The W. P. Carey Foundation, whose generosity launched Johns Hopkins Carey Business School, has made a $25 million commitment to the school to recruit 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 fundraising total of $50 million.
Carey Business School was named in honor of James Carey, a 19th-century merchant and forefather of the school's benefactor, William Polk Carey, who contributed $50 million to Johns Hopkins University in 2006 to transform its part-time business education program into a full-time business school. The foundation's new gift provides Carey Business School the support to ensure its path of growth and advance its mission to shape the 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," said William P. Carey II, chairman of the W. P. Carey Foundation. "This support will help fulfill my great-uncle Bill Carey's vision of educating leaders who can have a transformative impact 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."
A portion of the new gift will be used to establish the James Carey Distinguished Professorships, which 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.
The gift will also enhance the overall student experience, which recently underwent a comprehensive redesign for fall 2020. The full-time MBA curriculum now includes two pathways of study for students:
- The Health, Technology, and Innovation pathway capitalizes on Johns Hopkins' renowned leadership in medicine, nursing, public health, and advanced biotechnology and allows students to complete experiential courses and co-curricular activities focused on a range of health-related fields
- The Analytics, Leadership, and Innovation pathway blends leadership and behavioral science skills to prepare students for the unique opportunities and challenges facing 21st-century organizations
The new gift provides additional career development services and resources for students, such as 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."
The school's first decade was a period of tremendous growth as it 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 dual degree programs that leverage the expertise of other Johns Hopkins divisions to fuel interdisciplinary education.
Since its founding, Carey Business School has bolstered the ranks of its full-time faculty, growing from 21 to 107 members including 14 tenured professors and eight endowed faculty positions. Nearly a quarter of Carey's full-time faculty study or teach in health-related fields. The school now enrolls 2,300 students, with about 38% of current full-time MBA students and 35% of part-time MBA students focusing on health-related areas of study.
In 2017, Carey Business School earned accreditation from the Association to Advance Collegiate Schools of Business, the world's leading authority on the quality assurance of business school programs. AACSB accreditation is considered a "hallmark of excellence" in business education.
"The foundation is thrilled to support the Carey Business School as Johns Hopkins builds on its existing strengths in medicine, public health, and technology," said Zachary Pack, director of the W. P. Carey Foundation and a Johns Hopkins alumnus. "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."