Portrait of 2045
Michigan Tech: A global technological university that inspires students, advances knowledge, and innovates to create a sustainable, just, and prosperous world.
- Diverse internationally competitive faculty - 400 in tenured or tenure-track positions and 40% of all faculty in endowed positions
- Diverse student body of 10,000 - $500 million scholarship endowment
- 6,500 Undergraduates
- 2,400 Masters [2,000 coursework/profesional]
- 1,100 PhD
- 40% female and one of the 10 highest public universities in percentage of engineering degrees granted to women
- Globally literate graduates with strong communication skills
- A transformational undergraduate experience in a residential learning environment
- Internationally recognized for research, development and innovation
- Sustainable financial model with decreasing proportion of state funding
- Entrepreneurial, efficient, service-oriented and sustainable university culture
- Year-round Calendar
2006-2015 actual progress toward 2045 goals and projected 2018 goals
Notes on 2045 numeric goals:
Projection method: Numerical targets for Enrollment, Freshman ACT, and Graduating PhDs are projected linearly from the present to the 2045 goal; Financial metrics of Sponsored Awards and Endowment Value are projected using a constant compounded interest rate.
Enrollment: Goals are taken directly from the Portrait of 2045
Freshman ACT: Arbitrarily specified at 29.0
Endowment: From the Portrait of 2045, the 40% of 400 faculty positions being in endowed positions, at our current $1 million per professorship, implies $160 million endowment in today’s dollars. Coupled with the $500 million in endowed scholarships, gives $660 million in today’s dollars in 2045. Our current Michigan Tech Fund inflation assumption is 2.25% annually, resulting in a future 2045 value of $1,258 million. This further implies a 9.1% annual growth, which includes the growth of the current endowment plus new funds raised.
Graduating PhDs: Using the rule of thumb that at steady state about 1/8th of the enrolled PhDs graduate per year, the target of 1,100 implies about 140 graduates per year [actually 137.5]
Sponsored Awards: Currently, dividing our annual sponsored awards by PhD enrollment gives approximately $100,000 per enrolled PhD student. The Portrait of 2045 goal of 1,100 PhD students gives a Sponsored Awards total of $110 million in today’s terms, or about $210 million in 2045 using the same MTF 2.25% annual inflation factor. This further implies an increase of about 4.5% per year from the 2015 base.