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What To Know About the GMAT and GRE

Programs
Programs

Insights on the role of standardized tests in MBA admissions at Rice Business.

What to Know About the GMAT and GRE - Rice Business MBA blog
What to Know About the GMAT and GRE - Rice Business MBA blog

Standardized tests have historically played a key role in graduate business school admissions. Originally, these tests — the GMAT and the GRE — were created to assess whether students were academically prepared for advanced study. The GMAT was developed in 1953 by business schools to measure skills deemed necessary for business success, including verbal, mathematical and analytical abilities.

The GRE, a more general graduate school exam, was traditionally used for non-business programs but has become increasingly accepted by MBA programs over the years.

At Rice Business, we use scores on these tests as part of a holistic review process. A strong score on either test can reinforce an applicant’s academic readiness — especially for the rigorous quantitative coursework in an MBA program. Conversely, if an applicant’s GPA is lower, a solid test score can help strengthen their case for admission.

Below are some of the key differences between the GMAT and the GRE, along with insights from Joe Soto, our director of recruiting and admissions, on the role these tests play in being admitted to a Rice MBA program.

What’s the difference between the GMAT and the GRE?

The GMAT was specifically designed for business school admissions. The newest version, called the GMAT Focus Edition, launched in 2023 and became the sole version of the exam in 2024. This version places even more emphasis on relevant business skills, with three sections:

  • Quantitative reasoning (problem-solving)
  • Verbal reasoning (critical reasoning and reading comprehension)
  • Data insights (data literacy)

The GRE was established in 1936 by the Carnegie Foundation for the Advancement of Teaching. Since 1948, the GRE has been part of the Educational Testing Service. The earliest versions of the GRE tested only for verbal and quantitative abilities and since, the GRE general test has evolved to include a verbal section, a quantitative reasoning section and an analytical writing section. 

One of the most valuable things about taking the GMAT or GRE isn’t just the score. It’s the process of preparing for it. Studying for these tests puts you back in the mindset of being a student. It forces you to manage your time, work through complex problems, and engage with material in a structured way.

Joe Soto

Director of Recruiting and Admissions

Jose A. Soto, Director of Recruiting and Admissions at Rice

Does Rice Business prefer the GMAT over the GRE?

Rice Business accepts scores from both tests.

“Since the GMAT was designed specifically for business schools,” Soto explains, “it aligns more closely with the skills necessary for success in an MBA program. That said, we encourage applicants to choose the test they are most comfortable with.”

 

Interested in Rice Business?

 

Do GMAT and GRE test scores accurately predict MBA success or reflect a person’s potential in business?

Not necessarily. 

“I’ve observed applicants with average test scores excel because they were highly motivated and engaged in their program,” Soto says.  “And I’ve observed applicants with high test scores and undergraduate GPAs struggle in an MBA program because they weren’t dedicated to the program’s rigorous demands.” Ultimately, success in an MBA program depends on a combination of factors, including academic readiness, work ethic, time management and the ability to collaborate with peers.

While test scores can provide insight into an applicant’s analytical and problem-solving abilities, tests do not capture qualities like leadership, adaptability and interpersonal skills — traits that are equally critical for success in business school and beyond. 

Our admissions committee considers test scores alongside academic history, work experience, essays and interviews to get a more complete picture of an applicant’s potential. When it comes to excelling in an MBA program, strong communication skills, resilience and the ability to navigate complex business challenges often prove just as important as quantitative savvy.

Can applicants get a test waiver?

We technically require standardized test scores for all MBA programs, but waivers are available in certain cases. The Professional, Executive, Online and Hybrid MBA programs are more likely to grant waivers since applicants typically have extensive work experience. For the Full-Time MBA, waivers are available but not guaranteed.

Even if an applicant qualifies for a waiver, taking the GMAT or GRE can be beneficial — especially for those seeking merit-based scholarships.

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Rice Business MBA students studying

Are test scores helpful beyond the admissions process?

Yes. According to Soto, some employers, especially in consulting and investment banking, are going back to wanting to see GMAT or GRE scores as part of their hiring process. “A strong score can serve as another data point that signals analytical ability and problem-solving skills. Having a solid test score can give candidates an extra edge in a competitive job market.”

Additionally, many business schools, including Rice, award scholarships based on merit. A strong GMAT or GRE score can improve an applicant’s chances of securing financial aid.

How should applicants prepare for the GMAT or GRE?

Studying for a standardized test is more than just a step in the application process — it can also help applicants transition back into an academic mindset.

“Studying for these tests puts you back in the mindset of being a student,” Soto says. “It forces you to manage your time, work through complex problems and engage with material in a structured way. Many students tell us that once they start the MBA program, they’re grateful they took the test because it helped them transition back into academic life and feel more prepared for the rigorous coursework ahead.”

Here are some study tips for test-takers:

  • Start early. Give yourself at least two to three months to prepare.
  • Take practice tests. Simulate test conditions to build endurance.
  • Focus on weak areas. If quant is a struggle, spend extra time strengthening math skills.
  • Consider prep courses. A structured study plan can improve performance.

Final thoughts

Standardized tests are just one part of the MBA admissions process, but they provide valuable insight into an applicant’s readiness for business school. While Rice Business prefers the GMAT, applicants should take the test that best reflects their skills and strengths.

Beyond admissions, a strong test score can improve scholarship opportunities and even provide a long-term advantage in competitive industries. Whether applicants choose the GMAT or GRE, preparing for the test can help ease the transition back into academic life and set the stage for success in an MBA program.

Remember that the effort you put in now can pay off later.
 

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From the Dean

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"To me, 'Together, We Will' is more than a campaign. It’s a rallying cry — one that was shared in partnership with alumni, faculty, staff and students — and a reflection of how we work, dream and build."

Dean Peter Rodriguez

A letter from Peter Rodriguez, Dean of Rice Business

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Dean Peter Rodriguez

Together, We Will
At Rice Business, we talk a lot about community — the relationships between faculty and students, the bonds among cohorts, and the ways we engage with both the broader Rice campus and the city of Houston. Very little here is done alone. Every program we’ve built — from multiple MBA formats to our undergraduate program to the online MBA — is a product of collaboration.

I was reminded of this collaboration recently when I attended our annual scholarship luncheon in March — a chance for us to recognize the donors who make student journeys through Rice Business possible and the students who earn these scholarships. It’s also a chance to recognize this important aspect of our tight-knit community. When talented and aspiring business students who want and deserve a Rice Business education reach out for financial support, our alumni and the broader Rice Business community steps in to bring that talent forward and make those aspirations a reality. 

That same spirit has shaped two major milestones this year. Our new building, recently “topped out”, was designed from the ground up with community in mind. And the naming of the undergraduate program — the Virani Undergraduate School of Business — reflects a generous gift from Farid and Dr. Asha Virani, Houston business and community leaders who share our belief in preparing the next generation. Their support will fund not only the undergraduate curriculum, but also new cocurricular opportunities, career readiness resources and a dedicated associate dean. 

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Annual Scholarship Luncheon, Alisa Meraz-Fishbein
Alisa Meraz-Fishbein, the Class of 2025 McNair Scholar, at the Scholarship Luncheon in March.

In January, we launched a new brand campaign to reflect the core value of community. The “Together, We Will” campaign, which complements our longtime tagline, “You Belong Here,” feels to me like the perfect expression of our culture. I’ve loved seeing it out in the world — billboards around Houston, airport security trays at IAH, and across our social and digital platforms. 

It’s important that prospective and current students alike understand that earning a Rice Business degree means joining a supportive network — expert faculty and staff at the school itself, and a powerful alumni community, bound together by shared experiences and a commitment to helping one another succeed. 

To me, “Together, We Will” is more than a campaign. It’s a rallying cry — one that was shared in partnership with alumni, faculty, staff and students — and a reflection of how we work, dream and build. It also honors everything we’ve accomplished in our first 50 years, together. 

I can’t think of a better way to begin our next chapter. Together, We Will.

—Peter

 

 

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From the Editor

Department

Grab a cup of coffee and settle in for a read. There's a lot to learn in the latest issue.

Maureen Harmon Editor

Grab a cup of coffee and dig in.

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Maureen Harmon Editor

Here are 10 things you’ll learn in this issue: 

  1. Five common career roadblocks women may face — and strategies to move past them.
  2. Why did we all rush to buy toilet paper in 2020? One professor breaks down a surprising cause of “panic buying.”
  3. Each year, around 80,000 auto loan applications are denied to minority borrowers in the U.S. due to racial bias — even though Black and Hispanic applicants are less likely to default.
  4. Banking apps aren’t just convenient — they can help you save real money.
  5. Inheriting your family’s genes can be a gift — and sometimes a warning.
  6. Add a kid to a photo shoot, and you get more than a picture — you get joy, surprise and a whole lot of personality.
  7. AI doesn’t have to be scary. In fact, it’s helping us make better businesses, better football teams and more efficient doctor’s visits.
  8. Legacy isn’t about what you leave behind — it’s about what you build every day.
  9. We never know who might change our lives — or how long they’ll stay.
  10. Sometimes peace shows up in unexpected places. For one veteran, it arrived in the form of honeybees.

Have a story idea to share? Write to me at maureen.harmon@rice.edu. Happy reading! 

