Our Round 4 application deadline for the Rice MBA has been extended to June 15. No application fee. No test scores required.

How Public Research Attracts Private Investment

A new study suggests regions trying to draw venture capital may need to start with commercializable university innovation.
Entrepreneurship
Faculty Research
Finance
Rice Business Wisdom
Finance and Investing
Innovation and Technology
Finance
Innovation

A new study suggests regions trying to attract venture capital may need to start with commercializable university innovation.

Scientist in lab
Scientist in lab

Based on research by Yael V. Hochberg (Rice Business), Daniel C. Fehder (University of Southern California), and Naomi Hausman (The Hebrew University of Jerusalem)

Key takeaways: 

  • Venture capital does not simply flow to regions with money or ambition. It follows commercializable innovation, including research discoveries made accessible through universities.
  • After the landmark Bayh-Dole Act (1980) gave universities stronger incentives to patent and license federally funded discoveries, VC investment increased in the regions and industries most closely tied to local university research strengths.
  • For regions trying to build startup ecosystems, supporting university research and technology transfer may matter as much as trying to attract investors directly.
     

 

Nearly every region wants the same thing: a local economy where new companies can form, grow and attract private investment. But venture capital is stubbornly clustered. In 2019, Silicon Valley firms received 39% of all U.S. VC allocations, while the top three cities received 60% and the top five received 69%. 

For places outside those dominant markets, the question that matters is simple: What makes a place worth investing in? 

Many policymakers have tried to solve the problem by bringing in capital directly. They offer tax breaks for early-stage investors, create seed funds or back local venture funds, hoping investment will take root and startups will follow. But new research suggests that this approach may begin one step too late. Venture capital first needs somewhere to go, and something credible to fund. 

The harder question is where those credible opportunities come from, and a 2025 study co-authored by Rice Business professor Yael V. Hochberg points to a promising answer: publicly funded university research.

Published in the Journal of Financial Economics, the study examines the major policy shift created by the Bayh-Dole Act of 1980, which gave universities stronger incentives to patent and license discoveries from federally funded research. The law gave Hochberg and her colleagues a way to study whether venture capital follows the supply of university innovation it can help bring to market. 

How university research became easier to commercialize

Before the Patent and Trademark Law Amendments Act (1980), sponsored by U.S. Sens. Birch Bayh and Bob Dole, many federally funded university discoveries faced a chokepoint on commercialization. Inventions and related intellectual property from that research were typically assigned to the federal government, and much of it was never patented or marketed. Universities could produce boundary-breaking research, but the incentives and infrastructure for moving those discoveries into industry were weaker. 

Image
Senators Birch Bayh and Bob Dole
Birch Bayh and Bob Dole, Washington D.C., on July 22, 1985. (Source: Wikimedia Commons)

The law changed those incentives. Allowing universities to hold property rights to federally funded discoveries encouraged more patenting, licensing and technology transfer. It wasn’t that university research suddenly become more valuable, but industry and investors were more easily able to see and assess it. 

“Venture capital is often treated as the scarce ingredient in a startup ecosystem,” Hochberg says. “But investors need credible opportunities — meaning, research that has moved far enough from the lab to be evaluated, funded and developed. Without that, adding venture capital funds does very little.”

Around this same time as the new law, regulation changes increased how much money VC firms had available. The timing of all this gave Hochberg and her co-authors a useful way to test where private capital flowed once more university research could move toward commercial use. 

 

Regions that develop the research base, technology transfer infrastructure and local capacity to turn discoveries into investable opportunities will naturally see venture investment capital flow to them.

 

How university strengths shape regional investment

The key insight of Hochberg’s study lies in the pattern of movement. After Bayh-Dole, venture capital flowed toward the regions around universities, especially into industries connected to the preexisting research strengths of those universities. 

To test that pattern, Hochberg and her co-authors compared industries within the same local area. Consider the contrast they use between the University of Texas at Austin and Johns Hopkins University. Before Bayh-Dole, UT Austin had a strong electrical and computer engineering department, while Johns Hopkins was especially strong in biosciences. If university innovation helped attract venture capital, the researchers expected to see different patterns in each region: in Austin, more VC flowing into electronics and computer-related industries; in Baltimore, into pharmaceutical and bioscience. 

Image
Graph of findings
University patenting, 1970–1990. Annual number of patents produced by research universities and hospitals, by year, from the NBER Patent Database.

And indeed, that’s what they found. The average university county saw a $23.4 million increase in VC funding over the 20 years surrounding Bayh-Dole and related regulatory changes. The post-1980 increase in venture capital was strongest in the local industries most closely tied to each university’s research strengths. That pattern held even after the researchers accounted for broader industry trends and preexisting distributions of venture capital. 

What the study adds to innovation policy

The study clarifies a chicken-or-egg conundrum: whether innovation attracts capital, or capital creates innovation. By using Bayh-Dole as a policy shock, Hochberg’s work shows that an increase in commercializable university innovation helped draw research-relevant funding into nearby regions. 

“Capital is important,” Hochberg says, “but capital without something to fund doesn’t help create entrepreneurial ecosystems. Regions that develop the research base, technology transfer infrastructure and local capacity to turn discoveries into investable opportunities will naturally see venture investment capital flow to them.”

The study focuses on a specific historical shift, and venture capital is only one pathway from university research to economic activity. So, future research could examine how other forms of capital, other policy settings or non-VC commercialization channels shape the same process. 

Still, the central lesson holds: Private funding follows innovation — and public research can help create it.

Written by Scott Pett

 

Innovation and Capital,” Journal of Financial Economics (2025).


 

You May Also Like

Keep Exploring

Contains Video
No
Hide Date
Yes

Find Your Fit: How the Rice MBA Can Help You Enter Consulting

Career
MBA
Programs
Programs

Wondering how to pivot into consulting without a business background? Discover how the top-ranked Rice MBA curriculum, Career Development Office, and hands-on learning opportunities will empower you to make a successful career transition.
 

Helen Huneycutt

If you have ever looked at a complex business problem and thought, “I want to be the person who solves that” — you may want to consider a career in management consulting.

But what if your background isn’t in finance, strategy or corporate operations? Perhaps the last role on your resume reads educator, engineer, nonprofit director or military officer?

If this is you, there’s great news: Consulting firms want critical thinkers, problem-solvers and passionate leaders from all kinds of backgrounds. Rice Business specializes in helping professionals with non-traditional backgrounds successfully pivot into the consulting world. If you are ready to make the leap, here’s how the Rice MBA prepares you to start strong.

Interested in Rice Business?

 

Pivot Into Consulting With No Experience

You don’t necessarily need corporate strategy experience to get your foot in the consulting door. In fact, firms value diverse perspectives and curious minds capable of looking at an old problem through a fresh lens.

The Rice MBA curriculum is designed to bridge the gap between where you are and where you want to be. From day one, your core courses build a rigorous foundation in quantitative data analysis, economic frameworks and organizational strategy. You’ll build on the unique skills you already possess, translate them for the career you want to enter and develop a fluency for skilled decision-making.

“I am a strategy manager at Accenture, but I worked in oil before pursuing my MBA,” says Ben Clemenceau ’21. “I realized I loved all the strategy classes at Rice, and my current role in consulting is a continuation of doing what I love.”

Hear more about Ben’s pivot into consulting:

Rice Career Development and Recruiting

Recruiting for top-tier consulting firms like McKinsey, BCG, Bain, Accenture and Deloitte, is notoriously intense. It’s a process that requires lots of preparation, time management and a clear strategy. At Rice Business, you don’t have to navigate it alone.

The Rice Business Career Development Office (CDO) goes above and beyond to support MBA students through structured events, workshops and dedicated coaching. With a history of top student placements, our CDO staff understands the precise timeline of consulting recruitment, which kicks off surprisingly early in your MBA journey.

Image
Business students receive one-on-one mentorship throughout the MBA program.

From your very first semester, the CDO connects you with:

  • One-on-one career coaching: Specialized advisors who help you translate your past achievements into a resume that catches a recruiter’s eye.
  • Structured networking: Direct access to info sessions, panels and coffee chats with top consulting firms.
  • Interview prep: Deep-dive workshops on behavioral interviews and the technical nuances of the consulting evaluation process.

The CDO team helps ensure that when the application windows open, you’re a top candidate. And don’t forget — first impressions are important. For many students, internships serve as a pipeline to your first full-time offer post graduation.

Consulting Clubs & Conferences

While the classroom gives you the theory, the real magic of a Rice MBA happens when you put that theory into practice. For aspiring consultants, our community’s conferences, competitions and clubs offer that hands-on experience throughout your journey.

The Consulting Club

The student-led Rice Business Consulting Club is the heartbeat of our consulting community. It is a place where second-year students mentor first-years, passing down institutional knowledge, recruiting tips and insider advice. 

