UNIVERSITY PARK, Pa. –– The Penn State Smeal College of Business made history in fiscal year 2025, raising a record $44.1 million to support student scholarships, empower faculty research, drive innovative new programs and enhance its facilities.
Corey Phelps, John and Karen Arnold Dean, said he was grateful for the passion and purpose that define the Smeal community.
“Throughout my first year at Smeal, our alumni, corporate partners, parents and friends have delivered unprecedented philanthropic support, and I am incredibly thankful to the thousands of individuals and corporations who gave to Smeal last fiscal year,” he said.
“Our students are eager to learn and lead with impact, and our faculty continue to raise the bar through exceptional teaching and research that is the hallmark of a Smeal education. Thanks to our record-breaking fundraising success, we’re better positioned to accelerate innovation, expand access and empower the next generation of business leaders.”
Here are just a few of the ways philanthropy and alumni engagement are changing the college:
FIRST@Smeal creates a community for first-generation students
Funds raised for FIRST@Smeal support networking, career development and social events that address the unique challenges Smeal’s first-generation students face.
For Bri Yamil Giles, who plans to study marketing, the program offered a safety net during a rocky transition to college life.
“I struggled with classes, involvement and my living situation. FIRST@Smeal gave me a community I could go to for support, and now I’m ready to be a resource for other first-generation students who are starting out.”
Kelly Swigert, an academic adviser and assistant director of first generation and access initiatives at Smeal, said that 10%-15% of incoming Smeal students are first-generation — many from underrepresented backgrounds with high financial need.
“Philanthropy allows us to offer unique professional development opportunities, but the real value is a sense of belonging,” she said.
Naraly Selina Perez, a third-year student majoring in accounting, agreed.
“Everything felt unfamiliar my first year, but knowing others were feeling the same way helped,” she said. “Now I serve on the leadership council, helping others find their way. It’s a full-circle moment.”
Giles summed up the program’s impact on Smeal students.
“FIRST@Smeal brings together students who might otherwise be overlooked here,” she said, “and gives us the chance to shine.”
Artificial Intelligence (AI) is changing higher education
Renee Ford, a senior instructional designer at Smeal, said AI is rapidly changing how faculty teach and students learn.
“It’s integrated into everything we do. Our courses must stay relevant so our students are career-ready,” she said.
Phelps, who joined the college in July 2024, has already made AI literacy a top priority.
“Like digital literacy two decades ago, it’s a basic skill every student needs. We have a responsibility to teach it — intentionally, thoughtfully and consistently,” he said.
A gift from alumni Dan and Robyn Ives is helping Smeal meet that goal.
In March 2025, Smeal hosted the inaugural Dan and Robyn Ives AI Innovation Day, bringing together students, faculty and industry leaders to explore Generative AI’s role in business. The event featured keynotes and interactive sessions, networking opportunities and an undergraduate student case competition.
“Speakers emphasized how AI is shaping talent acquisition and management,” Ford said. “Students need to demonstrate proficiency and knowledge with AI uses and applications to be competitive.”
Ford called the event “a great success,” noting higher than expected turnout and enthusiasm.
“The case competition teams showed a lot of creativity. Each team took a unique approach, proving how powerful AI can be,” she said. “I’m excited to see how the Ives and other donors continue to drive innovation in teaching and learning with AI in the future.”
Celebrating milestones
Smeal alumni consistently seek meaningful ways to stay connected, from regional events, mentorship, speaking engagements, alumni boards and more.
A June celebration in New York City marked the 20th anniversary of Smeal’s Nittany Lion Fund, drawing more than 150 fund alumni and investors. Attendees connected with outgoing fund president J. Randall Woolridge, Goldman, Sachs & Co. and Frank P. Smeal University Endowed Fellowship in Business Administration; Robin Stevens, director of Wall Street initiatives; and each other.
Woolridge, who has been at the helm of the fund since its inception, said it’s been rewarding to watch students grow into confident professionals.
“The dedication and gratitude of NLF participants has been remarkable,” Stevens added.
NLF alumni have created endowments to support faculty teaching and research, trading room expenses and student scholarships. A handful have even become investors in the fund.
“Many alums have returned as speakers and recruiters, and many are now personal friends,” Stevens said.
Woolridge said that NLF graduates display the Penn State spirit of Penn Staters helping Penn Staters.
“Our graduates know how tough it is to break into Wall Street,” Woolridge added. “They make it their mission to help other Smeal students get there, too.”
A new space for Professional Graduate Programs
Associate Dean for Professional Graduate Programs (PGP) Brian Cameron said he is focused on keeping Smeal at the forefront of technology in graduate education.
“Smeal now offers six residential and two hybrid programs,” Cameron said. “To meet evolving learners’ needs, classrooms must be equipped for action learning and newer pedagogical styles. We also need space for our expanding hybrid programs.”
Thanks to a gift from Smeal MBA alumnus John Arnold and his wife, Karen, renovations to the PGP suite are underway.
“Technology for remote learning is opening new doors,” Cameron said. “Our second hybrid program is launching this fall, and we’re planning for a hybrid AI master’s program in 2026. We’re also exploring cross-college collaboration, which will further increase demand.”
The Arnolds’ gift will cover about half of the projected cost of renovations and was key to getting the project off the ground. The updated suite will reopen by fall 2026.
From uncertainty to opportunity
Driven to explore new opportunities for growth, 2011 Executive MBA alumna Lauren Cho turned to Smeal’s Alumni Career Services for coaching, group sessions and alumni connections “to move forward with purpose.”
In her first session, Cho opened up about her fears and uncertainties.
“The advice was simple but powerful: take things one step at a time. I learned to dig deep, reflect and map out my next chapter,” she said.
As her goals sharpened, Cho said she connected with fellow Penn Staters for industry insights and joined group sessions focused on leadership, purpose and growth.
With a clear plan in place, Cho landed a position as director of finance and operations in “an entrepreneurial environment where I’ve led the creation of processes and infrastructure to strengthen operations and shape the company’s long-term foundation.”
Cho acknowledged that, while career paths are rarely linear, guidance from a career coach and support from Smeal’s alumni network gave her clarity, confidence and direction.
“The process offered encouragement, resources and connections that sustained me,” she said. “It helped navigate uncertainty and led me to a place of renewed purpose and fulfillment.”
Through philanthropy, alumni and friends are helping students to join the Penn State family and prepare for lifelong success; driving research, outreach and economic development; and increasing the University’s impact for students, families, patients and communities across the commonwealth and around the world. Learn more by visiting raise.psu.edu.