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eComm newsBi-monthly e-newsletter for Commerce Alumni | Issue #14 September 2011 |
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In this issue
DEAN'S WELCOME
Last month, more than 70,000 people attended what many have described as the most successful Open Day in memory at the University of Melbourne. Enthusiastic crowds poured into the Business and Economics building, with large queues wanting to learn more about graduate pathways, breadth opportunities and course choices. There was a notable increase in visits to the Graduate School of Business and Economics information booth as many were interested in coursework, Masters programs and research higher degree opportunities. As always, visitors came from far and wide. There were participants registered from every state and territory, and many from overseas. Special buses were organized to transport Year 12 students and their parents from regional Victoria schools to the Faculty. With record attendance and a general sense of excitement for our course offerings, the Faculty is encouraged to see that the idea of undergraduate study, followed by graduate school, seems very much a natural part of higher education in the minds of Year 12 students. Adding to the success of Open Day, The University of Melbourne has recently been ranked by the Shanghai Jiao Tong Academic Ranking of World Universities (ARWU), one of the most prestigious global education rankings, as the number one University in Australia, and number 60 globally, up two spots from last year. I am delighted to see that this assessment recognises the University’s growing international attractiveness, but most importantly, this is a true testament to the talent, dedication and enthusiasm of our outstanding staff. The Faculty of Business and Economics is committed to continually providing the best education experience to our students. On to more good news, several of our staff, students and alumni have been honoured this month. As always I am delighted to see the hard work and dedication of the FBE community recognised by a wider audience. One of our alumni, Ms Clare Cummins (BCom 1985), has been elected to the inaugural University of Melbourne Alumni Council. Clare has been very actively involved with the Faculty and the University as a whole through her former roles as a committee member of UMCAS and on the Committee of Convocation over the years. I believe Clare is the perfect candidate to represent Business and Economics Alumni on the newly formed Council. Read more about staff and alumni achievements in the honours and awards section in this newsletter. I would also like to highlight the appointment of Professor Nasser Spear as the new Deputy Dean and Director of the Graduate School of Business and Economics. Nasser has worked and studied at a number of leading institutions internationally and domestically. He comes with a great deal of experience of the international market in graduate education through his role as Associate Dean (Global Engagement). The Faculty believes he will provide the strongest of leadership for our Graduate School in the coming years. Sadly, we bid farewell to Aileen Loi, General Manager of the Faculty of Business and Economics, last month. Aileen has made tremendous contributions to the Faculty since her appointment as Financial Controller in 2002 and then General Manager in 2007. Her tremendous work will no doubt leave a lasting legacy and we wish her all the best in her next challenge. On that note, I would like to welcome Ms Diana Dalton as our new Executive Director. Diana joins us after a number of years with Victorian Legal Aid where she was Director of Corporate Development. She has an extensive background in organisational development and has particular experience in evaluating business efficiency and effectiveness. The Faculty is very pleased to have Diana on board with us. Professor Margaret Abernethy Business and Economics Alumni Council UPDATEDear Alumni In our last update we touched on the importance of our alumni network as a forum for celebrating our achievements and successes. Nowhere is this more publicly visible than through the faculty’s Alumni of Distinction Awards program. These prestigious awards recognise graduates for exceptional achievement and contribution. We invite all alumni to consider who you would like to see honoured in 2012. Nominations open on 3 October; details of award categories and how to submit your nomination are available on the Alumni of Distinction Awards page. We’d also like to draw your attention to one of the Faculty’s longest-running reunions, the 40+ Reunion Luncheon for alumni who graduated in or prior to 1971. This year the reunion is being held on Friday 7 October. You should have already received your invitation for this event if you graduated 40 or more years ago, but for full details please go to the Faculty alumni events page. Internationally, there are events for alumni coming up in Paris, Singapore, Kuala Lumpur, Beijing, Jakarta and New York, so take your pick! All the details are outlined in the alumni events section of this newsletter. Finally, we would like to introduce two new members recently appointed to the Business and Economics Alumni Council, Ms Cate Pickett (Melbourne) and Mr William Zhang (Shanghai). Both Cate and William bring with them considerable experience in their respective fields and we look forward to their involvement on the council.
UPCOMING EVENTS FOR ALUMNI21 September: Business and Economics Seminar in Singapore All alumni and colleagues are invited to join us in Singapore for a seminar and reception at CPA Australia on Wednesday 21 September. Hosted by CPA Australia, Mr. Phillip Cobbin, Senior Lecturer in the Department of Accounting at the Faculty of Business and Economics, will be delivering a guest lecture: “Fraud investigation and the role of the forensic accountant – a new paradigm in the field of accounting or extant practices rebadged?”
This is an excellent opportunity for you to meet fellow alumni living and working in Singapore as well as members of CPA Australia. We are also inviting prospective students who are considering studying at the Faculty of Business and Economics, and would benefit greatly from hearing about your experiences in Melbourne. Date: Wednesday 21 September Time: 7pm to 9pm Venue: CPA Australia, Level 31, One Raffles Place, Singapore 048616 (directly above Raffles Place MRT station) Registration: Email Anthea Barry or call +61 3 8344 2128 Enqueries: Please direct any enquiries about alumni activities in Singapore to the local chapter, The University of Melbourne Alumni Association Singapore (UMAAS): Melvin Gwee at +65 9833 4403 or melvin.gwee@hotmail.com or Lee Ping Tan at +65 9009 3866.