As a member, you’ll attend exclusive recruitment prep events, work with successful Rice Business alumni in consulting and receive personal coaching on your interviewing skills — guaranteeing you’ll perform your best when an opportunity comes.

The Rice MBA made my transition into consulting possible, from bringing recruiters on campus, offering resume critique sessions and fostering connections with alumni.

Ben Clemenceau

Rice MBA Alumnus

Ben Clemenceau ‘21

Case Competitions

If you want to test your mettle under pressure, Rice Business provides extensive opportunities to participate in conferences and case competitions.

Image
Alex Brown '27, U.S. Marine Corps veteran, presents to class.

In a typical case competition, you and a team of classmates are given a real-world corporate problem and approximately 24 to 48 hours to solve it. Together, you’ll analyze data, build a financial model and slide deck, and pitch your solution to a panel of industry executives. 

It’s an exhilarating experience — and the absolute best simulation of life as a working consultant. Plus, it gives you a tangible story to share when the next recruiter says, “Tell me about a time you solved a complex business challenge.”

“On top of clubs, I was fairly involved in case competitions during my time at Rice. In fact, I think it’s probably the reason that I got some of the interviews that I did,” says Clemenceau. “My team even won the Deloitte Case Competition and attended nationals in Dallas, where we competed against students from top MBA programs across the country.”

Strong Outcomes: The View From the Other Side

The journey from a non-traditional background to a consulting offer is demanding, but the return on investment is profound. Year after year, Rice MBA graduates successfully transition into major global consultancies and boutique firms alike, stepping into roles where they immediately influence Fortune 500 strategies.

Beyond job titles and starting salaries, you’ll embrace ambiguity, unfamiliarity and new perspectives — and most importantly, you’ll join a community of close-knit alumni dedicated to supporting one another through lifelong growth. 

See where a Rice MBA can take your career and connect with our admissions team today.


Explore the Rice MBA 
 

You May Also Like

Contains Video
No
Hide Date
No

Master of Accounting vs. MBA: Which Degree Fits Your Career Goals?

MAcc Programs
MAcc Programs

A MAcc and an MBA both lead to strong career outcomes, but they’re built for different goals, timelines and stages of experience. Here’s how the two degrees compare.

Helen Huneycutt

If you’re considering graduate business school, you may be wondering: Should I pursue a Master of Accounting (MAcc) or a Master of Business Administration (MBA)?

Both degrees can lead to strong career outcomes, but they’re built for different goals, timelines and stages of experience. And while a MAcc is suited for those pursuing an advanced degree straight from college, an MBA typically requires work experience.

At Rice Business, we offer both programs, and students choose each for very different reasons. Some want specialized expertise and a fast start in accounting or finance. Others are looking to expand their leadership responsibilities, pivot industries or move into more strategic roles.

Here’s how the two degrees compare.

A MAcc Is Built for Specialized, Early-Career Momentum

A Master of Accounting (MAcc) is a specialized degree focused on accounting, financial reporting, analytics, taxation and business decision-making.

Image
Many enter the MAcc immediately after college.

A MAcc is often a strong fit for:

  • Recent college graduates
  • Early-career professionals seeking technical expertise
  • Students from non-accounting majors looking to pivot into the field
  • Students with an accounting undergraduate major who want to deepen their knowledge and strengthen their professional and communication skills
  • Those planning to pursue CPA licensure

A MAcc program also provides a student with specific coursework needed to qualify to take the CPA Exam.

Because the Rice MAcc can be completed in just 10 months, it offers a fast path into the job market, particularly for roles with public accounting firms including the Big Four: Deloitte, EY, KPMG and PwC. Over the past 10 years, nearly 100% of Rice MAcc graduates have secured employment by or shortly after graduation, with many beginning their careers in:

  • Public accounting
  • Audit
  • Tax
  • Advisory services
  • Corporate accounting
  • Financial analysis

If you want a focused degree with clear career outcomes and strong demand, a MAcc can be a powerful next step.
 

Interested in Rice Business?

 

An MBA Is Designed for Career Growth and Leadership Development

A Master of Business Administration (MBA) takes a broader approach to business education.

Rather than specializing in one discipline, MBA students develop a working understanding of finance, marketing, operations, strategy, leadership and organizational management. The degree is typically designed for professionals who already have work experience and want to pivot into a new field, move toward the C-suite or develop their leadership capabilities.

At Rice Business, students can choose from Full-Time, Professional, Hybrid, Online and Executive MBA formats depending on their career stage and goals. For many working professionals, that flexibility makes it possible to continue building experience and advancing at work while earning their degree.

Image
MBA students may specialize their degree through electives.

Rice MBA students commonly pursue careers in:

  • Investment banking and finance
  • Consulting
  • Product management
  • Corporate strategy
  • Marketing and brand management
  • Operations and supply chain leadership 
  • Entrepreneurship

Ready to lead teams, manage strategy or make a larger career pivot? If so, a Rice MBA could be transformative.

The Biggest Difference: Depth vs. Breadth

The clearest distinction between the two degrees is depth versus breadth.

A MAcc is intentionally specialized. The Rice MAcc curriculum goes deep into accounting and financial analysis, preparing students for technically rigorous roles and the CPA. For example, the first semester of the Rice MAcc curriculum covers topics like: Issues in Financial Reporting, Federal Taxation and Ethics in Accounting.

Image
Students in both programs work with dedicated faculty and staff.

An MBA is broader by design. Students move across multiple business functions and spend more time developing leadership, communication and strategic decision-making skills alongside technical business knowledge. A first-year Rice MBA will take classes in data analysis, organizational behavior, finance and marketing.

A student who wants to become an auditor, tax advisor or accounting professional may not need an MBA. A professional looking to move from engineering into consulting or from marketing into executive leadership may benefit more from the scope of an MBA.

Neither degree is “better.” They simply serve different purposes. The question is: Which degree fits where you want to go next?

Consider Your Career Stage

Your level of work experience can also help clarify the decision.

If you’re early in your career or graduating soon, a MAcc can help you build in-demand skills and secure a strong first role quickly. In fact, 84% of the Class of 2025 entered the MAcc directly from an undergraduate program.

MBA students, meanwhile, are often returning to school after spending some time in the workforce. They may already manage projects or teams and are looking to accelerate their trajectory, increase leadership responsibilities or reposition their careers. Depending on their program, Rice MBA students typically bring five to 20 years of experience. 

So, MAcc or MBA?

A MAcc may make sense if you want:

  • A specialized business degree
  • Fast, first entry into the job market
  • A path toward CPA licensure
  • Technical accounting and financial expertise

An MBA may make sense if you want:

  • Broader business and leadership exposure
  • Career mobility across functions or industries
  • Management and strategy development experience
  • A larger career pivot or advancement opportunity

The best choice is the one that matches where you are now — and where you hope to go.
 

Explore the Rice MAcc          Explore the Rice MBA

You May Also Like

Campus photo
MAcc Programs

Accounting is a high-demand skill that provides excellent earning potential to Master’s graduates. As a result, regardless of undergraduate major or background, a graduate degree in accounting can transform your career trajectory in as little as one year.

Contains Video
No
Hide Date
No

Rice Business’ Rodriguez celebrates 10 years at university and new role

Faculty Research
School Updates
Strategy and Environment
School Updates

Deans, faculty, staff and board members gathered June 2 to celebrate Rice Business Dean Peter Rodriguez’s 10 years transforming the business school at Rice University and bid farewell as he steps into a new role as the 15th president of Wake Forest University.

Avery Ruxer Franklin

Deans, faculty, staff and board members gathered June 2 to celebrate Rice Business Dean Peter Rodriguez’s 10 years transforming the business school at Rice University and bid farewell as he steps into a new role as the 15th president of Wake Forest University.

Rodriguez has overseen a transformative period of growth and innovation at Rice Business, where he significantly expanded the school’s academic offerings, faculty and reputation. Under his leadership, MBA enrollment doubled, tenure-track faculty increased by more than 40% and the school launched its first fully online graduate business degree — an achievement that required extensive planning, coordination and approval processes. 

“I think really one of the themes is excellence and scaling up,” said Amy Dittmar, the Howard R. Hughes Provost and executive vice president for academic affairs, in her welcome remarks. “You’ve really changed the face of business education at Rice. You launched new graduate programs, the new undergrad program. You’ve grown the faculty, expanded entrepreneurship programs, secured the gift in order to establish the undergrad program for a long time to come — and for doing all of that right before you were ready to leave, you won Dean of the Year from Poets&Quants. Citing a decade of your transformation, I think a lot of that success throughout is due to your curiosity, your questioning and curiosity of everything and everyone, not just in business but as a colleague across campus.”

