International Students Are Half of UConn MBA Class of 2013

The Class of 2013 student profile for the University of Connecticut’s School of Business provides interesting insight into those going through UConn to make their mark on the business world.  The university’s website reports the stats are an indication of the program’s “success in recruiting top-notch talent from a myriad of backgrounds.”  Of particular note:

• 69% of the students are male, 31% are female
• 50% are from the United States, 50% are international students
• Among the states represented are Connecticut, Florida, New Jersey, New York, Utah, Virginia and Wisconsin
• Among the nations represented are China, India, Japan, Serbia, Taiwan, Thailand, Vietnam and the U.S.
• The undergraduate degrees of the MBA students are 31% business, 21% humanities/social studies, 17% engineering, 11% math/physical science, 7% economics, and 2% information science/computer science.
• The average years of work experience is 5.1
• The average age is 28

The UConn School of Business was recently ranked among the Top 40 programs in North America and Top 200 worldwide for three graduate programs. The rankings were awarded by Eduniversal's Top 200 "Best Masters and MBA Worldwide" 2012-2013, which provides a global overview of the best post-graduate programs in 30 specializations in 153 countries. The programs and rankings were:

• Top 200 Best Masters in Engineering and Project Management Global Ranking:
• MSc in Business Analytics and Project Management - #35 in North America
• Top 200 Best Masters in Business and Commercial Law Global Ranking:
• MBA/JD Degree Program - #37 in North America
• Top 200 Best Masters in Executive MBA Global Ranking
• Executive MBA Program - #40 in North America

All of which are numbers and notoriety to ponder when encountering students coming and going from UConn's distinctive School of Business in downtown Hartford.

Sustainability, Green Infrastructure Advance in CT

When considering Connecticut’s progress in sustainability, green infrastructure, and green investments, a variety of statistics help to tell the story.  Among them:

• The U.S. Department of Energy considers 13 percent of Connecticut’s electricity as coming from renewable resources, ranking the state 31^st in the nation.  The majority of the renewable power comes from biomass and hydropower, as reported in the Connecticut Green Guide (www.CTGReenGuide.com).

• Connecticut’s transportation sector employees more green workers than any other industry in the state, with 8,238 green jobs.

• In the Northeast, 76 percent of companies use at least one type of green technology or practice.  According to the U.S. Bureau of Labor Statistics, the most popular green methods are:

1. Energy efficiency
2. Waste reduction
3. Conserving natural resources
4. Reducing greenhouse gas emissions
5. Removing pollutants from workspace
6. Generating onsite renewable energy

• Connecticut Innovations, the state’s quasi-public investment firm, currently puts 6 percent of its portfolio into clean technology start-ups.  Here’s the portfolio breakdown:

1. Information technology               49.5%
2. Bioscience                                           42%
3. Clean tech                                           6%
4. Photonics                                            2%
5. Advanced materials & other       .5%

• The U.S. Energy Information Agency reports that Connecticut ranks fifth in the nation among the states consuming the least amount of energy per capita.  The top ten:

1. Rhode Island
2. New York
3. Hawaii
4. California
5. Connecticut
6. Massachusetts
7. Arizona
8. New Hampshire
9. Florida
10. Vermont

• Connecticut leads the New England states in demand response resources – businesses and facilities that power down when electric prices and demand spikes, according to data from ISO New England.

State                                     Megawatts of Demand Response

Connecticut                        996.6

Massachusetts                  800.5

Maine                                   447

New Hampshire              183.2

Vermont                              144

Rhode Island                      140

Among the most common practices used by employers are asking employees to conserve, turn off or dimming lights, adjusting indoor temperature, and turning off equipment such as printers, copiers, and PCs).  Other steps, used less often, include shutting down production, starting emergency generation, limiting the use of elevators and escalators, and shutting down an entire plant.

Foreclosure Rate Drops Nationally, CT Better Than National Average

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 150,864 properties across the U.S. during January, a decrease of 7 percent from the previous month and down 28 percent from January 2012. The report - by RealtyTrac®, a leading online marketplace for foreclosure properties and real estate data - shows one in every 869 U.S. housing units with a foreclosure filing during the month, down 28 percent from a year ago to the lowest level since June 2006 — a 79-month low. Each of Connecticut’s eight counties is below the national average, and the state continues to be outside the top 10 states for the number of foreclosures, according to the U.S. Foreclosure Market Report™ for January 2013.  The prevalence of foreclosures, based on the number of housing units, was greatest in Windham, Tolland, and New Haven Counties.