24 September: "Trip to the Purple Paradise" - Beijing A day trip to the 'purple paradise' with your fellow alumni - what could be more delightful? Date: Saturday 24 September Time: 8.00am - 5.00pm Venue: Departing from LG Twin Tower, B - 12 Jianguomenwai Avenue, Chaoyang District Cost: Guests pay for lavender field entrance fee (RMB40) and lunch For more information or to register, please visit the In Touch website.
27 September: The University of Melbourne Actuarial Alumni Association “Actuaries in Leadership” speaker series by Meredith Brooks, Non-executive Director, Perpetual Ltd. The University of Melbourne Actuarial Alumni Association (UMAA) is pleased to announce the launch of the “Actuaries in Leadership” speaker series in Melbourne. Hosted by Ernst & Young and supported by the Institute of Actuaries of Australia, the “Actuaries in Leadership” speaker series has been designed to provide actuarial alumni with the opportunity to hear from a notable actuary in a senior leadership position and to engage with other actuarial alumni. Meredith spent 20 years in senior executive roles in the investment management industry in the US, Europe and Australia. She was Managing Director, US Institutional Investment Services for Frank Russell Company based in New York until 2004 when she returned to Australia to take up a non executive career. Prior to that she held the position of Managing Director of Frank Russell Australasia for five years and was previously Director, European Funds based in London. The evening will be a great opportunity to hear about Meredith’s leadership journey and lessons through her current and previous roles, enjoy informal networking over drinks, reconnect with your fellow actuarial alumni, and speak with academic staff members from the University of Melbourne Centre for Actuarial Studies. Date: Tuesday 27 September Time: 6.15pm to 8.15pm Venue: Boardroom – Level 23, Ernst & Young, 8 Exhibition Street, Melbourne Registration: Please register online
2 October: "Learn the beautiful art of Batik making", Jakarta Learn the beautiful art of Batik making at this special event for alumni and their families in Jakarta, Indonesia. Date: Sunday 2 October Time: 9.30am - 1.00pm Venue: Bank Mandiri Museum, Jl. Lapangan Stasiun, No.1 Old City of Batavia, Jakarta Cost: Free of charge For more information or to register, please visit the In Touch website.
3 October: Business and Economics Seminar in Paris All alumni of The University of Melbourne are invited to join us in Paris for a career development seminar hosted by the Faculty of Business and Economics. The seminar will be presented by Ms Brooke Young, Director of Marketing & Commercial Engagement at the Faculty of Business and Economics, and will be followed by a reception where you can meet other Melbourne alumni living and working in Paris, talk with staff from the Faculty of Business and Economics, and gain insights into skills needed for a global career. We also welcome you to invite any colleagues or friends who are interested in studying at Melbourne to join us and take the opportunity to ask questions and talk with staff and alumni. Date: Monday 3 October Time: TBC; this will be an evening seminar (details to be updated on our events page shortly) Cost: Free of charge Registration: Please register online Enquiries: Anthea Barry at antheab@unimelb.edu.au For more information, please visit our events page.
4 October: Public Lecture: Dining in the Age of Tutankhamun: Gift of the Nile Having witnessed the recent widespread flooding of vast tracts of the country, you'll be fascinated to learn how the nourishing annual floods of the Nile contrast with the situation in Australia and other places in the world, including Brazil, which have been inundated with extraordinary water flows. On route, you'll discover society's reliance on water, agriculture and a stable plentiful food supply in order to prosper, grow rich, and provide the time and money to pursue art and scholarship. Alumni are invited to join us prior to the lecture for a glass of wine and canapes. Please identify yourself as an alumnus on the booking form and we will send you further information. Date: Tuesday, 4 October Time: 6.30pm Venue: Craig's Royal Hotel, 10 Lydiard Street South, Ballarat VIC 3350 For more information or to register, please visit the In Touch website.
5 October: Melbourne Leadership Series - Kuala Lumpur The Melbourne Leadership Series brings together some of our most interesting and entrepreneurial senior alumni to talk about their careers to date, the successes they've had, the lessons they've learned and how their University of Melbourne degrees have helped them on their journey. Date: Wednesday 5 October Time: 7.00pm - 9.30pm Venue: Doubletree by Hilton, Ballroom B, 182 Jalan Tun Razak,
50400, Kuala Lumpur For more information or to register, please visit the In Touch website.
7 October: BEA@M 40+ Alumni Reunion Luncheon Ms Elisabeth Alexander AM, Chancellor of the Unversity of Melbourne and alumna of the Faculty of Business and Economics will deliver the keynote speech at this luncheon. If you would like to reunite with you fellow alumni at this special occasion, dont' forget to secure your place early! We also encourage you to invite former classmates with whom you may be in contact. We are able to accommodate groups of up to 10 people at a table. Date: Firday 7 October Time: 12.30pm to 2.30pm Venue: Upper East Room, University House, University of Melbourne (Parkville Campus) Registration: Please register online Enquiries: Please email Christine Cheng or call 03 8344 3507
12 October: Melbourne Leadership Series - Singapore The Melbourne Leadership Series brings together some of our most interesting and entrepreneurial senior alumni to talk about their careers to date, the successes they've had, the lessons they've learned and how their University of Melbourne degrees have helped them on their journey. Date: Wednesday 12 October Time: 7.00pm - 9.30pm Venue: National Drama Centre,
100 Victoria Street #05-01,
National Library Building,
Singapore 188064 For more information or to register, please visit the In Touch website.
