A curriculum in business subjects was first offered in 1913 through a subordinate school in the College of Arts and Sciences called the School of Commerce and Industry. The first certificates in commerce and industry were granted in 1915. The name was changed to the School of Public and Private Business in 1917. In June 1923, the Board of Regents established a school of business as a separate two-year school of the University and authorized it to confer the degree of Bachelor of Science in Business. The first Bachelor of Science in Business degrees were conferred in 1924. The following year the School of Business was admitted to membership in the Association to Advance Collegiate Schools of Business (AACSB International), the international accrediting agency for bachelor’s and master’s degrees in business. To earn and retain accreditation, these degree programs must undergo a rigorous initial evaluation and be reevaluated periodically. These programs of the college have been fully accredited since 1926. In addition, programs leading to bachelor’s and master’s degrees in accounting have met separate AACSB International accreditation standards specifically for accounting programs.
In 1929, the Board of Regents changed the School of Business to the College of Business Administration.
In 1997, alumnus Michael F. Price announced a contribution of $18 million to the College of Business. The OU Regents officially renamed the College of Business Administration the Michael F. Price College of Business. The Price funds are applied strategically to areas of excellence. This endowment has established endowed faculty positions, a library endowment, scholarships and graduate assistantships, a student support center, and provides support for a number of other initiatives.
The mission of the college is “To foster the discovery and transmission of knowledge about the creation, functioning, management, and continuing adaptation of organizations in a changing global business environment.” Our graduates will grasp opportunities to see how separate pieces of a business puzzle are brought together to create a new business or industry. Conceptual thinking and real-world training allow them to solve complex problems within a business or industry.
The college’s Strategy for Excellence integrated with that of the University helps the college attain its goals of enhanced excellence and contributions to the economy of the state, nation and the world.
To further its mission, the college provides degree programs at the baccalaureate, master’s and doctoral levels, with the objective of providing career opportunities in a wide variety of professional and entrepreneurial roles. While most graduates will find employment in the private sector, a Michael F. Price College of Business education will provide a general understanding of, and appreciation for, managerial processes that apply in public sector and not-for-profit institutions as well.
In addition to technical competence in areas of specialty, the college expects graduates to attain a level of understanding of, and appreciation for, the liberal arts and the social sciences. The aim is to provide an educational base upon which the graduate can build not only technical but also social capability through a lifetime of continuing growth and development. The emphasis is as much on the formation of attitudes and understanding of complex issues as on the attainment of knowledge and skills.
Since formal education may tend to become abstracted from the realities of practice, the college seeks to maintain close ties with the professional communities it serves. Internship opportunities for students, participation by practicing professional managers in the classroom, consulting and research by faculty, boards of advisers to the college, conferences and the like involving people from outside the University provide opportunities for continuous interaction with the world of organizations.
While maintaining a practical, relevant perspective, the faculty seeks to advance the frontiers of knowledge through research, both applied and theoretical. This research is fundamental to the overall excellence of the teaching function. Students at all levels may expect to be exposed not only to well-established knowledge but also to ideas and issues that are at the forefront of research and experimentation.
As a complement to degree programs, the college includes continuing education and managerial development programs for practicing professionals.
Throughout the wide variety of educational programs and in its research and public service objectives, the college strives to maintain standards of excellence consistent with the University’s role as one of the leading institutions of higher education in the nation.