The Florida foreclosure rate ranked highest among the states for the fifth month in a row. One in every 300 Florida housing units had a foreclosure filing in January — more than twice the national average. A total of 29,800 Florida properties had a foreclosure filing during the month, up 12 percent from the previous month and up 20 percent from January 2012.

With one in every 344 housing units with a foreclosure filing in January, Nevada posted the nation’s second highest foreclosure rate for the fourth consecutive month. A 32 percent month-over-month jump in scheduled foreclosure auctions helped the Illinois foreclosure rate rise to third highest among the states in January. One in every 375 Illinois housing units had a foreclosure filing during the month.

Other states with foreclosure rates among the nation’s 10 highest were Arizona (one in 501 housing units with a foreclosure filing), Georgia (one in 513 housing units), Ohio (one in 612 housing units), Washington (one in 674 housing units), California (one in 753 housing units), Indiana (one in 784 housing units), and Michigan (one in every 837 housing units).

In Connecticut, New Haven County had the largest number of foreclosures in January, with 317, followed by Hartford County with 265 and Fairfield County with 193.  Overall, Connecticut had 5,187 home foreclosures during the month, with the average foreclosure sales price of $186,405.  The county-by-county breakdown:

• Windham            51 foreclosure properties             1 in every 958 housing units
• Tolland                 52 foreclosure properties             1 in every 1,109 housing units
• New Haven        317 foreclosure properties          1 in every 1,138 housing units
• Hartford               265 foreclosure properties          1 in every 1,409 housing units
• Litchfield              57 foreclosure properties             1 in every 1,530 housing units
• New London      78 foreclosure properties             1 in every 1,546 housing units
• Fairfield                193 foreclosure properties          1 in every 1,865 housing units
• Middlesex           37 foreclosure properties             1 in every 2,013 housing units

In New Haven County, the numbers were driven by Waterbury with 84 foreclosures and New Haven with 59.  West Haven had 38 during the month.  In Hartford County, there were 44 foreclosures in New Britain, 35 in East Hartford and 26 in Manchester, according to the data provided by RealtyTrac.

Turning Guns Into Jewelry, CT Entrepreneur Helps Gun Buyback Program

Jessica Mindich is a Connecticut jewelry designer who has begun transforming recycled pistols, rifles and shotguns from Newark, N.J. – recovered in the city’s gun buyback program - into a line of fashionable bangle bracelets. The “Caliber Collection” began last fall with the melted down metal from 250 guns and bullet casings seized by the Newark Police Department. The result was a series of bracelets that embody the gun’s transformation from a destructive weapon to a powerful symbol of renewal. Jewelry for a Cause, Mindich’s business, donates 20 percent of the proceeds from each sale to the Gun Buyback Amnesty program in Newark, and recently presented a check for $20,000 to the city.

Each of the guns was processed and then released to Jewelry for a Cause by the Police Department of Newark.  Their serial numbers were tracked and are an important part of the design in each of the pieces of jewelry.  The metal from the guns and bullet casings are shredded by Sims Metal Management in Jersey City, according to The New York Times.

The name Caliber was chosen for its two meanings; the caliber of a gun and how the caliber of a city is raised when illegal guns are taken off its streets, the company's website explained.  As a reminder of their source, the Caliber cuffs and bangles are marked on the inside with the serial number from a recovered weapon and "Newark." Prices range from $150 from a basic steel cuff to $375 for brass bangle with a diamond, the Greenwich Time has reported.

A former lawyer who lives in Greenwich with her husband and two young sons, Mindich started the company in 2008. It donates 20 percent of all sales - on items including necklaces and jewelry kits for charitable fundraisers - to nonprofit organizations, local and national.

The newest initiative began, the Times reported, when Mindich ran into Newark Mayor Cory Booker of Newark, who attended Yale Law School with her husband, at a conference. They spoke about Newark’s no-questions-asked gun buyback program, which was founded in 2009 and gave up to $200 dollars for each weapon that was turned in.  The program needed an infusion of money – and the jewelry line was born, with the support of Booker and the city’s police chief.

Mindich is reportedly considering expanding the jewelry line to include other U.S. cities - no word of cities in her home state are among them.  Bridgeport, New Haven and Hartford are among the Connecticut communities that regularly conduct gun buyback programs.

New Haven’s gun buyback program brought in 65 weapons and 63 weapons, including a Bushmaster .223 semiautomatic rifle similar to the one used in the Newtown shooting, on successive Saturdays last December, the New Haven Register and WTNH-TV reported. A gun buyback program that began in December in Bridgeport, Connecticut's largest city, has brought in more than 500 weapons to date, according to an Associated Press report.