—Maureen


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Cameron Karsten

I backpacked around the globe, carrying little besides a pen, a notebook and a Nikon. A love of travel developed into a love of storytelling with words and pictures. I built a career as a photographer and director. I listen to “Radiolab” and “This American Life,” both currently queued.

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Helen Huneycutt

I am currently obsessed with Tom Holland, Dominic Sandbrook and their “The Rest Is History” podcast. I’m listening to episode 428, “Titanic: Kings of the World,” and I highly recommend the live recordings on Mozart and Beethoven.


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Magazine Contributors 
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From Chaos to Calm

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How Steve Jimenez ’22 is supporting U.S. veterans and first-responders through beekeeping.

Hives For Heroes Bees
Hives For Heroes Bees

How Steve Jimenez ’22 is supporting U.S. veterans and first-responders through beekeeping

The sun lay low on the horizon as the hive opened and a cloud of honeybees filled the air around him. Steve Jimenez took a slow step forward, peering anxiously through the veil of his full-body suit. He didn’t know much about beekeeping, but he had agreed to the adventure when his friend, a fellow veteran, invited him along. The steady hum of the bees offered an unexpected sense of calm, and the cladding of the suit began to feel familiar. As each hive was opened, his unease faded — after all, this wasn’t his first venture into the unknown.

Just over a decade earlier, Jimenez was a junior at Texas A&M University studying engineering. But after learning this path would require an extra year in school, he switched to sociology. A few weeks after graduating, the 22-year-old enlisted in the U.S. Marine Corps, driven by the events of 9/11, encouragement from his high school pals and a natural inclination to lead others. 

Jimenez made his way through rigorous training — including 10 weeks of Officer Candidates School, six months of The Basic School and six months in Basic Communications Officer School — and then on to Miramar, San Diego, where he was stationed. Over the next eight months, his deployment took him across 17 countries, where he engaged in kinetic operations, humanitarian aid and piracy operations. 

When his service ended in 2011, he returned to civilian life, only to find it lacked the structure, purpose and camaraderie he had grown accustomed to during his time in the Marine Corps. Though he began a successful career in manufacturing operations as a Lean Six Sigma Black Belt, he continued to search for something more fulfilling. 

At that first beekeeping event in 2018, Jimenez admired the little insects and their dedication to order, teamwork and the greater good — values he had lived by as a U.S. Marine but had struggled to rediscover since his return from service. For so many veterans, the transition to civilian life is clouded by addiction, depression and self-harm. His own transition was not easy. But from his first interaction with the honeybees, Jimenez felt a strong sense of purpose and stability. “When I focused on the beehive, all of my external concerns dissolved,” he says. Referring to this feeling as “chaos to calmness,” Jimenez shares that the adrenaline rush of working with bees offered a profound sense of peace — one that he hadn’t felt in years. 

That first experience was the start of a mutual relationship with bees that would grow to benefit thousands. Eager to share the same sense of solace in nature, Jimenez founded Hives for Heroes. Since 2018, the nonprofit has supported more than 150,000 hives across the United States and built a nationwide network of participants — including active-duty members, veterans, first responders and civilians from all walks of life. Once new members apply online, the “NewBEEs” receive instant access to education, community and resources designed for their success. If available geographically, they are paired with a nearby mentor to guide them in the art and science of caring for beehives year-round. 

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Steve Jimenez '22

Mentors of both military and civilian backgrounds are welcome, Jimenez emphasizes, and should show three years of successful beekeeping experience through all seasons. NewBEEs and mentors meet regularly to ensure that the bees are working, the colony is thriving and the queen is safe. Yet the priority continues to be connection, community and encouragement. After harvesting the honey, Hives for Heroes volunteers can choose to sell their own goods — ranging from local honey to beeswax candles — as their own business or pay it forward by giving back to the “hive.” 

Best of all, Hives for Heroes is accessible to Heroes in every state, with designated leaders across the country. Fostering relationships is central to the organization’s mission, which is grounded in four core values: connection, purpose, relationships and service. Regardless which branch of the military they served in, all veterans made the same commitment and sacrifice, says Jimenez, which is why Hives for Heroes prioritizes opening doors, offering resources and giving back. 

“What helped me adjust to civilian life was allowing amazing people, who had experienced this before, to share their successes with me through mentorship,” Jimenez says. “Now, that is our goal for Hives for Heroes.” The investment of time, talent, knowledge and resources can be life changing. 

For Jimenez, beekeeping became both a personal refuge and a way to continue serving others. “There is a lot of healing in bees, but there’s also a lot of healing in connecting with others,” he says. Hives for Heroes strives to share that remedy with as many Heroes as possible, and all are welcomed. Jimenez also reflects fondly on his opportunity to study sociology in college, which deepened his understanding of relationships and helped him lead thousands of volunteers within the organization. 

In its mission to unite veterans with nature through mentorship, Hives for Heroes isn’t just saving bees — it’s saving lives. “This is an opportunity to connect again,” says Jimenez. “If we can serve one person in a capacity that changes their life, then Hives for Heroes has accomplished its mission.” 

To learn more about Hives for Heroes, sponsor their mission or get involved in your region, visit hivesforheroes.org

Want more on Jimenez’s mission and Hives for Heroes? Hear his full story on the podcast: business.rice.edu/jimenez.

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Check out our fall issue to hear from students in the Full-Time, Executive and Professional MBA programs.
 

Aramide Ogunmekan

Program: MAcc
Hometown: Dallas, Texas
Favorite class: Accounting Ethics and Professionalism
What’s one small thing that always makes your day better? When I get a good parking spot or only have green lights when driving. Or having really cold, crisp water.
If you could add any dream course to the curriculum, what would it be? (And who would teach it?) Tax Avoidance – a debate-style class about creative ways people have tried to use tax loopholes and defended from the point of view of the IRS. Ideally, it would be taught by a former IRS agent.
Go-to karaoke song? “Halo” by Beyonce

Tae Won “Theodore” Kim

Program: Ph.D.
Hometown: I’m originally from South Korea but have lived in the Chesapeake Bay area, the Pacific Northwest and now Houston.
Favorite class: Design of Business Research
Go-to study spot: The new Brochstein Pavilion
What books/podcasts are you currently obsessed with? My favorite author is William Somerset Maugham, who explores the human struggle between ideals and reality, or living on the razor’s edge. I also enjoy listening to “The Best One Yet” podcast to stay updated on business news and trends.
Go-to karaoke song? Shin Hae Chul’s “Growing Up”

Shaina Perry

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Hometown: Houston, Texas
What’s one small thing that always makes your day better? Watching my rescue dogs play and be happy!
Best advice you’ve received during your time at Rice Business? Graduating from Rice should lead to a sense of accomplishment and responsibility. Today is a good day to start thinking about what you want your legacy to be.
If you could add any dream course to the curriculum, what would it be? (And who would teach it?) A Women in Leadership course led by Sheryl Sandberg
Go-to karaoke song? “My All” by Mariah Carey

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Hometown: Born and raised in the Rio Grande Valley (McAllen, Texas)
Favorite class: New Enterprise and Power and Influence, because I am starting a new venture.
Go-to study spot: Business Information Center
Best advice you’ve received during your time at Rice Business? I learned so much in Ruth Reitmeier’s Leader as Coach Program. She taught me the “foreign languages” of coaching and the art of active listening. Like any new language, I hope to keep it in practice to help others along the way.
Go-to karaoke song? “A Thousand Miles” by Vanessa Carlton

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If you could add any dream course to the curriculum, what would it be? (And who would teach it?) Financial Crises Throughout History: A Study of Risk, taught by Howard Marks
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AI for All

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AI generated illustration of tradie
AI generated illustration of tradie
Scott Pett

AI may feel like the domain of tech giants and expert coders, but some of the most exciting breakthroughs are happening far from Silicon Valley. Meet the Rice MBAs proving that artificial intelligence is about more than tech — it’s about transforming industries as diverse as healthcare, sports, education and energy. 

What does artificial intelligence look like in the real world? For some, it’s synonymous with tools like ChatGPT and Gemini. For others, it’s the stuff of robots, algorithms and futuristic technologies that feel distant from everyday life.

For Rice Business alumni, AI isn’t confined to Silicon Valley or the buzz surrounding large language models (LLMs). Instead, it’s a hands-on way to solve pressing challenges and enhance human capabilities in industries that touch our everyday lives. Rice Business grads are transforming how doctors interact with patients, how tradespeople run diagnostics and how classrooms operate — proving that AI is already transforming life and work in meaningful ways.

Here, we spotlight a few of these innovators. Their work isn’t about innovation for its own sake — it’s about creating solutions that are accessible, equitable and impactful.

Smarter Tools, Stronger Trades 

Allison Knight ’10 envisions a future where AI doesn’t just revolutionize industries — it empowers the people working within them.

An entrepreneur turned AI innovator, Knight sold her first company to Honeywell in 2019 and was profiled in Forbes the following year. Now, she is uniquely positioned to drive innovation in the blue-collar trades with Alaris. Her company, which launched in beta this January, offers tools designed to help junior technicians become veteran performers. A simple AI sidekick uses SMS to provide the exact info they need, based on the serviced facility’s data — no new apps, no extra training, just answers when they need them.

