Voyage is the annual publication of the CWU College of Business. Whose mission is to "create a positive, enduring impact on business and society by serving our diverse communities through collaborative education, contemporary research, and engaging partnerships."
VOYAGE CENTRAL WASHINGTON UNIVERSITY COLLEGE OF BUSINESS • SUMMER 2023
CWU’s Master of Professional Accountancy (MPA) program can be your pathway to a highly rewarding career. You’re a problem solver.
“The demand for accounting graduates has been booming. Most students have multiple offers before they even graduate.” — Han Donker, Accounting Department Chair
Graduate Degree (MPA) • 100% online: attend live classes from anywhere • Part-time or full-time • CPA exam prep • Can be completed in 4 quarters (full-time) • Financial aid available Career Paths • Corporate accounting • Public accounting • Tax services • Forensic accounting • Information technology • Advisory services
cwu.edu/business CWU is an AA/EEO/Title IX Institution. For accommodation email: DS@cwu.edu.
Contents
SUMMER 2023
FEATURES
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New Partnership Promotes Access and Equality Mentors and Mentees Grow in Racial Equity Leadership Program Price Index Tracks Cost of Living as a Student in Ellensburg When Markets Fluctuate, Stay Focused on the Big Picture An Investment in Opportunity Alumni share how their CWU degrees have served their lives, careers, and communities. How Young Alumni (and Anyone) Can Thrive at Work Ag Biz Carves Out a Niche
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IN THIS ISSUE
IN ADDITION 3 Dean’s Message 4 Gift Supports Accounting Students for Generations to Come 5 Business Dean Departs after 15 Years of Service to CWU 22 Student Profile: Accounting Grad Follows His Heart to the Ivy League 24 Student Profile: Empowered Women Empower Women 26 Faculty Profile: Behavior Economics Reseacher David Zuckerman Connects Classwork to Real World 28 Philanthropy
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ON THE COVER: CWU graduate Matthew Braganza, a first-generation college student, is on his way to Cornell University this fall to pursue a master's in accounting. Read more on page 22.
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CWU College of Business Voyage is an annual free publication. Issue date: June 2023. Address: Voyage magazine Central Washington University College of Business 400 E University Way Ellensburg WA 98926-7487 © 2023 Central Washington University. All rights reserved. Views expressed in Voyage do not necessarily reflect official policy of Central Washington University. EDITORS Jeffrey Stinson, PhD, Dean, College of Business Coco Wu, PhD, Associate Dean, College of Business Barb Arnott (’09), Department of Public Affairs CONTRIBUTING WRITERS Robin Burck (’17), Travis Finney, Della Gonzales (’19), David Leder, Tara Roberts, Marty Romero, Rune Torgersen (’18), and VOYAGE
Savannah Tranchell GRAPHIC DESIGN Bret Bleggi PHOTOGRAPHY
David Dick (’97), Department of Public Affairs stock, and others as credited.
Central Washington University is an EEO/AA/Title IX Institution. Alternative format: DS@cwu.edu . COMMENTS: cb@ cwu.edu UPDATE YOUR INFORMATION AT: cwu.edu/alumni/update-your-information or Office of Alumni Relations 400 E University Way Ellensburg WA 98926-7508 Email: alumni@cwu.edu Call: 509-963-2552
TELEPHONE: 509-963-2930 cwu.edu/business
The Central Washington University College of Business is accredited by the Association to Advance Collegiate Schools of Business (AACSB). Only five percent of business schools globally earn the coveted, quality-assurance designation. The continuing accreditation validates the work of the College of Business to link students with current and emerging trends and practices.
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Dean’s Message
Greetings, Wildcats! We are excited to present the 2023 edition of Voyage to you. This year has marked a transition, I think, to a post-COVID world. In some ways, our life and work have returned to normal with many more on-campus, in-person events, full classes, and great activity in our buildings. Yet, we continue to adapt to new technologies, remote and hybrid work, and desires to balance professional success with personal life satisfaction. The stories of this year represent this transition from the eyes of our students, faculty, alumni, and industry partners. The economic turmoil of the past year is highlighted across several stories. Our economics students have built a CWU Student Price Index that mirrors the Consumer Price Index with a basket of goods specifically reflective of the inflationary pressures facing our students. Their research has been highlighted at several local and regional conferences with the hopes of influencing policy centered on the costs of university attendance. In an article focused on the challenges of personal financial planning, Dr. Steele Campbell provides advice and perspective for navigating uncertainty. Professor Anderson Parks continues to lead efforts on supporting BIPOC students and alumni. His work was recognized with the prestigious American Council for Education Reginald Wilson Diversity Leadership Award. Look for articles highlighting his work on new leadership development and internship training programs. This issue also highlights several contemporary topics, including the value of a bachelor’s degree and advice on how to thrive in today’s changing work environment. You will also read about our outstanding students, new programs, and new faculty. I hope you enjoy these stories as much as we have enjoyed working with the students, faculty, and staff who make these successes possible. Central is a special place. While after 15 years at CWU, and 4½ as dean, I am moving on to new opportunities, it has been the honor of a lifetime to work with the many fantastic faculty, staff, students, and alumni who are proud to be Wildcats. I have no doubt the College of Business will continue to thrive under new leadership. This place will always hold a special place in my heart, and I wish nothing but the best for everyone here. I look forward to hearing of the many new accomplishments yet to be achieved. Go ’Cats! Jeff
Jeffrey Stinson
Jeffrey Stinson, PhD Dean, College of Business
COLLEGE OF BUSINESS MISSION We create a positive, enduring impact on business and society by serving our diverse communities through collaborative education, contemporary research, and engaging partnerships.
