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- [Korean Economic Daily] SKK GSB MBA Ranked No.1 in Korea for 10 Consecutive Years
- Sungkyunkwan University SKK GSB’s MBA Ranked No.1 in Korea for 10 Consecutive Years, and Aiming to Become a Household Name Internationally Sungkyunkwan University’s SKK GSB (Graduate School of Business) has set an all-time record, ranking first in Korea for 10 consecutive years, and 35th in the world in the UK’s Financial Times (FT) 2021 Global MBA Ranking. The school has risen 19 places over the past year. SKK GSB has continued to achieve outstanding results in the aspects of internationalization and career development every year over the past decade. The rankings reveal further remarkable achievements, such as ranking 5th in the world for job satisfaction because of its career development services, 16th for value for money, 17th for international faculty ratio (68%), and 39th for international students ratio (58%). All of these factors have contributed towards the school’s increasingly dominant position. Fostering business experts to lead the AI era SKK GSB constantly updates its curricula in response to the ever-changing demands of the business market. Dean Eric Shih says: “In order for companies to dominate the market in the AI era, it is critical to secure experts who have a deep understanding of fast-changing technologies and businesses. Our focus is on fostering MBA graduates with such abilities.” SKK GSB launched new AI MBA and Business Analytics programs in 2020, and it offers related courses such as AI, Machine Learning, Blockchain, and Analytics Programming, alongside existing curricula. Alumna So Dam Choi, who joined an e-commerce company in the UK after graduating from the Full-Time MBA this year, says: “I achieved both of my objectives—career transition, and getting a job overseas—thanks to the skills I accumulated at SKK GSB as a global MBA student.” To further facilitate such career transitions, SKK GSB has recently recruited an HR specialist from a multinational corporation to head the Career Development Center in order to provide more systematic and specialized career services. SKK GSB offers six programs: Full-Time MBA (18 months, daytime classes), Professional MBA (2 years, evenings), Indiana University Kelley–SKK GSB Executive MBA (18 months, weekends), AI MBA (2 years, weekends) Master of Science in Business Analytics (18 months, weekends), Master in Management Studies (2 years, daytime). Full-Time MBA More than half of the students enrolled on the Full-Time MBA are international students, and the international faculty ratio is 68%, making SKK GSB’s Full-Time MBA Korea’s leading global MBA program. In response to the sharp increase of demand for data managers, the new Business Analytics track to allow students not only to learn about big data and business analytics, but also to get practical hands-on experience. Moreover, students can specialize in fields such as Global Management and Brand Management to strengthen their expertise and competitiveness in each discipline. Professional MBA The Professional MBA is for professionals who intend to study while working. Classes take place after work two or three times a week, and all classes are run 100% in English. Its innovative and hands-on curriculum allows helps students to analyze business cases from companies around the world and to collaborate with colleagues of various nationalities. During the first year, students complete the compulsory courses in various fields, and during the second year, they can select specialist courses to foster their own field of expertise. Indiana University Kelley School of Business–SKK GSB Executive MBA The IU Kelley–SKK GSB Executive MBA is run jointly by Indiana University Kelley School and SKK GSB. Through this program, students can obtain MBA degrees from both Indiana University and Sungkyunkwan University through weekend classes alone. All classes are run in English, and at least 55% of the classes are taught by IU Kelley faculty. This program is aimed at senior managers with eight or more years’ experience. AI MBA AI MBA is a program for students to develop into MBA graduates with AI and business expertise. Lectures are given by the SKK GSB faculty, as well as computer science, statistics, and mathematics faculty from Sungkyunkwan University, and external data experts. The AI subjects are run in Korean and the MBA subjects are run in English, allowing the students to grow into AI experts with global business capabilities. This program is only run as a corporate contract department. Master of Science in Business Analytics The Business Analytics program nurtures students’ ability to deal systematically with data analytics. It fosters the knowledge and skills required for hands-on jobs, from fundamentals to uses, and it applies these to business contexts. Since various business fields and functions depend on analytics, this program appeals to professionals who wish to advance their competitiveness. Master in Management Studies (MMS) MMS is a two-year daytime program run at three prestigious schools: SKK GSB, EDHEC Business School (France), and UC Berkeley’s Haas School of Business (US). Graduates can obtain Masters in Management Studies from both SKK GSB and EDHEC. All of SKK GSB’s programs are currently recruiting new students for the second half of 2021.