CT Businesses Less Optimistic About Immediate Prospects

Business confidence in both the U.S. and Connecticut economies slumped in the fourth quarter of 2012, according to a survey released by the Connecticut Business & Industry Association (CBIA).   The organization’s Quarterly Economic Survey: Fourth Quarter 2012 found that more than half (52%) of surveyed business leaders expect the state’s economy to worsen in 2013. That represents an increase of eight percentage points over the previous quarter. Just 14% thought the state economy would improve, while 34% believed conditions would remain stable.  Expectations for the national economy also dipped, with 40% of those surveyed responding pessimistically, compared with 36% last quarter. About one-quarter (24%) felt conditions would improve.

The survey, as reported by CBIA,  showed similar results to the two prior quarters, with most differences within the margin of error of the survey. Some noteworthy responses include:

• 34% of respondents expect increases in production and sales, with 21% seeing decreases, the best numbers in the survey.
• 18% see their work force expanding, while 19% expect to shed positions over the next quarter.
• 27% see an improved outlook for their firm against 22% who see conditions declining.
• For their industry, 23% see improving conditions while 28% see declines.

The third quarter rebound in business confidence--recovering from record low optimism in the April-June 2012 survey--was short-lived. And the outlook has taken a turn for the worse since the fourth quarter of 2011, when two-thirds saw improving or stable conditions in the state and 81% forecast the same for the U.S. economy.

Based on the state Department of Labor’s latest figures, Connecticut lost 1,800 jobs in December, finishing the year with a net loss of 100 jobs.  The unemployment rate fell three-tenths of a point to 8.6%. Writing in the Connecticut Economy recently, UConn economist Steven P. Lanza noted that “Connecticut’s economy will struggle to post more than nominal job gains’ in the coming months.

The Connecticut Economic Digest, in the current issue, noted that in December 2012, private sector workweek hours show Connecticut “is still firmly in slow employment recovery mode, highlighted by the hours worked month-to-month volatility.”  The publication is developed by the state Department of Labor and Department of Economic and Community Development.

CBIA’s Quarterly Economic Survey: Fourth Quarter 2012 was emailed to approximately 1,900 Connecticut businesses in January of 2013. A total of 187 responded, for a 10.2% response rate and a margin of error of +/- 7.3%.

Textbook Prices Vary Widely Between Campus Bookstore, Online Options

Seven years ago, a Connecticut Board of Governors for High Education study revealed that only 58 percent of the state’s higher education faculty were aware of the cost of the textbooks they selected for their courses.  While changes in the textbook industry, the increased availability of electronic textbooks, and the development of a textbook rental program at most institutions may have improved awareness, there are two certainties that remain.  Textbooks remain expensive at traditional college bookstores, but there are alternatives – and students are finding them. A report published this week by the student newspaper at UConn, The Daily Campus, showed the prices of a single textbook from four different retailers, and compared the purchase and rental options available to students.  The graph accompanying the story compared the price differences, from prominent retailers including the UConn Co-Op Bookstore, Amazon, Chegg and Half.com.

The textbook used for the price comparison, Introductory Chemistry Essentials (4th Ed.), is a frequent purchase among UConn undergraduates because it is a required textbook for CHEM 1122, a prerequisite for higher-level science courses.

The College Board (the organization responsible for the SAT exam, among other initiatives) has said the average student at a public four year college should expect to spend over one thousand dollars a year on textbooks and course materials. According to the American Enterprise Institute, textbook prices have increased at a faster rate than tuition.

In The Daily Campus report, to buy the textbook new and unused, the UConn Co-Op Bookstore charges $80.41 over the Amazon price, which was the second-priciest option.  The Bookstore charges $110.43 more than Half.com, the least expensive option.  As for renting the textbook, the UConn Co-Op is $45.91 more than Amazon, the second-priciest option. It costs $68.03 more than Chegg, which is the least expensive option.

It was recently reported that New York University has been experiencing an annual decline in textbook sales at its campus bookstore of about 5 percent each year since 2008, as students use less expensive alternatives to purchase books needed for their classes.