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Gift Supports Accounting Students for Generations to Come By Robin Burck
David and TJ Schelert
Central Washington University’s accounting program is in the top 15% of all colleges and universities across the country, according to College Factual. With so many students choosing to study accounting, CWU College of Business alumnus David Schelert (’81) and his wife TJ wanted to lessen the financial burden and establish support for the accounting program that will benefit students for generations to come. “We don’t want people to be left behind just because they don’t have funds,” David said. “I always knew I wanted to be an accountant, and my high school counselor told me about a full-ride scholarship at Central called the Central Investment Fund, which I ended up being a recipient of. Now I want to give back to support current and future students.” David and TJ committed $51,000 to the College of Business to fund the David and TJ Schelert Endowed Scholarship and provide funding to the department research lab, VITAL (Virtual Analytics Lab). “Rather than just helping one person through scholarship, we thought it would help all business students if we also supported VITAL,” David said. “We thought that even though we might not be giving enough money to help all students individually, we could support a product that could benefit all students.” Partial funds from their donation will provide support for annual scholarships, which will be given to one or more students who are full-time students accepted into the accounting program, have a minimum 3.0 GPA, and have good academic standing at Central.
“I am very appreciative and thankful to David and TJ Schelert for establishing this new scholarship to support our accounting students,” said College of Business Dean Jeffrey Stinson. “This will increase our ability to attract and graduate strong students who go on to become successful alumni. The David and TJ Schelert Scholarship will provide much needed financial support and access to the next generation of outstanding accounting students. I am grateful for their generous partnership with the college to ensure we remain a top accounting program.” If you would like to learn more about creating a College of Business scholarship named after you or a loved one, please contact Director of Development Travis Finney at Travis.Finney@cwu.edu or 509-963-4151. “We don’t want people to be left behind just because they don’t have funds.” David Schelert
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After 15 years of service at Central, CWU College of Business Dean Dr. Jeff Stinson will begin his new position as dean of the George Dean Johnson, Jr., College of Business and Economics at the University of South Carolina Upstate on July 1. “My time here has been filled with great joy, and I am very proud of the accomplishments we have all achieved together,” Stinson said in a letter to his colleagues. “It is a very difficult choice to leave, but this opportunity allows us to be closer to family and to engage in a new adventure.” Stinson started his career at Central in 2008 as an assistant professor, before becoming chair of the Management Department from 2012-15. He served as associate business dean from 2015-18 before assuming his current role in January 2019. He said he is proud of the college’s elite reputation and record of success during his time at CWU, noting that CB has been internationally recognized since 2010 with certification from the Association to Advance Collegiate Schools of Business (AACSB). That recognition places CWU’s College of Business among the top 5% of business schools in the world. “From then, to now, this college has continued to transform and lead,” Stinson said. Stinson shared some additional highlights from the past five years. • “We have more than doubled the College of Business scholarship support for our students, including an emergency fund targeted to quick intervention for students facing acute financial crisis. • We have established VITAL (Virtual Analytics Lab) to ensure that our students and faculty have access to real-world, industry-relevant data sources throughout their education. Business Dean Departs after 15 Years of Service to CWU By Della Gonzales
Jeffrey Stinson
• We have re-located the Institute for Innovation and Entrepreneurship (I4IE) to downtown Ellensburg to strengthen connections with local and regional communities. • We have developed an enhanced co-curricular program, EDGE (Explore, Develop, Grow, Excel), on the Suitable platform to increase student professional development and engagement. • We have launched the first two Agribusiness certificate programs on the way to offering a first of its kind stackable degree option. • We have expanded our financial literacy efforts, establishing the Center for Financial Planning and Wellbeing and extending financial literacy on campus and through College in the High School partnerships. • We have grown our alumni mentorship program, serving more students with critical support and networks.” Over the next month, Stinson will keep working hard to ensure the continued success of his colleagues, students, and the institution as a whole. He hopes to make the transition to a new dean as seamless as possible. “This is and will continue to be a very attractive place to work, live, and play,” he said in the letter. “I know you will find a great next dean. In the meantime, we will continue working on our strategic goals, planning for next academic year, and serving our students. My sincere thanks to each of you for making this a special place.”
