The Fogelman College of Business & Economics is part of the University of Memphis, which was recently credited the status of a Carnegie R1 institution of “very high research activity.” Consistent with the research mission and vision of the University, our faculty are motivated and rewarded for publishing high-impact research. Further, FCBE houses several centers and labs that support research in a variety of scholarly disciplines. Our internal programs that support research are augmented by powerful industry connections that facilitate our approach to research with relevance.

In terms of curricula, FCBE has garnered recognition for its programs. The U.S. News & World Report ranked our online MBA as the No. 1 in TN for Veterans. No. 2 overall online MBA in TN, and No. 58 best overall online MBA program nationally. USNWR also ranked our Professional MBA as the No. 1 part-time MBA in Tennessee. Our students also are provided an abundant set of internship and fellowship opportunities with many of the leading firms in Memphis and beyond. FCBE students have an exclusive opportunity to use our Avron B. Fogelman Center for Professional Career Development for access to personalized preparation and one-on-one training for job placement opportunities. Overall, we have built a strength regarding student education and support.

FCBE enjoys strong community support and energetic advisory boards at the college and departmental levels. Corporate partners, large and small, support FCBE and have representatives serving on the Dean’s Advisory Council and department boards. This engagement provides a connection to industry and builds relevance for our programming.

Additionally, we benefit from low tuition, a low cost of living, an abundance of first-gen students and one of the most diverse campuses in the nation.

FCBE, along with the University of Memphis, has struggled bringing people back to campus coming out of the COVID-19 pandemic. The abrupt transition to deliver courses online has not been followed by a purposeful transition to return courses and activity patterns back to face-to-face. Student preferences are directed to online classes (some of this owing to negative perceptions of safety and security near campus). Additionally, students who attend classes on-ground lack the motivation to stay in the building beyond meeting times. Faculty and staff speak with enthusiasm about being present in our building and community, but the momentum to return as a group has been slow to develop, in part because our physical space is unappealing and temperature control is unreliable.

Our curricula need to be expanded and made more current. There is a shortage of curricula that integrate technology to enhance creativity and innovation/technologies for diversified learners. We have room to improve our executive programs, including an Executive MBA program that has been on hiatus for the last several years. Finally, we are looking to expand our experiential learning in ways that align with student success and career outcomes.

FCBE needs a financial plan for a growth orientation. More staff support is needed; departmental faculty sizes are low; research funding must catch up to other R1 schools; and compensation structures are needed to “recruit, retain, reward and recognize our people” consistent with Goal 5 of the University’s strategic plan “Ascend.”

The biggest current opportunity for FCBE is the building project. Having secured $25M from the State of Tennessee for renovations to the two existing buildings, we have also developed a plan to fundraise for an additional $60M to support the creation and integration of a third building in the Fogelman Business Complex. We have received early enthusiasm and support for this project, so a top strategic priority going forward will be to execute on this opportunity. A new building will provide us with space for growth in faculty, staff, programs and centers. Importantly, it will also give us the opportunity to invite and keep more students in our buildings as we serve them with improved classrooms, technologies, flexible group meeting rooms, study spaces, event spaces and food options. Not only will the new building complex catalyze our growth in enrollments, but it should also enable a stronger return to face-to-face instruction and activities as our students, faculty and staff want to be in a professional and comfortable building that welcomes them.

Secondly, the school has strong ties with regional partners, and new companies are choosing our region for operations expansions (Blue Oval City, Amazon, etc.). We can develop relationships with our regional partners to support our building, our curricula and scholarships; and our student employment opportunities. This will benefit our students and the regional partners themselves.

We also have opportunities with executive programs, workforce training and engaged scholarship to further build our relationships with our community, drive more face-to-face interactions and improve FCBE revenues.

Declining enrollments in higher education and the demographic cliff are issues of which we are acutely aware. Although the demographic cliff is thought to not be as severe in the Mid-South as it may be in the Northeast and West Coast, we are aware this is a macro-level trend likely to affect us. We are preparing for this risk by hiring a college-level recruiter and enrollment manager, and by improving and increasing our marketing to prospective students.