Image
Rodriguez has overseen a transformative period of growth and innovation at Rice Business, where he significantly expanded the school’s academic offerings, faculty and reputation.


An economist and professor of strategic management, Rodriguez was named dean of the year by Poets&Quants in 2025. He worked diligently to create and establish the Virani Undergraduate School of Business, named in honor of Houston community and business leaders, Asha Virani ’89 and Farid Virani.

Rodriguez also guided Rice Business through several major challenges during his tenure, including hurricanes, freezes, floods and the COVID-19 pandemic, while fostering a culture centered on being attentive, responsive and kind.

As dean, Rodriguez introduced a hybrid MBA program, expanded entrepreneurship initiatives and incorporated global field experiences into the MBA curriculum. Beyond academics, he guided major investments in the school’s physical footprint, including the renovation of McNair Hall, the groundbreaking of a new state-of-the-art business school facility and the establishment of the Virani School as the home of Rice’s undergraduate business program. Collectively, these accomplishments elevated Rice Business’ national and international standing while positioning it for continued growth and impact, Rice President Reginald DesRoches said.

“Perhaps even more important than these accomplishments is the culture that Peter helped build and foster here over the past decade,” DesRoches said. “He has cultivated a community of excellence, ambition and collaboration at Rice Business. He has been a transformational leader, and we are deeply grateful for his vision, energy and unwavering commitment to the school and the university. We know that Wake Forest University will benefit tremendously from his leadership, wisdom and ability to inspire those around him.”

Rodriguez was honored with a watercolor print of Lovett Hall signed by friends and colleagues and a large, engraved paver that will be installed in the new building adjacent to McNair Hall — expected to be completed in July and ready for the fall semester.

“By far, like every organization, the thing that always matters most is just the people,” Rodriguez said when he took the podium to say thank you. “Every organization is always just people working together, finding a way to see in each other an opportunity to do and to grow well. And Rice has always had the best people, and it still does. I’ll miss all of you dearly. I hope that you always stay close in one way or the other. I’ll keep all of you really close to my heart and remember this 10 years for what it was, which is a great period of transformation opportunity for me. I’m eternally indebted to everyone here at Rice and in the building for the support they’ve given me. I wish you all the very, very best for everything that you do.”

Rice will launch an international search for the next dean of Rice Business this summer. Dittmar has appointed Jeff Fleming, the Fayez Sarofim Vanguard Professor of Finance, as interim dean. Fleming has been part of the Rice faculty for more than 30 years and has served in multiple senior leadership roles at Rice Business, including associate dean, senior associate dean and deputy dean.

You May Also Like

Contains Video
No
Hide Date
No
Faculty Media Mention

How To Fund a Part-Time MBA Program

Admissions
Admissions

Discover how to pay for a part-time MBA with employer assistance, scholarships, loans and tax strategies. Explore your funding options with Rice Business.

Bethany Denton, Director of Student Financial Services

Key Takeaways:

  • Prioritize employer tuition assistance and sponsorship, as this is the most common funding route for working professionals.
  • Institutional scholarships and fellowships are typically reserved for full-time programs, but external scholarships, private educational loans and federal loans remain viable options.
  • View your MBA as a high-ROI (return on investment) career move, as it maximizes long-term earning potential without sacrificing your current salary.

Understanding Part-Time MBA Funding Mixes

Financing a part-time MBA takes planning, but it’s more manageable than you may expect. Most students use a combination of funding sources to reduce out-of-pocket costs while continuing to earn a salary.

  • Employer assistance 
  • Private and federal student loans
  • Military benefits
  • External scholarships and grants
  • Personal savings

The right mix depends on your goals, timeline and employer support. Exploring multiple funding sources early can help you build a smarter financial plan before classes begin.

Learn more about financing your MBA, including scholarship opportunities, and read our expert tips on how to afford an MBA.

Scholarships and Fellowships for Working Professionals

Image
The Rice Business recruiting and admissions team will work with you to secure funding for your MBA.

At many business schools, institutional scholarships or full fellowships are more commonly awarded to full-time MBA students. However, working professionals pursuing flexible options like evening or weekend MBAs have access to valuable funding opportunities through external scholarships and grants.

These awards are often offered by external foundations, corporations or non-profit organizations. Use scholarship databases like the one compiled by Rice Business to start your search for external scholarships and grants.

Employer Assistance and Sponsorship Programs

Employer tuition assistance is an important resource for part-time MBA candidates. Many mid-career professionals successfully negotiate for their company to cover some or all of their tuition in exchange for a service commitment after graduation.

To strengthen your case for sponsorship or tuition reimbursement, connect your MBA goals directly to your organization’s priorities. Focus on how the skills you gain — from strategy and leadership to analytics and decision-making — can help you increase efficiency and create measurable impact for your team and company.

Learn more about how to pursue employer sponsorship for your part-time MBA.

Federal Loans and FAFSA Requirements for Part-Time Students

Student loans, including private educational loans and federal loans, are a key financing method. Completing the Free Application for Federal Student Aid (FAFSA) is the first step in the process to apply for a federal loan.

Part-time MBA students are also encouraged to apply for private loans. You can view our historical lender list to get a better idea of lender varieties and rates.

Read more on what MBA applicants need to know about aid, including new loan changes for 2026, and our tips for comparing federal vs private loans.

Military Education Benefits

Image
Rice Business is proud to participate in the Yellow Ribbon program at the highest level.

Military veterans and active-duty service members may be able to apply education benefits toward the cost of a part-time MBA.

All veterans may be eligible for GI Bill benefits and Rice Business supports eligible military students through the Yellow Ribbon Scholarship. This covers 100% of the tuition and fees gap for those fully eligible under the Post-9/11 GI Bill, with no limit on the number of students or funding provided.

Potential Tuition and Cost Related Tax Deductions

Depending on your current earnings and individual situation, potential tuition and costs for textbooks and supplies up to $2,000 per year can be deducted from your tax contributions, due to the Lifetime Learning Credit. You may be eligible if you are improving your skills for your current job or to increase the success of your own business. Learn more about the Lifetime Learning Credit on IRS.gov

Interested in Rice Business?

 

Factoring in Funding to ROI Calculations

At Rice Business, we offer several part-time MBA formats, including our Professional Evening and Weekend MBA, Hybrid MBA, Online MBA (MBA@Rice) and our Executive MBA.

Choosing a part-time MBA that allows you to keep working is an investment in your long-term career growth. By continuing to earn while you pursue your degree, you maximize your immediate ROI and long-term earning potential. This financial stability allows you to immediately apply new skills on the job and position yourself for promotion.

When evaluating your total cost, remember to factor in potential scholarship or grant savings as well as average salary outcomes. According to a 2025 corporate recruiters survey, the median salary for an MBA graduate in the U.S. was $125,000.

Image
The return of a Rice MBA is high, no matter your program.

Graduates from our Professional MBA program reported an average starting salary of $156,000 (much higher than the industry average), with an average signing bonus of $33,000.

Review the current Professional MBA tuition and fees at Rice Business to help calculate your projected ROI. You can also explore this blog post for guidance on how to calculate the ROI of an MBA.

Take the Next Step Toward Funding Your MBA

Our part-time MBA programs, also known as working professional MBA programs, are ideal for ambitious professionals who want career acceleration without pausing their careers. Whether you prefer evening, weekend, online or a mix of in-person learning, our flexible program formats are built to match your schedule. All programs can be completed in 22 months and earn you the same top-ranked Rice MBA.

Our admissions team is ready to help you find the right MBA program for you and build a confident plan for pursuing your degree. Explore MBA programs at Rice Business, where our evening, weekend, online or hybrid degrees can help you feel confident staying in your job while pursuing an MBA.

 Explore the Rice MBA 
 

Part-Time MBA Funding Frequently Asked Questions

  • Most working professionals fund their degree through a combination of employer tuition assistance, personal savings, federal or private loans and external scholarships. Read more on how to finance your MBA.

  • Many companies offer tuition reimbursement or sponsorship programs. To secure this, you should build a business case showing how the MBA will benefit your organization. Learn more about negotiating employer support.

  • Costs vary by institution, but you should factor in tuition per credit hour and total program fees. For example, review the current Professional MBA tuition and fees at Rice Business for a specific baseline.

  • Yes, most part-time MBA students at Rice Business are eligible. The first step is completing the FAFSA. Compare federal vs. private loans here.
     

  • In many cases, MBA tuition is tax-deductible if it maintains or improves skills required in your current business. You should consult a tax professional to verify your eligibility. Review these resources on the Tax Benefits for Education.

  • While some institutional aid is restricted to full-time students, part-time students are highly encouraged to apply for external merit-based or targeted grants. Search scholarship funding databases for options where part-time, evening, or weekend MBA students are eligible.
     

  • By continuing to work, you maximize your immediate ROI and long-term earning potential, often seeing a significant salary uplift without sacrificing two years of income. Calculate your projected ROI.

