lfm today and tomorrow review for alumni don rosenfield, sept 23, 2003

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LFM today and tomorrow LFM today and tomorrow Review for alumni Review for alumni Don Rosenfield, Sept 23, 2003

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Page 1: LFM today and tomorrow Review for alumni Don Rosenfield, Sept 23, 2003

LFM today and tomorrowLFM today and tomorrowReview for alumniReview for alumni

LFM today and tomorrowLFM today and tomorrowReview for alumniReview for alumni

Don Rosenfield, Sept 23, 2003

Page 2: LFM today and tomorrow Review for alumni Don Rosenfield, Sept 23, 2003

We will give an overview of We will give an overview of topics of major interest to topics of major interest to alumnialumni

We will give an overview of We will give an overview of topics of major interest to topics of major interest to alumnialumni

• Strategic focus of partnership• Latest on organization and MIT• Membership and financial outlook• Students, recruitment and admissions• What’s new intellectually and academically • Alumni mentoring program• Overview of ESD

Page 3: LFM today and tomorrow Review for alumni Don Rosenfield, Sept 23, 2003

Governance and strategyGovernance and strategyGovernance and strategyGovernance and strategy

• Re-engagement of Governing board • Charge of globalization, leadership and innovation• Increasing value added as major focus at June retreat

– Key focus on internship– Reengaging faculty– Some changes in process

• Financial trends have led to some key changes– Tuition charge– Expenses

Page 4: LFM today and tomorrow Review for alumni Don Rosenfield, Sept 23, 2003

Membership continues to Membership continues to evolveevolveMembership continues to Membership continues to evolveevolve

• Two types of members – partnership drivers and many others

• Recent managing partner companies include Dell, ABB, and Raytheon, and Agilent

• Many new active partners such as Sun, P&G, C&S grocers and Amazon

• Expanded range of internship sponsors include Toyota,Philips, ChevronTexaco, and Whitehead Institute

• Financial model with three classes of companies

Page 5: LFM today and tomorrow Review for alumni Don Rosenfield, Sept 23, 2003

What’s new academically What’s new academically and intellectuallyand intellectuallyWhat’s new academically What’s new academically and intellectuallyand intellectually

• Continued global focus (global seminar, internships, membership, CMI, china tour)

• Singapore program and supply chain courses• New sloan core• ESD courses and impact• Tiger teams• Cambridge-MIT institute• Sloan-SOE mix

Page 6: LFM today and tomorrow Review for alumni Don Rosenfield, Sept 23, 2003

Recruitment: 2002 and 2003Recruitment: 2002 and 2003Recruitment: 2002 and 2003Recruitment: 2002 and 2003

 

  # Hired

% of Class47/48 resp

Partner Companies 21 45

Other Mfg. Companies 7 15

Total Manufacturing 28 60

Consulting/Banking 2 4

Other Operations 6 13

Other Opportunities/companies

6 13

Total employed graduates

42 89

Free agents hired by Partner Companies

13 28

  # Hired

% of Class

Partner Companies 30 64

Other Mfg. Companies 8 17

Total Manufacturing 38 81

Other Operations 3 6

Consulting/Banking 1 2

Not placed by 6/1/01 4 9

Total employed graduates

43 91

Free agents hired by Partner Companies

19 40

Page 7: LFM today and tomorrow Review for alumni Don Rosenfield, Sept 23, 2003

AdmissionsAdmissionsAdmissionsAdmissions Class of 2003 2004 2005 5 YEAR AVG

Applications received 254 300 258 257# of students accepted into program 65 68 54 63Class Size 48 57 48 49.8

# of Females 9 17 14 13# of Minorities 6 2 3 4# of International Students 3 4 7 5Average Age 28 28 27 28

Average # of Years of Work Experience 4.8 5.5 4.8 5# with Work Experience 48 57 48 50Corporate Sponsored 9 8 6 9

Average GPA (MIT uses a 5.0 scale) 4.6 4.6 4.7 4.6

Average GRE Verbal 596 625 601 588Average GRE Quantitative 751 764 776 760Average GRE Analytical 736 748 619 705

Average GMAT 697 708 711 707

# of Students Enrolled in Sloan/Eng

Total 31/17 46/11 38/10 36.6/13.2 Aeronautical & Astronautical 1//1 1//0 0/0 .4/.4 Chemical Engineering 4//2 7//2 5//2 5.6/1.8 Civil and Environmental Engineering 7//1 7//2 4//0 4.8/1.2 Electrical Engineering and Comp Sci 5//3 4//1 8//0 7/1.8 Engineering Systems Division n/a n/a n/a n/a Materials Science and Engineering 3//2 3//3 5//3 2.6/2.2 Mechanical Engineering 10//8 23//3 15//5 15.4/5.4 Ocean Engineering 1//0 1//0 1//0 .6/.2

Page 8: LFM today and tomorrow Review for alumni Don Rosenfield, Sept 23, 2003

LFM Alumni Mentoring – 2004 Pilot A Success

Student Response: Overwhelmingly the class of 2004 gained from the mentor experience

• “provided a great LFM network and a different perspective on future career concerns”

• “gave me a lead within an industry sector that I’m interested”

• “the alumni mentoring pilot is awesome”

Alumni Response: Interest from alumni was strong

• “What a great experience. Sign me up for next year!”

• “I would be delighted to be a mentor to Karen…this sounds like a great opportunity for both parties”

Page 9: LFM today and tomorrow Review for alumni Don Rosenfield, Sept 23, 2003

Alumni Mentoring – The Possibilities for 2005

• Based on feedback from the 2004 Pilot participants:

Worked Really Well

• Personal pairings based on strong knowledge of students and alums

• Enthusiasm from both alums and students

• Keeping it limited to those with strong interest

• Informal structure – pros and cons, but on the whole a positive

Possible Enhancements

• Resume swap to accompany introduction letter

• Solicitation of interest at alumni conference

• Match across key interests:

• industry

• location

Page 10: LFM today and tomorrow Review for alumni Don Rosenfield, Sept 23, 2003

Alumni Mentoring – Getting Involved

• If you are interested in mentoring a current LFM student please sign up or contact:

• Jan Klein ([email protected])

• Sarah Egan ([email protected])

Page 11: LFM today and tomorrow Review for alumni Don Rosenfield, Sept 23, 2003

We are continuing to teach about the We are continuing to teach about the serious nature of LFMserious nature of LFMWe are continuing to teach about the We are continuing to teach about the serious nature of LFMserious nature of LFM