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- 작성일 2021-04-14
- 조회수 6030
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- [Korean Economic Daily] Interview with Eric Shih, Dean of SKK GSB
- "Fostering Future-Orientated MBA Students Well-Versed in both AI Technology and Business" Interview with Eric Shih, Dean of SKK GSB Sungkyunkwan University’s Graduate School of Business (SKK GSB) recently set an impressive record, ranking 35th in the world in the 2021 Financial Times Global MBA Ranking and 1st in Korea for the 10th consecutive year. SKK GSB began participating in the FT Global MBA Ranking in 2012. Dean Shih had previously visited the UK Financial Times headquarters and coordinated the process from SKK GSB’s side. He also led SKK GSB's efforts to earn AACSB (Association to Advance Collegiate Schools of Business) accreditation and has played a significant role in SKK GSB's growth into a global MBA school since he joined in 2007. Currently, he is the only international Dean among major business schools in Korea. Driving forces behind SKK GSB’s rise: internationalization and career development Dean Shih notes that the driving forces behind SKK GSB's rapid advancement to its current ranking as the 35th best MBA program in the world comes from constantly focusing on internationalization and career development. "SKK GSB has not stopped its efforts to internationalize further and to focus on students’ career development even after being ranked among the world's top 60 MBA schools for the first time in the 2012 FT MBA Ranking. Those efforts have resulted in a significant increase in full-time international faculty members from 50% in 2012 to 67% in 2021, while the number of full-time international students in the MBA program has risen from 22% in 2012 to 58% in 2021. The number of MBA programs, fully run in English, has increased from 2 to 5, and the number of programs running double degree tracks in partnership with prestigious overseas universities has increased from 2 to 4. Despite the challenging economic conditions, SKK GSB has really strengthened its career development program, as evidenced by its strong showing in the career development category in the annual FT MBA Ranking. The average employment rate of SKK GSB students within 3 months of graduation has been 92% for the past 3 years, and promotion following graduation has been ranked in the top 15 globally for 3 consecutive years." Besides Dean Shih, SKK GSB’s Vice Dean and the Director of the Full-time MBA Program are also international, highlighting the school’s global mindset . In addition, 18 countries from around the world are represented among the student body of this year’s full-time MBA program, creating a truly unique international learning environment. It is commonplace at SKK GSB for Korean, Indian, and French students to come together to analyze the financial statements and sales data of global companies and discuss global market strategies with students from Chile and the Netherlands, under the guidance of an American professor. Securing competitive advantage in the job market Dean Shih emphasizes that "SKK GSB's MBA students graduate with a global mindset in combination with international business capabilities, both of which are developed organically throughout the course of the program.” He further adds, ”being able to quickly analyze various global markets, having the ability to collaborate effectively in global organizations, and having a rich understanding of different cultures provide strong competitive advantages in the job market. Since Korea has an outward-oriented economy, working with international markets and foreign companies is essential for success." Producing future-orientated MBA graduates sought after by companies in the AI era How should MBA education change in a post-COVID era that will also be largely influenced by artificial intelligence (AI)? Dean Shih pointed out how the pandemic that occurred amidst the rapid growth of the AI industry has led to a fundamental change in the business structure all around the world. "We see more and more utilization of AI and big data in companies and business areas every day. Analytics is becoming more important as well. We are in urgent need of talent well-versed in both new technology and business. If SKK GSB has been a leader in globalized MBA programs in Korea up until now, we have to become the business school that produces the most future-orientated MBA graduates going forward. AI and big data courses have already been added to all of our programs, and as a result, there is an increasing number of graduates entering related fields.” As evidence of Dean Shih’s remarks, several recent graduates from SKK GSB have pursued careers in AI. Asyl Uraimova (FMBA 2020) , a recent graduate originally from