It was still a few years before World War II. General Douglas MacArthur was a pretty popular man. Given his status, the executives at JP Morgan offered him a very high level position at the bank. One that would have made him very rich and amongst the most high-class people in New York City. His wife at the time (he later divorced her!) was constantly egging him on to take the job. She was, after all, very keen on being associated with the elite and having the best that life had to offer – in short, she was tired of living on a military salary. Yet, in a stunning move, General MacArthur turned down this golden position. When asked why, he simply said, “Bankers don’t make history.” So what happened to General MacArthur after that bad career move? He went on to lead the Pacific Fleet to victory in WWII, and, in short, made history. In October 1944 the world watched as he dramatically liberated the Philippines from Japanese control. On September 2, 1945, he presided over the Japanese surrender on board the U.S.S. Missouri, bringing an end to World War II. In the next five and a half years, as Supreme Commander of the Allied Powers in Japan, MacArthur and his staff helped a devastated Japan rebuild itself, institute a democratic government, and chart a course that has made it one of the world’s leading industrial powers. While his decision to ding JPMorgan may have been surprising at the time, one thing is clear: Douglas MacArthur fulfilled his self-imposed destiny of becoming one of history’s greatest men.
Now the point of the story is not to encourage Wharton MBAs to join the Navy, but rather to debate about what our underlying mission is as an institution. Is it to create spreadsheet monkeys and consulting goons? Or is it to help develop the future leaders of society?
I cannot count how many times I have heard the following quote “I don’t want to major in Finance, but I am at Wharton, and it would look bad if I did not have some solid NPV skills!”
If you look at the past 100 years of human history, what have been the attributes that have had the greatest impact on society? I would say that leadership, entrepreneurship, and innovation have by far been the factors that most shaped the world we live in today. Should it not make sense that we as a leading institution of higher education focus our energies on these very things? I am not suggesting that we eliminate all the finance and quant courses at Wharton. What I am suggesting is that we place a greater emphasis on those classes and programs that would best equip students to lead, innovate, and create.
For example, instead of having math camp for two weeks at pre-term, would it not be more valuable to have a week long class that discusses what is meant by Wharton leadership? Maybe we can have discussions/sessions with some of the remarkable leaders that have come from Wharton and how they impacted society?
Hey, I know this sounds fluffy, but if students can more closely align their passions with what they do with most of their time, don’t you think that they will be better leaders? I mean, if you are really passionate about public service, and instead you go and work for an I-bank, would you wake up in the morning excited about going to work? From day one at this school, the focus of the school should be to find out what each student is most passionate about and then work with the student to prepare him/her to become the best they can be in their respective field! Place a stronger emphasis on classes that discuss leadership (with the right professors!), put into place stronger programs that would make more students consider entrepreneurship, and foster a spirit of innovation and risk taking in every class. Have more joint-programs/classes with the engineering school to allow MBA students to find out what is really happening in the world of technology and science. For example, the first computer in the world was made here, but did any Wharton MBA take advantage of this? FYI, the engineering school is doing some really cool research on nanotechnology. Maybe you should pay a visit.
In my “Seminar on Leadership” classes this semester, we had the opportunity to have an hour-long chat session with Dean Harker. In this session, Dean Harker stressed the point of Wharton moving to the next level. He mentioned that since the early 1980’s, Wharton’s mission was to be #1. Having accomplished that, he said the next challenge was to change the culture of the school: to move away from the rankings, to more closely focus on becoming the best learning institution in the world, to make the alumni and students more connected with each other, and to develop leaders who represent the Wharton style of leadership. It is time for the school to go back to what it was created to do: “To help develop leaders in professional, community, and personal character.” Part of this effort requires us to place less of an emphaisis on the calculator and more on the human element of the equation. After all, you manage a calculator, but you lead people.
I am willing to bet my bottom dollar that the people who will have the most impact on this world in the next 100 years will be those that can lead with passion, take huge risks, create new enterprises, and understand that innovation is the engine that moves society. These are the attributes that the school needs to develop in its students. Let’s focus our energies on this and not as much on the quant classes (save them for the undergrads). In short, Wharton should work harder to develop 800-pound gorillas and not spreadsheet monkeys.