Why bring AI to the trades? For Knight, artificial intelligence is about more than improving workflows — it’s about leveling the playing field for industries often left behind by advancements in tech. “We need AI to work for everyone,” she says. It’s her mission to make these technologies accessible and practical, equipping workers with smarter tools to enhance, rather than replace, their expertise.

“Imagine a plumber diagnosing a complex system issue in minutes instead of hours,” Knight explains. “With AI-powered tools, they can pinpoint the exact problem, find the best solution and even access step-by-step guidance instantly. It’s about giving tradespeople the resources they need to work more efficiently and confidently, while opening up time for more jobs or a better work-life balance.”

Knight sees a clear connection between innovation and equity. “Making AI accessible isn’t just about the technology,” she says. “When you bring these tools to traditionally overlooked industries, you’re not just improving processes — you’re creating pathways for more people to thrive in their work. These are skilled professionals who deserve the same level of support that’s transformed other sectors.”

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AI generated football player
Illustration generated with AI  

Metrics in Motion 

Imagine this: a high school quarterback practicing on an empty field under the glow of stadium lights. With every throw, every step, his movements are captured by a simple mobile app, analyzed instantly and transformed into personalized coaching insights. Down the road, a weekend golfer at the driving range uses the same technology to refine her swing, tweaking angles and posture in real time.

These moments aren’t just science fiction — they’re snapshots of a future that’s already here. At the forefront of this transformation are Scott Deans ’22 and Jason Bell ’22, co-founders of BeONE Sports (along with former Rice student-athlete James McNaney ’20). BeONE Sports is pioneering the world’s first AI recognition model designed specifically for sports movements, combining advanced analytics with a bold mission: to make elite-level performance insights accessible to athletes everywhere, no matter their skill level or resources.

“Every position, every movement has critical moments,” Deans explains. “Take a quarterback, for instance — understanding their throwing mechanics and footwork can be the difference between a touchdown and an interception.” Using computer vision AI, BeONE Sports pinpoints key aspects of athletic performance, offering personalized insights into how athletes move, train and improve.

BeONE Sports’ mission is clear: democratize access to advanced sports analytics. Deans envisions a world where every athlete, from high school volleyball players to weekend ultimate Frisbee champions, can benefit from data-driven training traditionally reserved for elite teams. “You don’t need a million-dollar training facility anymore,” Deans says. “All you need is a mobile app and a desire to get better.” BeONE Sports platform is 100% mobile and entirely visual, empowering users to analyze their movements in real time, whether on the field, in the gym or at home.

BeONE Sports is also addressing a broader issue in sports tech: its siloed nature. “There’s an irony in sports tech — everyone’s playing their own game, but no one’s collaborating,” Deans says. BeONE Sports aims to create systems that integrate with other technologies, fostering a more cohesive ecosystem for athletes and coaches alike. They’ve established partnerships with Rice Athletics, the 2025 Hula Bowl and the United States Air Force.

For Deans and his team, it’s about more than building better athletes. It’s about collaboration, accessibility and showing the versatility of AI in human movement.

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AI generated teacher
Illustration generated with AI  

The Future of Learning 

Education has always been about shaping the future — but what if the future could help shape education? For Corey Layne Crouch ’13, this isn’t just a rhetorical question. It’s a call to action.

As the founding chief program officer at AI for Education, Crouch is defining how schools integrate artificial intelligence. Her work is grounded in a belief that AI should enhance education, not overwhelm it. By empowering school leaders, teachers and students to engage with AI in meaningful, ethical and effective ways, she’s ensuring the technology becomes a tool for progress, not just a passing trend.

“AI can’t be a one-size-fits-all solution,” she explains. “Our goal is to provide the knowledge and tools that meet educators where they are, so they can confidently use AI to improve outcomes for their students.”

AI for Education focuses on three core pillars: AI safety, ethics and effectiveness. Through workshops, professional development and tailored consulting, her team equips educators to navigate the complexities of AI while fostering innovation in their classrooms.

For Crouch, accessibility is key. “We’re not just training technologists; we’re building AI literacy for everyone in the education ecosystem,” she says. This includes helping school districts develop AI policies, pilot tools responsibly and implement strategies that align with their unique needs. Her work has already reached hundreds of thousands of educators, sparking meaningful change in classrooms across the country. From teaching educators how to experiment safely with AI tools to equipping students with the critical thinking skills they’ll need in an AI-driven world, Crouch’s mission is deeply human-centered. “Education is about preparing young people for the world they’ll inherit,” she notes. “If we want them to thrive, we have to meet them at the intersection of technology and possibility.”

Crouch isn’t interested in hype or empty promises. Instead, she’s focused on creating practical pathways for educators and students to thrive. For her, AI isn’t just about what’s possible tomorrow — it’s about making a difference in classrooms today.

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AI generated drill rig
Illustration generated with AI  

Power Shift 

As founder and CEO of AI Driller, Marat Zaripov ’16 is making data more accessible to those on the front lines of oil and gas. His company uses video AI tech to automate reporting, analyze complex datasets, enhance performance and bolster safety in the industry. Since launching in 2017, AI Driller has captured an impressive 20%-30% of the global market, assisting major E&P companies and smaller independents streamline processes and boost efficiency.

Imagine a drilling operation in the Permian Basin of southwest Texas where, traditionally, a team of engineers would need to be on-site, manually monitoring equipment and compiling data into reports. With AI Driller’s platform, all operational data is automatically collected, processed and visualized in real time. If an anomaly occurs during drilling or completions process, the system immediately flags the issue, sends an alert to the engineering team working remotely in office, and provides actionable recommendations based on historical data patterns.

“Our goal is to simplify complex information so it’s actionable for everyone on the site,” Zaripov says, speaking over video chat from nine time zones away, in Saudia Arabia. “Drilling and completions generate an enormous amount of data every second. The challenge isn’t just collecting it — it’s knowing how to use it in real time.”

By automating reports and creating user-friendly interfaces, AI Driller empowers operators and engineers to make quicker, data-driven decisions without being bogged down by technical hurdles. This approach not only improves efficiency but also fosters a culture of innovation across teams and enhances communication, ensuring that everyone is on the same page and can respond swiftly to any issues that arise.

Zaripov knows technology alone isn’t enough — his company’s DNA is all about education and collaboration. “Eighty percent of our time with customers is spent on training them on AI, not selling it. If we want tech to transform the industry, we need to make sure people understand it and feel confident using it,” he explains.

True transformation comes when technology empowers people — and Zaripov believes that confident, informed users are the key to unlocking the future of energy.

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AI generated doctor
Illustration generated with AI  

A Doctor’s New Assistant 

In the busy world of health care, every minute counts. For Alissa Milliner ’23, those minutes are better spent with patients than paperwork. As a clinical impact specialist at Ambience Healthcare, Milliner is helping redefine provider-patient interactions with ambient AI, a listening technology that transforms conversations into fully formed visit notes in seconds. By lightening the documentation burden, Milliner’s work allows health care providers, such as doctors, nurse practitioners and physician assistants, to focus on what matters most: patient care.

“One of the biggest challenges in health care is how much of providers’ time is consumed by note-taking and real-time documentation,” Milliner explains. “Our technology changes that. It frees providers to concentrate more on their patients during visits, improving both the care they provide and the overall interaction.”

As a former nurse practitioner, Milliner knows firsthand the strains of excessive documentation processes. “Providers spend hours after shifts completing notes,” she says. “It’s not sustainable, and it takes away from what drew many of us to the profession: helping people.” She recalls a recent case where Ambience’s AI made an immediate impact. “The lead physician was skeptical at first,” she says. “But after just a week, she called it a game-changer. She could finally leave work on time without taking charts home, freeing up hours for her patients and personal life.”

Milliner’s transition to the tech world was fueled by her time at Rice Business. “The MBA gave me the confidence to pivot into a completely different space,” she says. “It wasn’t just about learning business skills — it was about understanding how to translate my health care experience into meaningful innovation.”

Ambience Healthcare specializes in tailored AI solutions for providers across specialties, from oncology to pediatrics. Their platform adapts to unique needs, seamlessly integrating into workflows. Cardiologists, surgeons, family doctors — they all need different kinds of documentation support. “Our technology ensures it serves the specific needs of every user,” Milliner says. To ensure trust, Ambience’s systems are fully HIPAA-compliant. “Data security is nonnegotiable,” Milliner emphasizes. “We meet and exceed industry standards to protect sensitive patient information.”

The work is also about more than provider efficiency — it’s about demystifying AI in the medical field and enhancing human potential. “AI doesn’t have to be scary,” she says. “When used correctly, it makes care more efficient and improves outcomes for everyone involved.” Her work is a testament to how technology, at its best, supports the people who need it most, creating a smarter, more compassionate future.

Can AI Help Make Decisions Without Protected Attributes?

As AI takes on a bigger role in business and policy, one question looms large: Can it predict consumer behavior while being agnostic to consumers’ protected attributes (e.g., race and gender)?

Image
Piyush Anand
Piyush Anand

Professor Piyush Anand’s research suggests the answer is yes. His work explores adversarial AI, a technique that trains models to focus on meaningful factors while ignoring information pertinent to protected attributes like race. The result? Smarter decision-making while safeguarding protected attributes.