Kyrgyzstan, encountered the field of big data at SKK GSB for the first time and he is now working at a big data analytics company in Korea. Furthermore, SKK GSB established AI MBA and Business Analytics programs last year. Growing from MBA graduate to leader Elon Musk has famously critiqued that MBA graduates “may be good at PowerPoint, but they don’t know how things work”. Dean Shih says that an MBA degree does not automatically make one a leader. He emphasizes that “having the abilities required in the era we live in, realizing the essential competitiveness of companies to lead the present generation, and acting based on an outstanding sense of real-world business are the basic attitudes that MBA students need to have in order to grow into leaders.” With its strong focus on Action Based Learning, SKK GSB allows its students to analyze real business cases, work with data, and conduct projects throughout the entire duration of the MBA program in order to become the business leaders of tomorrow. Origianal article in Korean: https://www.hankyung.com/society/article/2021032168851
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- 작성일 2021-03-25
- 조회수 6673
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- [Maeil Business News] SKK GSB leads the Korean MBA market
- Sungkyunkwan University’s SKK GSB leads the Korean MBA market with customized career development services and lectures 100% in English Sungkyunkwan University’s SKK Graduate School of Business (SKK GSB) was ranked 35th in the world (1st in Korea, 7th in Asia) in this year’s Financial Times (FT) Global MBA Ranking, which is the world’s most widely recognized and authoritative one. SKK GSB is the leading successful example of the “Korean MBA Program“ project, which Korea’s Ministry of Education ran from 2006 to 2015 . This project aimed to develop Global MBA programs in Korea in which lectures would be delivered entirely in English by international faculty so that students would not have to travel abroad for world-class business education. Such programs were established in 14 Korean universities, but only SKK GSB’s has consistently been listed in the FT Global MBA Ranking. Other Korean business schools such as KAIST (99th in 2011) and Korea University (86th in 2013) were listed in the rankings only once before they dropped out. In the 2021 rankings, SKK GSB was ranked 35th in the world, 7th in Asia, and 1st in Korea. INSEAD (France/Singapore) topped the list, followed by London Business School and the University of Chicago Booth School of Business. This year, Asian business schools featured strongly: 17 of the top 100 MBA schools in the world were Asian, with 12 in the top 50. These included China's CEIBS (6th), the National University of Singapore (15th), Hong Kong National University of Science and Technology (19th), and Hong Kong University (29th). SKK GSB has been the springboard for many students to change their career paths. For example, SKK GSB graduate Seong Chul Shin (FMBA 2017) is currently a member of Amazon headquarters’ finance team. Before entering SKK GSB, he worked for a Korean auto parts company. Mr. Shin explains, “I majored in industrial engineering as an undergraduate, and I was then employed in the auto parts business. I was unsatisfied in my job, so I wanted a change of career. After enrolling at SKK GSB, I acquired a range of useful knowledge. This alongside indirect experience gained through case studies helped me start my new career. I focused on finance at SKK GSB, where I learned a lot about the field and developed my capabilities. This put me in an ideal position to fulfill my role on my projects at Amazon, where I work on financial performance management and forecasting, business feasibility assessment, and financial analysis.” The SKK GSB success recipe: Global perspective & customized career development services SKK GSB is the only Korean business school to have been listed in the FT Global MBA Ranking every year since 2012, and the MBA is now ranked 35th in the world. The cornerstone of this success has been the steadfast work behind the scenes to internationalize thoroughly, and to lead the field in career development services. SKK GSB is a highly globalized school: 68 percent of SKK GSB faculty and 58 percent of the full-time MBA students are from outside Korea. Examples of international faculty include Dean Eric Shih (USA), Vice Dean Raunaq Pungaliya (India), and Full-Time MBA Program Director Aleksios Gotsopoulos (Greece). All SKK GSB courses are taught fully in English. SKK GSB’s career development services tailor their advice to individual students’ needs. Dedicated staff – including the new Director of the Career Development Center, who is an HR expert with over 20 years’ experience in multinational companies – partner with recruitment agencies