2024-2025 Gies Business Annual Report

Leading

us into

a new

era of Business on Purpose

Reflections from the dean

As I reflect on my first year as dean, I’m struck by how much our alumni, learners, faculty, staff, and other collaborators have taught me. All of you have made such a profound impact on me over the last year, and I’m grateful for every encounter, conversation, and thoughtful discussion.

These are some of the main takeaways our Gies Business community has consistently reinforced in year one:

Our learners are truly among the best in the world. Their success in the job market is a testament to their talent and dedication. What I find even more impressive is their eagerness and excitement around following their purpose and making an impact. Through my time as dean, I hope to remove barriers and reach even more learners so they have opportunities to pursue their purpose with the support of our programs.

We are incredibly fortunate to have such amazing alumni. Our alumni are fiercely proud of the work we do and remarkably generous in sharing their time, expertise, and resources. Our alumni network is strong – and growing rapidly. As it expands, we will strive to continue to find new ways to engage this tremendously valuable network.

“We understand that world-class education is just the beginning. What truly differentiates us is the unmatched learner experience we provide.”

Dean Elliott

Our faculty and staff are the backbone that makes Gies Business what it is. Their unwavering commitment to excellence in teaching, groundbreaking research, impactful service, and comprehensive student support is outstanding.

We understand that world-class education is just the beginning. What truly differentiates us is the unmatched learner experience we provide. By intentionally integrating rigorous academics with robust professional development and other purposeful programming, we empower our learners to explore their passions, learn by doing, and build connections that last a lifetime.

As a College, we’ve set goals around expanding access for learners, engaging more alumni, investing in faculty and staff excellence, and delivering an unmatched learner experience. I’m excited to work with our Gies Business community to achieve our goals and see everything we can accomplish together.

W. Brooke Elliott

Josef and Margot Lakonishok Professor in Business and Dean

Welcoming our new dean

Last summer, we announced W. Brooke Elliott as the 11th dean of Gies College of Business. She stepped into the role on August 16, 2024, and has been moving the College forward ever since.

“This new role is not only an affirmation of her previous work, but it also reflects our confidence that she will continue to be a collaborative leader who pushes us to think differently about how we deliver on our mission to promote research and scholarship within and across all of our communities, both globally and domestically.”

Robert J. Jones, Chancellor (2016–2025) University of Illinois Urbana-Champaign

“It took all of us to bring the business school to where it is today, and I can’t think of a better leader to take us to the next level.”

Larry Gies (ACCY ’88) President and CEO, Madison Industries

Gies Business learners, alumni, faculty, staff, and friends gathered to celebrate Dean Elliott at her installation ceremony and investiture as the Josef and Margot Lakonishok Professor in Business on September 12, 2024.

20+ years of experience with the College

Get to know Dean Elliott …

1st

woman to serve as dean of the College

1st

woman to serve as head of the Department of Accountancy

Head, Department of Accountancy, 2017–2020

EY Distinguished Professor in Accounting, 2016–2024

Academic Director of Undergraduate Affairs, 2015–2016

Authentic self:

Dean Elliott strives to create feel safe and valued. She believes in empowering others to be their authentic selves, and she embraces her authentic self, too.

Dean

Elliott

“I really believe in building a community where individuals can be their authentic selves and where everyone feels empowered to let their own skills shine through.”

Removing barriers to business education

“We want to create an inclusive experience for everyone, regardless of financial barriers. Our goal is to shape purposeful leaders, and we need to do everything possible to ensure access for as many learners as possible.”

Dean Elliott

Dean Elliott is committed to exploring ways to increase access for more learners by removing financial barriers. A big part of the solution is scholarships.

$5.1M provided in scholarships for 2024–2025

Opportunities to grow our scholarship support

Currently, some learners who could thrive at Gies Business can’t afford the costs. Financial need leads to some learners leaving without completing their degree, and others choose not to attend at all because of the cost.

Our undergraduates face $12.5 million in financial need each year. And over the years, state funding has continued to decrease, now accounting for less than 10% of our total budget. That’s where donor support can make a difference in our effort to fulfill our land-grant mission.

Thank you to current scholarship donors

This past year, Gies College of Business provided $5.1 million in undergraduate scholarships, and donors helped make that happen.

Krupa Patel (FIN, Marketing ’27)

“

Undergraduates celebrated Signing Day 2024, a day for sophomores to declare their majors, alongside special guest Larry Gies.