Tested in both simulations and real-world data, Anand’s approach outperforms traditional methods, offering businesses and policymakers a way to make data-driven choices in the presence of protected attributes — whether in marketing, education or consumer health care.

As AI continues shaping industries, research like this shows that technology can be both powerful and neutral to protected attributes — if designed with intention.

 

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Professor, Ex-Bar Owner and Snoop Dogg’s Business Partner feat. Senior Associate Dean James Weston

Up Next
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Finance and Investing
Strategy

Season 5, Episode 5

In this special live episode, James Weston, the senior associate dean for degree programs and Harmon Whittington Professor of Finance, reflects on his 25 years at Rice University.

Senior Associate Dean James Weston - Rice Business podcast

Owl Have You Know

Season 5, Episode 5

In this special live episode of Owl Have You Know, James Weston, the senior associate dean for degree programs and Harmon Whittington Professor of Finance, reflects on his 25 years at Rice University.

Join James and host Maya Pomroy ’22 as they explore his journey from the Federal Reserve to Rice Business, the evolution of the school over the past two and a half decades, and his vision for the school's future. They also dive deep into his groundbreaking research on racial disparities in auto loan pricing — a study that uncovered significant biases against minority borrowers.

Plus, get the inside scoop on his experience running a bar in Rice Village.

Watch

Listen

Check out James' Rice Business Wisdom article to learn more about his research on racial disparities in auto lending.

Subscribe to Owl Have You Know on Apple PodcastsSpotifyYoutube 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.

    Hello, everyone! So thrilled to have you here. Welcome to Owl Have You Know, a podcast from Rice Business. I'm your host, Maya Pomroy, and a proud alum from the class of 2022. Today, I'm honored to speak with someone who has truly shaped and defined Rice Business, not just inside the classroom, but beyond, for the past two and a half decades.

    James Weston is the senior associate dean for degree programs and the Harmon Whittington Professor of Finance. Since joining the faculty in 2000, James has dedicated his career to empowering students, to helping guide them through the complexities of corporate finance, and guiding and inspiring them to make meaningful contributions to our world. His impact is undeniable. He is a three-time recipient of the prestigious Alumni Faculty Award. That's a hard award to win. There's a lot of competition. So, winning it three times is a big deal.

    His research spans critical topics, including banking, stock market liquidity, and risk management—also very timely today. He's published in numerous academic journals, been cited in congressional testimony, and is a legend in the world of finance.

    James' research addresses real-world complexities. His most recent work with fellow Rice Business professor, Alex Butler, and University of Wisconsin professor, Eric Mayer, uncovered racial bias and disparities in auto loan pricing for minority borrowers, which we will also discuss this evening. We will discuss James's remarkable journey, including his entrepreneurial experience. I'm not sure how many of you know, but James owned a bar in Rice Village, which… I mean, I can't wait to talk about that. That sounds like a fun experience. We'll also talk about his research and his vision for the future of Rice Business.

    So, before we begin, we'd like to ask everyone to please silence your cell phones and devices, and also let you know that, at the end of our conversation, we're going to have a question and answer session. So, please, have your questions ready. We're very much looking forward to hearing from you. And following the conclusion of our recording, we're going to have a reception. And we're inviting all of you to join us.

    So, without further ado, let's welcome Professor James Weston.

    [03:00] James Weston: Thank you very much, Maya. Thanks, everybody, for coming. This is my first podcast, so I'm very excited.

    [03:11] Maya Pomroy: Mine, too.

    [03:12] James Weston: Not true.

    [03:17] Maya Pomroy: Well, we're thrilled to have you here. And I've very much been looking forward to talking with you, because 25 years is quite remarkable to be in one educational institution. I mean…

    [03:31] James Weston: I can't believe it. Yeah, yeah, I can't believe it, every time I hear it, 25 years I've been here. This was my first job out of my Ph.D. program. I got my Ph.D. in economics at the University of Virginia. And typically, economists go to economics departments and Ph.D. business students go to business schools. So, it's a little bit of an arbitrage for an economist to go to a business school because it's about 30% more pay. And I typically, economists are a little too nerdy to teach in business schools. They don't always talk in full sentences.

    But I had written a paper as part of my dissertation on modeling competition between Nasdaq dealers. And so, the industrial organization application in my dissertation was very much a finance topic. And I had gotten that paper published in the Journal of Finance, which is what business schools are looking for. So, I was able to make the jump and get the pay bump.

    [04:22] Maya Pomroy: So, my… I want to, sort of, back up. So, when you were young, was finance and economics something that you always aspired to study? Because like I said, I wanted to be an astronaut. And did you always want to be an economist?

    [04:37] James Weston: No, I wanted to be a chemical engineer.

    [04:39] Maya Pomroy: Oh.

    [04:39] James Weston: Yeah.

    [04:40] Maya Pomroy: Okay.

    [04:40] James Weston: Yeah. Yeah. And I had gone to college under the honors science program to do my chemistry major and do chemical engineering. And I found myself freshman year in the lab late at night pouring over data and thinking, "This is insanely boring. I hate this." And I had absolutely fallen in love with my micro theory class, and I told my dad that, like, "I don't want to just look at data all day. I want to study real-world questions. And I wanted to become a social scientist." And now, I look at data all day.

    [05:16] Maya Pomroy: Well, you do other things, too.

    [05:19] James Weston: I do.

    [05:19] Maya Pomroy: You do other things, too. So, what were some pivotal moments that you have had, you know? So, you made that pivot, right, into the world of finance. And tell me about your early years. What was that like for you?

    [05:37] James Weston: It was working, all the time—weekends and nights—to make tenure. When I first got here, I was working, working, working, working, working, working, working. Making tenure at a tier one research university is very, very difficult.

    [05:54] Maya Pomroy: Sure.

    [05:56] James Weston: And as hard as I work, I attribute an enormous amount of my success to dumb luck. Dumb luck in coming here. Dumb luck in meeting Gustavo Grion and Alex Butler, who were my lifelong, sort of, friends and co-authors and research collaborators. And those are very hard relationships to find and form. And we just got lucky. It's, like, a little bit like mining for gold, you know. You dig, dig, dig, and you pan, pan, pan. And a lot of times, you just go home poor. But we dug, dug, dug, and we pan, pan, panned.

    [06:26] Maya Pomroy: And you didn't go home poor?

    [06:27] James Weston: And we found a nice vein. And we were able to mine that into a series of publications that led to a tenable record. But I really do credit a huge amount of luck in that.

    [06:33] Maya Pomroy: I think a lot of people do. I think that, you know, luck is part of what makes people successful. And you have to be at the right place, at the right time, with the right people, and all of those different variables matter.

    [06:44] James Weston: Yeah. I consider myself extraordinarily lucky, yeah.

    [06:47] Maya Pomroy: So, tell me about your background, because you did spend some time at the Federal Reserve, along with, you know, someone else that we know, Dean Rodriguez.

    [06:54] James Weston: Yeah, that's right. That's right. After college, I interviewed. I really wanted a job in investment banking. And so, I interviewed with all the top banks on Wall Street. I'd done really well, made good grades. And, you know, I could put on a suit and talk to bankers. But I didn't get any offers. Even though I had set, you know, the late round interviews with all the major Wall Street banks, I didn't get any offers. And then the Fed made me an offer. And the guy who called me, Dave Barker, who was pivotal in my sort of career, was a Chicago Ph.D. economist. And he just, and he… and I said, "Yeah, I was, kind of, disappointed I didn't get any bank offers." And he is like, "You're not a banker. They knew once they got to know you that, like, you don't want to do deals, you want to study stuff, and, like, that you belong at the Fed." And so, like, I wound up in the right place. The labor market is pretty efficient sometimes. It knew better than I did. It knew better than I did where I belonged.

    [07:50] Maya Pomroy: Did you have some mentors that you could share with us that really… I mean, that really helped guide you to where you are today?

    [08:00] James Weston: Yeah. In high school, my sophomore year, my chemistry professor, Mr. Clancy, told me to stop smoking weed and cut in class and put my nose to the grindstone. And I didn't belong… hanging out in the back of the high school. I belonged in the lab. And he really read the Riot Act to me and made me join the science olympiad. And he called my parents at home and convinced them to make me join the science olympiad, which I was very angry at Mr. Clancy for doing that.

    So, I joined the science olympiad. And I was like, "This is the dorkiest, dumbest, worst thing that's ever happened to my entire life. And I hate everyone." And I had just an absolute blast hanging out with the nerds. And I realized very quickly that, like, "This is… I belong here much better. Like, this is a much better fit for me, hanging out with the nerds."

    [08:51] Maya Pomroy: You need to let Mr. Clancy know.

    [08:53] James Weston: I did. I wrote him a letter.

    [08:54] Maya Pomroy: Okay, as long as he knows. So, your time here, you know, you've won multiple awards. And, you know, like I mentioned, those are very competitive awards. You know, to win three times is a really big deal. So, what is it that you think in the way that you teach really resonates with students? Because you really are [crosstalk 00:09:18].

    [09:18] James Weston: It's really hard for me to answer that. In fact, I, sort of, can't answer it. I believe this in my heart so deeply. I have never met the person that teaches my class.

    [09:29] Maya Pomroy: Wow.