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NEW PARTNERS ACCESS AND EQ
Nearly 60% of U.S. college seniors who received a job offer by graduation had participated in an internship, and they were more likely than their non-interning peers to receive multiple offers, according to the National Association of Colleges and Employers. This supports scores of data that reinforce the value of internships and their connection to better outcomes, including higher salaries and employment rates. But those benefits aren’t distributed equally. Students of color are significantly less likely to apply for internships. Research by the B.A. Rudolph Foundation shows 68.2% of White students participate in internships, while only 59.5% of Black students and 53.3% of Hispanic students do. The outcomes for Black, Indigenous and people of color (BIPOC) don’t improve, either. People of color are less frequently referred for jobs, less frequently called back for interviews, and have less access to their organization’s senior leadership compared to White colleagues. All that combines for a promotion rate from manager to executive of just 2.6% for Black managers, compared to 4.9% for White managers. CWU’s Milton Kuolt Professor of Business Andy Parks is hoping to move that needle. Parks is partnering with Deanna Kennedy, associate dean of academics for the School of Business at the University of Washington Bothell. The pair was awarded a $25,000 grant from the KPMG U.S. Foundation’s Reaching New Heights Program. The program is designed to promote access and equity in higher education and increase awareness of pipeline diversity. In addition to being grant partners, Parks and Kennedy are co-chairs for the Washington Employers for Racial Equity’s (WERE) Pipeline for Black and Indigenous Employees committee. The committee is pursuing three large initiatives to prepare and open the pipeline to more BIPOC employees: 1. Create a racial equity repository of information and resources for the academic and business communities. 2. Create a leadership training program for BIPOC early career professionals and their mentors. 3. Create an internship training program for BIPOC students.
The KPMG grant will help fulfill the third objective. The first was completed in 2022 and is available on CWU’s WERE website . Parks and Kennedy completed the first round of the leadership training program in March (see accompanying story on page 9). “When Deanna and I decided we needed something for college students as well as business professionals, we decided to use a model of mindfulness and emotional intelligence training that would go outside what a student would traditionally receive through their university’s career services department,” Parks said. “The other part was we wanted to give their managers training on how to best support an intern of color, which they may not typically receive at their company.” Andy Parks, CWU’s Kuolt Distinguished Professor of Business, received one of the most prestigious honors in U.S. higher education this spring when he was presented with the Reginald Wilson Diversity Leadership Award from the American Council on Education. The annual award is presented to an individual who has made outstanding contributions and demonstrated sustained commitment to diversity in higher education.
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SHIP PROMOTES QUALITY BY SAVANNAH TRANCHELL TWO-WAY TRAINING
ON-DEMAND, SELF-TAUGHT The program consists of online, self-guided modules hosted in the Canvas learning platform. Each module includes a short lesson paired with homework activities and assessments where the participants can apply the skills. For students, the modules cover: • Overcoming imposter syndrome and code-switching • Requesting and receiving negative feedback • Bringing your authentic self to work • Using an emotional vocabulary to manage stressful situations • Building your personal network and partnering with employee resource groups Managers also get access to Canvas and the modules in order to learn along with their interns. Manager topics include: • Cultural awareness • Considering employee diversity holistically • Communicating with empathy • Recruiting and onboarding interns • Communicating the corporate culture Kennedy and Parks are each creating half of the modules. Participating in the program will be free for CWU and UW Bothell students and the host companies. “What makes this program unique is the combining of expertise of these two universities,” Parks said. That collaboration is key to reaching more organizations and making a real impact on the employee pipeline. KPMG PARTNERSHIP Another aspect of the grant is an expanded relationship between Central and KPMG, one of the largest financial service organizations in the world. The company created a team of champions—CWU alumni who are dedicated to increasing KPMG’s presence on campus and utilizing Central’s faculty expertise to benefit their own employees. “This partnership allows KPMG professionals to closely collaborate with Central in many areas,” said Michelle Quisenberry, a KPMG partner and 1990 graduate of Central’s accounting program. “I am the first female
In the past few years, many organizations have launched diversity, equity and inclusion (DEI) initiatives to support hiring more BIPOC candidates. But those good intentions come with learning curves. Kennedy has worked with different organizations to create internship programs that are accessible to diverse students. That process may include reevaluating the application to give more weight to community and family involvement over academic achievement, as well as holding information sessions targeted at students of color. “We saw that students of color weren’t applying for internships because they didn’t have the same kind of job experiences” as their White peers, Kennedy said. Once companies saw success at increasing the diversity among their interns, they came across an unexpected hurdle. “A manager reached out and said, ‘I don’t know how to mentor this student. Their background and experience are nothing like what I grew up with,’” she said. “Another reached out and noted some professionalism and business skills the students were lacking. It was interesting to me that there were shortcomings on both sides that we could work on.” With the Reaching New Heights grant, the two universities are creating a program that helps students be more prepared for an internship in a corporate environment and helps their supervisors build emotional intelligence skills vital to managing individuals from different backgrounds. “As companies are working to break down systemic barriers, creating more policies that will help increase hiring, retention, and promotion of minority employees, we want to make sure that as that pipeline is opened, our interns, our employees are prepared to step into that open pipeline and effectively compete,” Parks said. “Especially those who are first-generation and may not have business acumen from their home environment.”
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The inaugural cohort of early career professionals and their mentors completed the Washington Employer for Racial Equity (WERE) leadership training program in spring 2023. The program was cohosted by CWU’s Milton Kuolt Professor of Business Andy Parks, left, and Deanna Kennedy, associate dean of academics for the School of Business at the University of Washington Bothell.