“I come from a really small town in central Illinois, and my parents didn’t attend college. Coming to college, I was really nervous. But by getting this scholarship, I was able to connect with people without a financial burden. ”

I am a first-generation American as well as a first-generation college student. The scholarships that I’ve received throughout my time at U of I have been extremely impactful because I know without them, I wouldn’t have had the ability to attend such an amazing institution. ”

Anthony Reyes (FIN ’24)

Like Patel and Reyes, 21% of Gies Business undergraduates are the first in their family to earn a bachelor’s degree. Scholarships are helping to ensure that first-generation college students and others with financial need thrive and achieve their educational goals. Hear from some of our amazing scholarship recipients in this video at go.gies.illinois.edu/ ScholarshipRecipients.

Celebrating major milestones

One of the many opportunities that make the Gies Business experience unique is Signing Day. In 2025, we celebrated our 10th edition of the annual event where undergraduates declare their major.

What is Signing Day?

Signing Day is a celebration that takes place each year in the spring semester, similar to a signing day press conference often seen in college athletics. Gies Business Signing Day gives undergraduates the opportunity to take center stage and declare their major – in front of a live stream and live audience, and alongside College namesake Larry Gies.

Gies has come to nearly every Signing Day and is a big part of what makes the day special. In recent years, the event has also featured host Tim Sinclair, the public address announcer for Illini men’s basketball and various professional teams in Chicago. This year, the Marching Illini also made a special appearance to mark the 10-year milestone.

“Signing Day is more than just declaring your major – it’s about choosing your path in life to make a difference in the community you serve. Seeing Larry Gies, as well as the support from the entire College, shows me that I’m not the only one rooting for my success, but that I have an entire group supporting me.”

Pranjall Marfatia (FIN ’27)

More moments and memories at

Signing Day is just one of many events that help set us apart. We offer numerous opportunities and celebrations for learners.

In Spring 2025, the Office of Career and Professional Development launched a Success Wall to celebrate the jobs, internships, and graduate school opportunities our learners land.

Learners in our on-campus graduate programs gathered for various fun events throughout the year, including our end-of-year Grad Programs Picnic.

Each fall, current online graduate learners and alumni visit campus for iConverge, a multiday event of networking, speakers, team building, and more.

“This is by far my favorite event – to see how many people it’s impacted, how far it touches.”

Michel Watkins, Senior Program Manager for Student Engagement and Formation

“As an intercollegiate transfer student, Signing Day was special to me as I was able to celebrate the decision of my major and acceptance into Gies College of Business. Having family, friends, faculty, alumni, and Larry Gies there supporting showed me the bonds we have established together, which will remain forever.”

Rhea Kumar (FIN ’26) Also majors in brain and cognitive science

Making a positive impact through teaching and research

Our faculty leave a lasting impression on learners – and make a lasting impact on society through their research.

contributions to business education, including transformative teaching and innovative course design.

“We’re not just teaching business concepts; we’re preparing the next generation of leaders to drive positive change. . . . My colleague Heather Swenddal often says we have a ‘luxurious experience’ teaching here –and I couldn’t agree more.”

Sandra Corredor, Teaching Assistant Professor and Associate Head of Business Administration

Research beyond business

Gies Business faculty researchers collaborate on a global scale. This map highlights our collaborations and top research areas from the last five years.

Our faculty conduct collaborative research with broad social and environmental implications. Finance professors Tatyana Deryugina, Nolan Miller, and David Molitor are just three examples of Gies Business faculty tackling research on natural disasters and climate change. Deryugina’s hurricane research and Miller and Molitor’s wildfire research highlight how natural disasters affect society and the economy.

Our professors conduct research with other health and well-being implications as well. For instance, Business Administration Professor Oscar Ybarra’s research focuses on the well-being of people in the workplace. Associate Professor of Finance Julian Reif’s research explores the relationship between health, pollution, and economic factors, shedding a light on Illinois’ air pollution trends, their associated risks, and potential policy solutions.

PhD excellence

Isaac Yamoah, a PhD candidate in accountancy, recently earned a $25,000 Deloitte Foundation Fellowship. This award, given to 10 top accounting PhD candidates in the country, is intended to strengthen the pipeline of accounting faculty by supporting PhD candidates who plan to pursue academic careers. He also received the 2025 Gies Business Alumni Association “Excellence in Teaching for Teaching Assistants” award. Yamoah spent nearly a decade as an auditor but felt a calling to a career in academia.

“Gies has been a fantastic place for me as far as my academic journey, and if I had to do it again, it would be Gies.”

Isaac Yamoah (PhD Candidate, Accountancy)

Rolling out our all-new research podcast

We recently launched Research Reverb, a research podcast where we talk to our expert scholars and thought leaders about their research that’s shaping the future of business and society.

“We have a tremendous opportunity right now to further establish Gies Business as a world leader in educating and preparing future entrepreneurs.”

Melissa Graebner, Robert C. Evans Endowed Professor of Business Administration, Associate Dean for Entrepreneurship

Enhancing access

We

strive to give learners access to unique experiences that prepare

them

for future success. The Origin Ventures Office of Entrepreneurship helps deliver on that promise.