to conduct a range of systematic and professional career development programs. The placement rate of SKK GSB full-time MBA graduates (within three months of graduation) has risen steadily from 88 percent in 2019 to 91 percent in 2021. SKK GSB’s strengths in globalization and career services were evident in the FT 2021 Global MBA Ranking, in which the school was ranked 17th in the world for international faculty, 5th for career services, 13th for career progress, and 16th for value for money. SKK GSB alumnus Eamon Byrne (FMBA 2019), management consultant at Simon-Kucher & Partners in the UK, notes: “I place great value on the exceedingly global nature of SKK GSB. While it is of course great to learn from the Korean perspective of business, it was critically important for me to become internationally competitive upon graduation. This was possible due to the school’s globally focused culture, which stems from having such a diverse range of nationalities of both students and faculty alike.” A customized curriculum for the AI era SKK GSB has transformed in recent years to foster the kind of management talent needed in the AI era. Novel courses focus on AI and machine learning, digital age corporate strategy, digital and social media analytics, business intelligence, data visualization, digital marketing, financial analytics, and business analytics. It is the school’s philosophy that students should be well-rounded and prepared for modern-day business realities. In the words of Dean Eric Shih, ”We see the future of the MBA as fostering graduates who are well-versed in both the art and the science of management – professionals who are comfortable in a creative advertising brainstorming session, and who the next minute become number geeks who can uncover new consumer trends by analyzing mountains of sales data – perfect SKK GSB graduates.” Original full article in Korean: https://www.mk.co.kr/news/special-edition/view/2021/03/226913/
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- 작성일 2021-03-10
- 조회수 7070
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- [Maeil Business News] “Green Bonds” remain popular despite low interest rates
- Professor Youngju Nielsen (SKK GSB) has written a column about green bonds on MK News (Maeil Business News). The latest change in Korea to attract my attention is the issuance of ”green bonds” . SK Rent-a-Car announced in early January that they would issue green bonds worth up to 90 billion won. The Ministry of Environment also published a guidebook in December 2020 to encourage revitalization of the green bond market. As we can assume from their name, green bonds are bonds that are related to the environment. Then what exactly is a green bond? A green bond is a type of bond. Bond investors are paid interest by the issuing entity at regular intervals. When a bond matures, its face value is returned, just as the principal is returned [JPB2] . Companies can use the money received from bond investors for corporate activities. However, funds accrued by issuing green bonds should only be invested in assets or business related to environmental protection. Prime examples of such green projects are development of renewable energy, clean transportation, and sustainable water resources. Green bonds cannot simply be issued under the name ‘green bond’. Rather, they are certified by the Climate Bonds Standard Board. There is no problem if regular bonds are used for green projects, so why is there a need for green bonds? An expense is incurred when companies issue bonds, and green bonds must satisfy more conditions, so these inevitably cost more to issue. However, companies can reap more benefits, outweighing the greater issuance cost. Original article in Korean: https://news.mk.co.kr/v2/economy/view.php?year=2021&no=79978
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- 작성일 2021-03-05
- 조회수 6671
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- SKK GSB Alumni Online Meeting
- The Alumni Association is organizing the 1st online meeting on 6 March, 2021. *Access Info* SKKGSB ALUMNI is inviting you to a scheduled Zoom meeting. Topic: SKK GSB Alumni 2021 Time: Mar 6, 2021 04:30 PM Seoul (The meeting will be started at 5 PM) Join Zoom Meeting https://us02web.zoom.us/j/88467755322?pwd=RXdVaUI3Sndjak1wN0JUWmw1OUFuUT09 Meeting ID: 884 6775 5322 Passcode: 412076 One tap mobile +12532158782,,88467755322#,,,,*412076# US (Tacoma) +13017158592,,88467755322#,,,,*412076# US (Washington DC) Dial by your location +1 253 215 8782 US (Tacoma) +1 301 715 8592 US (Washington DC) +1 312 626 6799 US (Chicago) +1 346 248 7799 US (Houston) +1 646 558 8656 US (New York) +1 669 900 9128 US (San Jose) Meeting ID: 884 6775 5322 Passcode: 412076 Find your local number: https://us02web.zoom.us/u/kcHeA8lbIp Hope to see you all there!