ADDITIONAL FUNDING The initial grant award was $25,000, but the institutions have the ability to earn up to $500,000 thanks to a 2:1 matching program. The KPMG Foundation will match donations made by KPMG’s professionals, partners, and retirees. “This is a great opportunity for us to help rally alums within KPMG to donate this year and take advantage of the match,” Quisenberry said. With additional funding, Parks and Kennedy hope to expand the number of modules in the training to include topics like conflict resolution, giving and receiving feedback, coaching, bias training, and transitioning from internship to job. They’d also like to be able to offer in-person training. A POSITIVE FUTURE Parks and Kennedy hope to see at least two dozen people from each school go through the program in its first year. The benefit of the online format is it will live on past the grant funding and serve students and employers well into the future. “What we’re really hoping this accomplishes is to reduce that feeling of imposter syndrome, especially for students of color,” Parks said. “We want to build up the confidence and esteem levels of the intern so they can be their authentic selves in the workplace.”
consulting partner within KPMG’s Seattle office, and I also come from a diverse background. The work we’re doing here is so important as it will help increase the number of BIPOC students entering the workforce and provide them the confidence, skills, and mentoring necessary to thrive and become our next generation of leaders.” The partnership includes connecting KPMG with student clubs and faculty to identify opportunities for guest speakers; increasing KPMG’s visibility on campus and in career fairs; holding emotional intelligence and DEI workshops for KPMG staff; and creating a way to track interactions between students and the company using the college’s EDGE (Explore, Develop, Grow, Excel) career readiness program. “We’ve been fortunate to have a number of alumni who are with KPMG, from new associate to senior partner. This is an exciting extension of that, and mutually beneficial,” said Jeffrey Stinson, dean of the College of Business. “The thing I like about it is it’s not just us going to KPMG and asking for money, or them giving us funding and then standing aside and saying, ‘OK, figure it out,’” Stinson noted. “It’s really developing that partnership. They’re supporting employees coming to campus to be guest speakers and interact with classes; they’re leveraging our faculty expertise to provide professional development. It’s going to be a critical piece for both organizations as we really try to leverage our DEI efforts.”
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A native of Nigeria, mother of three, and a recent immigrant to the United States, Lola Oyewumi has often struggled with her self-image. “I sometimes think that people do not like me—they do not like my accent, they do not like my color,” Oyewumi said. But now, she has new tools to fight that self-doubt and begin rewiring her brain. Oyewumi was one of 11 pairs of early career professionals and their mentors to complete the Washington Employers for Racial Equity (WERE) leadership training program , co-hosted by CWU’s Milton Kuolt Professor of Business Andy Parks. Parks is co-chair of WERE’s Pipeline for Black and Indigenous Employees committee. The leadership program empowered the participants with 12 weeks of training focused on emotional intelligence, mindfulness, business development, and sponsorship and networking—all skills critical to helping them succeed in the business world. Participating companies included Microsoft, Delta Dental, Avista, and Lease Crutcher Lewis. The program kicked off in January with an in-person launch and wrapped up with a graduation ceremony this spring. The rest of the weeks were held virtually. The program featured instructors from CWU, University of Washington, Seattle University, and Washington State University. “This has been one of the most rewarding parts of my career,” Parks said. “The difference in the participants between week one and week 12 in terms of their business acumen, their confidence level, their belief in themselves— it’s amazing.” MENTORS AND MENTEES GROW IN RACIAL EQUITY LEADERSHIP PROGRAM BY SAVANNAH TRANCHELL
Lola Oyewumi
It’s a transformation that Oyewumi can certainly attest to. Oyewumi is a product manager for Microsoft’s Digital Employee Experience group. “I see a difference now in how I start my day, how I start each meeting. I’m using all those tips and best practices and the leadership skills I learned,” she said. “This helped me with my self-awareness of who I am and how I can position myself in the room. The program helped me understand my unconscious bias and my self-talk. It let me understand how I want people to treat me.” Oyewumi’s mentor, Melissa Delgado, also noticed the shift. Delgado has been with Microsoft since 2014 and is a program manager on the privacy team. Delgado lives in San Juan, Puerto Rico, and participated remotely. “I’ve seen her grow through this program, and become more mindful about her negotiation skills and communications,” Delgado said. As a mentor, she also took a lot away from the program, including more knowledge about communication types and how to identify the best ways to communicate with others. “If you are a mentor, that’s critical. If your mentee has a way of communicating and you’re trying to guide them through a path, you have to learn what their style is,” she said. “You have to learn to communicate how they want in order for your guidance to be meaningful.” With the first cohort complete, Parks hopes the program can continue, with a goal of reaching up to three cohorts per year.