Creating a hub for entrepreneurship

We recently announced the launch of the Origin Ventures Office of Entrepreneurship, made possible by a nearly $5 million gift, originally initiated in 2018, from The REAM Foundation. The investment was provided in honor of Gies Business alum Steve Miller (BA ’87), and additional support was provided by fellow alum Bruce N. Barron (ACCY ’77), who co-founded Origin Ventures with Miller.

The office makes entrepreneurship more accessible and inclusive for learners and leverages faculty research to drive business practices forward. Professor Melissa Graebner leads the office in her new role as associate dean for entrepreneurship.

LEARN MORE

Learn more about the office at go.gies.illinois.edu/Entrepreneurship.

to entrepreneurship opportunities

Supporting purposeful innovation

The Origin Ventures Office of Entrepreneurship supports student innovation in multiple ways. It houses iVenture Accelerator, an accelerator for top student startups at the University of Illinois. And it served as a presenting co-sponsor of the 2025 Cozad New Venture Challenge. This annual event provides U of I student startups with an opportunity to compete for a pool of $500,000 in funding.

This year, 57 teams led by learners from Gies Business participated in the contest, up from just seven teams in 2024. Additional Gies Business learners participated on teams led by students from other colleges within the university.

Making our mark at Cozad

57

Gies Business-led teams

9

Gies Business academic programs represented $22k awarded toward business ventures 700% increase in Gies Business-led teams

Gies Business teams shine

Lakshmi Priya Rangaraju, a learner in the online MBA program, served as the business and marketing expert for VOCA Health, one of six Cozad finalists chosen from 308 entries. VOCA Health is building a voice disorder management tool with a mobile platform that allows patients to record voice samples and upload them to be analyzed. VOCA Health won a $10,000 finalist prize and a $5,000 Health Innovation Prize.

“My focus has been identifying what is important for customers and developing a strategy for getting the product in the hands of those who need it. . . . The courses I have taken here have helped me shape the business plan, develop the marketing strategy, and position the company in the marketplace.”

Lakshmi Priya Rangaraju (MBA ’25)

Read more about Gies Business honorees at go.gies.illinois.edu/CozadAwards.

Harnessing the power of AI

Faculty and staff explore opportunities to implement artificial intelligence in the classroom, academic research, and beyond.

Some of the AI possibilities we’re exploring:

• Creating a work group to build a strategy around AI

• Curating unique experiences for students to learn more about AI technology, interact with chatbots, and more

• Helping to ensure an inclusive learning experience with automated audio descriptions and accessibility compliance scanning

• Reducing language barriers through AI translation tools

• Providing broader global access to on-demand support

• Making grading and course-building more efficient

Empowering learners through AI

Douglas Laney, an adjunct clinical assistant professor of accountancy, set out to create an interactive experience for learners in our online MBA (iMBA) program. Most years, he tasks learners with interviewing industry professionals about data monetization and analytics. However, he’s learned that companies can be reluctant to share sensitive information.

This past year, he generated a virtual communications executive his learners could interview. The chatbot, called Cleo, was trained on a dataset of fabricated documents, like financial reports, customer demographics, and supply chain strategies. Each interaction provided unique responses, giving learners the opportunity to evaluate and analyze the insights.

Laney’s project was chosen as a finalist for “Most Innovative Use of AI” at the DataIQ Awards Americas.

“We’re at the forefront of exploring how AI can enhance our workflows and create meaningful, scalable, and personalized experiences for our learners.”

Steven Pratten, Associate Director of Digital Media

Interested in AI? Take a course.

We recently launched an eight-week course about AI and its applications for business. This fully online course (AI in Business: Fundamentals, Applications, and the Future) explores AI’s evolution, core technologies, and applications in areas like robotics and autonomy.

LEARN MORE

Learn how to enroll at go.gies.illinois.edu/AI-in-Business.

Introducing “digital twins”

With the support of the Gies Business Teaching and Learning staff, faculty use digital twins (AI avatars that resemble their likeness and teaching styles) to enhance and update their online courses. Faculty and staff are exploring ways to use this technology to break down time zone and language barriers as well.

View Dean Elliott’s digital twin in action at go.gies.illinois.edu/DeanDigitalTwin.

Steven S. Wymer Hall is set to open Fall 2025, providing access to more resources, collaboration opportunities, and high-quality course content for in-person and online learners than ever before.

Grateful to our donors

Gies Business alum Steven S. Wymer (ACCY ’85) provided a generous naming gift in 2022 for our brand-new, state-of-the art learning center. He and a group of more than 100 donors have helped make the building a reality – connecting learners to an engaging experience for generations to come.

