Ivey plants itself in overseas territory
BY DAVE YASVINSKI
Western and the Richard Ivey School of Business could increase their international exposure with the opening of the Cheng Yu Tung Management Institute this August.
Establishment of the institution came as a result of a $5 million donation by Ivey Business school alumnus Henry Cheng.
Announced last Monday, the contribution financed the purchase of a downtown Hong Kong building which will be renovated this summer to meet the needs of future Asian business students.
Joanne Shoveller, director of Asian development for the business school, said the institute will offer a 20-month executive masters business administration degree and will cost $50,000 U.S.. "The reception to this premium price program has been favourable," Shoveller said. "The emphasis is on quality, not price."
Shoveller added a Western degree is strongly valued in Hong Kong and the institute has already received 1,500 inquiries for the program which will accommodate only 35 students.
Part of the program's appeal is the large number of Asian business cases the Ivey business school has produced, she said. "We are creating a program that is responsive to the business environment here."
Paul Beamish, an associate business professor at Ivey, said Hong Kong was the choice because Western has approximately 2,000 alumni living there and over 100,000 people in Hong Kong received their education in Canada.
"We have a tradition of excellent teaching and an excellent track record. Henry Cheng saw tangible benefits for Hong Kong and China," Beamish said.
He added this association will benefit Western as well. "I think it means only good things. It will build our reputation and the awareness of Western in the Asia Pacific," he said.
Western President Paul Davenport said he has taken many trips to Hong Kong in the past few years and sensed the great interest and potential benefits which could come from expansion. "This will certainly increase Western visibility as a whole the Western name will be better known," he said.
Michael Rossi, a graduating honours business administration student, said this move made sense in light of trends towards globalization. "It's important to get our name out there," he said.