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Cost-of-living increases affect everyone and can have an especially significant impact on students. The Consumer Price Index (CPI) provided by the U.S. Bureau of Labor Statistics measures the average change in prices paid by consumers for a variety of goods and services. It does not account for the unique costs and services that students experience. To address this gap, the Student Price Index (SPI) project was born. CWU’s College of Business has seen a number of students and faculty participate in the project since it began. Currently, Dr. Yurim Lee, assistant professor of economics, is heading up the team, which includes students Mia Young, Landen Hashimura, and Caden McNair. To develop the SPI, CWU students were surveyed to collect information about their typical expenditures and spending habits. Costs were determined by visiting businesses in Ellensburg where students would be making the purchases. Costs were used as the baseline to assess future increases or decreases. The initial measurement taken in February 2021 found that while the SPI had actually decreased by 0.2% compared to the month prior, students’ housing costs accounted for approximately 42% of their expenditures as compared to 33% for the average U.S. consumer. Price index tracks cost of living as a Student in Ellensburg By Della Gonzales
We spoke with the SPI team about the project's history, outcomes, and future. Caden McNair: We have found that the Student Price Index generally tracks similar changes each month as the CPI. The big difference comes from the magnitude of the changes. The CPI in recent months has begun falling, likely due to the Federal Reserve raising interest rates. The SPI has seen similar results however, because the SPI focuses on a basket of goods that are consumed by students. Changing prices in goods such as coffee and take-out food impact students much more than the average American. Landen Hashimura: I believe that the comparisons of living expenditures for CWU students relative to the nationwide averages highlight the unique needs of students and their financial pressures. For example, the fact that CWU students spend a higher proportion of income on housing compared to the national average while being located in a relatively affordable geographic area shows that students are being financially restricted by cost-of-living expenses. Mia Young: SPI results highlight the issues that college students have been facing for years. Certain items are inflated in Ellensburg, which can be due to the high demand for certain items such as coffee, beer, and groceries. I believe our results further illuminate the financial struggle college students may face in Ellensburg. Dr. Yurim Lee: The SPI offers crucial insights into the cost of living for CWU students at the local level, which cannot be captured by the Consumer Price Index. By analyzing the actual expenses that CWU students incur, we can determine the real wage of students working on campus and accurately calculate the real cost of university-related expenses. This information is essential for our purposes, as it provides valuable details about the financial realities that students face. This project is not only important as a tool to provide information on student expenses specific to CWU, but the faculty involved are also teaching valuable skills to the students who keep the project going. McNair: For me to participate in the SPI project, I had to learn how to analyze the data we gathered and format it into the monthly reports in a concise and understandable manner. Hashimura: When I first started working on the SPI project, I was still in the first year of my economics coursework, and seeing the formulas and datasets used for the SPI project intimidated me. Fortunately, the former president of the Econ Club Kaylee Cooper, as well as one of my professors, Dr. Tennecia Dacass, were there to explain in simplified terms what each component of the project was, making
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SPI 2021 EXPENDITURE CATEGORIES CATEGORY SPI Housing 43.6% Tuition 37.8% (Education) Groceries 5.4% Take-out 1.8% School 5.4% HOUSING 43.6%
it more digestible and less intimidating. I have been fortunate to have mentors such as Dr. Lee who have been able to guide this project during uncertain times (particularly when supply shocks were happening, and we didn't know how to approach incorporating that into the project). Throughout the process of working on the SPI, I have become confident in my ability to use excel for data analysis and explain the quantitative logic for our project. Young: SPI has provided me with 1:1 mentoring with the best faculty. Although there is a lot of information introduced with SPI, the mentors are there to help break down the complexities of our research. As the group continues to monitor and make adjustments to the SPI on a monthly basis, the interest in their results increases both on- and off-campus. They believe that there are a number of ways in which the data provided by the SPI could be used for the benefit of not only CWU students, but could also help inform policies at the university-level, and local, state, and national levels. McNair: The SPI reports could be used by the university to have a better understanding of the cost of living within Ellensburg for a student. This may help to adapt budget decisions within the university as well as help the university understand what kind of aid may be most beneficial to a student’s long-term success. Hashimura: I believe that the SPI can be a blueprint that other schools follow, eventually leading to the nationwide tracking of college cost of living and hopefully result in policies designed to alleviate college financial pressures (room and board standardizations, tuition changes etc.). The data from the SPI can also be used by college towns to better plan their economic activities to best meet the demands of the local population. Young: Our SPI findings have been available for the Kittitas County Chamber of Commerce to help make policy decisions. I believe that our results can be used in the legislative decision process in Washington state. It is important that those decision-makers are aware how price changes and rent caps can positively impact college students in college towns.
TUITION 37.8%
Supplies Gasoline
2.8% 1.6% 0.6% 1.0%
Fun
Coffee
Beer
TOTAL
100.0%
CPI-U 2021 EXPENDITURE CATEGORIES CATEGORY CPI Housing 33.5% Tuition 2.2% (Education) Groceries 7.6% Take-out 5.1% Gasoline 3.1% Fun 1.1% Beer 0.9% Other 46.5% TOTAL 100.0% HOUSING 33.5% UNIDENTIFIED OTHER 46.5%
Left to right: Sophia Apostolides, Caden McNair, economics professor Dr. Yurim Lee, Mia Young, and Landen Kaya Hashimura.
The SPI began as a student project idea and has grown into a valuable tool providing data that can support the improvement of the student experience at CWU and beyond. It has provided a hands-on experience for business students to learn about data collection and analysis, price index and inflation rate calculation, and several other real-world skills that they can apply as they continue their educational journey and when they enter the workforce.