(chart prepared by The Daily Campus)

Economic Impact of CT Hospitals Highlighted in Report

Connecticut hospitals contribute $20 billion to the state and local economies, according to a report, Connecticut Hospitals: Improving Health, Strengthening Connecticut’s Economy, compiled by the Connecticut Hospital Association (CHA). According to the CHA report, Connecticut hospitals provide more than 54,000 jobs, with a total annual payroll of $5.2 billion.  Earnings by Connecticut hospital and health system employees reverberate through the community, creating an additional 55,000 jobs in the local economy.

The four-page report, which focused on the economic impact of Connecticut’s hospitals and was released in the opening weeks of the state legislative session, noted that “hospitals and health systems serve as a magnet for other healthcare businesses and a stimulus for new businesses such as retail stores, banks, grocery stores and restaurants.”

Connecticut hospitals are major employers and purchasers of goods and services, spending $9.6 billion in 2011 – funds that help to stimulate further economic growth across the state.  Goods and services purchased by hospitals, and funding spent on buildings and equipment, create additional economic value.  With these “ripple effects” included, an additional $10.4 billion is added to the Connecticut economy, resulting in a total contribution of $20 billion by Connecticut’s hospitals to the state’s economy, CHA official pointed out.

The report indicates that Connecticut hospitals treat more than 1.6 million patients in their emergency departments, bring nearly 38,000 babies into the world, and care for more than 420,000 admitted patients, providing more than 2 million days of inpatient care.

“Connecticut hospitals are a critical economic engine,” said Jennifer Jackson, President and CEO, CHA.  “They are often a community’s largest employer, stimulating jobs and attracting other businesses.  At a time when the state has never relied more on its hospitals for the safety net they provide, it is critical – both to our quality of life and economic health – that these institutions remain strong and stable.”

CHA membership includes 29 acute care hospitals and health care organizations and facilities throughout the state.  The report was issued at a time of considerable change in both the healthcare delivery and business sides of the industry, with mergers and affiliation agreements having been reached or under active consideration among industry leaders in Hartford, New Haven, Waterbury, New London and elsewhere across Connecticut, as well as nationally.

Small Manufacturers Association Relocates to Naugatuck Valley Community College

The Small Manufacturers Association (SMA) relocated its headquarters this month to Naugatuck Valley Community College (NVCC). The Association's executive director, Cyndi Zoldy, who joined the organization last November, now operates from NVCC Technology Hall, which also houses the newly built Advanced Manufacturing Technology Center and the College's engineering programs and labs. The SMA, which meets monthly from September to May, has about 130 members in the state. Membership is open to all manufacturers in Connecticut who have 500 or fewer employees and who manufacture a product with a SIC code between 2000-3999.  The organization:

• Promotes the best interest of manufacturers in Connecticut
• Addresses problems common to all manufacturers
• Helps manufacturers improve productivity
• Assists manufacturers in evaluating new markets for their products
• Stimulates cooperative actions among manufacturers
• Provides access to resources aimed to assisting manufacturers

"This is a win-win for both organizations," said Zoldy. "Having a home base here and engaging with students regularly will reinforce the connection between employers and job training, which is a critical undertaking of the SMA right now."

Per the agreement, the College will supply SMA with a furnished, technologically-equipped office and access to conference rooms and other campus resources during college hours. SMA will in turn help inform manufacturing and engineering programs, and the executive director will assist with internship and job placement for students.

Coming off of the success of its inaugural semester, the Advanced Manufacturing Technology Center will particularly benefit from the presence of the SMA on campus, according to NVCC President Daisy Cocco De Filippis, Ph.D.

"We are pleased with student outcomes to date," said President De Filippis, "and this opportunity to partner with the SMA will ensure that our programs continue to respond to industry needs and that our students are given job shadowing and employment opportunities. This is a good thing for our students and for the communities we serve."

Zoldy took the helm at the SMA after selling her Watertown business after 12 years.  Her manufacturing experience includes accountant positions at ABS Pumps, Inc. of Meriden and B/E Aerospace, Inc. formally of Litchfield.  She holds a BS in Finance from Post University.

In November 2011, President De Filippis convened a group of community and industry leaders to advocate funding for the Advanced Manufacturing Technology Center. At the same time, a Manufacturing Advisory Council (MAC) was established to advise curriculum and reinforce connections between training and local workforce needs.

As a result of this partnership, the idea to relocate SMA to NVCC was brought forward in November 2012 by MAC member Douglas Johnson, secretary/treasurer of SMA and VP of Operations at The Marion Manufacturing Company, as a way to close the circle between the College, SMA and local manufacturers.

"Preparing a manufacturing workforce is central to all of our institutional missions," said Johnson. "In a way this has been the year of education for SMA. We envision the best and brightest coming out of Naugatuck Valley. Having SMA on campus makes sense for everyone."