18 October: Foenander Lecture 2011 - "Just a knowledge worker? Academics, universities and industrial relations" by Professor Margaret Garner AO Industrial relations in universities in Australia bear the
trappings, rhetoric and regulation of collective arrangements This lecture explores the way industrial relations in universities has been shaped to reconcile the tensions between the collectivisation of employment arrangements for academics in Australian universities and the institutional culture and context that supports the intellectual and organisational autonomy of an independent professional. Finally the lecture asks whether industrial relations in universities is ensuring ‘good careers’ and ‘good jobs’ for academics. Date: Tuesday 18 October Time: 6:00pm Venue: Theatre A, Elisabeth Murdoch Building, Unveristy of Melbourne Registration: Please email us at foenander-lecture@unimelb.edu.au For more information, please visit our event page.
27 October: Ian Potter Museum of Art Tour - Treasures Please join Classics and Archaeology curator, Dr Andrew Jamieson and your fellow alumni for a tour showcasing rare treasures and antiquities from a number of Melbourne private collections. This unique event is for those with an interest and appreciation of past civilisations, antiquities and objects of great enchantment. Date: Thursday 27 October Time: 6.00 - 7.30 pm Venue: The Ian Potter Museum of Art, Swanston Street, The University of Melbourne Parkville Campus, Classics and Archaeology gallery For more information or to register, please visit the In Touch website.
10 November: BEA@M Alumni Reunion in Kuala Lumpur, Malaysia (Save the Date!) All alumni and their guests are welcome to attend this event. We especially encourage younger alumni who have recently returned to Malaysia to join us to meet some fellow graduates, as well as take the opportunity to gain insights from senior alumni. UMAA – Malaysia is a very active alumni association organizing many events throughout the year for alumni. We also welcome all of our alumni in Singapore to join us on this occasion. Alumni from all faculties are welcome at this reunion dinner. Save the date in your diaries now – details (including how to purchase tickets) will be published via the alumni website as they become available!
recent EventsHong Kong Alumni Reunion Dinner - 8 July Our keynote speaker, Mr Mark Chiba, Group Chairman and Partner of the Longreach Group, delivered a wonderful address outlining his somewhat unconventional career and his views on the the role of Australia in the socio-economic dynamics of the Asia-Pacific region. Mark also spoke about the impact of Australian policitical decisions in shaping the future of the region's economic wellbeing. Special thanks to the Alumni Association of the Unversity of Melbourne (Hong Kong), and particularly Ms Alvina Chan, for their assistance in organising the event. Young Alumni "Financial Markets Update" event @ Deustche Bank - 28 July An exclusive Young Alumni event was held on 28 July at Deutsche Bank. Adam Boyton, Deutsche Bank's Australian Chief Economist gave our young alumni an interesting and very timely presentation on "The best and the worst of times - an economic outlook". With his fifteen years' experience across economics, public policy and foreign exchange, Adam gave us his insights on a range of topics, such as the Australian housing market, various investment options and the global financial outlook. Adam was predictably inundated with questions from our enthusiatic crowd after his presentation, and a lively discussion continued during the networking session. We would like to thank Deutsche Bank for generously sponsoring this event, and in particular Mr Angus Barker, for supporting the work of BEA@M. Honours student speed thesis - 2 August Professor Margaret Abernethy, Dean of the Faculty of Business and Economics, has long referred to our Honours programs as the ‘jewel in the crown’ of our rigorous and stimulating undergraduate degree. Honours in various disciplines of Commerce at the University of Melbourne attracts the brightest students, destined for challenging and rewarding careers in an array of sectors throughout the world. In mid 2010, a committee of Honours students from many disciplines within the Faculty came together with the aim of creating a ‘Class Gift’ from the 2010 Honours cohort to the incoming Honours students for 2011. The main goal of this gift was to improve the inter-disciplinary interaction opportunities for the incoming class. Despite the rigorous Honours programs offered in the Faculty, students with different areas of interest rarely get to speak in a semi-formal setting about their research and methodological interests. From this goal, the committee formulated an idea for a speed-dating style thesis conversation evening. Over $1,000 was raised for this event through donations from 2010 Honours students and academics involved in Honours programs. This donation was generously matched by the Faculty dollar-for-dollar, a strong endorsement of the value of interdisciplinary conversations in research at any level. Last month, the Honours Class of 2010’s vision came to fruition. Joshua Ng, Finance Honours Class of 2010 and one of the key organisers of this year’s event, welcomed the students to the first Honours Speed Thesis, explaining the event’s genesis and purpose. After drinks and delicious finger food, more than 20 Honours students commenced a 40 minute session of discussion and debate. Under the watchful eye of the Dean, Professor Margaret Abernethy, and the Deputy Dean (Faculty), Professor Paul Kofman, theory, method and data access were discussed. Some students found the discussion so engaging that they were reluctant to move on to the next conversation when each 6 minute session finished! Thanks must go to Anthea Barry and Chris Cheng for their support through the organisation process; to Jonathan Cosgrove, past Faculty Major Gifts and Fundraising Manager, whose initiative began this entire successful endeavour; to Professors Abernethy and Kofman, for their attendance and ongoing support of interdisciplinary interaction. We are hopeful that the newly begun tradition of donating to improve the experience of the incoming Honours cohort will be continued by a group of Honours students graduating this year! Written by Michelle Hoggan, Accounting Honours Class of 2010 Alumni gathering in Indonesia - 10 August Mr. Phillip Cobbin, Senior Lecturer from the Department of Accounting in the Faculty of Business and Economics delivered a presentation titled: “Fraud investigation and the role of the forensic accountant – a new paradigm in the field of accounting or extant practices rebadged?” for Business and Economics alumni and friends in Jarkata, Indonesia last month.
