William & Mary’s Mason School of Business will join other leading schools in the country who now charge a supplemental fee to undergraduate students who major and minor in business, according to the proposal approved Friday by the W&M Board of Visitors.
“While an undergraduate business school fee is new to William & Mary, we are not alone,” said Dean Lawrence B. Pulley. “The gaps between the necessary funding to remain a top business school and the funds available are simply too great to be left unattended. This investment will sustain our status as a recognized innovator and leader in undergraduate business education and strengthen the personalized academic experience we offer with world-class faculty.”
The fee will be implemented in two phases over two years. Undergraduate students who enter the Mason business school majors program in the academic year 2013/14 will be assessed an undergraduate business school fee of $750 per semester, and students who enter the business school minors program in academic year 2013/14 will be assessed $375 per semester. Beginning in academic year 2014/15, all enrolled (current and newly admitted) business majors will be assessed an undergraduate business school fee of $1,500 per semester, and all enrolled (current and newly admitted) business minors will be assessed $750 per semester. These fees do not apply to students who entered the majors program prior to fall 2013, or entered the minors program prior to fall 2013.
Once fully implemented in 2014/15, the total fees (majors and minors) will generate about $1,350,000 in additional funds. William & Mary will set aside about 25 percent of gross revenue from the fee to support need-based financial aid and scholarships.
Currently, William & Mary has about 225 juniors and 225 seniors majoring in Mason’s nationally ranked undergraduate business program. In the most recent rankings, the school was ranked 25th (10th among public universities) by Bloomberg Businessweek and 40th by U.S. News & World Report. In terms of undergraduate programs, Bloomberg Businessweek also ranked Mason second for sustainability, third for marketing and sixth in accounting.