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- 작성일 2021-03-03
- 조회수 6127
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- PMBA Students (Jung Hwan Cha, Seung Moo Lee, Jae Oh Seo, and Minseok Kim) awarded in 2020 MBA Case Competition
- Last December, four of SKK GSB’s Professional MBA students (Jung Hwan Cha, Seung Moo Lee, Jae Oh Seo, and Minseok Kim) participated in the 2020 MBA Case Competition sponsored by the Ministry of Education and the Ministry of Trade, Industry and Energy. Their topics were “CJ Group’s Post-COVID-19 Global Strategy” and “Response Strategy to the Eco-friendly Trend.” Twenty teams competed, and our students’ plan to expand air cargo business was ranked highly, being given an Excellence Award. Group leader Jung Hwan Cha reports on the competition. This competition was only open to MBA students, and I wanted to make the most out of my two years as an MBA student, so I was keen to participate . I also saw this as a unique opportunity to engage in activities outside school, and to apply what I had learned so far in the classroom to solve challenges that companies face in the real world. We chose CJ Group’s Post-COVID-19 Global Strategy as our topic, and we decided to focus on CJ Logistics’ becoming a global powerhouse in the logistics industry, specifically by expanding its air cargo business. The impact of the COVID-19 crisis is being felt by businesses all around the world, but one sector that has seen major growth is the logistics/cargo industry. CJ Logistics, which currently has the largest market share in Korea, has been expanding globally in recent years. We believe that this sector will grow significantly in the future, partly due to COVID-19, and by quickly expanding its air cargo business, CJ Logistics can catch up with current global market leaders such as FedEx and DHL. It was difficult to find time to work on this project between school and work. We initially met after Tuesday’s class to choose our topic and to set a project timeline, so we chose the team name Tuesday Night Strategy (TNS) to recall our first meeting. When we each completed our allocated tasks, we met on Zoom then in person to discuss and compile our presentation. This project required a lot of research since it was a field with which none of us was familiar. It was therefore important to work together and to respect each other’s opinions. Even though the four of us had not worked together before, we were quickly able to agree on the direction of the project. We were also able to learn about the impact of COVID-19 on the global economy, and how different industries and companies are coping and innovating during this crisis. Building on what we [have learned from this experience, we hope to compete again next year. We also hope that other students from SKK GSB take more interest in future competitions such as this.
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- 작성일 2021-02-16
- 조회수 6327
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- SKK GSB ranked 35th in the world-2021 Financial Times Global MBA Ranking
- Sungkyunkwan University Graduate School of Business (SKK GSB) has been ranked 35th in the world, 7th in Asia, and 1st in Korea in the 2021 Financial Times (FT) Global MBA Ranking. The FT Global MBA Ranking is an annual indicator of business schools’ overall status and quality. Unlike other rankings centered on US MBA programs, the FT ranking is global and assesses business schools all around the world. SKK GSB is the only Korean business school in the world’s top 100. SKK GSB’s MBA has been crowned #1 in Korea for ten consecutive years, while it has been among the top 50 worldwide since 2017. Asian business schools fareprominently in these rankings: 12 were included in the top 50, including HKU, CEIBS, NUS, HKUST, and SKK GSB. SKK GSB recieved a particularly high score in the following categories: career services (5th), career progress (13th), and international faculty percentage(17th). Professor Eric Shih, Dean of SKK GSB, notes: "We are proud of this accomplishment. It is a strong signal that SKK GSB is being recognized globally for the value we deliver and the impact we have on our students and alumni’s careers.” SKK GSB launched two new programs last year, the AI MBA and the MS in Business Analytics. These programs bring together advanced topics in AI and big data with business education to help students acquire the knowledge and skills that are essential in Industry 4.0. These courses have attracted tremendous interest, not only from individual applicants, but also from companies. SKK GSB's MBA has also been gaining rapidly in popularity. In particular, the number of applicants for the 100%-English program increased significantly year-on-year. In a world ravaged by the COVID-19 pandemic, Korea has proven to be a relatively safe place to live and study. Many students who were planning to pursue an MBA abroad decided to remain in Korea instead, while the number of foreign students at SKK GSB continued its steady rise.