Organisations where the nature of their work was in direct relation with the topic of the lecture were also invited. They include the Ministry of Finance, the Supreme Audit Board (BPK), the Corruption Eradication Commission (KPK – attended by 2nd echelon rank official), Task Force Assisting the President for Development Supervision and Control, MAZARS Audit Firm, Januardi Haribowo & Partners Law Firm, PriceWaterhouseCoopers, Ernst & Young, Bank Indonesia, Mandiri Sekuritas, ANZ Bank among others. The representatives welcomed the opportunity to refresh their knowledge and were very engaged. Discussions between the different stakeholders went on after the event finished. Young Alumni "Meet the Entrepreneur" event @ Koko Black - 23 Agugst
Then 21, a national swimmer and lifeguard, Duncan was desperate for colour and comfort in his swimwear and decided to establish his own brand. Launched unceremoniously at a suburban Melbourne pool, Duncan's Funky Trunks began to challenge the way men think about swimwear. Through a series of extraordinary and sometimes slightly "bizzare" events (e.g. being front page of a national paper by sneaking up to Ian Thorpe wearing a wombat costume and a pair of Funky Trunks), Duncan's inspirational label spawned an instant cult following amongst national swimmers and surf lifesavers.
Our sincere thanks go to our fantastic sponsor RSM Bird Cameron, and to Rob Miano in particular for providing the resources that enable us to run this fabulous event each year. We would also like to thank Koko Black for indulging us with delicious chocolate treats.
Public Lectures
Over 850 guests from diverse backgrounds visited the Faculty to hear these lectures, and many participated in spirited discussions during the Q&A sessions. If you missed any of our lectures, you can now listen to the audio recordings at our website. Faculty of Business and Economics Ranked No.1 in AUstralia
The Faculty of Business and Economics ranked first in Accounting and Finance and equal first for Economics and Econometrics in the Asia-Pacific region. This translated to 14th and 16th in the world, joining institutions such as Harvard, Oxford and Cambridge in the top rankings of international business schools. Dean of the Faculty, Professor Margaret Abernethy, said this latest ranking success is a further recognition of the hard work the Faculty has done to increase the quality of its educational offerings. “ I am delighted to learn that we are number one for Accounting and Finance and equal first in Economics and Econometrics in the Asia Pacific region. This achievement, combined with our ranking of 14th and 16th for our disciplines worldwide, affirms our vision to be a leading school of business and economics in the region and is a reflection of our commitment to high quality teaching and research.” “The Faculty of Business and Economics has striven to be an innovative, cutting-edge research institution providing best-practice teaching and student services, so it is heartening to see our efforts recognised in this way.” This ranking success comes on top of the Faculty’s recent achievement of AACSB accreditation and the University’s no 1 ranking in Australia by the Australian Research Council, with the Faculty achieving the highest number of 5-star ratings in the categories of Economics and Commerce. Universities were ranked based on academic reputation, employer reputation and research citations, with weightings tailored to each subject. Excited or Depressed? Investor mood swingsIt seems natural to assume that investors would be influenced by market conditions when considering how to invest their hard-earned cash. According to Professor Paul Kofman of the Department of Finance, traditional research in this area makes no such assumption, although the emergence of behavioural finance is trying to explain various apparently irrational investment decisions. “Previous behavioural research in the area of investor confidence has already established that investors overestimate very unlikely outcomes. For example they are likely to overestimate the possibility of very high positive returns and very low negative returns,” Professor Kofman explains. This research does not take into account downturns in the market. Or upturns, for that matter.