You May Also Like

Rice MBA student at graduation
Programs

Rice Business is committed to helping you accelerate your career at any stage and supporting your professional growth long after graduation. The earnings potential shows investing in an MBA is well worth it.

Contains Video
No
Hide Date
No

Dean Rodriguez departs Rice Business for Wake Forest presidency

Faculty Research
In the Media
In The Media

After serving as the dean of Rice Business for the past decade, Peter Rodriguez will leave Rice to become the 15th president of Wake Forest University. 

Contains Video
No
Hide Date
No
Faculty Media Mention

Why anti-Asian workplace bias often goes unrecognized, according to new research

Faculty Research
In the Media
In The Media

Americans may be less likely to identify racism against Asian employees because Asian Americans do not fit common mental “prototypes” of discrimination victims, according to new research led by Rice Business professor Sora Jun.

Asian woman holding a small mirror in her hand
Contains Video
No
Hide Date
No
Faculty Media Mention

Great Work Alone Won’t Get You Promoted feat. Professor Jonathan Miles

Up Next
Up Next
Leadership
Strategy

Professor Jonathan Miles discusses why so many talented people struggle to advocate for themselves, what his comic book store taught him about entrepreneurship, and why influence is often misunderstood. 

Jonathan Miles

Owl Have You Know


Professor Jonathan Miles’ path to teaching organizational behavior at Rice Business is anything but conventional. Before entering academia, he earned a degree in computer science, worked in IT and even launched a comic book store — experiences that shaped his perspective on leadership, influence and human behavior.

Today, Miles is known for challenging students to think differently about power, workplace dynamics and ethical decision-making. A co-adviser at the Virani Undergraduate School of Business and voted “Teacher of the Year” by our undergraduate business students, he has built courses that push both MBAs and undergraduates to confront uncomfortable truths about what it really takes to lead and succeed.

In this episode, Miles joins host Maya Pomroy ’22 to discuss why so many talented people struggle to advocate for themselves, what his comic book store taught him about entrepreneurship, and why influence is often misunderstood. He also shares his perspective on AI’s growing impact on the workplace, the future of Rice Business and his hope for bringing undergrads and graduate students together in ways no business school has done before. 

Subscribe to Owl Have You Know on Apple PodcastsSpotify, Youtube or wherever you find your favorite podcasts.

Episode Transcript

  • [00:00]Maya Pomroy: Welcome to Owl Have You Know, a podcast from Rice Business. This episode is part of our Up Next series, where faculty, researchers, and alumni weigh in on the trends currently shaping the world of business.

    I'm your host, Maya Pomroy. Today, we're sitting down with Jon Miles, assistant clinical professor of organizational behavior at Rice Business, where he also co-advises the Virani Undergraduate School of Business. Welcome to the program, Jon.

    [00:30]Jon Miles: All right. Thank you.

    [00:31]Maya Pomroy: And congratulations on your newest award. You were just given one of the highest awards from the Virani School, Teacher of the Year. Congratulations.

    [00:40]Jon Miles: Yeah, thank you very much. The undergraduates voted on it. That always, for me, makes it feel more special when the students actually chose me, as opposed to it being something where the faculty chose it or something like that. So, it made me very happy.

    [00:52]Maya Pomroy: Well, I am not surprised that the students chose you. You are a legend at Rice Business.

    [00:58]Jon Miles: Oh, I don't know about that.

    [01:00]Maya Pomroy: Well, I do. And what's fascinating to me about your story is that your path to education and teaching is anything but linear.

    You started out chasing a quiet life in IT, a computer science degree from Kansas State University, multiple years in the industry, only to discover that a future without human connection was, you know, pretty miserable.

    That realization sent you through an MBA program, eventually a Ph.D. in organizational behavior from Michigan State, where you did find the one thing that you've been looking for all along, which is teaching. There's also ownership of a comic book store, kind of, layered in there that we'll get into as well.

    [01:46]Jon Miles: Sure.

    [01:47]Maya Pomroy: So, since joining Rice Business in 2018, you have definitely built a reputation for classrooms that are anything but passive. Your courses include an undergraduate curriculum on professionalism and ethics that are designed around interaction, shared experience, and the kind of learning that sticks for a lifetime.

    And while your heart is in the classroom, your research is incredibly compelling. You have done studies that increasingly are defined by technology and the constant competition for our attention. So, we're going to get to all of that today.

    [02:22]Jon Miles: Wonderful.

    [02:23]Maya Pomroy: But first and foremost, I want to know, how did you grow up?

    [02:30]Jon Miles: So, I grew up, you know, I was in a middle-class, upper-middle-class family. My father's a civil engineer. My mother had a series of jobs, a bookkeeper, a real estate agent, a secretary, all these different things. But growing up in a family with two parents and two kids, my sister is two years younger than I am, and it was an interesting grow-up period.

    You know, I, fairly open with my students about my own background, and I tell them about, you know, how I feel and everything like that. My father was not always the best person, but I have great love for the man. It has influenced how I see the world.

    But the other thing about it is I grew up in a home where we had everything we needed. Family was very good at providing. We had no problems there. I, you know, went to some fairly good public schools and was very happy with that portion of life, is that I got the education that really helped me get where I needed to go.

    And I love the fact that I have my dad and my mom both, because my dad is the classic, he's a civil engineer, he's a math and science guy. He really wanted me to go into engineering. That was what he wanted. But it meant that, for instance, when he was trying to help me do my math homework, he didn't like the way we were doing it, and so he'd teach me this different way to do things or whatever. And so, I got to learn how to do it in two different ways, which meant I had a little more of an understanding of how math worked. But then my mother, you know, she wanted to be a social worker.

    And so, in her case, you know, I learned a lot about compassion. I learned a lot about, you know, love. I learned a ton about the idea of, like, she loved writing, she loved, you know, the idea of expressing things in that way. And so, I learned how to write, basically, a lot from her. I learned about what was a good story or not a good story, or a good way to present ideas and a not good way.

    And so, I felt like I got a really good, sort of, background that helped me. And it's funny because now I talk to people when I teach, I am using the material or the information that my mom would give me about how to present yourself, and how to talk to people, and how to treat people much more. And so, that's been really nice.

    [04:34]Maya Pomroy: Wow, that makes perfect sense now, why this is the path that you're on, because it shaped you from childhood. But you did do what your dad wanted you to do because you started off in IT. So, tell me about that.

    [04:49]Jon Miles: Well, and more like the rest of my life, interestingly. It's even a more complicated story than that. So, I started at Kansas State in journalism for all of two weeks. I was wanting to do print journalism. That was what I really enjoyed. And I sat in a large class, the Intro to Journalism class, which is, sort of, the first one you take to get into this process, and this was 1992.

    And so, it was at a time when, you know, we were starting to realize that print journalism was moving somewhere else. The internet hadn't really come into its own yet. But one of the things I love about the faculty there is one, the faculty member who taught that class, it's a lecture hall, 400 people in it, and he, on day two of the class, said, "Okay, raise your hand if you're a journalism major." And, you know, a bunch of us raised our hand, probably 200 of the 400.

    "All right, how many of you want to do print journalism?" And it was probably 100 of us. And he said, "Well, look around, because when you graduate, there'll be three jobs. Are you one of the top three of the people who have their hands up right now? If you're not, you're not working in journalism, or you're going to have to do something else."

    And it really shocked us. I finished out that class, and I finished up my semester with the classes I had chosen. And I went and changed to electrical engineering.

    And I was in electrical engineering up through my junior year and then lost basically a year of classes because at that point I realized I don't want to do this anymore. And the reason I went that long was because of my father. I really wanted to make him happy. I really wanted to get an engineering degree. I thought that was going to be, you know, something that would, you know, benefit me greatly. And I was just… kept running into these classes like circuit theory, electromagnetic theory, that were just not what was interesting to me at all about this, and the software classes.

    [06:33]Maya Pomroy: Yeah. Sorry. That wouldn't be interesting to me as well.

    [06:34]Jon Miles: Yeah. There are many engineers, I'm sure, who are watching this that think it's amazing, and that's why they're engineers. But I am not.

    And so, I wanted to do the software side, but I had no desire to be a programmer, and so I didn't know what I was going to do. And I was fighting in this idea, like, "Oh, computer science isn't engineering really, and will my dad care? Will he like..." you know. But interestingly, it was '95 or '96 in that time when this happened, we were starting to realize that software was kind of where things were going.

    And when I switched to computer science, he was actually perfectly okay with it. I was much more worried about what he was going to say than what he actually did.

    [07:11]Maya Pomroy: Well, I was going to say, how did that conversation go?

