Newswise — The W. P. Carey Foundation, whose generosity launched Johns Hopkins Carey Business School, has made a $25 million commitment to the school to recruit renowned faculty, enhance academic programs, and help launch student careers. The gift will be matched with commitments from Johns Hopkins University and contributions from other donors for a total of $50 million.
The W. P. Carey Foundation’s new gift provides Carey Business School with support to ensure its path of growth and advancement in shaping business leaders of the future.
“On behalf of the W. P. Carey Foundation, we are proud to build on our investment in Johns Hopkins Carey Business School with today’s gift. This support will help fulfill my great-uncle Bill Carey’s vision of educating leaders who can have a transformative impact in Baltimore, Maryland, nationally, and globally. As a long-term partner, it is the foundation’s goal that this support will ensure Carey Business School continues to be a world-class institution in the years ahead,” noted William P. Carey II, W. P. Carey Foundation chairman.
Zachary Pack, director of the W. P. Carey Foundation and a Johns Hopkins alumnus, added, “The foundation is thrilled to support the Carey Business School as Johns Hopkins builds on its existing strengths in medicine, public health, and technology. Through the support of the W. P. Carey Foundation and the matching funds from the university and other donors, Bill Carey’s goals for Johns Hopkins will be realized.”
A portion of the gift will be used to establish the James Carey Distinguished Professorships. Carey Business School was named in honor of James Carey, a 19th-century merchant, and great-great-great-grandfather of the school’s benefactor, the late Wm. Polk Carey. The endowed faculty positions will enhance the school’s ability to attract outstanding researchers and academic leaders with records of significant scholarship.
“With the James Carey Distinguished Professorships, we will increase the impact of our cutting-edge and interdisciplinary research, including research related to the business of health, which is an area of distinction for Carey Business School,” said Alexander Triantis, dean of Carey Business School.“
Nearly a quarter of Carey’s full-time faculty study or teach in health-related fields. About 38 percent of current full-time MBA students and 35 percent of part-time MBA students focus on health-related areas of study.
Carey recently completed a comprehensive redesign of its full-time MBA curriculum for fall 2020, which includes Health, Technology, and Innovation as one of two pathways of study for students. Health, Technology, and Innovation capitalize on Johns Hopkins’ world-renowned leadership in medicine, nursing, public health, and advanced biotechnology. Students explore technology-driven, human-centered solutions to complex health challenges, and complete experiential courses and co-curricular activities focused on a broad range of health-related fields. Alternatively, MBA students can choose to pursue Analytics, Leadership, and Innovation, which systematically blends leadership and behavioral science skills to prepare them to understand the unique opportunities and threats facing any organization. The entire MBA curriculum integrates data-driven and interpersonal skills.
The W. P. Carey Foundation’s gift will also enhance the overall student experience with additional career development services and resources. These experiences will include greater access to internships, immersive career opportunities, and professional networking.
“This is a very meaningful gift for Carey Business School, as the school enters the next phase of its development,” said Sunil Kumar, provost and senior vice president for academic affairs for Johns Hopkins University. “The renewed commitment of the W. P. Carey Foundation ensures that Carey Business School will continue to grow, to produce innovative scholarly research, and to provide an outstanding education for our students.”
P. Carey Foundation founder Wm. Polk Carey contributed $50 million to Johns Hopkins University in 2006, which was the catalyst for the founding of Carey Business School. His vision was to establish a business school dedicated to producing innovative, forward-thinking leaders with broad, interdisciplinary knowledge.
With the launch of Carey Business School in 2007, Johns Hopkins transformed its well-established part-time business education program into a full-time business school, which now has more than 2,300 students. It was one of the few instances in a generation in which a top research university created a new business school.
Carey’s first decade was a period of tremendous growth, as the school established a full-time MBA program and specialized Master of Science programs in finance, marketing, business analytics, information systems, real estate and infrastructure, and health care management. The school also developed opportunities for interdisciplinary study with dual degrees that leverage the expertise of other Johns Hopkins divisions, including the schools of arts and sciences, engineering, medicine, nursing, and public health.
Over the past 13 years, Carey Business School bolstered the ranks of its full-time faculty and the school’s commitment to academic research. The full-time faculty grew from 21 to 107 members, including 14 tenured professors and eight endowed faculty positions.
In 2017, Carey Business School earned accreditation from the Association to Advance Collegiate Schools of Business (AACSB), the world’s leading authority on the quality assurance of business school programs. AACSB accreditation is considered a “hallmark of excellence” in business education.
Since 1990, the W. P. Carey Foundation has continued the Carey family’s legacy of educational leadership and philanthropy. The foundation's primary mission is to support educational institutions with the larger goal of improving America's competitiveness in the world.