Professor Kofman’s work, conducted with Rachel Pownall from Tilburg University in the Netherlands, shows that investors’ mood swings are very likely to be tied to the ups and downs of the market. “Investors become increasingly risk seeking and excited during an expanding (bull) market and much more risk averse and depressed in a bear or contracting market. Our research has shown that these perceptions are much more dependent on existing market conditions than prevailing research would have us believe,” Professor Kofman explains. “Investors also overestimate the likelihood of the market remaining in a bullish state and similarly in bad times they become all pessimistic and don’t see a way out – or in statistical terms they then overestimate the likelihood of the market staying bearish. We see these attitudes reflected in option prices where investors pay a premium to buy or sell an equity portfolio at a fixed price at a future date. To determine the premium they are prepared to pay for the guarantee, they need to work out their best expectation of what the actual price of the portfolio will be at that future date. We work the other way around. We take the option premium as given and then ‘back out’ the implied expectation. Once we have this ‘actual’ expectation, we can compare it with a ‘rational’ expectation. The difference reflects investors’ behavioural attitudes.” “Finance brokers have long been well aware of the vagaries of investor moods. When the market is surging investors will flock to it, expecting ever more unrealistic gains and allocating their portfolios accordingly. When the inevitable downturn follows, investors will turn increasingly pessimistic yet hold on to their risky portfolios to avoid capitalizing losses. When they finally reallocate their portfolios to low-risk investments, they subsequently refuse to respond to market turnaround. Investor moods are hard to change despite clear signals of changing market conditions. Unrealistic expectations of extremely good or bad returns, and a clear separation between losses and gains best describe investors’ practical risk attitude as distinct from a finance professor’s rational assessment of risk and return.” Professor Kofman’s research hypothesis differs from traditional finance theory, which he says, “has investors neither moody nor upbeat”. It also differs from current behavioural finance theory, which Professor Kofman says has investors simultaneously moody and upbeat, overestimating extremes on both sides. “Both of these theories ignore prevailing market conditions, assuming investor moods are not based on market highs and lows. Our hypothesis has investors moody in bad times and upbeat in good times. Both scenarios lead to unrealistic expectations and potentially unwise investment decisions.” “Given that market conditions are persistent, we hope to be able to predict changes in investor confidence, and therefore anticipate mood swings. That won’t prevent stock market crashes, but it will help understand stock market bubbles and perhaps predict when they deflate.” This article originally appeared on the Business and Economics News website. BCom Alumna receives CPA Australia highest achiever awardUniversity of Melbourne graduate Tan Chia Chia, has emerged from a pool of more than 24,000 students worldwide as the top student in CPA’s professional level examinations.
It was a satisfying moment for Tan Chia Chia. “I am very grateful and proud to be the recipient of such a prestigious award,” she said. The CPA Australia award is bestowed to the top candidate who completed the CPA Program with High Distinctions in all segments. Tan Chia Chia was selected out of a pool of 24,304 candidates worldwide. Tan Chia Chia graduated from the Bachelor of Commerce in 2007 with a major in Accounting and Finance and now works as a Tax Associate with Ernst & Young in Malaysia. She was presented her award by President and Chairman of the Board Low Weng Keong. Her success can be put down to effective time management. “Study smart, not necessarily study hard. More importantly manage your time properly. That’s crucial,” she said. As a winner of the CPA Australia High Achiever Award Tan Chia Chia received a cash prize and a Certificate of Excellence. A new home for the GibLin CollectionThe new Business, Economics and Education Library opened its doors on Monday 25th July. Located on Barry Street, the new facility houses collections supporting the teaching, learning and research activities of the Faculty of Business and Economics and the Melbourne Graduate School of Education.
University Vice-Chancellor Professor Glyn Davis said the new facilities and services were an example of new practices in contemporary librarianship. ”The new Business, Economics and Education library on Barry Street has been open only a few days, and already students have found its new work benches, electronic resources and hide-away spaces a wonderful place to work.” The Giblin Economics and Commerce collection is currently being relocated from its former location in on the second and third floors of the Arts West Building. The collection was named after the distinguished political economist Professor Lyndhurst Falkner Giblin (1872-1951) who was the first Ritchie Professor of Economics at The University of Melbourne from 1930 to 1940. The Business, Economics and Education Library is located at 111 Barry Street, south of Grattan Street, opposite University Square, Campus Map (Melway 2B C9, Building 105). Making the Transition workDuring semester break, five University of Melbourne business and economics students travelled to Shepparton to put the finishing touches to their work with the Kaiela Institute. Gabrielle Murphy reports on the unexpected outcomes from this interesting intercultural and academic exchange. For more information on becoming involved by hosting a project through your organisation, please contact Sue Elston, Careers Consultant on 03 9035 5642. This article first appeared on the Voice, Vo1 7, No.9. Image by Peter Casamento/Casamento Photography. Volunteering for VictoriaThe Volunteer Business Practicum gave postgraduate students from the Graduate School of Business and Economics the chance to guide local businesses in regional parts of Victoria. Lyn Toh reports. What do rural Victoria, 38 students and a winter holiday have in common? Answer: the Volunteer Business Practicum (VBP). Held over the University of Melbourne’s mid-semester break in July, the graduate students were all part of a unique industrial attachment program spearheaded by the Graduate School of Business and Economics, giving students the chance to volunteer their time with not-for-profit organisations across rural and regional Victoria. For more information on becoming involved by hosting a practicum through your organisation, please contact Sue Elston, Careers Consultant on 03 9035 5642 This article first appeared on the Voice, Vo1 7, No.9. Management Expertise for pre-experience graduatesFrom Semester 1, 2012, the Graduate School of Business and Economics (GSBE) will offer more flexibility and choice to students enrolling in its Master programs. For example, the Master of Management suite will include two options; a 200 point, 2 years full-time, program; or a 150 point program which can be completed in 18 months full-time or 3 years part-time. These revised masters will combine foundation business training with specialist disciplinary expertise. Both the 150 point and 200 point programs will include a more flexible core of subjects which allows for breadth and depth of knowledge and will provide students with greater control over subject selection. For the first time the suite will include a human resources specialisation. Professor Paul Kofman, Deputy Dean and Acting Director, says of the changes, 'Like all good businesses, the GSBE aims to continuously improve what it does and I am excited that we are introducing greater choice and flexibility for students. Our aim is to ensure ongoing market and industry relevance as well as compliance with new national qualification guidelines which take effect from 2015.’ A feature of both programs will be a compulsory capstone subject, offered in the final semester of study. These capstone experiences may comprise a research or practical project, or a work-based placement. The 200 point programs also include a business case challenge which will enable students to apply their knowledge in a real organisation in a multi-disciplinary and practical manner. The shorter 150 point program accelerates students’ entry into their new career or advancement into the next stage of their professional life with a degree that is internationally recognised and attractive in the marketplace.