    [07:14]Jon Miles: Perfectly fine. He's like, "Well, yeah, I think the jobs are about the same. I think the money you're making is probably going to be about the same. The prestige is about the same. So, fine. No big problem."

    And so, I switched to computer science. But it was so late that I had all these classes like differential equations, EM theory, and so on that did not qualify for computer science. And I knew I was going to have an extra year anyway. I started doing the, "Okay, every semester I'm going to take one class that is interesting to me."

    [07:40]Maya Pomroy: Oh, I love that.

    [07:41]Jon Miles: Whether it counts for anything or not, I'm going to take one class that I thought would be fun, right? And I ended up taking classes in history. I took classes in literature, theater, oh, philosophy. I loved, like, philosophy of mind, philosophy of religion. Those classes were amazing, and learned a ton of cool stuff that had nothing to do with computer science, and graduated with 167 credit hours with one major, no extra degrees or anything like this, with a bunch of classes that didn't count for anything, but I really enjoyed and taught me a lot.

    And so, it was actually fun for me, but it did mean that I took seven and a half years to graduate with my degree. So, I know that there were times in there that my parents were very concerned about the fact that I was going to stay in college forever. And I came out in the computer science world with an understanding that what I wanted to do was more systems-based side. And so, I was a systems administrator and a database administrator more than a programmer.

    [08:42]Maya Pomroy: So, like me, you were a professional student. I can relate to that as well.

    [08:47]Jon Miles: Oh, yeah.

    [08:47]Maya Pomroy: But it does create this opportunity to really dive into areas that you would have never, if you had just stayed in that straight line and just done those classes, then it would be such a one-dimensional experience.

    And I'm sure that the people that you met in, you know, the philosophy classes and in the theater classes and all of those were completely different than anybody else that you'd ever met before or would ever meet in civil engineering, or if you were to just stick with that one major, right?

    [09:18]Jon Miles: And I tell my students now, the classes that I lean the most on from my undergrad now are the theater classes I took because it's how do I present to a class and get them enthusiastic and excited about something, even if I'm not necessarily enthusiastic or excited? How can I portray that in a way to get people up and wanting to talk about things, and really wanting to be a part of the class?

    And so, I use the theater classes much more than I certainly do my computer science classes.

    [09:48]Maya Pomroy: So, after you graduated, when was that moment that you really thought, "You know what? I think that I want to teach"?

    [09:57]Jon Miles: Right. Interestingly, it wasn't until I went into my MBA. So, well, it was in computer field, the IT field. I worked a series of jobs, and I ended up in a job for a company called The IDEA Center. And what they do is essentially student ratings of teaching. And so, it was very academic-adjacent in many ways. I would meet with a lot of professors to talk to them about what our systems could do for them, things like that.

    And so, I got to be around professors — and professors who were concerned about their ratings of teaching. But I got to see how we rated teaching and what things that the students thought were important, and quite honestly, develop a few tricks on how you, we know that you could actually improve your scores in some way by doing particular behaviors, such as giving the students feedback opportunities and then changes to the course based on their feedback, for instance.

    And so, I was really interested in that, but I just, my role was system administrator, database administrator, project manager, and it just wasn't for me. I really wanted to spend more time with people. And so, I went to get my MBA, thinking I was going to be a, you know, I'll be a tech manager. That's what I'll do. I'm good at talking “techie,” and I'm good at talking “manager speak,” and so I'll be the interface between. That was what I thought.

    But while I was getting my MBA, I got smart and realized that, "Oh, I'm paying for this myself. That doesn't seem like a really good idea. Let me go see if they've got opportunities for, like, GRA, GTA positions or something so I can offset the costs."

    [11:27]Maya Pomroy: What are GRA and GTA positions?

    [11:29]Jon Miles: Oh, yeah, graduate research assistant or graduate teaching assistant. And so, as I'm getting my master's, I'm essentially going in there to say, "Hey, you know, can I teach a class or help you with research projects or something like that and be on the payroll?" Which was nice, if you can do it.

    What I ended up hearing is that in the business school, they don't have that. They generally teach with the professors teaching, and the graduate students, the GRAs, are all either Ph.D. students… At Kansas State, they don't have a Ph.D. program, so instead of Ph.D. students, they're often undergrads who are interested in going into that field. And so, their MBAs weren't really used in that way.

    But they said the stats department needed somebody, and they have a...

    [12:07]Maya Pomroy: Great. Here I am.

    [12:09]Jon Miles: Yeah. They have a BUS stats class for the undergrads, and they always had more sections of it than they had Ph.D. stats students to teach it. And I had A's in my stats class, both in my undergrad and my master's. And so, I was like, "Okay, well, let me go see."

    And got hired to do that, got given very little prep for how to deal with the classroom.

    [12:29]Maya Pomroy: How many students were in your first class?

    [12:30]Jon Miles: 40, Generally, it was a pretty steady state at 40 because the classes would fill up, and that's, kind of, the maximum they wanted for that class. And so, they put us in rooms where there were 40. And yeah, it was interesting because I'm teaching stats, so the students come in scared to death.

    [12:44]Maya Pomroy: Yes, I was scared to death when I had to take stats three separate times for three separate degrees.

    [12:49]Jon Miles: Yeah, exactly. Nobody really wanted to take stats, and they all were worried that it was going to be really hard. And so, I set myself on this plan of, "Let me try to break this down to the essential elements and get them through it." And it meant that I'd had them doing some things that were basically like I would give them these worksheets that were basically step by step, "How do you do a correlation between two groups of numbers by hand?" And then, "Okay, now let's look at how we would do this in MATLAB," and, you know, that kind of thing.

    And so, we went through this process, and I feel like I had that moment that most professors have where a student gets it, and you can actually see on their face the light bulb go on, where they're like, "Oh, if I do it this way, it actually works."

    And that was absolutely addicting. Most teachers will tell you that they're waiting for that moment, and when that happens, it's the best. But I also had the other best experience about being a professor, which was I helped a student with their resume and with interviewing, and they got a job.

    And so, I had this student come back and go, "I got a job, and it's because of you." And I'm like, "No, it's because of you, but I was able to help you with the process so that you could do it." And that's also just addictive.

    And so, I went to talk to my favorite instructor, who happened to be teaching the organizational behavior class in my MBA, and I said, "I like your class the best. I think you're my favorite instructor." It was a guy named Dr. Bill Turnley. And I told Bill Turnley, "I would really like to do what you do. How do I do this?"

    And he walked me through the process of going to get a Ph.D., and he had to reveal to me the harsh truth, which was, "Well, you can be a college professor, but it means a five-year commitment to a Ph.D. program because that's what it takes."

    And so, I chose to do that because it was such a strong pull for me at that point. This is the career I want. I think in the back of my mind, I was also, you know, I've talked to my students about this as well. I think that part of it was I wanted to show my family, "Look how smart I am. Look that I can do this thing. It'll be prestigious," et cetera, et cetera, and, sort of, prove my intellectual ability in some ways. And so, it also seemed like a challenge that I could take on.

    [15:02]Maya Pomroy: Yeah. So, the organizational behavior part, that is something that right now, in this day and age, is really interesting to watch just because there's so many different variables.

    [15:15]Jon Miles: Oh, yeah.

    [15:15]Maya Pomroy: Statistical variables, that, sort of, play into, you know, the way that people behave, the organizations that are successful, the ones that fail, and the power and the influence part as well of, you know, who's leading it and if they give the people that they work with, the agency, right, to be able to make those sorts of decisions.

    But, you know, one of the things that you teach, and I took this class from you, and it was one of my favorites, is about power and influence.

    [15:45]Jon Miles: Oh, nice.

    [15:46]Maya Pomroy: And so, tell me about that class and why you feel that it's really a requirement for anybody that wants to understand organizational behavior.

    [15:56]Jon Miles: Right. First of all, I have to give credit to Jeffrey Pfeffer at Stanford, who is the, sort of, old guard Paths to Power class. He's been teaching at the MBA program at Stanford for decades. It is the classic, you know, version of this.

    And then over years I've, sort of, made it more my own or more, sort of, tailored to the students I have. But the idea of the class was I need you to understand why you've been up until now in your career, if you're really good at your job, you've been getting promotions and raises and things have been moving for you, and now suddenly you're finding this problem where people are getting promoted above you that you think you're a better worker than. Why is that happening?

    And it's because you're not playing the game. You're not doing the things that are necessary to actually show people in the business who you are. So, the managing up portion was a big part of it, but the other reason I wanted to do it was the managing down portion. And that is, when you're managing people, how do you get it to where they will be the kind of team that will, you know, run through a brick wall for you, that really want to work for you because they like your leadership?

    And that's an area of power that I don't think most people think about off the bat, but it is really important. And so, that's why in the class we look at two different books. We look at Pfeffer's book, which is more Machiavellian. It's more about, sort of, how do I impress the people above me? How do I, you know, rise in the organization? How do I move forward?