“The building is an investment in the future of learning. It’s a place where faculty, staff, and students can do their best work.”

Opening the door to the future of learning

Steven S. Wymer (ACCY ’85) Portfolio Manager, Fidelity Investments

Enhancing the learner experience

Wymer Hall will give learners access to more collaboration spaces and improved technology for on-campus and online courses. In addition to a 200-seat auditorium, two 80-seat classrooms, and four 60-seat classrooms, Wymer Hall will house spaces specifically designed for engagement and collaboration.

Learners will have access to rooms dedicated to experiential learning, giving them more space to meet with clients and each other. Learners will also have an area to unwind and decompress between classes.

Wymer Hall will further enhance the online learning experience with five live studios and six control booths. In the past, Gies Business converted storage and conference spaces to meet the demand for online learning. These new studios were designed with online learning in mind from the start, equipped with top-of-the-line production software – the same software used in live sports.

And for the first time ever, Gies Business will use soundstages. These two new soundstages will give facilitators the opportunity to move around and interact with physical sets, which will also create a more engaging experience for learners.

Advancing sustainability through geothermal energy

Wymer Hall will showcase our commitment to sustainability. A key part of this effort is the use of geothermal technologies to help provide heating, cooling, and temperature optimization.

The geothermal system at Wymer Hall received funding support from the Student Sustainability Committee (SSC) through the Sustainable Campus Environment Fee & Cleaner Energy Technologies Fee. These student fees support projects that increase environmental stewardship and inspire change to make a more sustainable campus.

Gies Business is on a path to be the first college at the U of I to achieve net zero status. The university considers a building to be “net zero” when the amount of clean energy created and retired for that building equals or exceeds the energy used by the building on an annual basis. For Gies Business to achieve net zero status, the College will purchase renewable energy certificates produced by the university’s solar farms.

Collaborating campuswide

Gies Business partnered with the university to bring the learning center to life. The College will have priority scheduling for classrooms and studios, but through this partnership, the building will impact more learners both in person and online. Online courses are a growing need for many departments and colleges across campus, and Wymer Hall will serve as a collaborative solution.

Stay up to date on the latest Wymer Hall stories and videos at GiesBusiness.illinois.edu/WymerHall.

When learners enroll at Gies Business, they’re joining a lifelong community with a network of dedicated alumni across the globe.

Alumni by the numbers

Many ways to engage

Our alumni network is one of our most valuable assets, and it continues to expand. We have one of the fastest-growing alumni networks in the nation, thanks to the scale of our online programs. Regardless of where their journeys take them, our alumni have numerous ways to connect with the College.

• Financial support

• Classroom or online speaking engagements

• Career fairs

• Guest panels

• Networking events

• Continuing education

• Experiential learning opportunities

95,000+ alumni worldwide

50 US states + DC 5 US territories

These are just some of the many ways to stay involved.

165 countries MAKE AN IMPACT

Learn how to stay engaged and make a difference in learners’ lives at GiesBusiness.illinois.edu/alumni.

Celebrating the generosity of alumni and friends

This year, alumni and friends gifted $30 million to the College, marking our third-highest donation year on record. Here are a few of the many examples of their generosity.

Real estate learning opportunities

Gies Business recently announced a $5 million gift from Illinois alum Nate Reichard in support of the Real Estate Finance Academy, which will now be named the Reichard Real Estate Academy in his honor. Reichard earned an agricultural accounting degree in 2006.

Launched in 2023, the academy offers a five-semester program emphasizing industry-integrated experiences in commercial real estate. Reichard’s contribution aims to expand applied learning, industry mentorship, and student access.

Research fund for ethical decision making

This spring, the College received a $1.2 million gift from alum Bill Chase (FIN ’88) to establish a research fund supporting scholarship and dialogue around fiduciary responsibility and ethical decision making in business leadership. The newly established Chase Family Research Fund will provide research grants and sponsor annual forums, with an emphasis on interdisciplinary perspectives and long-term impact.

Memorial

scholarship to support learners

Illinois alum Sara E. James (PhD in Neuroscience ’14, MD ’17) recently created the Griffin Hale James Memorial Scholarship Fund to honor her late husband, a man whose legacy of support, hard work, and dedication was evident in every facet of his life. This scholarship, aimed at helping undergraduates further their education, reflects Griffin’s dedication to higher education and deep commitment to his community.

Griffin died unexpectedly at age 42 in July 2022, just two weeks after the couple moved from Boston to Champaign and two days after he made partner at Deloitte. He had met with Jeffrey Brown, the College’s dean at the time, and pledged his support to Gies Business learners through offers to teach and mentor. Sara hopes to continue her late husband’s work through this memorial fund.

We welcome learners and alumni from online programs to iConverge each fall.