For more information visit the Graduate School of Buisness and Economics website. Graduate School of Business and Economics Open DayWant to find out more about graduate studies in business and economics? Talk to current students about their experiences and make personalised appointments with Program Directors and Careers Centre staff to map out the ways in which graduate study can assist you in achieving your career goals. Date: Saturday 10 October Time: 9.30am to 1.30pm Venue: Level 1, Business and Economics Building (the Spot), 198 Berlekey Street, Carlton For more information and to register, please visit the GSBE website. BCom Case CompetitionIn October 2011, the Faculty of Business and Economics will stage the inaugural Bachelor of Commerce Case Competition for penultimate and final year Bachelor of Commerce students at the University of Melbourne. The Faculty of Business and Economics has a proud history of involvement and achievement in International Business Case Competitions and this new Faculty competition is designed to complement our international case competition program by providing a greater number of students the opportunity to participate in a competition. Alumni participation is of very significant benefit to our students. We invite all interested alumni to get involved with the case competitions by attending the finals and networking reception. In recent years the Faculty of Business and Economics has provided significant support to students participating in international case competitions, funding students to attend competitions held by institutions including the University of Southern California (Marshall Business School) in the United States, McGill University in Canada and Copenhagen Business School in Denmark. The case competition format requires students to analyse a complex business scenario and communicate their recommendations to a broad business audience. The increasing use of case-based interviews as a key graduate recruitment tool further increases the importance of holding a domestic competition. Case competitions help develop students’ business, analytical, problem-solving, communication, presentation and teamwork skills – skills that are fundamental to the development of future business leaders. We invite you to join the Dean, Professor Margaret Abernethy, together with students, judges and fellow alumni at the Bachelor of Commerce Case Competition finals and networking reception: Date: Monday 10th October 2011 Time: 6.00pm – 8.30pm Venue: GM 15 (Law Building, 185 Pelham Street, Carlton) This year’s competition chairs are final year students Giulia Mastroianni, Jaque Qian and Alexander Lau. Your involvement in helping us to deliver this experience to students would be greatly appreciated. To RSVP for the finals networking reception or to find out how you can get involved, please contact our Professional Enhancement Officer, Monique Shears at (+61) 3 83448492 or msshears@unimelb.edu.au. Feature: Students In Free Enterprise (SIFE)NATIONAL RECOGNITION The University’s Students in Free Enterprise (SIFE) team was named 2011 National Champion at the SIFE Australia National Conference in July. SIFE is an international non-profit organisation which works with leaders in business and higher education to mobilise university students to make a difference in their communities, while developing the skills to become socially responsible business leaders. The conference, held from 13 - 15 July at the Sydney Hilton, saw 22 SIFE teams from throughout Australia present their work to a panel of judges and compete for the Australian title. The projects included:
The judging panel, which represented some of Australia’s most well-known companies including sponsors Qantas, Fonterra, Woolworths, KPMG, HSBC and Coca-ColaAmatil, was impressed by the range of projects the team undertook as well as the success and positive change they achieved. The Faculty of Business and Economics has been a proud sponsor of this great initiative for a number of years. Our dean, Professor Margaret Abernethy is delighted to see so many of our students are applying their knowledge gained while studying at the University to drive social change. The University SIFE team will travel to Kuala Lumpur to represent Australia at the SIFE World Championships in October. STREET STORIES: Melbourne walking tours with a difference
Street Stories embraces the concept of homelessness as a Human Rights issue. Street Stories is a new social enterprise which conducts walking tours of Melbourne led by people who have experienced homelessness. The tours offer customers a chance to discover unseen aspects of the city as well as a unique insight into the daily experience of a homeless person in Melbourne. The idea behind Street Stories is to harness the unique skills and life-experiences of the guides to create a product that has genuine value to a consumer. ‘We want people to buy tickets to a Street Stories tour, not necessarily out of any sense of charity or obligation, but rather because the tours are genuinely interesting and offer consumers an experience they cannot get elsewhere’ explains Karan, one of the co-producers of Street Stories. Street Stories is one of several projects under the University of Melbourne Students in Free Enterprise (SIFE). More detailed information about the tour dates, tour guides and ticketing information can be found at www.unimelbsife.org.au or Street Stories Facebook Page SWITCHED-ON ENTERPRISES: changes that lasts Switched-On Enterprises (SOE) is a SIFE initiative that aims to create social and economic opportunities for disadvantaged groups in the local community, through assisting social enterprises with the business aspects of their ventures. SOE supports these organisations’ aim to maintain a sustainable business model; recognising that social enterprises often struggle with this element of operations. Accordingly, SOE aim to close this gap, primarily through consultancy based knowledge transfer and organisational support. Typically, a partnership with SOE involves the student group identifying challenges that are inhibiting a social enterprise from maximising its capabilities within the community, then assigning students who specialise in the knowledge transfer required. These students then engage in a consultancy project, assisting the social enterprise to transition to an alternative business approach. In the past, projects have centred on pricing, budgeting, inventory management and marketing communications. Following knowledge transfer, a process of evaluation and re-assessment will then be undertaken to ensure the social enterprise is proficient in the application of the knowledge gained. This has led to SOE working together with social organisations such as Riff Raff Catering, Challenge Multimedia (both of which were projects supported by Yooralla), as well as Bayleys on Hampton, Sorghum Sisters Catering and STREAT. Results following consultancy projects demonstrate the value that SOE’s efforts can bring to these social enterprises, and highlights SOE’s belief that students have the skills, passion and ability to engender positive and lasting social change. Switched-On Enterprises is currently seeking individuals with business expertise to engage in an informal mentoring capacity to oversee the work of student consultancy projects.