    [09:30] James Weston: That's some other person. That persona takes over when the lights go on. And I don't know who that is.

    [09:38] Maya Pomroy: Wow.

    [09:39] James Weston: I don't know that I like them.

    [09:44] Maya Pomroy: Well, your students do.

    [09:46] James Weston: But they're successful.

    [09:47] Maya Pomroy: Your students absolutely.

    [09:50] James Weston: I'm really mostly serious in that. Like, I don't know that personality. It's a personality that jumps out onto the stage like a performer when they play a role. If you ask somebody, you know, who plays Othello, "Are you really Othello in real life?" They're like, "No, that was a play dude. Like, that was me acting a script." Like, that's what I feel like. When I watch videos of myself teaching, I'm like, "Oh, my gosh, I don't know who that person is."

    [10:09] Maya Pomroy: So, over the 25 years of your teaching here, can you tell me some stories about some students that stand out to you, that have gone on to do amazing things and have come back, you know?

    [10:23] James Weston: Oh, my gosh, that could take up the whole night.

    [10:22] Maya Pomroy: Okay, [crosstalk 00:10:23].

    [10:24] James Weston: Like, some of my alumni are here, you know, Christine and Kevin and people, Mark Rudkin, like, a whole bunch of my, you know, alums that, you know, have become incredibly good. I'm godfather to, like, three different alumni's kids.

    [10:39] Maya Pomroy: Wow.

    [10:40] James Weston: Yeah. Like, because I really, really enjoy my students and I really enjoy getting to know them and forming relationships with them and hanging out with. It's one of the… it's the dividend from teaching adults. When you teach undergrads, you can't go grab a beer. Well, you shouldn't go grab a beer with them after class. But with grownups, you can. And when I started here, you know, I was 30. I was younger than some of my students. And so, they would always joke and try to card me at the bar, you know.

    [11:16] Maya Pomroy: [crosstalk 00:11:16].

    [11:17] James Weston: Yeah. But it led to a whole number of business ventures. I've owned real estate with some of my alums. I'm in a business right now with one of my alums and Snoop Dogg.

    [11:25] Maya Pomroy: Okay, so let's talk about that.

    [11:27] James Weston: Yeah. One of my alums from, maybe, a decade ago, Richard Gout, is into pressing rare vinyls. And he needed a little bit of factoring bridge financing. And so, he put together a group of his friends to give him financing to go and pitch to Snoop to get the IP for Death Row Records, some of their really, really old releases that aren't in vinyl. And he wants to put the vinyl on them and sell them to collectors for a very high price. And so, it's a cool little business that I'm now a part of with Snoop.

    [12:00] Maya Pomroy: So, when are you expecting your ROI?

    [12:03] James Weston: The payback on that is about 90 days because it's just rolling credit at about a 15% IRR. How could I say no?

    [12:12] Maya Pomroy: Well, my next question is, are you looking for additional investors?

    [12:16] James Weston: Not at this time.

    [12:19] Maya Pomroy: That's a bummer. But when you are, you know, you'll let us know.

    [12:22] James Weston: But I love doing stuff like that. I love scrapping around with alumni that have interesting ideas.

    [12:25] Maya Pomroy: Yeah, no, for sure. There's so many fascinating people that have come out of Rice Business and that continue to. So, that's one of the beautiful things about this program. And it is one of the top five finance programs in the country. So, why do you think that is? There's so many amazing schools, but Rice really does stand out. It's considered one of the New Ivies. And what do you think has transformed in the past 25 years?

    [12:54] James Weston: Well, I think, what I saw when I came down here 25 years ago was the fourth largest city in the U.S. without a top business school and the second largest Fortune 500 headquarters location in the country. And how could it not have a top business school with such an incredible demand for secondary education and an MBA degree? It seemed like, if we didn't execute to become a really good business school, that we had screwed it up. I mean, that was Rice's fault, because really all the macro, all the edifice was there. We just needed to execute. And so, getting the right people in place, building the right administration, building the right faculty, and the right curriculum, it was almost too easy. It was like fruit laying on the ground. From my perspective 25 years ago, I was like, "This is a school that has just perched to take off." How could it not? Unless we just really screw it up.

    [13:47] Maya Pomroy: Well, I don't think you screwed it up.

    [13:49] James Weston: On wood.

    [13:48] Maya Pomroy: Yeah. Knock on wood, for sure. So, going on to the research that you did with Professor Butler most recently. That was fascinating in terms of auto loan, you know, the lending and the price differentials for minorities and, you know, in comparison to non-minorities. Could you go into that research?

    [14:18] James Weston: Yeah.

    [14:20] Maya Pomroy: First of all, what made you interested in auto loans, to begin with?

    [14:18] James Weston: Yeah. So, I had watched many years ago a reality show called King of Cars. I don't know if anyone ever saw the show, but it's one of these, like, pawn wars or, like, you know, the pawn store people or the storage wars where they bid, like one of those types of shows. And they were following people around car dealerships. And I had gone to the… once I watched one and watched the consumer, sort of, in the financing office negotiating with the auto loan officer, I was fascinated.

    And so, I had, kind of, like, I had put it on my corkboard that, like, you know, think about this down the road. And then in conversations with Alex and Eric, we had started talking about studying auto loans. And I was fascinated because I had downloaded both seasons of King of Cars and just fast-forwarded through to, like, the finance dealership negotiations because it was super interesting. And all these consumers kept saying, like, "Hey, you have got to get me into this car." And they're like, "I can't get you this car. I can't get you this car. You have got to..." And they wouldn't haggle over the price of the car, they were haggling over, "You gotta get me to $400 a month."

    [15:26] Maya Pomroy: Right.

    [15:27] James Weston: And then the finance officer is like, "I can't do 400 a month." And then they're, "Well, I could do this, I could do that." And then the consumer would walk out of the dealership finance office with, like, "I got $400 a month. I got 400." He's like, "Yeah, but you're paying 15% for the next 40 years. Like, this is the worst loan I've ever seen anyone for a car.”

    [15:47] Maya Pomroy: [crosstalk 00:15:47].

    [15:50] James Weston: You got the car, and they got them for $400 a month. And it made me think that the purchaser of the car was not a very financially sophisticated person dealing with a finance officer who was a very financially sophisticated person and that was an opportunity for a lot of subjective decision making on the part of the dealership's finance officer. And that means, when no one is watching, there's a lot of opportunity for bad behavior. And there is no one watching.

    When you apply for a mortgage, every spotlight of the regulatory system is looking at you. Every single thing about your mortgage application is reported to the Fed and scrutinized heavily. When you walk into a dealership's finance office, the lights are off, and no one is watching what happens in that room. It is seedy.

    [16:34] Maya Pomroy: It’s very seedy. Very seedy.

    [16:35] James Weston: Yeah. And so, when we got into this paper, really, no one in social science had written very much on auto lending or its consequences or the discrimination aspect that we were studying. And it's because there was no data. Because there's no regulation, because there's no reporting requirements, there really is no data availability.

    [16:54] Maya Pomroy: Why? I'm just curious as to why there is another, you know, aspects of loaning but not cars?

    [17:01] James Weston: Write your congressman. So, the answer to why there's so much data and transparency in mortgage lending is the Home Mortgage Disclosure Act that was passed in the late 1980s. And the data collection started in the early ‘90s.

    [17:15] Maya Pomroy: And what prompted that?

    [17:16] James Weston: Widespread evidence of housing discrimination. That was anecdotal. And, you know, constituents coming to their congressmen, people complaining to the consumer reporting board, people complaining to the better business bureau. But it was anecdotal and haphazard. And once the data was collected, there was widespread evidence of discrimination in mortgage lending. But once that evidence was presented, that discrimination started to attenuate. Like anything, when you put the bright sunlight of transparency on something, people's behavior and incentive change. So, the reporting structure then changed people's behavior because they knew they were gonna be observed if they were making… and when I was at the Fed was when the Home Mortgage Disclosure Act was passed, and I was one of the first economists to run those studies of discrimination in the mortgage market when I was in banking studies at the New York Fed.

    [18:06] Maya Pomroy: So, maybe that's one of the reasons that you...

    [18:09] James Weston: Oh, absolutely. I had a lot of familiarity with the issue. Yeah. When I was at the Fed, we could identify loan officers in the data set. And we could say, “There it was.” You could say, like, "That loan officer never makes… never approves a mortgage to a minority."

    [18:22] Maya Pomroy: That's a bad apple.

    [18:23] James Weston: That's a bad apple.

    [18:25] Maya Pomroy: So, let's elaborate more on these car loans. So, give me an example of the difference between a minority auto loan price [crosstalk 00:18:35].

    [18:38] James Weston: Yeah. So, the way we got to this research question was we had a great database from Experian on everyone's financial histories, with millions and millions of consumers, and every single thing about them. And then in the whole mortgage disclosure data, we had every mortgage application. In the Experian data, we didn't have anything about their demographics. So, we didn't know man or woman. We didn't know their race. We didn't know anything about them, except the zip code where they applied for the mortgage, and how much they were borrowing. In the Home Mortgage Disclosure data, we have all the… we have the full application. So, we know the gender, we know the race, we know everything about them, education, age, everything.

    [19:18] Maya Pomroy: Because you have to, right?