    And then we look at Dr. Keltner's book out of Cal. His idea is, "How do I gain power in an environment that has no hierarchy at all?" And it applies very well to how I deal with subordinates, how I deal with my peers in a way that I can show power by essentially showing that I have the best intentions and that I am in, I'm actually doing things to make things better for everyone. He calls it the greater good.

    And so, that's the idea I like, is that power has multiple dimensions, and I want students to come out of it with a power style that uses both.

    [17:56]Maya Pomroy: So, what do you think is the biggest misconception people have about what it means to be influential in work?

    [18:02]Jon Miles: So, the hardest part I have with the class… Not the hardest part, but the thing that I think actually gives me the most benefit from a student standpoint, what the students love, is we start the class off with a, "You are holding yourself back from this." And we talk pretty frankly about, "Do you feel like it is icky to try and influence people? Do you feel like it's icky to..." And I talk about this, like, "to manipulate people?"

    [18:29]Maya Pomroy: I'm sure you do. Is that the word you use?

    [18:32]Jon Miles: Yes, I use that to see, you know, to start this off. And I say, "I've been manipulating you since the first day you stepped into this class because I want you to be excited about this subject. I want you to..." You know, that doesn't mean that my manipulation is bad, but I'm guessing that when I call it manipulation, you have a little bit of a negative connotation.

    [18:49]Maya Pomroy: A negative connotation. Yeah.

    [18:52]Jon Miles: And so, I have to, kind of, walk them through this, and we talk about things like, "Would you tell your CEO if you had an opportunity, you're, you know, in an elevator together or something, would you tell your CEO about something that you'd done so that your CEO knows something about what you've accomplished?"

    And a lot of people are like, "No, I wouldn’t, I'd feel so awful doing that." And it's like, well, what's the consequences of this? And we talk about, “How can you do this?” But the idea is you are probably not doing the things you need to do to gain power, and you're probably doing it because you feel there's a morality to it or something like that. But it's not actually immoral, you know?

    [19:29]Maya Pomroy: Well, there's so many talented people that struggle to advocate for themselves, right?

    [19:35]Jon Miles: Yeah.

    [19:35]Maya Pomroy: Where you don't want to feel icky, and you don't want to feel like you're trying to, you know, push your own agenda.

    [19:42]Jon Miles: Exactly. And one of the things I think is interesting about that is I've taught this class so many times now. And I find it interesting that in the eight years I've been teaching it here at Rice, I don't think I've ever had a class that wasn't the majority of people in the class, when I talk about the things that hold them back from power, will raise their hands and say, "Yeah, at least one of those affects me."

    And, you know, things like, we call it the “Just-World Hypothesis,” the idea of like, "Oh, well, you know, merit exists, and if I do a really good job, I will rise in the organization because people will notice." And we talk about the fact that our research is pretty clear that that's not true. We have years of research on this that says your boss doesn't have any idea what you do, and your boss's boss certainly doesn't.

    And so, this idea of you have to advocate for yourself even though it doesn't feel great to you. And then we talk about, “How can you do this in a way that isn't against your principles?”

    And interestingly, what I find is most people stop short of their principles. So, it's not that they're worried about this being immoral. It's that this feels gross because it's getting close to my line that I won't want to do something. But it's not there yet. You know, I'm not thinking that this is bad. Like me, talking about what I've done on a project isn't bad. I'm not saying that the other people didn't do anything or anything else, and it… But it feels icky. So, how do we get to a point where you can do this and feel uncomfortable but be willing to deal with the discomfort?

    [21:07]Maya Pomroy: So, how do you do that?

    [21:10]Jon Miles: Well, you've got to take the class. You’ve taken the class! You and Brian both?

    [21:13]Maya Pomroy: I did take the class, and I do know, and I still have all my notes.

    [21:17]Jon Miles: But no, but I will say that one of the things that's most important is actually understanding where your lines are and being willing to push yourself to the line. Being willing to say, "I'm not going to be dishonest." Okay, great. You're not going to be dishonest. Great. But that doesn't mean I can't tell, you know, someone, "Hey, on the last project, I did this," because it's true. I'm not being dishonest, but that feels icky.

    Okay. Well, if that feels icky, what can you do that will allow you to push that far? Maybe it's, "Hey, this person on the team did this, and this person on the team did this, and then I did this." Great.

    [21:51]Maya Pomroy: Right. Make yourself last.

    [21:54]Jon Miles: Yeah. But the idea there is then at least you're willing to make that statement so that you're getting across your advocation for yourself.

    And then, okay, now that we've got that, now we can talk about if that felt less icky, but you're willing to do it, that's way better than not saying it in the first place.

    [22:12]Maya Pomroy: Right. Which sort of parlays back into ethics, which is another class that you teach.

    [22:18]Jon Miles: Yeah.

    [22:19]Maya Pomroy: So, could you tell me about the professionalism and ethics class and why you feel that it is just so, you know, vital, especially in today's world?

    [22:30]Jon Miles: Right. And here at Rice, interestingly, I'm now not teaching this class because I have too many other ones on the undergrad side that I'm doing. But we do still teach for every cohort that's coming through, you take what's called a CSR and Ethics class.

    And what the class is designed around is this idea, or when I teach it anyway, the class is designed around this idea that I can't change your moral framework. You're too old now. You know, if I got you at age six, maybe I could make some work on building a moral framework that will work for you. But at this point, you've built it already.

    But I can tell you what factors will make you break your own moral framework. So, I can walk you through, "Hey, if you feel like everybody else is doing it, you will be more likely to do something that is against your own moral framework because you think, 'Well, everyone else is doing it, so it's okay,' right?"

    The other thing you'll see is things like conflict of interest certainly is one of those, but there's some interesting ones that we don't think about. Like, if I feel like this is benefiting others, I'm often willing to cut corners and do unethical things and feel okay about it because I'm doing it for the right reasons, except that you're still being unethical.

    [23:41]Maya Pomroy: Right.

    [23:41]Jon Miles: And you're still breaking your own ethical framework. You wouldn't do this in another situation because it's against your ethics, but now you're willing to do it.

    And what I'm hoping to do, and I looked into it, and our research was pretty clear that ethics classes, especially in the MBA, don't have much of an effect because we used to teach them as like, "Here's deontological ethics, here's utilitarian ethics," that kind of thing. And unfortunately, you know, all those people at Enron had MBAs and had gone through an ethics class, and yet still did these things.

    And so, what I was hoping to do, and I have no idea if it worked better. I did get some feedback from students that said it, you know, they thought about it while they were in their career, and it kind of helped them out in some ways. But it's the idea that instead of us talking to you about, “Here's what's ethical and not ethical,” let's talk about, "Hey, when you're making a decision, and you're tempted to do something unethical, I want you to know why, why you're tempted.” And it's not because this is the right decision. It's because of these other factors.

    Like, "Hey, you have this framework. Now, because you have this framework, I don't want you to break this framework. I want you to live with the morals that you've decided are proper for you, and I know that you'll do it if I put you in these situations. And so, let's talk about how we don't put ourselves in these situations, or if we do, we understand the situation we're in and the effect it'll have on my behavior."

    [25:05]Maya Pomroy: So, now let's talk about AI.

    [25:06]Jon Miles: Yes.

    [25:07]Maya Pomroy: Because AI just, sort of, just, like, throws all that out the window, and it is dominating conversations right now, and there's AI-related layoffs and actual business impacts that companies are seeing. So, tell me your thoughts about AI and the benefits, and also, you know, the pitfalls, and what we really need to be focused on. Because, you know, you can't put the genie back in the bottle.

    [25:34]Jon Miles: Yeah. So, this is actually following a very predictable pattern. It's the predictable pattern we saw when virtual teams became popular, and this was before COVID, when virtual teams became popular with companies, especially because they were offshoring something or whatever. What we find is companies try to reap the benefits of the technology before they actually see results from that technology.

    And so, for AI, for instance, there have been a couple of different research reports that have come out that something like 95% of companies have seen zero ROI increase due to AI at this point. What they're using AI for isn't actually producing better profits for them, and the fact that they're firing people doesn't actually help them with the bottom line or whatever.

    What I'm guessing will happen, as a prediction based on what has happened with other technological advances in the workplace, is they will eventually realize that AI on its own isn't the competitive advantage it's supposed to be. It's employees who understand how to use AI to do more of what they're doing that are a competitive advantage.

    And so, firing employees often isn't the right track. What instead you should be doing is training your employees in AI, making sure they understand it, finding the ones that are really good at using AI to improve their normal capabilities, and then making sure that those are the ones that you're, sort of, working with and trying to use the most.