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WHEN MARKETS FLUCTUATE, STAY FOCUSED ON THE BIG PICTURE BY MARTY ROMERO
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Whatever your situation, it's important to stay focused on your long-term goals and not let short-term challenges derail your progress. One important tool for weathering financial uncertainty is having a solid financial plan in place. This means setting clear goals for your finances, whether it's paying off debt, saving for retirement, or building up an emergency fund. It also means having a realistic budget and sticking to it, even when times are tough. And, of course, you must invest wisely, keeping your focus on long-term growth rather than short-term gains. For students who will be entering the workforce, the key to success in the current climate is being deliberate and proactive. Start looking for job opportunities early, build up your skills and experiences, and don't be afraid to explore new industries or career paths. The financial market may be volatile, but history has shown that it tends to recover over time. By staying focused on your long-term goals and taking a proactive approach to your finances, you can weather any storm that comes your way. Aside from being proactive, it's also important to seek out professional financial advice. A qualified financial planner can help you assess your current financial situation, set realistic goals, and develop a plan to achieve those goals. These wealth management experts can also provide guidance and support when you are facing difficult financial decisions or unexpected challenges. It's also important to stay up to date on the latest financial news and trends. This can help you make informed decisions about your investments and stay ahead of the curve when it comes to job opportunities and industry trends. One caution: don’t get caught up in media hype. Instead, seek out reliable sources of information and take a measured, rational approach to your financial decisions. Lastly, stay focused on your long-term goals, even when facing short-term challenges. Whether you're dealing with a layoff, a market downturn, or other financial difficulties, it's important to keep your eye on the big picture. By maintaining a long-term perspective, you can make strategic decisions that will position you for success in the years to come. "Don't panic. With a measured, rational approach to your finances, you can achieve financial stability and success, no matter what the future holds,” Campbell advised. It’s no mystery that the current financial climate is challenging and uncertain for many. But by staying proactive, seeking professional advice, diversifying your investments, staying informed, and focusing on long-term goals, you can weather any storm that comes your way.
The world of personal finance can be a tumultuous and unpredictable place. In recent months, U.S. financial markets have become increasingly volatile, causing many personal investors to feel anxious and uncertain. Rumors are swirling about a possible collapse in the housing market, similar to the devastating crash of 2008. And to make matters worse, there are daily reports of massive job layoffs in the tech industry, leaving many skilled workers struggling to make ends meet. Memories of the 2008 housing market crash still haunt many people, and rumors of a similar crisis can be unsettling. However, it's important to remember the current situation is different from 15 years ago. Lending practices have become more conservative in the years since the housing crash. Additionally, the economy as a whole is in a stronger position now. While there may be some bumps along the way, economists believe it's unlikely we'll see a repeat of the 2008 crisis. Another source of anxiety for many people is the recent wave of tech industry job layoffs. This is a concerning trend, as the tech sector has been a major driver of economic growth for the past three decades. However, it's important to remember that not all industries are experiencing layoffs; some are even showing signs of growth. And even in the topsy-turvy tech industry, there are still plenty of opportunities for skilled workers. "It's important to stay calm and focused on the big picture, rather than letting short-term market fluctuations drive your decisions,” said Dr. Steele Campbell, a professor of personal financial planning at CWU. “If you find yourself in the unfortunate position to have lost your job, the key is being deliberate in your job search and make time to build up a strong set of skills and experiences that will make you a valuable asset to potential employers,” Campbell said. Of course, it's not just tech industry workers who are feeling the pinch. Many people across a variety of industries are struggling to keep their head above water in the current economy. Whether you're facing a layoff, a reduction in hours, or other financial difficulties, it's important to take a proactive approach to your finances. This might mean looking for ways to cut back on expenses, exploring new job opportunities, or seeking out additional sources of income.
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Kevin Moran
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AN INVESTMENT IN OPPORTUNITY ALUMNI SHARE HOW THEIR CWU DEGREES HAVE SERVED THEIR LIVES, CAREERS, AND COMMUNITIES BY TARA ROBERTS
During Kevin Moran’s senior year studying marketing management at CWU he became the first-ever College of Business ambassador. Moran represented the college at events, welcomed visitors, and reached out to new students. It wasn’t his first time being an ambassador. The moment he decided to go to college, he became a representative for higher education in his community. Moran (’15), who is from Kennewick, was the first in his family to go directly to a four-year college. When he called home during his first year at Central, his family peppered him with questions about his experience. When he visited, neighborhood kids asked what he was learning, what he liked about college, and whether he met other Spanish- speaking students. Today, Moran is back in Kennewick, working as a community development officer for STCU, a Spokane- based credit union with branches in the Tri-Cities. He continues to be an ambassador for higher education; he’s raised over $200,000 for scholarships through the Hispanic Academic Achievers Program, which he’s volunteered for since his senior year at Central. He wants to ensure students with backgrounds like his have the opportunity to change their lives by earning a degree. “I really appreciate the fact that higher education allowed for me to have a better understanding of having a goal, accomplishing it, and also recognizing the value in it, because it can be incredibly impactful to others, as long as you're willing to put that effort in,” Moran said. “It just made me who I am.”