    [19:19] James Weston: Yeah. And so, then the question was, how do we juxtapose those two data sets in a way that we can, sort of, link the two? And we'd link them by the house. So, in the mortgage application, we know the zip code, we know the month that they applied for the mortgage, and how much they were borrowing. And then over in the Experian data, we had whether or not they had a mortgage, when the mortgage was originated, the zip code that the mortgage was… where they lived. And we knew the amount of the house principal.

    So, then the question became, how many? In the 77005 zip code in March of 2025, how many housing transactions went off at $437,000? And we were wondering, like, "How many are we going to get when we try and juxtapose these two data sets?" And the answer was, we got almost all unique matches. Because houses go off at odd intervals, we were able to get hundreds and hundreds of thousands of unique matches. So, then we had all, from the Experian data, everything about their car loans, linked to their demographic information from their mortgage application. And we were able to dig in and study whether or not, when they applied for an auto loan, people were rejected more on the basis of their race. And we found widespread evidence of discrimination.

    So, you would have to have, if you applied for a loan as a black or Hispanic borrower, you would need an additional 50 points on your credit score to have the same probability of acceptance as a white borrower. That's a huge difference. You could fill the Super Bowl stadium every year with minorities denied having the same credit quality as a similar white borrower. If they were accepted, if they got the mortgage, if they got the car loan, they paid about 75 basis points more on their auto loan than a white borrower with the same credit characteristics.

    Now, you could say, as people sometimes do, that this is evidence of, not discrimination, but statistical discrimination, which is a fancy way for economists to say, like, "It's not evil in the hearts of men. It's just that, you know, minorities are not as good credit quality in some other dimension that you don't observe." And so, race is sort of proxying for these other softer credit quality issues that the loan officer knows about but you, as the econometrician, can't see.

    So, it's an explanation that we didn't think was true. But we all have things and thoughts. But that's not what goes into a scientific paper. With the Experian data, what we're able to do, which no other researchers were able to do, is study the future performance of that borrower. Because if it was statistical discrimination and they really were worse in credit quality on some unobserved dimension, the loan should perform worse. You should see more delinquencies. We see fewer delinquencies.

    So, the outcome test, which is what we call it in economics, to really put the nail in the coffin on discrimination, sailed through for us. So, then we were able to say, "Let lower approvals, higher interest rates. But the loan actually performs better. That's clear smoking gun evidence of discrimination. So, that's why we got the paper published in our very top Journal in Finance as the lead article in the editor's choice because it was really the first really hard evidence of discrimination in auto lending and social science.

    [22:45] Maya Pomroy: So, now that you have this evidence, what would happen?

    [22:48] James Weston: Hopefully, there was some movement in the Senate Banking Committee to improve disclosure for auto lending. There was a bill that made it, not out of committee, but was circulating getting ready. My sense is that we're going to have to be a little patient on that. I don't think there's a big move towards increase. I mean, this is a relatively light regulation because it's not… really, all it is a reporting regulation, which is a relatively low regulatory burden in the grand scheme of things.

    But my hope is that the Senate Banking Committee continues to take action on it. And we see more, just something similar to the Home Mortgage Disclosure Act, where auto dealers just have to report. They have a spreadsheet and you just have to send it to the Fed the way every bank does with every mortgage application. And hopefully, that transparency attenuates the discrimination the way it largely did in home mortgages.

    [23:45] Maya Pomroy: But it took time.

    [23:46] James Weston: Yeah, it took time. Yeah, it took time. It was a 10-year process to get the Home Mortgage Disclosure Act passed. It'll probably take that long on auto lending. And we're not the only voice in this choir. There's lots of other people now that are, sort of, jumping on the bandwagon.

    [24:00] Maya Pomroy: Right. Let's switch gears a little bit, so, to something, you know, more fun. Let's talk about you owning a bar in Rice Village. Because I mean, after listening to that, I, kind of, want to drink. So, challenging to listen to that. So, what made you decide that you want to open a bar?

    [24:24] James Weston: I got it at a fire sale price. That really… I didn't wake up in the morning wanting to own a bar. But my friend, Hans, had owned Hans' Bier Haus over in the village. Maybe some of you guys remember that place. But he got out of that very quickly. And Kelvin Arms was open for an operator because they had just closed. The previous operator had embezzled money and left the country.

    [24:59] Maya Pomroy: [crosstalk 00:24:59].

    [24:59] James Weston: And so, the landlord was looking for a new operator, and Hans came in and needed a little bit. He didn't have two nickels to rub together, so he was raising some money from some friends. And so, I bought a minority stake in the bar from Hans.

    And, you know, one thing leads to another and Hans had decided that he wanted to open a Viking restaurant across town. And I'm going to say that again, Hans had decided that he wanted to open a Viking restaurant across town. And I want you to picture what a Viking restaurant looks like. And I want you to picture... You think of how many people on an average night would go to the Viking restaurant, and whatever number you are thinking is way too high. So, what do you do when your Viking restaurant is about to go belly up, but you know that, next month, everybody's going to start coming to the Viking restaurant? You go and you get a payday loan.

    [25:51] Maya Pomroy: I remember those.

    [25:53] James Weston: Yeah, from Eagle First Financial Corp in Brooklyn.

    [25:57] Maya Pomroy: It sounds legit.

    [25:58] James Weston: Sounds totally legit. And what do you do when that loan comes due but your Viking bar hasn't turned around, but you know it will next month?

    [26:06] Maya Pomroy: Always next month.

    [26:07] James Weston: Yeah, you go and you get another one-

    [26:12] Maya Pomroy: Right, right.

    [26:13] James Weston: … for twice as big. And then you do it a third time. And then you come to your partners at the Kelvin and you say, "Hey, guys, I got bad news for you. I owe $250,000 to Eagle First Financial Corp. And I probably should have told you this, but I didn't tell you this, but I put it on your bar,” which was a sad story. A sad story.

    But I had already seen, you know, kibitzing from the bartenders in cases of whiskey leaving out the back door, so I had, kind of, known that, like, the things were going south at the Viking restaurant. So, I had already talked to the landlord at our bar and said, "Hey, Mr. Wilson, if things ever go south, like, don't put a lock on the door. Just, here's my cell phone, call me." And he's like, "Whoa, whoa. What do you know? What's going on?" And I'm like, "Nothing, nothing, nothing. Just, like, if anything ever goes wrong, like, just call me." So, sure enough, he calls me and he’s like, "Hans is 90 days past due on rent, and I'm putting a lock on the door." And so, I went over with one of my other partners, Timmy the lawyer.

    [27:08] Maya Pomroy: That's good. That's good [crosstalk 00:27:08].

    [27:08] James Weston: You got to have Timmy the lawyer. And so, Timmy the lawyer says, "Well, here's what we'll do." He's like, "You know, according to the lease agreement, you can seize property, plant, and equipment for nonpayment. So, why don't you just seize all the bar stools and all the whiskey on the shelf and..."

    [27:22] Maya Pomroy: What's left.

    [27:23] James Weston: Yeah, what's left, because there was no asset at the bar. It's just the lease. The lease is the asset. So, we seized everything and we wrote up a new lease that day. And that was how I became majority owner of Kelvin Highlander. That's when we changed the name from the Kelvin Arms to the Kelvin Highlander. It's not fraudulent transfer.

    [27:46] Maya Pomroy: It’s rebranding.

    [27:48] James Weston: It's not fraudulent transfer, you rebrand it and recapitalize the firm. And so, then, when Hans sat down and told us that, like, he had put all this debt, you know, on our bar and he had bankrupted us, I was like, "Yeah, that's a sad story. But I have an even sadder story for you, which is that this is no longer your bar."

    [28:00] Maya Pomroy: Congratulations.

    [28:02] James Weston: Timmy and I signed a lease. And then we pulled over an operator from one of the other bars across town. And she came and ran it for us for a few years. And then when COVID… so, we owned and operated it for about five years.

    [28:16] Maya Pomroy: Wow.

    [28:17] James Weston: And it was an interesting thing to do. It was fun. It's good to get your hands dirty, being a small business owner. But the bar business is very dirty. It really is not like the TV show, Cheers.

    [28:31] Maya Pomroy: No?

    [28:31] James Weston: No. It really isn't. It really isn't. It's a very dirty business.

    [28:35] Maya Pomroy: How?

    [28:36] James Weston: You know, just tons of... Bartenders aren't always the most reliable, trustworthy people in the economy. And the beer suppliers aren't, either. And bars attract...

    [28:58] Maya Pomroy: Certain personality.

    [29:00] James Weston: Well, yeah, I mean, a lot of very sick people. And that's bad news. You know, when someone is waiting at the door, someone's real thin and waiting at your door at 3:00 p.m., they get the three whiskeys, they need to make it to 4:00 p.m., it doesn't make me feel good about what I'm doing for a living because I'm a drug dealer.

    [29:13] Maya Pomroy: Yeah. It wouldn't make me feel very good about myself, either.

    [29:16] James Weston: Yeah. And, you know, and lots of drug use, too, in the bathrooms, you know. And I can't have people selling coke out of my bathroom when my name is on a liquor license. That's no bueno. So, that's what I mean. When I say the bar business is a little bit dirty, that's what I mean, you know. Like, it's not like Cheers. Well, at least, in my experience, it wasn't like Cheers. So, when COVID happened, I was, kind of, happy to get rid of it. We had a nice force majeure in the lease. So, we were able to put back the lease.