    And unfortunately, what we're seeing is a lot of companies who think, "Oh, because AI makes it possible for one person to do three people's job, that means I can fire two people." And that's really not true at this point. The AI won't make that up. And we have some examples of where it's gone ugly, and I'm waiting. There will be a terrible scandal coming up, I guarantee it.

    Some company is going to do something with AI that will blow up in their face because they don't have enough people to follow up on what AI is doing, and they won't follow up. And what will happen is AI will do something wrong, and it will be wrong enough that it will actually affect the company's bottom line in a terrible way.

    And that's when companies will start to realize that we actually have to have enough people to ride herd on the AI to make sure it's doing what it wants. And we've got some examples now that are impressive in the law field. AI is, kind of, built for contracts, for instance, and for legal opinions. A lot of them are formula-based, and AI understands formulas very well, or the large language models we have understand formulas very well.

    And so, what ends up happening is we have these lawyers who are getting, you know, put before the bar because they use AI to create, you know, a docket or a brief or something like that. And then what will happen is they don't go through it, and they realize that it's actually citing cases that don't exist. There is a rash of lawyers who are going to lose their certification. They're going to lose their bar qualifications because of this, because they put out a brief that was obviously AI. But because it's got fake things in it, that is an integrity breach based on what they're supposed to do, and you can lose your license for that.

    And so, there are going to be lawyers who can never practice again because they weren't following up on the AI they were using.

    [28:55]Maya Pomroy: So, do you think that it's just going to take that kind of systemic failure for people to, sort of, take a step back and say, "Maybe this isn't the best use of this technology"?

    [29:08]Jon Miles: I can see two different scenarios that could work. So, one of them is there will be a big systemic failure, and that will result in a lot of companies rethinking what they're doing. And I think that's likely to happen. The other that could be, and that's a more optimistic result, is some company will figure out how to use AI properly and will start really outperforming their competitors, and then we'll start to see how they did it, and, you know, the inevitable several years later, the rest of the industry will copy them.

    And generally, what we see is the best way to use AI is to have people who are good at it who work through it. I mean, and we have people who are consulting on AI and showing companies how to do it the right way. We have, you know, some people here from Rice that are working for those firms, and they are at least the vanguard of that.

    And I'm hoping that that's what happens instead of the, you know, systemic failure that I'm expecting. But I'm guessing one company's going to take it in the teeth, and when that happens, then we'll see other companies step up.

    [30:09]Maya Pomroy: So, for all of your students, the baby MBAs and the baby Viranis, and then you got, like, the old people like me, when students leave your classroom, you know, what do you hope stays with them five, 10, 15, 20 years down the line?

    [30:25]Jon Miles: So, I tell my students this, and I, you know, I don't know if this bothers them or not, but I tell my students that what I want more than anything is I want them to be decent managers. And I say that because we have a lot of information on when we, you know, teach leadership and studying leadership, and that it's basically 50/50.

    So, 50% of what you're accomplishing as a leader is something I can train you in and make you better at it, and it's mainly things about structure and how to set this and how to treat your employees and things like that. And 50% comes from you, your charisma, your natural leadership ability, whatever you want to call it.

    And so, what I told my students is, "I'm not here to make you into great leaders. Some of you will be great leaders because you have that natural piece, and I'm going to teach you this, and if you follow and do this information, you'll become a great leader. But I guarantee you, if you just follow what I say, you won't be a bad manager. You won't be a bad leader."

    And I've had enough bad leaders over the years that my crusade is to get rid of them, to try and, try and teach people so that we don't have them. And I'm hoping that the people who come out of here with Rice MBAs, and even our Rice undergrad degrees, have the understanding of how to be a manager that does the right things. If they just follow what I talk about in class, they're going to be so much better, and it's going to benefit their careers. So, that's one of the things I'm looking for.

    And then the second piece I'm looking for is I want them to understand that their workers are people, which I know that sounds strange, but it's amazing, you know, when I ask questions in class, how often they ignore the idea that each of these people have their own goals, their own values, their own beliefs, their own things they're trying to figure out.

    And so, what ends up happening is these people are stuck. These people that they're trying to lead, they're basically being forced to do something rather than asked to do something, rather than led to do something, and that causes issues.

    [32:18]Maya Pomroy: Let's go back to some things that would surprise your students about you and, you know, sort of, your leadership style and things that you've done in the past. So, let's talk about your comic book store.

    [32:30]Jon Miles: Yeah.

    [32:30]Maya Pomroy: Because that was, sort of, in between. What made you want to go be an entrepreneur and start a new business? Because you've definitely got that expertise as well, and you're teaching, you know, entrepreneurs.

    [32:42]Jon Miles: You know, I always think this is weird because I was a comic bookstore employee while I was in college, in my undergrad. I wasn't a comic book person, but I was a role-playing games, tabletop games, card games person. I played all these different things.

    I was your classic nerd. That is absolutely true. And I worked at a comic book shop there in Manhattan, Kansas, for many years that also had all these games, and I really loved it. I met some of my lifelong friends there, but I actually spent a lot of time there. I really loved the fact that we provided this space for people like me to come and do these things. And you build, kind of, this family of people who are all interested in the same kind of games and that sort of thing.

    And what ended up happening was they had to close, and it was after I had left and then come back to Manhattan, Kansas. I was working full-time and actually had signed up for the MBA program, a professional MBA, an evening MBA program at Kansas State. And while I was doing that, my friend, one of my business partners that I worked with on this, who had worked with other comic book stores in the past, he came to me, and we talked about it, and he said basically, "We need to have a comic book store in this town. We need a place like this available for people."

    This one's closing. There was one other in town that we didn't particularly like. We didn't like the mood and the feel of it, and so we're like, "Maybe we should do it. We should just start one."

    Now, I will say I dropped out of my MBA. I took one class and then dropped out basically because I was like, "Okay, I need to concentrate on this business." And then we proceeded to make every mistake you can possibly make as retail. We overdid our inventory. We were grossly undercapitalized. I think we started with something like $20,000 for a retail store. We made all the mistakes on our triple net leases, where we messed things up on there.

    [34:38]Maya Pomroy: Those are great, aren't they?

    [34:41]Jon Miles: Oh, yeah. And we did everything wrong you can do. But, but I'm confident and happy of the fact that we never made the same mistake twice. And so, we learned a lot from this. I was a part of it for seven years. Then I left.

    But I built this huge group of friends that I still interact with, that I still love. Every time I go back to Manhattan, Kansas, I meet these people I haven't talked to in a couple of years, and we hang out, and everything's great again. I built a tremendous understanding of retail business, specifically as it's related to things like the person side of this. How do I get people excited about things?

    And I, you know, I joke about this, but it's absolutely true. In the movie High Fidelity, it's a record store, and this owner of the record store comes up and talks to one of his employees and says, "I will now sell five copies of this record." And then he puts it on a turntable and plays it through the whole store, and you hear it playing, you see people, kind of, jiving to it, and someone will come over and go, "Hey, what's that?" And he says, "Oh, it's this record here, and, you know, it's fantastic. I recommend it greatly." And they'll buy it, and, like, he sells five copies of it.

    I would do the exact same thing with board games. I'd have 20 people in the store, and I'd say, "Hey, I got a board game that is going to take us 20 minutes to play, and it needs five players. Five of you want to come play this board game just so you can try it out?" And they'd come play it, and they'd have a great time, and three or four people would stand around watching us play, and they'd have a great time. And then we'd sell five copies.

    And so, being able to understand how to grasp and build enthusiasm and get people excited about something and get them to then buy was a huge deal for me, and learning that was really important. But when I decided to go back to my MBA, I would run the store during the days, and then when it was time for me to do my MBA classes, which was around 3:00 p.m. most evenings, I would go into campus and do my MBA. And what ended up happening there was I got to see in the MBA, "Oh, that's what we did wrong." We'd learn all these things. You go to accounting class, and they're like, "You need to do this." Oh, that's where we messed up.

    And so, it was actually interesting. I got to learn all the lessons again in the MBA and learn why everything that we'd done hadn't worked. And so, I highly recommend the idea of starting this.

    I mean, I tell people, you know, I've never had children, but I know exactly what it's like to have a child because when you start a business, every minute of every day that I wasn't at my full-time job, which I was also working while we started the business, was spent either in the store or working on something for the store or thinking about the store or trying to figure out what we were going to do with the store.

    And so, it was like, because we were so undercapitalized, we did it out of the sweat of our backs, and we did it out of, like, as much ingenuity as we could throw into it. And so, I spent all of my time there. And it was fun to build this, but boy, it was tough. So, I learned a lot.

    [37:28]Maya Pomroy: Yeah. No, I had an educational toy and bookstore, and I was very naive. I'd never even had a worked in a retail store in my life, and then I proceeded to have a, had a two-year-old and had another baby in the middle of it during fourth quarter, which is when you make all your money. So, that's the rub, is that you don't know what it is that you don't know unless you have that experience.