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- 작성일 2021-02-08
- 조회수 7841
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- Meet the President and Vice President of the SKK GSB Alumni Association: Mr.Hee Bai Kim and Mr.Chong Man Suk
- Mr. Hee Bai Kim (EMBA 2016) and Mr. Chong Man Suk (EMBA 2015) graduated from the Executive MBA program and have taken the roles of President and Vice President of the Alumni Association since early 2020. They have done well in maintaining their connections with the SKK Graduate School of Business. Q. When and why did you decide to pursue the EMBA program? A. Mr. Kim: Pursuing an MBA had been part of my career plan ever since I was in my 20s. The career I had envisioned for myself was clear from a young age, and I gave myself a goal of working in senior management for a company and pursuing an EMBA degree in my 40s so that I could excel in a leadership and executive role. I have always maintained that constant learning is critical. Therefore, I believed that going back to school to obtain an EMBA degree after years of accumulating professional work experience would allow me to better understand the theories taught in class. Mr. Suk: Unlike Mr. Kim, I never had a plan to pursue an EMBA degree until SKK GSB came to our company to host a workshop. After that seminar by SKKU, I realized that it would be a good opportunity for me to continue my learning and keep my competitiveness in the company by pursuing an EMBA degree. Q. Why did you choose SKK GSB to pursue an EMBA degree? A. SKK GSB is the only MBA school in Korea that boasts a truly international pedigree that is consistent with today’s globalized economy and with courses that are taught 100% in English. Over 60% of the faculty come from international backgrounds. The student body was also very international, adding to the diverse cultural flavor. Also, the case studies we had discussed in class were all discussed in a global context. Finally, the global field trips offered us real, hands-on international business experiences. Attending SKK GSB helped us broaden our global vision and gave us an opportunity to master our business communication skills, especially in English. Both of us are currently working in multinational corporations and our experience at SKK GSB has helped tremendously in this aspect. Q. What has been most memorable from your EMBA journey? A. The entire EMBA journey was fruitful and we had lots of great experiences. One of the most unforgettable experiences was the Global Field Trip to the U.S. For two weeks, we visited many of the iconic places in America and exchanged ideas with a diverse group of academic scholars. However, more than just the academic experiences, the social gatherings allowed the entire class to truly get to know one another in a fun, casual environment. It was a valuable opportunity for all of us to get closer to each other, something that had been challenging to do in Korea due to the busy work schedules of our classmates, who were executives or senior managers in their respective firms. The two-week Global Field Trip gave us a temporary respite from our everyday norm, and allowed us to enjoy our time with each other. Q. How did the EMBA program help with your career success? A. At work, we are not given the leeway to make mistakes, and any mistake could potentially be detrimental to the company. As a senior manager, we are also expected to know everything. However, at SKK GSB, we were encouraged to try out new ideas and we were allowed the leeway to make mistakes, as mistakes could provide a good opportunity to learn from. It wasn’t wrong to say “I don’t know” whenever we encountered something we were not aware of and we were able to learn new theories from our professors and our peers. It was great that we could indeed be “ourselves” and continuously acquire new knowledge in a pressure-free environment. Teamwork was also highly emphasized at SKK GSB. It was difficult for us to work as a team initially, as many of us came from leadership positions and we were used to making the decisions at work. After multiple team projects, however, we were able to get a firm grasp on the importance of teamwork and how to deal with diverse set of opinions. The MBA program was also driven by learning through case studies, which helped us enhance our problem-solving skills. During the program, we studied over 100 real-life cases and learned how to solve different practical problems. The case studies prepared us thoroughly on how to tackle real-world business issues and handle complex problems in a more efficient way, and has proved beneficial to our work life. Taking courses in English also gave us opportunities to practice business English outside of work. Our English communication skills have since improved a lot, thanks in part to the program. Q. Why did you want to come back to the campus and join the Alumni Association? A. We both had an amazing EMBA experience at SKK GSB. Yet, we felt it was a pity that the opportunities to reunite with our classmates after graduation were few and far between, as everyone had to go back to their busy work life. We thought that it would be great if we could reconnect with the school and get to meet everyone again. We also wanted to help other graduates and alumni rebuild their connections with the school as well. Therefore, we decided to join the Alumni Association. Every time we come back to the school, we feel younger and rejuvenated. Q. What is the plan and mission of the Alumni Association? A. We had grand ambitions and planned to bring the alumni together at the beginning of the year. Unfortunately, most of the plans have been delayed due to the COVID-19 pandemic. We have been monitoring the situation closely and we are planning to move some events (e.g., alumni gathering) online in early 2021. Hopefully, we will be able to gather and meet each other in person soon after the pandemic is contained. Irene So and Bomi Kim, SKK GSB PR Committee, Class of 2022
