Partner Sites


Logo BusinessBecause - The business school voice
mobile search icon

Social Enterprise: Greed No Longer Good As Millennial MBAs Sacrifice Salary For Society

Students place more value on fulfilment, entrepreneurship and social impact

Sun Dec 6 2015

BusinessBecause
Fadzi Whande started volunteering for the United Nations and other non-profits while still in high school. “The sense of fulfilment drives me,” says the UWA MBA student and equity transformation specialist at Pacific Educational Group, which helps fight institutional racism in schools.

Fadzi, a black woman with a long career across Australia’s public sector, believes business must be in touch with social, environmental and financial goals to be successful. She illustrates the way this generation of MBA students — made up mostly of “millennials” — is placing more value on fulfilment, entrepreneurship and social impact.

“Today’s business schools are being called to act from the very people we’re training as leaders,” says Edward Snyder, dean of the Yale School of Management. “It’s incumbent upon us to prepare our students for the world, not of [the] last generation but the next.”

A new global study of more than 3,700 students at 29 top business schools by Yale University found that 44% are willing to accept a lower salary to work for a company with better environmental practices.

Kirk Bullock used to work in the glitz and glamour of Hollywood for sbe Group, the luxury hospitality company. Now the ESADE MBA student runs lagbt.com, an LA-based start-up offering personal concierge and travel experiences to the lesbian, gay, bisexual and transgender community.

“With business having increasing impact across the globe, the ability for managers at all levels to understand the impact of their decisions is imperative,” says the vice president of the ESADE Net Impact Club.

Jeff Reid, founding director of the Georgetown Entrepreneurship Initiative, says students are interested in finding a way to use their MBA skills to solve problems in the world.

Peter Bakker, CEO of the World Business Council for Sustainable Development, puts this shift down to the role of business in society changing.

“Business leaders need to understand the complex nature of sustainability issues and integrate solutions for social and environmental challenges with the need for good financial results,” he says.

envrio

A survey of 1,500 MBA students this year by Bain & Company found that 66% of women and 59% of men plan to put having a positive impact on society ahead of financial gains.

“They have come of age in a time of heightened competition and reduced opportunities in the marketplace,” says Wally Hopp, professor and senior associate dean for faculty and research at Michigan Ross School. “What they’re looking for is purpose, but in a different way. They’re looking for jobs that matter.”

The St Gallen Symposium, a global conference for leaders and market research group GfK Verein surveyed more than 1,000 millennials from 100 countries. Around half said work with positive social impact is a top-three criterion for measuring career success. Just 14% cited having a fat salary.

“Millennials are seeking meaning,” says Ben Mangan, executive director of UC Berkeley Haas School’s Center for Social Sector Leadership. “The shift is part of a much broader desire among business students to achieve social impact through whatever they spend their time on.”

One-fifth of the students in the Yale University survey expressed an unwillingness to work for companies with bad environmental practices — regardless of salary considerations.

“We are really seeing a shift in what MBAs are looking for and how companies must market to MBAs to get the best and the brightest candidates,” says Erin Worsham, director of social entrepreneurship at Duke’s Fuqua School of Business.

Daniela Papi-Thornton, deputy director of the Skoll Centre for Social Entrepreneurship at Oxford Saïd, says companies should offer graduates the opportunity to lead impact — “not ‘CSR’ or managing their foundation, but redesigning the businesses from the inside so that social and environmental responsibility is embedded in the organization”.

Student Reviews

Duke University Fuqua School of Business

Student

Verified

31/10/2023

On Campus

Supportive atmosphere

The professors at Duke university exhibit exceptional commitment to the success and well-being of their students by ensuring their academic growth and fostering a supportive social atmosphere. Moreover, the entire community is recognized for its amicability and inclusiveness.

Maxwell

Verified

30/03/2023

On Campus

Diversity

The people or the students are without a doubt Duke's greatest asset. While all students are driven to succeed, they are also enthusiastic about a variety of hobbies. You run across a huge lot of diversity. It is the ideal example of a school with well-rounded students and the ideal balance of campus life in a metropolis.

Anabelle

Verified

27/02/2023

On Campus

Happy to school

All I could ever hope for is Duke University. That really epitomizes the "work hard, play hard" philosophy that elite colleges frequently pursue. Even though you'll have a lot of schooling to complete over the week, it's simple to keep focused because all of your friends are putting in similar amounts of effort. Many events taking place on and around campus on the weekends provide a great way to unwind. The combination of demanding academics and traditional college fun strikes the perfect balance.

Monica

Verified

27/02/2023

On Campus

Good schooling

Living, eating, learning, and developing who you want to be as an adult are all fantastic at Duke. I participated in student athletics, and I couldn't have asked for a better interaction with the faculty and other students. I appreciate all of the help I get from the Duke community more than anything. Furthermore, the teachers take the time to get to know you, and the lectures are diverse and demanding (if you do the same). I'd give it a 10 out of 10.

Aline

Verified

26/11/2022

On Campus

Beautiful School, Nice Classes

DU remains one the greatest and best universities that I have ever stepped in. The school is beautiful and neat. The classes are spacious and also very nice. I enjoyed attending my Lectures in those lecture halls. I also loved the Lecturers because of the good work they did. The university also has very good dorms that are given to students on first come first serve basis and they are affordable

Student

Verified

29/06/2022

Blended

Amazing experience

I received my B.S. in Biology and B.A. in Global Health with a minor in Chemistry from Duke University. I was able to grow as a student, scientist, and global health advocate with the help of my friends, professors, and other mentors I met along the way. A lot to learn if you look and ask, a great place to learn for those who want to learn.

Student

Verified

29/06/2022

Blended

whirlwind of growth and change

An amazing 2 years, with covid and everything else happening Duke has been a place of growth for me. The courses , classes were one of a kind, online and on campus. But the valuable lessons learned in the classes are irreplicable. The students are amazing here, so much diversity , I had no problem fitting in. The teachers are down right brilliant and so helpful. Don't be afraid to ask them anything. Graduated with my MBA with Duke and now my future awaits.

Student

Verified

29/06/2022

On Campus

One of the best for Business students

Graduated with an MBA. The classes were very insightful and engaging. The staff are very easy to deal with. The teachers and students, are truly amazing people. Grateful to all the people I've met along the way at Duke. I've learnt a great deal that will help me in my future endeavors. The campus itself is a marvel, it is beautiful.

Student

Verified

16/06/2022

On Campus

The university campus is awesome

I graduated with a masters degree in Religious Studies from Duke University. One thing I really liked about the university is its huge campus. It is spread in a large area with a lot of greenery and also have the facilities of reading rooms for single person also. My department building was very well taken care of. The library is immensely populated with books for all your needs. The faculty is very nice to students. The classes are equipped with latest technology to cater the needs of students. The University also provides room rentals for international students. They are very well maintained and priority is given to the International students for a comfortable stay there. There are weekly events conducted by the University as well as Student clubs for the entertainment of students. Anybody can take part in them and show their talents. I enjoyed my degree and I graduated in 2021 and was very happy that I had graduated from a reputed University.

RECAPTHA :

20

9f

7e

b6