For information, please contact switched-on@unimelbsife.org.au The Australian Accounting Hall of Fame AwardAccounting in Australia has a long and distinguished heritage and there have been many individuals whose achievements have been significant and whose impact on the development of the discipline has been profound. The Department of Accounting in the University of Melbourne established the Australian Accounting Hall of Fame in 2010. The affairs of the Hall are managed by the Centre for Accounting and Industry Partnerships within the department. The Australian Accounting Hall of Fame honours and celebrates the most distinguished accounting practitioners and academics who have made a significant contribution to the advancement of accounting in Australia, past or present. The nominations are in and the selection process has concluded. This year three outstanding individuals will be recognised with membership to this prestigious award which acknowledges the recipients for their significant contribution to the accounting field in practice or through academia. They are:
You are invited to attend the Australian Accounting Hall of Fame 2011 Annual Dinner & Awards Ceremony as we formally announce the 2011 inductees. Additional information on the Award, including selection criteria and the official nomination form, together with details about purchasing tickets to the 2011 Annual Dinner & Awards Ceremony is located on the Centre for Accounting and Industry Partnerships website. For further information or to register, visit the Centre for Accounting & Industry Partnerships website. EXECUTIVE EDUCATION - A Review
Matthew initially came into contact with the GSBE via the GSBE's Work Integrated Learning (WIL) program. VECCI matches regional organisations with GSBE Masters students who conduct innovative research and development projects in regional Victoria where they are most needed. ‘It’s been a wonderful marriage and through the WIL, I met GSBE staff and alliances quickly developed. On that basis I was keen to be part of the Executive Education program.' Matthew’s work includes developing VECCI’s policy and advocacy role with regional Victorian business. He also assists peak and local business groups, and local government with strategies relating to community and economic development. This is done by way of regional forums, briefings and the VECCI Regional Business Convention. A range of issues arise in all manner of areas including agriculture, transport and infrastructure, carbon and sustainability, ongoing planning and regulation changes. This can involve assisting in developing programs and alliances with groups or identifying key issues for change. Matthew gained significant value from undertaking the GSBE course, in particular honing skills in identifying risk factors in the negotiation process and learning new bargaining strategies. He also achieved greater insight into the theory and the complexities behind negotiation which he found enlightening. As an added benefit, he also met some great new friends. The true test of the value of executive education becomes evident when people return to the workplace and Matthew has found the negotiation course highly useful. 'Quite regularly in the negotiation space with alliances and partnerships I need to nurture and develop from the ground up and, as a result of the course, I am much more conscious of the importance of recognising each party’s needs, values and long term aspirations.' Take your career to the next level with GSBE Executive Education. For more information visit the Executive Education website. HONOURS AND RECOGNITIONCHANGES IN THE FACULTY Professor Nasser Spear, from the Department of Accounting, has recently been appointed Deputy Dean and Director of the Graduate School of Business and Economics. Professor Spear has worked and studied at a number of leading institutions internationally and domestically. He comes with a great deal of experience of the international market in graduate education through his previous role as Associate Dean (Global Engagement) for the Faculty of Business and Economics. Associate Professor Beverley Webster was recently appointed as the new Director of the Teaching and Learning Unit of the Faculty of Business and Economics. Dr Webster holds a PhD in education and is currently Associate Professor and Associate Dean (Research Higher Degrees) in the Faculty of Education at the University of Hong Kong where she is also Acting Director (following a number of years as Deputy Director) of the Centre for Enhancement of Teaching and Learning. ACADEMIC ACHIEVEMENTS Congratulations to Mr Phill Cobbin and A/Professor Geoff Burrows from the Department of Accounting for their recent acceptance into the Accounting History Review. Their paper, “Budgetary and Financial Discontinuities: Iraq 1920–32” explains how, at National level, the most severe budgetary and financial discontinuities occur when states are created or recreated. Professor Kevin Davis, of the Department of Finance and Research Director of the Melbourne Centre of Financial Studies has been appointed a part-time member of the Australian Compeititon Tribunal for a five year term. Professor Davis is also currently a Senior Fellow at the Financial Services Institute of Australia, a Fellow with the Finance and Treasury Association and Fellow with the Australian Mutuals Institute. Professor Peter Bardsley, Department of Economics, has been distinguished by his selection as an Economic Theory Fellow by the Society for the Advancement of Economic Theory. Economic Theory Fellows are selected for their scientific excellence, originality, and leadership; high ethical standards; and scholarly and creative achievement. As a new program, Professor Bardsley is one of the first wave of fellows, which has been restricted to those 20 or more years after their PhD and primarily from those who serve in editorial capacities with the major theory specialty journals. The research and professional contributions of Professor Cynthia Hardy, of theDepartment of Management and