Babson College's Innovative Undergraduate Program Earns Hesburgh Award.

Business Editors & Education Writers

SAN FRANCISCO--(BUSINESS WIRE)--Feb. 11, 2002

An innovative program for undergraduate business education from Babson College, Wellesley, MA, is the winner of the 2002 Theodore M. Hesburgh Award, which recognizes innovative undergraduate faculty development programs. The presentation of the award took place today at the 84th annual meeting of the American Council on Education in San Francisco.

The award is named in honor of Rev. Theodore M. Hesburgh, C.S.C., president emeritus of the University of Notre Dame, a nationally renowned educator and worldwide humanitarian. It is sponsored by TIAA-CREF, a leading national financial services organization, which includes the premier pension system for education and research institutions and their employees.

TIAA-CREF created the award to recognize faculty development programs that enhance undergraduate teaching and learning and to encourage their creation at America's colleges and universities. Nine judges, all with highly distinguished backgrounds in higher education, reviewed the entrants and selected the winner.

Babson College received the award for their "Reinvention of Undergraduate Business Education." In 1993, Babson College embarked on a mission to reinvent undergraduate business education in order to prepare its students to become the interdisciplinary thinkers needed for business in the 21st century. The faculty changed how they taught the fundamental business disciplines and focused student learning on viewing business problems from multidisciplinary perspectives. Hands on experience with businesses and "learning by doing projects" were integrated into the curriculum beginning with the first year of college.

The student's success was measured throughout the undergraduate experience by demonstrating improvement through the interdisciplinary approach in the key areas of leadership, teamwork, communications and decision making.

John H. Biggs, chairman, president and CEO of TIAA-CREF, presented the Hesburgh Award to Brian M. Barefoot, president of Babson College. "It is critical for students to have a keen understanding of the complexities of today's business environment and this program does an outstanding job at doing that," Mr. Biggs said. "The Babson program demonstrates to students that there are a multitude of essential factors to how business operates now and how it will operate in years to come."

In addition to the Hesburgh Award winner, four institutions were selected to receive Certificates of Excellence. Indiana University -- Purdue University Indianapolis (IUPUI), Indianapolis, IN, was recognized for The Gateway Program to Enhance Student Retention, a program that joined faculty development with a student support effort to increase retention of first-year students; Portland State University, Portland, OR, for the Community-University Partnerships Program that put the school motto of "Let knowledge serve the city" into action through student and faculty involvement in research and community-based learning; Prince George's Community College, Largo, MD, for the Book Bridget Project, a professional development program that helps faculty and students gain an enhanced understanding and appreciation for the multicultural environment in which they study and work; and the University of New Hampshire, Durham, NH, The Academic Program in College Teaching -- A Faculty Development Collaborative, prepares doctoral students for the rigors of college-level teaching careers through a collaboration between the UNH Graduate School and the university's Teaching Excellence Program.

Babson College in Wellesley, Mass., recognized internationally as a leader in entrepreneurial management education, was founded in 1919 by entrepreneur and financier Roger W. Babson. It grants BS, MBA and custom MS and MBA degrees through its Undergraduate Program and the F.W. Olin Graduate School of Business at Babson College, and offers executive development programs to experienced managers worldwide through the Babson School of Executive Education. The College's for-profit venture, Babson Interactive LLC, develops distance learning programs and business simulations for executives and graduate students.

TIAA-CREF is a leading financial services organization with approximately $285 billion in assets under management. In addition to being the premier pension system for education and research institutions, TIAA-CREF offers mutual funds, annuities, and trust services to the general public, and is the leading manager of state-sponsored college savings programs.

For more information contact Stephen Ludwig, TIAA-CREF Public Relations Officer, 303/626-4871, [e-mail]. Information on TIAA-CREF can also be found at tiaa-cref.org/pressroom/.