Smith’s Service to State

A key component of the University of Maryland Robert H. Smith School of Business' mission is to promote research excellence while fostering intellectual discovery that equips leaders with the tools to assess complex problems and deliver innovative solutions. Smith’s Service to State is crucial to that mission.

The business school is a rising think tank for the state. Students are conducting research and analysis as part of collaborations underway—or in active discussions—with the Comptroller of Maryland, the Maryland Secretaries of Labor, Commerce, Transportation and the Department of Veterans and Military Families.

“As Maryland’s flagship business school, I am thrilled that our faculty and students are making a meaningful impact—benefiting the citizens of Maryland by bridging research and practice to shape state policy and drive economic development,” says Smith School Dean Prabhudev Konana. “Our students gain invaluable experience by working alongside state leaders and using analytics to provide insights that support informed decision-making.”

Recently, the Comptroller’s Office released a joint report completed with the help of eight Master of Finance students and two of Smith’s PhD candidates. They analyzed publicly accessible data, identifying critical patterns in federal spending in Maryland, which included the massive number of state residents employed by the federal government up until early this year. The second phase of the work involves examining the repercussions associated with the huge reduction in federal spending. Details are to be released later this summer. 

Liu Yang, associate professor of finance and Executive Director of UMD’s Federal Statistical Research Data Center, William A. Longbrake Chair in Finance, Vojislav Maksimovic and research professor and Academic Director of Smith’s Center for Global Business, Kislaya Prasad, have organized and guided this groundbreaking experiential learning project. They’re also working together on additional state-focused initiatives, including economic impact analyses of data center development, exemptions for military retirement income, as well as policies and projects of the Maryland Aviation Commission. 

In partnership with the state’s Labor Department, Yang and Maksimovic led a team composed of Master of Finance and Master of Quantitative Finance students conducting policy analysis of the state’s earned wage access (EWA) regulations. An EWA service is similar to a payday loan program—allowing workers to connect their bank account to a money lending service so they can get advances on future paychecks. 

Last month, Lt. Gov. Aruna Miller and several members of her team came to Smith to learn about the impact the school is having on the field of artificial intelligence. She heard about how it’s meeting the moment and helping thousands of people broaden their skillsets and pivot toward new careers in AI. Over 20,000 people around the globe have enrolled to earn the Free Online Certificate in Artificial Intelligence and Career Empowerment. “This is a great example of when we’re faced with a challenge, such as the one we faced recently with federal workers being displaced, that the University of Maryland immediately seized that moment and said, ‘We’re going to teach these federal workers AI skills,’” says Miller. “This is what you can do in a moment of challenge to create such good for the world; to bring people together and give them these skill sets.”

Smith continues to embody the partnership between higher education and government, while providing students with experiential learning experiences that propel them into great careers. These high-profile opportunities inspire students, leaving them with skills they’ll use throughout their professional lives.