    [29:42] Maya Pomroy: So, that was how long you owned it? Until COVID?

    [29:44] James Weston: I owned it until COVID, yeah.

    [29:51] Maya Pomroy: Wow. So, point to everyone, do not own a bar, maybe. Maybe [crosstalk 00:29:53].

    [29:53] James Weston: I mean, in a sense, I got the bar for free, you know. So, like, I didn't pay anything for it. I just took the lease. And we made some money at it. But like, you know, I always joke that, like, in the five years of owning that bar, you know, I made… of all the money I made in five years of owning that bar, I make more money in two days of executive education. So, like, it was never really part of my retirement plan. Sorry, Jeffon.

    [30:16] Maya Pomroy: So, you know, being here at Rice and having all of these diverse experiences, you know, my next question is, so, what are you planning on doing next? I know that you have a new role here at Rice Business. Congratulations!

    [30:34] James Weston: Yeah. Thanks.

    [30:36] Maya Pomroy: Can you tell me about this new position of being the Senior Associate Dean for Degree Programs and what you hope to move forward here in the business school?

    [30:47] James Weston: Yeah. So, moving into administration means, in my mind, at least, it means I'm not working anymore, in the sense that I'm not executing the primary missions of the school, which you're teaching in scholarship. And so, I'm not teaching as much anymore, and I'm not doing as much scholarship anymore, which means I'd better be doing something to collect the paycheck.

    And the way I genuinely view it is that I'm now trying to enable the rest of my faculty to do better teaching and better scholarship. My role is as a service leader, which is how I view this job as a tour of service, not a career pivot. I didn't take this job to then become dean someplace to then become provost someplace to then become supreme commander of university somewhere. But like, it was someone else's turn to do this very important role, which is to coordinate all the programs, get the teaching schedules done, make sure I'm protecting junior faculty and their teaching loads, make sure I'm putting the right people into the right classes, making sure we're keeping track of being fiscally responsible about course offerings, making sure that we're sort of mapping out the curriculum and smoothing things out for people the way they need it smoothed out. There's a lot of moving parts.

    And so, one of the exciting things about taking over the job right now is launching the Virani Undergraduate Business School, which is extremely exciting because that business school has the opportunity, I think, to be a top 10 business school in the U.S. from the ground up at startup. Because if you look at the people we compete with, you know, in science and engineering, it's, you know, Stanford, MIT, Harvard, Yale, Chicago, Northwestern. Most of those top schools don't have an undergraduate business school. And so, that gives us a lot more latitude because Rice as a university is a top, top, top topnotch place. I think once the rankings in a couple of years come out, I would be surprised if Rice wasn't the top 10 undergraduate business school.

    [32:37] Maya Pomroy: I have no doubt that Virani school will be one of the top schools.

    [32:42] James Weston: Yeah, I was strongly in favor of getting undergraduate business school at Rice.

    [32:46] Maya Pomroy: Well, it worked.

    [32:46] James Weston: Yeah, it worked. So, was the board. I mean, you know.

    [32:50] Maya Pomroy: Yeah. But it is. It's the expansion that Rice is going through right now is incredible to watch. And it's exciting. And I think that, you know, the more people know that there is an undergraduate, it's marketing now, right?

    [33:05] James Weston: Yeah.

    [33:06] Maya Pomroy: It's all the role of marketing and making sure that people know.

    [33:11] James Weston: Oh, there's going to be a fire hose of undergraduate students into our school. That I'm sure of. I think all the… we have forecasts, they're aggressive, for how many students we're going to be getting. And I think they're all going to be on the low end, because I think, once that cycle starts of our undergraduates getting jobs and then their peers seeing the jobs that they get with an undergraduate business degree, pulls in more people. And once people see that, that pulls in an increased number of applications who wouldn't have considered Rice, but now that we have the business school, I think it changes the applicant pool in a way that I really think our high end forecasts will wind up on the low end.

    [33:47] Maya Pomroy: So, final question, looking back at your very diverse career, so, from academia to running a bar, to everything in between, what overarching lesson or philosophy has guided you? I know this is a big, deep question. And how do you hope to leave your mark on business education?

    [34:11] James Weston: Oh, wow.

    [34:12] Maya Pomroy: You have two minutes.

    [34:12] James Weston: I don't know. In scholarship, I think of myself. You know, I don't, sort of, have… my scholarship is all over the place. It's a shotgun of papers that I find interesting. Every paper I work on is on a new topic in a new area, almost. And I've really… Rice has been generous with me in allowing me to, sort of, have it. Other people, it's a bad career advice for an academic. You're supposed to become the person that studies Canadian share repurchases. And that's your whole career, is that one topic. It's how you get known in a field. And I've been scattershot. And as long as I've been successful, they've been supportive of me.

    But I, sort of, view the thing that ties together all my papers is as a foundational social scientist trying to measure things that are hard to measure. And so, when I see things that I think have a lot of social import or a research question that I think is really… has either a practical application or some large social question that I think needs answering, the fun for me is trying to figure out how to measure it and trying to come up with a clever way of identifying the research question in a way that's unambiguous and in a way that we can solidify and say, like, “That's the answer.” And I know it with as near scientific certainty as I can, you know, the existence of the Higgs boson particle.

    [35:31] Maya Pomroy: We can't get into that right now.

    [35:33] James Weston: Yeah. But, you know, but I'm saying, like, to treat it like a scientist.

    [35:36] Maya Pomroy: Yes.

    [35:37] James Weston: And study it like it's a real causal question. And you attack it with the scientific method and you attack it with the scrutiny and the scientific rigor that they use across campus.

    [35:47] Maya Pomroy: Which is circling back to the very beginnings of why you wanted to pursue this as a career.

    [35:58] James Weston: Yeah, that's right.

    [36:00] Maya Pomroy: So, you wanted to do the research and the data, and you wanted to see the proof.

    [35:58] James Weston: Yes. Still a scientist in my heart.

    [36:04] Maya Pomroy: Sure.

    [36:05] James Weston: Just a social scientist, you know.

    [36:03] Maya Pomroy: Well, it has been really a joy and an honor to speak with you, James. And thank you all so much for being here with us this evening. We can continue the conversation at our reception. And I just want to do a plug for Owl Have You Know. You can listen to all of our podcasts wherever you get your favorite podcast. We are on Apple Podcasts and Spotify. So, please, listen and like and share, because I think that what we're doing here is pretty awesome and pretty unique and pretty special.

    [36:35] James Weston: Thank you so much for hosting this. I really had fun.

    [36:37] Maya Pomroy: No, I did, too. Thank you.

    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.

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The market pummeled 401(k) accounts last week. Panic selling ensued.

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"When you see in big red letters that your stocks are losing money, it's hard to not react," says Rice Business professor Benedict Guttman-Kenney. “But a fantastic way to lose money is to sell in a panic.”

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Fighting Fate

Features

Daniel Barvin faces the possibility of developing frontotemporal dementia or ALS. His future is uncertain — so he has dedicated himself to so he has dedicated himself to creating a healthier future for others like him.

Maureen Harmon

Because of a genetic mutation he’s inherited, Daniel Barvin ’18 faces the possibility of developing frontotemporal dementia or ALS. His future is uncertain — but rather than let the risk of disease overshadow his life, he has dedicated himself to driving innovation and creating a healthier future for people like him.

It was supposed to be a celebration. Buoyed by his quick recovery from heart surgery at age 45, Mark Barvin felt well enough to enjoy a dinner at his favorite restaurant with his young sons, Daniel and Josh. Their meal began smoothly — but as they ate, Mark became nauseated and physically ill. The brothers feared postsurgical complications, but the argument with their father afterward was what really stunned them. In a baffling turn, their dad became fixated on the food — and refused to leave until his sons had packed up every last bit to bring home.

At the time, Daniel Barvin was just a middle schooler. And the dad he knew was a towering figure — 6-foot-6-inches, about 250 pounds — and a gregarious, outgoing man who lit up any conversation. His behavior at the restaurant was uncharacteristic for their father and confusing and scary for the boys. 

That night marked the beginning of a profound transformation — the start of what would be a 15-year decline. Although Mark’s heart had been repaired, his mind was beginning to fail. Over the years that followed, Barvin watched as his dad’s mental faculties diminished — along with his social awareness, inhibition and the ability to plan and process. And eventually, he came to understand these changes offered a glimpse of his own possible future.

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Given Barvin’s family history — losing his father, grandfather, an aunt and an uncle to neurodegenerative diseases — he decided to confront the unknown. Seeking answers, he signed up for a longitudinal research study in Boston in 2018. The deaths in his family pointed to a likely culprit: the C9orf72 gene expansion, a genetic variant that puts carriers at high risk of developing frontotemporal dementia (FTD) or amyotrophic lateral sclerosis (ALS), or possibly both. If Barvin carried that mutation, he certainly wanted to know, and he wanted to ensure his father’s fate wouldn’t repeat as his own. His goal was to use scientific breakthroughs in genetic testing to take power over his future. 

