What I found interesting when reading articles written about his death and accomplishments were the references to how he ran the university like a company. While there was recognition of the excellent strides made under his leadership, there was mention that some in the academic community were concerned about the business approach in an academic environment. As someone with a career in both business and at various b-schools, I am certainly well aware of the anti-business bias evident within not only universities but society as well.

Consider the portrayal of the unscrupulous Gordon Gekko in the movie Wall Street or the banker Mr. Potter in It’s a Wonderful Life. I recognize the caution that many in academics raise when it comes to "thinking like a business person" when making decisions about certain academic aspects within a university. We do need to be sensitive about making decisions purely based on market conditions, or what's good for the "bottom line" for example, when it comes to protecting academic freedom or the viability of important educational disciplines.

At the same time, we also must recognize that a university most certainly has important business aspects, and we have a responsibility to a wide array of constituents, especially those who are paying increasingly higher tuition. We need to be sensitive to the return-on-investment for tuition paid. We need to be concerned about our effectiveness and responsiveness to our students. There are many times our students are indeed "customers" when it comes to the service aspects on campus, for example, the ease of registration, on-campus recruiting, or buying a book for a course.

Those universities that think not only about their important educational mission, but also their service responsibility, will indeed be the successful universities as we work through tough economic times and increased expectations for delivering a valuable educational product.

Notable Speakers at VSB

Yesterday I had a meeting with two faculty members who are coordinating the visit of Gary Loveman, Chairman, CEO, and President of Harrah's Entertainment on April 17. I heard Gary speak at a business school dean's conference (imagine the excitement of being part of that group!) a couple years back. It was an extremely interesting presentation and one that sparked my interest for how well VSB students were being educated on business analytics and the use of data to make informed, strategic business decisions. I hope Gary's presentation is well attended and students and faculty realize how much they can learn at this event. I also find the gaming industry fascinating, having been in Las Vegas on many occasions in my lifetime.

 

 

We have been very fortunate this past academic year to have some very notable speakers at VSB, including Jim Turley, Global Chairman of Ernst & Young; Bill McDermott, President and CEO of SAP America; Jim O'Donnell, CEO of American Eagle; Lynn Elsenhans, CEO Sunoco; John Hayes, CMO of American Express; and Kathie Lindmann Sr. VP Starbucks. We are already working to schedule some notable visits next year. What better way to prepare our students and heighten their marketability than to hear directly from the chief executives at some of the world's leading companies? Importantly, such distinguished speakers allows VSB faculty and administrators to learn directly from high-level executives the specific skills and attributes required to succeed in today's business environment. It truly is a great opportunity to connect our classroom efforts with the practice of management - and there is no time like the present to gain new perspectives into best business practices.

The Power of Villanova

I write this as I return from Detroit, where I had the privilege of attending the NCAA Final Four Tournament. While the final result may have been disappointing, the Detroit road trip was an excellent opportunity to experience the power of Villanova in many forms.

 

I met with many alumni, young and old, who traveled from all over the world to be part of the excitement. Their enthusiasm for Villanova is as strong as ever, and many shared memorable stories from their days on campus. The number of times alumni asked how they could help the university, the business school, and our students was truly amazing. In addition to alumni, our students made their way to Detroit in droves (I didn’t ask anyone about missing classes) to cheer on the Wildcats. Their energy and enthusiasm helped keep our team fighting against a very tough opponent.

 

One of the most impressive highlights was how classy, determined, and positive the Villanova community was when we lost. Everyone I talked with expressed overwhelming appreciation for Jay Wright and our entire team of players and coaches, and the momentum that brought us to the Final Four. No, I am not about to write about being a "good loser"--we all wanted to win badly. But it’s clear that the power of Villanova lies in the fact that we’ll be back to fight another day--whether its on the basketball court or in the face of economic uncertainty. Villanova has prepared us to be the best.

Villanova in the Final Four

I am heading to Detroit for the Final Four. It was pure excitement last weekend in Boston as Villanova beat Duke and Pitt.

The past few months, there have been some interesting correlations between VSB and the Wildcats. Earlier in the year, BusinessWeek had VSB ranked #13 and then the basketball team soon earned the same position in the national rankings. Then VSB jumped up to the #11 spot, and the team quickly followed. Now, of course the basketball team is in the Final Four, and I am quite fine with the team finishing ahead of us this year. We will catch them next year.

Regardless, there is a lot of excitement about the progress of the entire university - with basketball and the business school being two prominent examples of the drive towards national recognition. Of course, it is outstanding students receiving an outstanding education that truly distinguishes Villanova.

Welcome to the VSB Dean's Blog

Since my arrival at VSB, I've instituted an open-door policy in an effort to best serve our community. Through office hours, student luncheons, special celebrations, town hall meetings, faculty and staff discussions, alumni events, and parent outreach, my goal has been to communicate and--much more importantly--listen to all VSB constituents to learn what's on your mind.

As the "doors" we open to visit one another are now more often virtual than not, I would like to add yet another venue to our ongoing conversations. I'll regularly post items on this blog, and welcome your questions, feedback, and suggestions.

I encourage you to follow this blog, and to regularly participate in the VSB dialogue.

James M. Danko

The Helen and William O'Toole Dean

Villanova School of Business