Faculty of Management and Economics – Profile
Future decision-makers in business, politics and society require, in addition to subject-related and methodological expertise in economics, a comprehensive understanding of complex political and social contexts. This is why our students are not forced to choose between either business economics or general management. All our degree programs combine relevant subject matter from both fields, with emphasis on one or the other of the two approaches, depending on the specific program, but never out of the pertinent context. The basic concept for economics programs in Witten is the integration of theory and practice at a high level, in small classes and in close cooperation with mentor companies. We want our graduates to be economists with excellent qualifications, social skills and personality who have learned to transcend the boundaries of their chosen discipline.
We invite our students to consider alternatives, seek for solutions, cope with challenges, try out new perspectives and grasp complex systemic relationships. Business enterprises operate in the context of markets, economic realities, political framework conditions and also social and global trends. Consequently, our degree programs are designed to convey the navigational competences required to cope with dynamic economic systems and frequently changing challenges. Our top positions in a number of rankings demonstrate that we do more than live up to the demands from students and the worlds of academia and business practice.
Economics in context
In contrast to higher education institutions with only one discipline, or mere business schools, we place great emphasis on conveying more to our students than economic expertise and theories. We locate and analyze economic issues in context, just as they work in practice and not only in textbooks. Our students are trained to tackle challenges on a sound theoretical basis and with an eye to feasible solutions and real-life conditions.
Responsible leadership elite for the 21st century
Our concept is designed to qualify a responsible elite for leading positions in business, politics and society and train them to tackle the economic, ecological and social challenges of the 21st century from the perspective of sustainability. We educate change agents who can cope with irritations and unexpected situations, who are prepared to take charge of their own lives and accept responsibility for themselves and others. Successful entrepreneurs are capable of creative destruction (in the words of Schumpeter), i.e. they they present innovative and sustainable ideas and show responsibility and appreciation of their cultural and social ambience.
Muhammad Yunus is convinced that people must be encouraged to realize their full potential; education should inspire people to think for themselves and discover their talents, and not only pave the way for future employment; people should not be prevented from discovering that they have alternatives; education must be open and show up all options.
Theory based and practise oriented learning
The focus in our degree programs and our entire educational concept is on independent, theory based and practice oriented studies. Primary educational objectives are subject-related expertise, and in addition personal growth, realization of potentials and value orientation. Seminars offer ample opportunity for discussion among students and teachers on economic concepts in theory and practice, and on issues from related fields of social sciences. From the outset students are actively encouraged to realize projects or start their own business; this stimulates entrepreneurial initiative and practice orientation.
We are convinced there is no better way to learn how business works than to try it out for yourself. Students in the B.A. program of Business Economics attend the start-up workshop GründerWerkstatt or have internships with one of our mentor companies and follow up this hands-on experience in subsequent seminars. The result is a highly instructive integration of theory and practice as a learning spiral, i.e. a repetition of course content with progressive learning effects. Any issues not covered by the courses we offer can be explored in so called independent studies with assistance from instructors.
Research topics with strong future potential
In research we address topics of social relevance with implications for the worlds of academia and business practice. Key research activities address interdisciplinary projects because the challenges we face in business, politics and society tend to transcend boundaries, also those of individual disciplines.
The two key fields of research activities at the UW/H Faculty of Management and Economics are reflected in the degree programs the faculty offers. Under the heading “entrepreneurship and leadership” one field concentrates on managerial questions regarding the behaviour of prospective business leaders on a protagonist level. Research in the economics-oriented field comes under the heading “markets and institutions” with a focus on rules for the management of markets and market systems.