Three Cities Selected for Program to Bring Housing Downtown

Connecticut Main Street Center (CMSC) has selected Middletown, Torrington and Waterbury for its new pilot program, Come Home to Downtown. CMSC developed the mixed-use real estate planning pilot program to provide selected communities with new tools to strengthen economic health and restore vitality to their downtowns, facilitating the development of viable, interesting housing opportunities while improving downtown neighborhoods. The goal of the Come Home to Downtown program is to set the stage to attract developers and “mom and pop” building owners to redevelop vacant or underutilized buildings with a mix of uses and housing choices. CMSC will also provide local public and private champions and partners with strategic tools to allow them to create or enhance a strong downtown management program.  The Come Home to Downtown pilot was created in partnership with the Connecticut Housing Finance Authority (CHFA), through a $250,000 investment using Community Investment Act (CIA) Program funding.

“Our Come Home to Downtown pilot communities were selected based on criteria we feel is vital for success, including local public and private sector leadership, a strong record of community engagement, success of previous downtown revitalization initiatives and multi-story buildings and property owners who are motivated to redevelop them,” said CMSC’s John Simone.

CMSC will work in concert with Middletown, Torrington and Waterbury, beginning with the collection of data, building analysis and the coordination of community engagement activities, exploring their downtown redevelopment issues in-depth and creating new strategies that respond to changing demographics and market dynamics.  Work will continue throughout the summer on consensus building, a downtown development audit for each of the towns, model building analysis, assistance to small-property owners who demonstrate a desire to redevelop their properties to include housing, and downtown management organizational development.

Connecticut Main Street Center is a statewide nonprofit that inspires great Connecticut downtowns, Main Street by Main Street. Its mission is to be the champion and leading resource for vibrant and sustainable Main Streets as foundations for healthy communities.

UConn Accounting Master’s Program Ranked in Nation's Top 10

The University of Connecticut is getting high marks for its online master’s degree in accounting, earning a spot in the top 10 nationwide among online business programs ranked by U.S. News & World Report. UConn’s program, run by the School of Business, was ranked No. 8 among 213 online graduate business degree programs that the publication’s editors reviewed at colleges and universities nationwide. UConn’s online master’s of science degree in accounting (MSA) received particularly high scores for the credentials and training of its faculty, along with factors that measure student engagement such as retention, selectivity, graduation rates, and class sizes.

U.S. News also praised the program last year in a broader review of online business school learning initiatives, though it did not issue overall rankings then. The rankings were released this month.

According to the U.S. Bureau of Labor Statistics, jobs for accountants and auditors are expected to grow by 16 percent between 2010 and 2020.  The U.S. Department of Labor agency reports that “Stricter laws and regulations, particularly in the financial sector, will likely increase the demand for accounting services as organizations seek to comply with new standards. Additionally, tighter lending standards are expected to increase the importance of audits, as this is a key way for organizations to demonstrate their creditworthiness.”

The UConn program is designed to give students the knowledge they need for successful careers in public and private accounting, allowing current CPAs to expand their skill set and helping aspiring accountants meet the 150-hour educational requirement to seek CPA testing and licensing in most states.

“There are exciting innovations planned for the next year to continue keeping the MSA on the cutting edge. New tools will increase interaction and continue to develop strong online community ties,” says Amy Dunbar, the MSA program’s faculty director and an associate professor of accounting.

UConn’s MSA program started in 1999 and transitioned to a completely online program in 2003. It’s particularly popular with working professionals who want to boost their careers with advanced credentials. The average age of new entrants is about 28 years old, and the student body is split almost evenly between men and women.

New full-time students attend a one-week class in May at the Storrs campus to become familiar with the program, technology, instructors, and each other. They then take courses online during the following summer, winter, and spring semesters to complete the program’s requirements.

The course content is delivered through course-specific websites on a School of Business server. As a result, the activities do not have to take place at the same time for all students. That gives students flexibility to finish their work on their own timeframes, as long as it is completed by the assignment’s deadline. There are also several part-time options, including completing the degree over two summers or taking 10 courses over multiple semesters.

Recently, Robert Half, the world's first and largest specialized financial recruitment service, projected accounting salaries would grow 3.3 percent in 2013, while technology salaries will grow approximately 5.3 percent.

The UConn program has been recognized by the United States Distance Learning Association for best practices in the field, and it is accredited by the Association to Advance Collegiate Schools of Business (AACSB).