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- 작성일 2021-02-03
- 조회수 6947
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- SKK GSB Professor Gokce Basbug publishes study on Economic Policy Responses to the COVID-19
- Professor Gokce Basbug (SKK GSB), in collaboration with Ceyhun Elgin (Columbia University) and Abdullah Yalaman (Eskisehir Osmangazi University) has published cutting-edge research on the economic policy responses to the COVID-19 pandemic. His article, “Economic Policy Responses to a Pandemic: Developing the Covid-19 Economic Stimulus Index” appeared in CEPR’s Covid Economics: Vetted and Real-Time Papers and has already gained wide media coverage from TIME, Washington Post, BBC, Forbes, VoxEU, and BBC Mundo. The authors collected extensive data on the economic policy responses of 168 countries over the course of the pandemic since March 2020, including data on fiscal and monetary policy, and balance of payments/exchange rate measures. Typical fiscal policies included transfers to households and businesses, extension of the labor market and social safety benefits, and funds for the healthcare system. South Korea, for example, introduced cash transfers for quarantined individuals, consumption coupons for low-income households, and wage and rent support for small businesses; Germany expanded access to short-term work subsidies, increased childcare benefits for low-income parents, and provided grants to small business owners and self-employed persons affected by the outbreak etc. In addition, the study conducted a comparative analysis of measures across countries. The analysis showed that countries expected to experience a sharper decline in GDP in 2020 (according to the International Monetary Fund forecasts) adopted larger fiscal and macro-financial packages. In a similar vein, wealthier countries adopted larger policy packages. In comparison, countries with higher inflation rates in 2019 introduced lower policy rates and reserve requirement cuts, and adopted smaller macro-financial packages. The data, which have been regularly updated, can be found here: http://web.boun.edu.tr/elgin/COVID.htm Reference: Study Info Economic Policy Responses to the COVID-19 Pandemic by GOKCE BASBUG (SKK Graduate School of Business, Sungkyunkwan University), CEYHUN ELGIN (Columbia University), ABDULLAH YALAMAN (Eskisehir Osmangazi University) The coronavirus disease (COVID-19) outbreak has resulted in more than 65 million confirmed cases and caused 1.5 million deaths related to COVID-19 as of early December 2020. In addition to human suffering and loss of lives, the outbreak generated a major global economic downturn. To mitigate the negative effects of the pandemic on the economy, governments have adopted expansionary economic packages. In our study, we created an extensive database of 168 countries’ economic policy responses over the course of the pandemic, including fiscal, monetary, and balance of payments/exchange rate measures. Typical fiscal policies include transfers to households and businesses, extension of the labor market and social safety benefits, and funds for the healthcare system. For example, South Korea introduced cash transfers for quarantined individuals, consumption coupons for low-income households, and wage and rent support for small businesses. Germany expanded access to short-term work subsidies, increased childcare benefits for low-income parents, and provided grants to small business owners and self-employed persons affected by the outbreak. The major conventional monetary policy tool used by central banks is the cuts in different types of policy rates. Central banks have also used several macro-prudential measures, such as cuts in reserve requirement ratios on different types of deposits. In our study, in addition to creating a dataset by coding economic policy responses, we provide a cross-country comparison of these measures. Our analysis with the data show that countries that are expected to experience a sharper decline in GDP in the year of 2020 according to the International Monetary Fund forecasts have adopted larger fiscal and macro-financial packages. Moreover, richer countries have adopted larger policy packages. In addition, countries with a higher inflation rate in 2019 have implemented lower policy rates and reserve requirement cuts as well as adopted smaller macro-financial packages. For our project, we had started programming economic policy responses in March of 2020 and have been regularly updating the database since then. Our up-to-date data and academic paper as well as media coverage by major outlets can be found at our web page.
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- 작성일 2021-01-19
- 조회수 17511
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- SKK GSB Alumni News: Promotions at Samsung Group
- Sechul Oh (EMBA 2017) has been promoted to President and CEO of Samsung C&T . Also from the same class, Kyungjun Lee (EMBA 2017) has been promoted to Vice President of Samsung Electronics, while Hochang Yu (EMBA 2017) has become Vice President of Samsung Display. SKK GSB is delighted and honored that so many alumni from the same class have been promoted at once. Congratulations to everyone who has advanced their career . SKK GSB wishes you all well in your new roles, and looks forward to hearing updates from alumni in the promising new year.
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- 작성일 2021-01-14
- 조회수 6485