Higher education needs ambassadors like Moran more than ever. College-going rates across the nation have dropped rapidly since the pandemic upended the world from 2020-22. According to a September 2022 Newsweek article, “enrollment is down nearly 10% over the past two years, a loss of 1.4 million students pursuing degrees.” The article cites a survey by the nonprofit ECMC Group that found the percentage of teens considering a four-year degree plummeted from 71% in May 2020 to 51% in 2022. Washington has followed the same pattern. A March 2023 analysis from the Washington Student Achievement Council reports only 51% of the state’s classes of 2020 and 2021 enrolled in a two- or four-year institution within a year of high school graduation—a 9% drop from 2019. The decline was sharpest among Hispanic and Latino students, with a 14% drop from 2019 to 2021. The concern with these drops isn’t about filling classrooms. It’s about the future—for individuals, their families, and their communities. INVESTING FOR A LIFETIME For individuals, one of the biggest selling points for earning a degree is simple: college pays off. The median income for full-time workers with bachelor’s degrees between the ages of 22 and 27 in 2021 was $52,000, according to a Newsweek analysis. For the same age group with high school diplomas only, the median income was $30,000. Research also shows people with bachelor’s degrees hold a higher percentage of well-paying jobs, are less likely to become unemployed, and have higher lifetime earnings.
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career. She received the Haberling Family Scholarship, and a scholarship director introduced her to the sponsors, Ty (’83) and Noelia Haberling of Kennewick. Ty Haberling later encouraged Ramos to apply for a position at his company, HFG Trust. “I thought, ‘You know what? I will,’” Ramos said. “‘This school and this program have prepared me for this, and I'm ready to make the jump.’” Ramos secured her job as a wealth planner at HFG a few months before graduation. SKILLS BEYOND THE CLASSROOM Ty Haberling said a college degree—especially from Central’s personal financial planning program —provides the background people need in the growing financial planning industry. He doesn’t believe a four-year degree is a must for everybody, but for professional fields, college is an opportunity to prepare for a career and mature. “What does college give you? You're going to figure out whether you've got the discipline and the focus to be able to stay on campus and to complete your coursework and balance life,” Haberling said. “There's so many things that distract you when you're on your own at 18.” Brandy Peters-Mayer—a senior program manager at Microsoft who is part of the College of Business Leadership Board—said her father always told her a degree shows people you’re trainable. “A bachelor's degree is the gateway into proving that you can follow through and commit to something and get those critical, essential skills in your field,” she said. “Then the reality is, you use those skills that you got from your undergraduate to apply to wherever you go.” Higher education also gives people the opportunity to become more well-rounded and globally minded, Peters- Mayer said. “The thing I like about Central is how diverse the university is,” she said. “The experiences you get with such a diverse student population really prepare you for the working world.” INSPIRING THE NEXT GENERATION Like Moran, Ramos set an example of college success for her family and people in her small, agriculture-focused hometown of Cowiche. Ramos hopes her experience shows young people that their strengths and interests can guide them in deciding their college path. “Take in mind your strengths and passions when you’re figuring out what major to pursue,” Ramos advised future students. “You will be dedicating a lot of your time learning about this subject, so choose a major you will find
Evelyn Ramos
Jeffrey Stinson, dean of the College of Business, said he expects the earnings gap to close in some disciplines. But the overall difference is still dramatic. “A degree is still a very strong investment, and one of the best investments that you can make,” Stinson said. “There's a lot of talk in the public press about removing a degree as a requirement for many jobs. And yet, if you look at who's getting hired for those jobs, there still is an observable preference for a degree, and certainly when you get into promotion and advancement opportunities. You still have many more opportunities with a degree than without.” The personal benefits go beyond money. College creates an environment where students build relationships with peers and mentors. Evelyn Ramos (’22)—a first-generation student from Cowiche, Washington, who majored in business with a specialization in financial planning—found close friends at Central. Her professors also were an invaluable resource. “The professors really do care for you and want you to be successful,” Ramos said. “They provide you with all the resources necessary to find a job and go out into the world.” For some, the promise of future earnings is tempered by the cost of college now. To save money, Ramos earned her associate’s degree at a community college. After transferring, she found a multitude of scholarship opportunities at Central. Central’s alumni network not only helped make college more affordable for Ramos; it connected her with her
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The median income for full-time workers between the ages of 22 and 27 in 2021.
$52,000 $30,000
with a bachelor’s degree with a high school diploma only
ENROLLMENT ● Down nationally nearly 10 percent over the past two years, a loss of 1.4 million students pursuing degrees. ● The percentage of teens considering a four-year degree: 71% in May 2020 to 51% in 2022. Washington has followed the same pattern. 51% drop from 2019. drop from 2019 to 2021. of the state’s classes of 2020 and 2021 enrolled in a two- or four-year institution within a year of high school graduation—a 9% The decline was sharpest among Hispanic or Latino students, with a 14%
Ronee Jones
enjoyable and engaging. Think about what you want and need in your career and explore your options.” Ronee Jones (’22) also wants her family to follow in her educational footsteps. Jones worked in operations at a telecom company for 20 years. When her position was cut, the company offered her retraining funds. “I'd been trying to get a degree for years, but me having kids, it was kind of to the back burner—I'd take a class every so often to try to get there,” Jones said. “This kind of kick-started me. Like, ‘OK, well, you’ve got nothing else to do,’ since my kids were grown.” Jones fell in love with accounting at Renton Technical College and transferred to Central to earn her bachelor’s. With the encouragement of P.R. O’Shaughnessy Executive Professor of Accounting Jenny Cravens, she met employers through Central’s Accounting Career Event. Shannon and Associates hired Jones as a part-time associate accountant, and she continues to work at the firm while earning her master’s at Central. Her next step is a doctorate—and encouraging her five grandchildren to earn at least master’s degrees. And she hopes her story reaches even further. “I want to be an example for people—especially, honestly, Black and Brown people,” Jones said. “You don't see a lot of us in accounting. There was nobody that was my nationality in any of my classes, as a professor, none. That can be disheartening. People may think, ‘Can I really do it? I don't see anybody. I don't see any examples.’ So, I want to be one of those. I'm like, ‘Yeah, you can do it, because I've done it.’”