Our FCBE budget is also heavily dependent on international students, particularly in our graduate programs, and the source for our international students is tightly focused. This dependence on a specific region may be a risk if the flow of students from that region were interrupted. To mitigate this risk, we are working with university-level graduate recruitment efforts to diversify our sources for prospective students.

Finally, safety is a frequently voiced concern from our stakeholders. American cities in general, and Memphis specifically, are increasingly perceived to be unsafe. We are working with campus and community leaders to invest in enhanced measures to improve the security of our physical spaces. We are also advocating for our community by sharing the message that the reality is better than the perception.

• Grow to 5,000 students in total FCBE enrollment by Fall 2028 (approximately 6% growth per year from 2023 basis).
  
  
• Increase scholarship and internship opportunities for students.
  
  
• Increase corporate partner program by one new partner each semester on a recurring basis until we determine a saturation point (providing access for corporate partners to our students, and access for our students to those jobs).

• Expand business mentorship programs, real-world case study challenges, and opportunities for entrepreneurial projects to ensure students are immersed in practical experiences.
  
  
• Facilitate networking events, workshops, and seminars with industry leaders and alumni to foster a deep connection between students and the business community.
  
  
• Empowering faculty and staff will be further explained under goals #4 and #5 to follow.

• Increase 6-year graduation rate to 70% by 2028.
  
  
• Achieve a job-placement or job-advancement rate of 80% at time of graduation.
  
  
• Revise curricula and maintain relevance on an ongoing basis to ensure fit between our programs and workforce requirements.
  
  
• Standardize online courses for a consistent student experience in FCBE online offerings.
  
  
• Establish partnerships with businesses and industry experts to offer internships and projects that bridge the gap between academic learning and the workforce.

• Promote interdisciplinary research within the business school, collaborating with other faculties and external partners to address pressing business and societal challenges.
  
  
• Invest in a top-notch research infrastructure, such as data analytics labs and business research centers and support staff to enable faculty and students to conduct high-impact research.
  
  
• Increase the research expenditures of the FCBE for more summer research support in terms of dollars-per-award, more summers of guaranteed support for pre-tenure faculty, and research accounts.
  
  
• Encourage all tenured and tenure-track faculty to achieve and maintain AACSB Scholarly Academic status.

• Be transparent in the recruiting process, ensuring positions are posted publicly and announced generally to the college so that all candidates are aware of opportunities.
  
  
• Provide career development opportunities (workshops and conferences, promotion and advancement) for FCBE faculty and staff.
  
  
• Create criteria for promotion to (Full) Professor of Teaching voted on by FCBE faculty during the calendar year 2024.
  
  
• Consistently ensure FCBE staff are compensated at levels comparable to on-campus peers.
  
  
• Adjust faculty compensation to levels consistent with AACSB compensation reports.

• Maintain a commitment to safety by investing in security infrastructure; communicating best practices for personal safety to students, faculty and staff; and sharing accurate data regarding campus/FCBE safety.
  
  
• Reinforcing our high regard for faculty governance through committee work, faculty meeting proceedings and votes, and regular meetings of the dean with faculty representatives (e.g., senators, program directors, committees, chairs).
  
  
• In areas where administrative leadership has prerogative, maintenance of consistent communication so stakeholders understand the decisions being made and the reasons driving those decisions.
  
  
• Annual updates to FCBE faculty and staff regarding the status of this strategic plan and its objectives, state of the college, and college SRI report.

• Raise $60M to match the state’s $25M for a total of $85M towards the renovation and construction of a new Fogelman Business Complex to break ground by the end of 2024.
  
  
• Over the course of the subsequent two years (2025-26), build a top-tier, modern and technologically equipped physical location that students can be excited to attend, and that faculty and staff are proud to be a part of.
  
  
• Grow our budget to allow for year-over-year faculty headcount growth of 5%.
  
  
• Invest in staff support so that each department has its own administrative assistant.
  
  
• Hire a recruiting and enrollment coordinator to deliver tuition-revenue growth to FCBE.
  
  
• Increase staff in the Undergraduate Student Services and the Graduate Programs Offices.