Marketing, were recognised with her recent appointed as a University of Melbourne Laureate Professor. Professor Hardy’s appointment comes on top a number of recent awards and appointments that recognise her contribution to the academy. In September last year she was elected Fellow of the Academy of Social Sciences in Australia. Professor Stewart Leech, of the Department of Accounting, was recently awarded the 2011 Notable Contributions to the Information Systems Literature Award from the Information Systems Section of the American Accounting Association for his co-authored paper “The Differential Use and Effect of Knowledge-based System Explanations in Novice and Expert Judgment Decisions” Professor Joe Isaac AO, Professorial Fellow with the Department of Management and Marketing, was recently appointed as an Economic Consultant of the government of Maanshan in the People’s Republic of China. He was also appointed part-time Professor of Hohai University. ALUMNI ACHIEVEMENTS Ms Alvina Chan, BCom/BS (2001), President of the Alumni Association of The University of Melbourne (Hong Kong) has been named Chairman of The Federation of Australian Alumni Associations Hong Kong (2011-2013). Congratulations, Alvina! Ms Clare Cummins, BCom (1985), has been appointed as a member of the Unversity of Melbourne's inaugural Alumni Council. Since graduating from the Faculty, Clare has remained actively involved with the University and the Faculty through participation in various associations, such as the University's Committee of Convocation and the Faculty's UMCAS committee. Clare also brings with her 20+ years experience as a professional in the financial services and retail industries in roles ranging from institutional relationship management to risk and project management. |
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Advancement, Marketing and Alumni, Faculty of Business and Economics, University of Melbourne |
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Dear Alumni 
The Faculty of Business and Economics ranked first in Accounting and Finance and equal first for Economics and Econometrics in the Asia-Pacific region in the recent QS World University Rankings, joining institutions such as Harvard, Oxford and Cambridge in the top rankings of international business schools.
Meredith Brooks, Non-executive Director of Perpetual Limited will be our first speaker for this series. Meredith is a member of Perpetual’s Audit Risk and Compliance Committee and Investment Committee. She is also Chair of Synergy & TaikOz Limited, a performing arts group, of Critical Path Inc, a choreographic research centre, and a member of an Industry Advisory Board for Macquarie University.
The Faculty of Business and Economics invites all faculty alumni who graduated in 1971 or prior to celebrate 40+ years since completing your commerce degree! 
In July this year, Professor Paul Kofman, Deputy Dean of the Faculty hosted a special BEA@M reunion dinner for alumni living and working in Hong Kong. 
Held at the Four Seasons Hotel, the event attracted close to 50 attendees and was a great success, despite the fact it took place during Ramadan and office hours.
It was a special occasion for Indonesian alumni to reunite and share fond memories with not only their fellow alumni but also with Mr Phillip Cobbin, their former lecturer. 
Undoubtedly one of our most popular Young Alumni activities, this year's "Meet the Entrepreneur" event was again held at Koko Black on Collins. Mr Duncan McLean, (BCom Hons 2002), Managing Director of Way Funky Company, shared with over 90 young alumni his remarkable experience in setting up the the glam-electric swimwear company. 
Four public lectures have been held by the Faculty in the last two months:
The University’s Faculty of Business and Economics has been named one of the best in the world and the highest ranked in Australia in QS’ latest World University rankings by subject, focusing on the social sciences.
Professor Kofman is looking into the mood swings of investors in the hopes that a more reliable method can be found of predicting dips and rises in investor confidence.
The 
The purpose-built library features collaborative study areas, state-of-the-art electronic resources, an abundence of seating and an amphitheatre where students can meet and socialise. After-hours student access to the ground floor will also be available shortly.
One of the first initiatives of the newly-forged partnership between the University of Melbourne and the Shepparton-based Kaiela Institute is a research project to investigate the role of financial literacy in assisting people to make the transition from government welfare to wage labour. 
If homelessness is a human rights issue, and human rights belongs to everyone; shouldn’t it be our responsibility as a community to ensure the rights of all people are respected and protected? But results from the 2007 Australian Survey of Social Attitudes (AUSSA) show that people continue to strongly believe homelessness is the sole problem of the individual, their family and the government. There is an obvious lack of personal engagement and community involvement with the issue. Moreover, results from the survey show that general public perceptions of the causes of homelessness and reality do not match up. Majority of respondents believed that mental health and drug and alcohol abuse are the causes of homelessness. However, these are only few of the varied and systemic causes of homelessness that people are unaware of.
Street Stories aims to empower the guides transitioning out of homelessness by providing them with an opportunity to engage with the broader community through sharing their stories and experiences of homelessness. In turn, foster greater interest and increase awareness for the varied causes of homelessness. 
Matthew Gould, Regional Business Development Manager for the Victorian Employers’ Chamber of Commerce and Industry (VECCI) recently completed the GSBE Executive Decision Making and Negotiation course. We asked him about his experience.