Sources: (Top) A Newsweek analysis. (Bottom) A September 2022 Newsweek article. The article cites a survey by the nonprofit ECMC Group. And a March 2023 analysis from the Washington Student Achievement Council.
ADAPTING FOR THE FUTURE Higher education has a responsibility to adapt in response to students’ and employers’ changing needs, Stinson said. Part of this is making the four-year degree more flexible. For example, many universities are creating short-term certificates and stackable degrees—like the College of Business’s new agribusiness minor/certificate programs . Higher education curricula should change in line with the world, Stinson said. A degree can prepare people to change, too. “We have to make sure students are getting technical competency, but we also need to make sure that we're teaching them to learn how to learn, and that they're going to have to be lifelong learners, that the skill that we just taught them has probably got a shelf life on it, with the advances in technology and the advances in industry,” Stinson said. “They've got to be able to upskill and transition throughout their life. We can give them the skill sets and the confidence to do that.”
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How Young Alumni (and Anyone) Can Thrive at Work
As new grads explore the job market, more and more of them are asking a new question beyond the conventional FAQs: Is this job where I will thrive? A 2022 survey of global workers by human resources provider Randstad found that work-life balance was just as important to workers as pay, and more than 60% said they wouldn’t accept a job if they thought it would negatively affect that balance.
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“These numbers show that recruiting great talent requires more than just competitive pay and benefits,” the report concludes. “It’s clear that talent today want the whole package: secure, flexible, inclusive, and financially stable employment in a place they feel they belong.” Erica Holley—a CWU associate professor of management who studies workplace stress—has noticed her students becoming more focused on work culture. “I think there's an awareness that life is fleeting,” Holley said. “In an odd way, I think the pandemic sharpened what we want in our work and what we want in our lives, and it gave us a very different perspective to take on work. I think people are tired of feeling like a cog in a wheel.” Advice for Jobseekers The pandemic blurred the lines between work and home for many people and opened the door to large-scale remote and hybrid work. Meanwhile, the fluctuating economy has left some employers trying to find workers while others lay people off. “I think it's a tough time right now to be in any job because there's enough ambiguity about the world,” Holley said. For recent College of Business graduates, navigating the market may feel overwhelming. But human resources experts have advice for jobseekers who want to find workplaces where they can thrive. Entering a company is a lot like starting a relationship, Holley said. “If you end up in a relationship where you've got someone who's always taking, taking, taking and not thinking about you—which happens in a lot of companies—that's not a good place for you to grow,” she said. Holley advises jobseekers to ask during their interview how they and the company could grow together. She recommends talking to current employees, listening for green flags like mentorship opportunities and red flags like high turnover. Jenn Schwope (’01), an HR lead at Microsoft, said jobseekers should consider what kind of workplace culture fits their personality and goals. Some people may value caring and flexibility, while others want competition and ambition. “You’ve got to know what you want and what you're trying to get out of it, and then take the initiative to learn about what the culture is like there and if it’s a match,” Schwope said. Jobseekers should gather information from review sites like Glassdoor, but take them with a grain of salt, she said. She recommends asking current employees to share the best and worst things about working for the company.
Scott Washburn (’95), vice president of human resources at Tree Top, urges new graduates to gain professional experience, skills, and perspective. “Do they like hybrid, do they like remote, do they not? They haven’t done it,” he said. “I would encourage them to be extremely flexible on what the business needs. If the business says, ‘Look, I need you here Monday to Friday, 8 to 5,’ go get the experience. Go learn. If they say, ‘You can pick one day a week you can be remote,’ well, see how you like it.” Strategies for Employers and Employees In the Randstad survey, 48% of all workers said they would quit a job if it was preventing them from enjoying their life. Among 18- to 24-year-olds, 58% said they would quit. Businesses should create intentional strategies for building workplace culture and developing people within it, Washburn said. “Companies need to figure out a way to be really good at individual development and career progression,” he said— but noted that employees have a role, too. “It's important for somebody to have depth and breadth. It doesn't happen only by the company; it doesn't happen only by the employee. They have to figure out a way to partner.” When an employee is struggling, the most important thing to do is communicate, Schwope said. “If there's a delta between what you want out of where you work and what you're getting, then I think you've got to communicate to try to understand more deeply what the issue is,” she said. Schwope advised looking for mentors and connections in the company, but also considering other job opportunities. In a recent research paper, Holley and CWU professor James Avey found that workers who experience injustice or unfairness at work are more likely to rebound if they can reframe events from a different perspective. “Even when things are difficult, they get knocked down, they're able to actually get back up and not be sent down a spiral,” Holley said. However, consistent injustice can lead to burnout, she said. People need to make sure they have activities and relationships that help them replenish their energy. “I think so many of us have been in the short-term frame of mind at work—‘We'll just get through this,’” Holley said. “But the reality is you are also doing a marathon. You have to preserve yourself and nourish yourself.”
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