Department of Finance and Law

Central Michigan University

 

Department Advisory Board

Discussion Document

 

Mission

 

The Advisory Board (“the Board”) of the Department of Finance and Law (“the Department”) Advisory Association is a group of professionals with expertise in the fields of finance and/or law who will advise the Department in areas critical to its mission.  It is hoped that the Board (and the broader Association) will support the Department in a number of areas including (but not necessarily limited to) teaching and degree programs, student outreach and placement, professional development, and departmental advocacy and advancement.    

 

Administrative Structure

 

Approximately twenty members, drawn from the University’s professional constituencies, have been appointed to the initial Advisory Board by the Chairman of the Department.  In addition, it is expected that members of the Department will advise the Board and actively participate in the Association. Several members of the Board have offered to serve in leadership positions on the Board.  The Department Chair will recommend a slate of candidates for the initial Executive Committee of the Board from this group.  Since, according to the Association’s bylaws, the Department Chairman serves as an “ex-officio” member of the Executive Committee, it is recommended that the Department Chair (or her/his representative) be appointed Chairman of the Advisory Board.  The Chairman of the Board will be a non-voting member of the Executive Committee who coordinates the activities of the Board with the Department and the Business College.  Once an Executive Committee has been chosen by the Board, it will appoint Chairs for a group of standing committees composed of members of the general Board. Each subcommittee would have responsibilities in one advisory area. The administrative structure might look like the following:     

 

 

 

 

Proposed Advisory Areas/Standing Committees

 

Teaching and Educational Programs – This subcommittee would assume advisory responsibility for issues related to curricula, material delivery, and assessment. Specific issues to be addressed could include:

 

·         Curriculum review; course relevance

·         The role of technology in the classroom

·         Skills assessment and student preparedness

·         Teaching effectiveness and alternative methods of delivery

·         The role of practitioners in the classroom

·         Strategic planning and the development of “niche” programs

·         Grades and student performance assessment

 

Student Outreach and Placement – This subcommittee would address issues related to student career development.  Topics to be addressed by this subcommittee could include:

 

·         Student internship opportunities

·         Career mentoring programs

·         On-campus corporate recruiting

·         Internal marketing of finance and law programs – general student recruiting

·         Minority participation 

·         Non-traditional students

 

Professional Development – The role of this subcommittee would be to strengthen and expand the professional relationships between the business community and faculty. Issues to be addressed within this subcommittee could include:

 

  • Faculty/Business “exchange” programs and dialogue mechanisms
  • Faculty internships
  • Access to business problem solving support
  • Leveraging existing business/faculty relationships (e.g., Michigan Bankers Association Perry School)
  • Strategic development of  business-oriented research and support facilities

 

Departmental Advocacy, Advancement, and Administration – This subcommittee would support CMU and the Department of Finance and Law in the external environment as well as advise the department on administrative practices.  Issues addressed could include:

 

·         Enhancing the department’s reputation in the business community

·         Assisting with the funding of specific department initiatives

·         Advising the Department on capital expenditures

·         Financing higher education in general

·         Faculty evaluation and tenure

 

 

 

 

Meetings

 

The Association bylaws currently require four meetings of the Association per year.  Given the effectiveness of electronic communications and the logistic problems (conflicting schedules, travel issues, time commitment) involved, the Department recommends that the Board consider amending the bylaws to reduce the number of required Association meetings from four to two.  Special meetings of the Board could be called by the Executive Committee as necessary.  Meetings of the Standing Committees could be held at the discretion of the Committee Chairs.    The Department is open to alternative meeting locations.

 

“Deliverables”

 

The Department would recommend that minutes from each meeting be kept and provided to both the Department and the Dean of the College.  Where the Board has undertaken a specific advisory project (e.g., curriculum review), the Department would recommend that the board provide a written report of its finding, as well as specific recommendations for the Department and/or College.  It is also recommended that specific requests of the Board from the Department or College be relayed to the Board Chair, and then addressed by the Chair with the Executive Committee, the appropriate Standing Committee or broader Advisory Board where appropriate.