On his third visit to Massachusetts General Hospital in Boston, his wife, Kaori Matsui (Rice B.Mus. ’14, M.Mus.’16, Shepherd School of Music) came along to get the results. “The genetic counselor said, ‘I’m so sorry to tell you this, but you are a genetic carrier,’” recalls Barvin. He was 29 at the time. His family members had started to show symptoms of decline in their mid-40s. 

Matsui was devastated. They had gotten married just six months prior — and there had already been talk of children. A genetic diagnosis meant that her husband’s future might be cut short, like his father’s. It also meant he had a 50% chance of passing the mutation on to their future children. 

Barvin, on the other hand, seemed to take the news a little easier. “I’d watched my father’s generation be decimated by these diseases, and I felt powerless,” says Barvin. Now, though, he had some answers and with answers came empowerment. 

Then came the big question: What now? With no path for an asymptomatic carrier, caught in a limbo between health and an inevitable decline, Barvin found himself adrift. When he tried to receive clinical care, he was turned away. “They said, ‘You don’t have ALS. Come back when you do.’” 

Worse, his proactive search for medical guidance had unintended consequences. A later attempt to secure private health insurance was denied — his genetic status was now a red flag in the system. 

Although the Ice Bucket Challenge had generated buzz about ALS just four years earlier, the genetic ALS and FTD communities had few to no resources. “No one was speaking out,” says Barvin. But he soon learned he was far from alone. “We’ve learned that there are hundreds of thousands of people who either carry or are at risk of carrying one of these mutations.” 

For years, he had lived under the shadow of his family's illness, dreading an uncertain fate. But now, he saw an opportunity: He could stop the mutation’s journey through his family line. And he could ensure that others didn’t have to navigate this journey alone. 

“I had felt alone for so long,” he says. “But finally, I didn’t have to be afraid of the unknown. I could be empowered by the path before me.”

Dr. Stanley Appel, a neurologist at Houston Methodist, has spent a career in medicine working to discover insights to treat several neurodegenerative disorders by focusing on Tregs, or regulatory T-cells, cells responsible for immune responses in the body. What he saw in his studies holds great promise for those suffering from neurodegenerative, autoimmune and metabolic diseases.

As Appel was researching and refining his theory around Treg modalities, Barvin was rethinking his career. He had spent years in the oil and gas industry, then moved to wealth management. He’d found success, but not fulfillment. His family’s battle with neurodegenerative disease, his Rice MBA and his genetic diagnosis all led him toward a new mission. He founded Genetic ALS & FTD: End the Legacy, a nonprofit organization dedicated to education, research participation and patient advocacy. Together with other patient advocates, he connected families to studies, pushed for systemic change and amplified the voices of those carrying a genetic fate they didn’t choose. 

But advocacy didn’t pay the bills. And now, with a growing family — conceived through IVF to ensure Barvin and Matsui’s children wouldn’t inherit C9orf72 — he needed a career that aligned with his purpose. 

That’s when the call came. 

Howard Berman, who had attended Rice Business and earned his Ph.D. from Cornell, had been watching Barvin’s work. He had just licensed Appel’s Treg therapy and needed someone to help bring it to market. “He said, ‘Daniel, will you help me commercialize Dr. Appel’s Treg therapy for ALS?’” 

The answer was easy. 

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In 2021, Coya Therapeutics was born, and the race to bring progress to patients and families had begun. Barvin was Coya’s first employee. His title: vice president of operations and patient advocacy. 

At its core, neurodegenerative disease is a wildfire of inflammation. In a healthy body, inflammation is a natural response — a defense mechanism against injury or illness. But in diseases like ALS and Alzheimer’s, the fire never stops. It rages through motor neurons unchecked, destroying everything in its path. 

For decades, treatments focused on slowing neuron death. Appel, however, had a different goal: to restore balance. Coya’s therapy combines two approaches — one to boost Treg function and another to reduce inflammation — rekindling the body’s ability to regulate itself.

The science is promising. The stakes are enormous. 

Coya Therapeutics continues to make strides in the fight against neurodegenerative diseases. The company plans to advance its investigational ALS therapeutic in 2025, with a phase two study set to begin this year and topline results expected in 2026. Coya is also anticipating data for its FTD program and exploring partnership opportunities for its Alzheimer’s disease program. 

“Neurodegenerative diseases are unique from other devastating cases,” says Coya CEO Arun Swaminathan. 

“It’s not just the emotional toll of a diagnosis; families face very real sacrifices, like sacrificing jobs or personal interests to provide care."

"You watch the patient change — they don’t recognize you, and you hardly recognize them. I’ve worked on oncology, cardiovascular and rheumatoid arthritis products, but neuroscience attracted me because there are so few options available. It’s an area in which, as an industry, we’ve hardly made a dent.” 

While many view a cure as the ultimate hope, Swaminathan understands that progress lies in stabilizing disease progression and enhancing patient well-being. “A cure remains an aspirational goal,” he explains, “but our current efforts are about chipping away at the barriers these conditions impose — making them manageable and ensuring people can live empowered, meaningful lives. There’s still much work to be done, and every improvement is a victory.” 

Indeed, for Barvin, every advancement is personal. He has undergone seven spinal taps to contribute data to the Dominant Inherited ALS Study (DIALS), which tracks gene carriers like him to identify early biomarkers of disease. Each procedure inches researchers closer to a breakthrough. In the meantime, Barvin’s nonprofit, End the Legacy, has opened the first clinical care center dedicated to asymptomatic patients at risk for — or patients already suffering from — FTD and ALS, in partnership with ALS Hope Foundation and Temple University’s neurology department. 

Barvin doesn’t know how much time he has before symptoms appear. But he does know this: The future is not yet written. And he refuses to let fear dictate his story. In fact, he’s sharing his story everywhere he can so that others know there’s hope. Barvin and his family recently filmed a documentary, “Come Back When You’re Sick,” which will be out this year. 

“Every step we take brings us closer to a brighter future for people with neurodegenerative diseases,” he says. “I may not be able to change my genetics. But I can shape what happens next.” 


Get to Know Daniel Barvin

Barvin opens up about his personal and professional journeys on the Owl Have You Know podcast. You can watch the video recording of his podcast episode below or listen to the podcast episode wherever you listen to your favorite podcasts. 

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Rice graduate programs excel in US News rankings

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School Updates

Rice University continues to stand out for its academic excellence with several graduate programs earning high marks in the latest edition of U.S. News & World Report’s “Best Graduate Schools” rankings.

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Chris Stipes

Business, engineering and computing schools ranked in top 30; English program surges 15 spots

Rice University continues to stand out for its academic excellence with several graduate programs earning high marks in the latest edition of U.S. News & World Report’s “Best Graduate Schools” rankings.

The George R. Brown School of Engineering and Computing maintains its strong position at No. 26 in the nation with several engineering disciplines ranked in the top 30. Among them, two programs are ranked in the top 10: biomedical/bioengineering (No. 10), environmental engineering (No. 10), computer engineering (No. 21), civil engineering (No. 23), chemical engineering (No. 25), computer science (No. 25, climbing two spots from last year, while its specialty in programming languages ranked No. 21), electrical engineering (No. 27), materials engineering (No. 21, a rise of five spots from last year) and mechanical engineering (No. 30).

The Jesse H. Jones Graduate School of Business also earned recognition, ranked No. 29 nationally. Its entrepreneurship program is ranked No. 9, and the professional MBA program, ranked in the part-time MBA category, has risen two spots to No. 13.

Other Rice programs in the social sciences and humanities also saw impressive rankings, including English (No. 26, a rise of 15 spots), sociology (No. 28, up six spots), political science (No. 33), history (No. 34), economics (No. 46) and psychology (No. 62). U.S. News did not review any natural sciences disciplines this year.

The U.S. News & World Report rankings are one of the most closely watched annual surveys of graduate and professional programs, compiling data from expert opinion surveys about program excellence and statistical indicators that measure the quality of faculty, research, students and their postgraduate outcomes. This year’s rankings reflect data from surveys conducted in fall 2024 and early 2025.

“We are proud to see Rice’s graduate programs consistently recognized among the best in the nation,” Rice President Reginald DesRoches said. “These rankings reflect the dedication and talent of our faculty, staff and graduate students who are committed to advancing knowledge and solving real-world challenges. I’m excited to watch our programs continue to innovate and inspire as they build on their exceptional momentum.”

Amy Dittmar, the Howard R. Hughes Provost and executive vice president for academic affairs, credits the hard work and collaboration of Rice’s faculty, deans and academic leaders, including Seiichi Matsuda and his team in the Office of Graduate and Postdoctoral Studies.

“Rice provides a personalized and collaborative learning environment for graduate students, where academic excellence thrives,” Dittmar said. “We nurture individual success and champion interdisciplinary research, and these latest rankings serve as a testament to the impactful work happening here every day.”

Matsuda, dean of graduate and postdoctoral studies, noted, “Our graduate programs excel because of the caliber of our students and their capacity to engage in pathbreaking research and scholarship. As we continue to grow and enhance our offerings, we remain dedicated to providing new opportunities for students to make a global impact and drive positive change.”

Learn more about the U.S. News rankings here.

 

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Rice Business professor Vikas Mittal says that senior executives need to take greater responsibility in regards to the findings of business research rather than rushing to oversimplified conclusions.

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