    So, final thoughts. What do you hope for the future of Rice Business and the growth, you know, of the Virani School, and where you want Rice Business to go, and what part do you want to play, in addition to what you have already done, to make this school so successful?

    [38:04]Jon Miles: Well, I am really interested in growing the undergrad program because I think it's really great. One of the things I tell my students is they're lucky, and I don't know how long this will be true, but what I would want from us as we move forward is that we maintain what we're doing now, which is the classes we are teaching in the undergrad program are identical in many ways to the classes we teach in the MBA program and are taught by the same instructor that teaches at the MBA level.

    And what that means is when you take investments from Kevin Crotty at the undergrad level, that's the same class he teaches at the MBA level using the same materials, and he's the one that teaches it. And there aren't many programs out there that that's true. Most of them, they're very separate, that you get the young professors teaching the undergrad classes, and then the older professors will teach an MBA class, and the ones who've been around a while, and it's not the same class, and it's not the same way they're teaching it.

    And I love that we have built this program in that way, and I hope that we can maintain doing that because we could provide our undergrads with a tremendous ability to get a great education and one that they're not going to get an undergrad program elsewhere from people who really know what they're talking about and are good at teaching it.

    [39:19]Maya Pomroy: Yeah.

    [39:19]Jon Miles: I am excited about the new building, and I'd love to see, kind of, what it will help us do from a standpoint of building community. I'm super excited about the fact that the undergrads and the grad students will mix in the new building in many places.

    And so, the servery we'll have down there, where there's a coffee shop, Audrey's, and all the different food, it's for everybody. And we're hoping that they'll, sort of, cross-pollinate, and so that they'll talk to each other.

    And so, what I want from our program is for us to basically build an understanding that this is Rice Business. And yes, you could be in the Virani School on the undergrad side or the Jones School on the graduate side, but I'm hoping that over the years, what will happen is they will start talking to each other. And if we start seeing that, that'll be tremendous because I think that there's a lot that they can share with each other that will help.

    And I think the new building will really generate that environment where we can do that. And so, you know, as someone who understands social identity processes and everything else, it's going to be requiring us to do some work on our side to make it happen because, naturally, you're going to hang with your people and not hang with other people. But if we can work a little bit to make that happen, I think that is the greatest thing I could see coming out of this new undergrad program, is having an undergrad program that actually interacts with the MBAs. No place I've ever been has that been true, and I'd love to see it true here.

    [40:41]Maya Pomroy: Well, you know what? If anybody can do it and the first to do it, it will be Rice Business, and you've got all the right brilliant minds all right there together.

    It has been a pleasure to talk with you, Professor Miles, and thank you for taking time out of your day. And again, congrats on your award.

    [40:58]Jon Miles: Thank you very much.

    [40:59]Maya Pomroy: Very well deserved, and we need to catch back up, you know, in a year or so and say, "Okay, so what's happening now?"

    [41:06]Jon Miles: No, absolutely. This has been wonderful. Thank you for having me up here. It was great talking to you, Maya. It's always good to see you again, so anytime you want to chat, just reach out.

    [41:18]Maya Pomroy: Thanks for listening. This has been Owl Have You Know, a production of Rice Business. You can find more information about our guests, hosts, and announcements on our website, business.rice.edu. Please subscribe and leave a rating wherever you find your favorite podcasts. We'd love to hear what you think. The hosts of Owl Have You Know are myself, Maya Pomroy, and Brian Jackson.

You May Also Like

Yael Hochberg photo
Up Next

Professor Yael Hochberg shares the origin story of the Liu Idea Lab for Innovation and Entrepreneurship (Lilie), the incredible innovation that has come from Lilie over the last 10 years and what the future holds for entrepreneurship education in the age of AI. 

Contains Video
No
Hide Date
No

Several major universities have picked new presidents

Faculty Research
In The Media

Congratulations to Rice Business Dean Peter Rodriguez on his appointment as president of Wake Forest University. The announcement highlights his leadership in expanding Rice Business, including launching the Virani Undergraduate School of Business, growing MBA enrollment and introducing Rice’s first online graduate degree.

Contains Video
No
Hide Date
No
Faculty Media Mention

What Can I Do With a Master of Accounting After Graduation?

MAcc Career
MAcc Career
Accounting

A Master of Accounting (MAcc) degree from Rice Business opens door to a wide range of career opportunities, from in-demand roles at accounting firms to corporate accounting, finance and advisory roles across industries. Here’s where it can take you.

Helen Huneycutt

When people think about accounting careers, they often picture one path. In reality, a Master of Accounting (MAcc) degree can open the door to a wide range of career opportunities.

A MAcc prepares you for in-demand roles at accounting firms, but it doesn’t stop there. Graduates also move into corporate accounting, finance and advisory roles across industries. What ties those paths together is a skill set employers constantly need: the ability to analyze information, communicate clearly and make sound business decisions.

At Rice Business, the MAcc is designed to get you started with clarity and confidence. It’s a focused, practical path that equips you with the technical skills employers need now, along with the perspective to navigate what comes next.

Start Strong in a High-Demand Field

Accounting remains one of the most reliable entry points into business because every organization depends on strong financial decision-making. Companies — both in Houston and in hubs across the country — need professionals who can interpret data, evaluate risk and help leaders understand what’s actually happening behind the numbers.

Many Rice MAcc students secure full-time offers before graduation, often with leading employers who recruit here specifically because our graduates pair technical expertise with sound judgment and strong communication skills.

The Big Four and Beyond

For many, public accounting is the first stop after earning a MAcc. Rice MAcc alumni regularly begin their careers at Deloitte, EY, KPMG and PwC. Known as the “Big Four,” these and other large public accounting firms offer roles in audit and tax and are widely recognized for structured training, clear promotion paths and strong long-term career mobility.

Image
The Rice MAcc curriculum prepares students for in-demand roles.

But the value of accounting expertise extends well beyond public accounting. Organizations around the world rely on financial integrity, meaning your expertise travels across virtually every sector. Rice Business graduates pivot into:

  • Corporate finance and financial planning and analysis: Helping organizations evaluate performance, budgets, forecasts and growth opportunities.
  • Consulting and advisory roles: Applying accounting and business knowledge to complex client problems.
  • Investment banking: Using financial analysis and technical accuracy in transaction-focused roles.
  • Nonprofits and startups: Building the financial systems and reporting processes that help organizations grow responsibly.

Interested in Rice Business?

 

Skills That Continue To Open Doors

The value of a MAcc extends well beyond your first job title.

Students graduate with technical accounting expertise, but also with skills that tend to compound over time: analytical thinking, problem-solving, communication and business judgment.

Those skills can create flexibility throughout your career. Many professionals who begin in accounting later move into leadership positions across finance, operations, consulting and entrepreneurship because they understand how organizations function at a foundational level.

Hear about the experience firsthand from Will Eldridge ’17:

Prepare for the CPA

For many students, the MAcc is also a smart path toward becoming a certified public accountant. The CPA credential remains one of the most recognized and respected certifications in business. It can expand career opportunities and strengthen long-term earning potential.

Through Rice’s rigorous accounting curriculum and career preparation resources, students build a strong foundation for CPA Exam preparation, licensure planning and early-career success.
 

At Rice, I could become CPA eligible in just one year without having been an accounting major in my undergrad.

Chloe Kinnebrew

Rice MAcc Alumna

Why Rice Business?

Career outcomes are shaped by more than coursework alone.

The Rice MAcc intentionally keeps cohorts small, allowing students to build close relationships with faculty, classmates and career advisors. Before classes begin, students complete career preparation coursework. Once on campus, they receive individualized guidance on goals, recruiting and professional growth.

Location also matters. Houston is home to one of the country’s most diverse business economies, with strong employer demand across energy, healthcare, consulting, finance, real estate and technology.

That gives students direct access to companies actively hiring accounting talent.

Hear Candis Damtse’s Favorite Things About Rice Business:

Where Could a MAcc Take You?

A Master of Accounting will give you a highly transferable skill set, strong professional footing and access to opportunities across industries.

At Rice Business, our goal is to help students leave with more than technical knowledge alone. Through close faculty support, strong employer relationships and hands-on career preparation, students leave ready to contribute immediately and prepared to keep growing as their careers evolve.
 

Explore the Rice MAcc
 

You May Also Like

MAcc Career

A Master of Accounting (MAcc) degree from Rice Business opens door to a wide range of career opportunities, from in-demand roles at accounting firms to corporate accounting, finance and advisory roles across industries. Here’s where it can take you.

MAcc Career

Interested in pursuing a career in audit or tax? The Rice Master of Accounting consistently places students in both fields, allowing them to explore opportunities and build their network along the way.

Contains Video
No
Hide Date
No
Subscribe to