Universitas Gadjah Mada
Faculty of Economics and Business

Sixty-four years ago, the Faculty of Economics and Business, Universitas Gadjah Mada (FEB UGM) was established. Initially, education and teaching economics at Universitas Gadjah Mada, carried out by the Department of Economics which is coordinated by the Law Department, Faculty of Law, Economics, Social and Politics (Faculty of HESP). Starting in the academic year 1952/1953, Minister of Education and Teaching Decree No. 29512/Kab., "Department" status for teaching economics has been upgraded to "Section" at the Faculty of Law, Economics, Social and Politics (Faculty of HESP). In further developments, starting from the 1955/1956 academic year, the HESP Faculty was divided into 3 faculties namely the Faculty of Law, the Faculty of Economics, and the Faculty of Social and Politics, all of which occupy the Yogyakarta Palace Performance. The UGM Faculty of Economics (before changing its name to FEB) itself is the third state faculty of economics in Indonesia, after FE Universitas Hasanudin in Makassar and FE Universitas Indonesia in Jakarta.

After a few years of occupying the Palace Performance, starting in 1958, the UGM Faculty of Economics moved to Bulaksumur and occupied part of the Administration Center Building at Universitas Gadjah Mada. In January 1989, the Faculty of Economics moved again and began occupying a new building on Jalan Humaniora which continues to be used today.

The change in name from the Faculty of Economics UGM to the Faculty of Economics and Business UGM is in line with the internationalization program that has been initiated with the implementation of international programs in both undergraduate programs (international undergraduate programs) and undergraduate (exchange and dual degree in MM study programs), M.Sc., MEP, and MAKSI as well as staff and faculty exchange/mobility programs.

The faculty considers it necessary to use internationally accepted terms that make it easier for students and alumni of FEB UGM to be accepted into the international academic community. This name change was stated in the Decree of Universitas Gadjah Mada Rector number 262/P/SK/HT/2007, dated August 27, 2007. Until now FEB UGM has more than 50 overseas university partners, and each year more than 300 students foreign students who take part in academic activities, such as student exchanges and dual degrees at FEB UGM, and vice versa FEB UGM students who take the same activities abroad are also more than 300 students.

In addition, FEB UGM is also actively involved in international organizations such as the permanent secretariat of the ASEAN University Network - Business and Economics (AUN-BE), a member of the Network of International Business and Economics School (NIBES), and is in the world leading business school group through Global Business School Network (GBSN).

Other concrete evidence that shows the quality of FEB UGM is undoubtedly through the work of the alumni. Dr. Perry Warjiyo (Governor of Bank Indonesia), Prof. Sri Adiningsih (Chair of the RI Presidential Advisory Council), Prof. Agus Sartono (Deputy of the Ministry of Education and Religion Coordination Coordinator of the Ministry of Human Development and Culture of the Republic of Indonesia), IGN Ari Ashkara (CEO of Garuda Indonesia), Prof. Mardiasmo (Deputy Minister of Finance of the Republic of Indonesia) is an example of many other FEB UGM alumni who contribute significantly to economic development in Indonesia.

FEB UGM continues to develop learning facilities, including co-working space, computing labs, digital libraries, Reuters and Bloomberg data bases, and so on. This facility is provided for the academic community to support learning in accordance with the latest millennial generation and business environment. In addition to physical facilities, FEB UGM also continues to develop and update the curriculum in all of its study programs, from undergraduate to doctoral study programs. In terms of learning methods, for example, FEB UGM has applied experiential based learning (FEB eXcellence) methods, namely by providing experiences for students to learn from a real business environment. This development can be realized with the support of industry partners and government institutions and existing authorities.

With the foregoing, FEB UGM contributes to the development of the quality of human resources in Indonesia and produces a superior generation with a high leadership spirit, extensive knowledge, and integrity. The values that always accompany all learning processes at FEB UGM include integrity, professionalism, objectivity and fairness, academic freedom, and also social concern.

The 64th Anniversary, FEB UGM carries the theme "United to Strengthen Quality". This is meaningful with the collaboration of the entire academic community both lecturers, students, educational staff in synergy with alumni and all stakeholders in realizing high quality learning.

On this anniversary, FEB UGM has 33 agendas including International Seminars in the field of Islamic business and economics, social action in the form of blood donations and clean water distribution in Gunung Kidul, pilgrimage and arbor there, wayang wong stage with Petruk Dadi Ratu play played by lecturers, employees and students, FEBulous run which is the first city run in Yogyakarta. As the top event, FEB UGM held an Open Senate Meeting. This event took place on September 19, 2019. It was a sacred forum, the Chair of the Senate of the FEB UGM (Prof. Marwan Asri, Ph.D) opened the event solemnly. "The Open Senate Meeting is the highlight of the Anniversary event, we should be grateful for the achievements, FEB UGM is a superior business school, internationally reputed with a wide network coverage," said Prof. Marwan Asri, Ph.D.

The event was attended by professors, lecturers, students, alumni, education staff, Dharma Wanita and FEB UGM partners. Held in the Learning Center Auditorium, this event took place lively. Starting the main event, the Dean of FEB UGM (Eko Suwardi, Ph.D.) delivered an Annual Report. It starts with describing the development and progress of the Faculty, followed by reports on Study Programs and Units as well as plans and challenges of the FEB UGM. This is proof that FEB UGM is continuously committed to achieving its vision and mission, which is to become the leading Faculty of Economics and Business in Indonesia that continues to improve its readiness to face international challenges.

Changes in the business environment lately have been marked by the emergence of various start-up companies that use technology to uphold their business. We often hear that startup companies whose age is very young have a business valuation of millions or even billions of dollars. Innovations that manifest in the business models and business processes of these companies often create disruption in existing industries. But is it true that the valuation of such companies is indeed supported by business performance or is this a sign of the second bubble era after the dot com bubble burst in 2000. Will the business of the technology company be sustainable? This issue was reviewed by Prof. Agus Sartono, MBA., Ph.D in a scientific speech delivered at the Open Senate Meeting in commemoration of the 64th Anniversary of FEB UGM. Professor Agus Sartono is a Professor in the Department of Management and also Deputy in Education and Religion Coordination in the Coordinating Ministry for Human Development and Culture (Kemenko PMK). "Digital business is a trend among the public, but there are risks that are not realized by the public and also investors, especially related to the assessment of companies of this kind. The concept of business valuation taught in business schools seems to need to be reviewed again whether it is still appropriate and can be applied to assess technology companies "said Prof. Agus Sartono.

Closing the Open Senate Meeting series, a prayer was read by Amirullah Setya Hardi, Ph.D Vice Dean of Bid. Research, Community Service, Cooperation and Alumni of FEB UGM. The event continued with suave.

Source: FEB Public Relations