Duke - The Fuqua School of Business

News Release

Goethe Business School Graduates the First Duke Goethe Executive MBA Class with a Dual Degree

June 19, 2007

On Saturday, June 16, 2007 the Goethe Business School (GBS) graduated its first class of Duke Goethe Executive MBA students with a graduation ceremony on Frankfurt University’s Campus Westend. The graduates received the esteemed ‘Master of Business Administration’ dual-degree: one from the Frankfurt University’s Goethe Business School, and the other from Duke University’s Fuqua School of Business, its renowned US partner in offering the program.

The graduation party that followed was a one-of-a-kind experience - and it also gave the newlyminted MBA holders a chance to put their new knowledge to use: they established the ‘Duke Goethe Graduation Fund’ to finance the festivities. The effort attracted the sponsorship of two program professors, Prof. Dr. Ernst-Moritz Lipp and Dean Mark Wahrenburg, as well as Accenture GmbH, Deutsche Bank AG, IBM Deutschland GmbH and Microsoft Deutschland GmbH.

“The hard work during the past 22 months was worthwhile,” emphasized Erik Hummitzsch, senior manager at PricewaterhouseCoopers (PwC) in his role as class speaker. “Because of the EMBA I have become perceived entirely differently at PwC. Even during the program, my contact with the respective management board members has already increased many times over.”

The numbers also support his views: the graduates of the Duke Goethe EMBA program can already enjoy an average salary increase of 29% since beginning the program. In gratitude, the graduates followed the American example and made a generous class gift to the Goethe Business School in the amount of € 14,300. The gift underwrites the construction of a team room for future Duke Goethe classes.

Dr. Reto Francioni, chief executive officer of Deutsche Börse AG, said in his commencement address, “It is in the nature of business schools to bring together intellectual resources, professional expertise, and social skills from many diverse backgrounds. These qualities come together in a particularly special way through the Duke Goethe Executive MBA and in its first graduating class.”

The donated team room is part of the House of Finance, which will open on Frankfurt University’s Campus Westend in 2008. An exclusive setting for management education will emerge in the new facility. Thereby, the future classes of the Goethe Business School will enjoy modern facilities even better meeting the high standards of leading international business schools.

Frankfurt University stands at a historical crossroads: it is leaving its current location in Bockenheim and, as part of its recent change to become an endowed university with 600 million euros, is building a completely new campus from the ground up. “The success of the Duke Goethe Executive MBA demonstrates the change in the nature of German universities from state institutions to a society- and business-oriented international, entrepreneurial university,” explained the President of Frankfurt University, Prof. Dr. Rudolf Steinberg.

The plan grows ever more ambitious: the Goethe Business School continues to further develop its programs. In May, GBS welcomed its third Duke Goethe Executive MBA class. In September, the school will open its Master of Finance and Accounting Program to high potentials in the financial industry. Company-specific programs for Accenture, BearingPoint and other consulting firms round out the GBS profile.

About the Goethe Business School (GBS)
Founded in 2004, the Goethe Business School is a foundation of Frankfurt University with close links to the department of Economics and Business Administration. GBS offers high-quality internationally oriented executive education programs for managers. A wide range of master’s
programs, open seminars and customized education will place the GBS among the small group of internationally recognized high-level business schools.