Marshall School of Business International Exchange Program (IEP)
Thammasat University, Bangkok, Thailand
New Program Proposal
The International Exchange program is composed of thirteen international partner schools. We
are requesting the addition of Thammasat University in Bangkok, Thailand to that list of
exchange partners. Thammasat has one of the top ranked Business Schools in Asia and in the
world. It was the first university in Asia to offer a Ph.D. in Marketing, and is consistently ranked
in the top 100 business programs in the world by the Financial Times.
This program is part of the International Senior Concentration Program approved by the UGSC
on May 1, 1995. At that time, approval was given for partnerships with the Hong Kong
University of Science and Technology (HKUST) and the National University of Singapore
business schools. Since that time, eleven additional programs have been added to the partnership
list. In a continuing effort to expand overseas opportunities for business students in their major,
we request the approval to include Thammasat University in Bangkok, Thailand.
The International Exchange programs have the objective of providing students with a solid basic
business education, knowledge of the international dimensions of business, specialization in one
major world region, and direct overseas experience. The educational experience is designed to
prepare students for positions in business, government, and international agencies in fields such
as, international trade and marketing, and global business operations, management and planning,
and global finance. It is also meant to increase the students awareness of the world around them,
cultural and social differences, and ultimately about themselves as they are immersed in a culture
that will present an array of challenges they may not have encountered to date.
The academic rationale for adding this site to the Thirteen already approved is to afford students a
wider selection of opportunities to study business abroad. Students selecting the International
Senior option currently have only nine choices of business schools overseas, in only eight
locations. There has been a great demand by the students and faculty to offer programs in Asia.
International business continues to expand both in size and importance and is becoming more
global in its reach. Affording students expanded opportunities to study in several different areas
gives more breadth to the program and allows for more selection. By the same token, since this is
an exchange program, more partner schools means more students from different parts of the
World will study at the Marshall School of Business. This serves to enrich the classroom
experience here while at the same time allowing our students to experience living and studying
The application, selection and registration process will not differ from other exchange partners.
Staff revisions are not necessary to support this addition, and the catalogue copy will remain
Selection Process: The program is open only to Business majors. Business minors may apply,
but must first meet with an academic advisor to ensure that sufficient courses are being offered
abroad to satisfy their minor requirements
In order to apply, students must have a minimum GPA of 3.0 (cumulative as well as Marshall),
and must have completed the following courses prior to departure:
BUAD-250a/b Core Concepts of Accounting
BUAD-304 Organizational Behavior
BUAD-306 Business Finance
BUAD-307 Marketing Management
BUAD-310 Applied Business Statistics
The courses above consist of the bulk of the Business “core” requirements. As mentioned
previously, students will complete their “concentration” or specialization courses while abroad.
The courses required for the program are the pre-requisites at Marshall (and abroad) for the
majority of our “concentration” courses.
Each applicant is asked to write 4 short (no more than 1 page) essays addressing a series of
questions focused on why they wish to participate in the program, how they came to their
selection, what makes them a qualified candidate, and what difficulties they expect to encounter.
Students also rank the locations that they wish to participate in order of preference (1-13). All of
the essays are reviewed by four individuals, including at least one faculty member, and scored on
a 0-4 scale. Every applicant is also interviewed by a Marshall faculty or staff member, and their
interview is also scored on a 0-4 basis. These scores, combined with their GPA are then averaged,
and the students themselves are ranked in descending order. Students with the top average scores
are selected to participate in the program, and are assigned to locations based on their overall
ranking and their ranking of the institutions (ie, the top ranked students is placed into their first
ranked location. The 2nd ranked student is placed into their top ranked location is space permits, if
not, then their 2nd ranked location, etc.) . Those with lower scores, are placed, based on their
ranking of all of the Marshall sites, into their next available choice. If no choices are available,
the student is placed on a wait-list.
University Partner: The Thammasat Business School, known as the Faculty of Commerce and
Accountancy, is the second oldest state university in Thailand. Thammasat has graduated a crown
prince, prime ministers, ministers, central bank governors, and prominent professionals in various
areas of social sciences. This serves as a testament to its influence and importance of Thammasat
to Thailand, and the region.
The business school has approximately 100 full-time faculty members with diverse interests and
expertise. Each year Thammasat enrolls approximately 12,000 undergraduate students, and an
additional 1,500 graduate students. The Faculty of Commerce and Accountancy is among the
pioneers of business programs in English in Asia. Among these are the Ph.D. program in
Marketing, the Master's degree program in Marketing (MIM), the Master in Finance Program
(MIF), the Master in Real Estate Program (MRE), the Master of Accounting Program (MAP), the
Master of Business Administration Program in International Business - International Program
(IMBA) and the Bachelor of Business Administration (BBA).
Thammasat has one of the top ranked Business Schools in Asia and is accredited by the American
Assembly of Collegiate Schools of Business- The international Association for Management
Education. The faculty maintains ties with local, national and international companies. Each year,
the Faculty of Commerce and Accountancy receives over 7,000 applicants, but accepts only 200
students, making it one of the most selective schools in the region. Thammasat produces roughly
200 BBA graduates yearly.
We anticipate sending eight (8) students per year. Advisement and orientation are conducted at
Marshall prior to departure for each student. When overseas, Thammasat has an ever expanding
exchange program in existence and is well structured to handle exchange needs. Students also are
in constant e-mail contact with the Marshall International Programs office as well as the Marshall
Office of advising while abroad.
The infrastructure at our current partner schools works extremely well, and students who have
participated in these programs leave having participated in a rigorous academic overseas program
as well as a unique opportunity to experience a new culture and business environment. This new
location was selected not only because of their excellent reputation and ranking, but also for their
compatibility with our curriculum structure and course requirements.
History: Thammasat was founded in 1934 and is the second oldest university in Thailand. It has
since become Thailand's leading institutions of higher learning with current enrollment of over
22,000 students, including approximately 5,600 graduate students.
Organization of Faculties: At present, there are sixteen faculties at Thammasat University: Law,
Commerce and Accountancy, Political Science, Economics, Journalism and Mass
Communication, Liberal Arts, Science and Technology, Social Administration, Sociology and
Anthropology, Engineering, Medicine, Dentistry, Nursing, Allied Health Science, Sirindhorn
International Institute of Technology, and the Graduate School.
Campus: Thammasat University is “split” into two campuses, with the International Business
program located on the Thaprachan campus in the heart of “old Bangkok” (just blocks from the
Royal Palace, on the east bank of the Chao-Praya River.) This campus is home to the School of
Law, as well as the School of Journalism, and Politics. As part of old Bangkok, the University
takes pride in its long establishment as well as its past political involvement that has shaped
Thailand's modern-day political ideology.)
Facilities and Housing: The Thammasat Thaprachan campus, where the exchange program is
housed, and all classes are offered, is small by American standards, but is a fully-functioning,
self-contained unit. It consists of 8 main, large buildings. In those buildings are housed 6
Libraries with 65,000 volumes, and a full-array of on-line resources, 6 computer labs with 200-
300 PC computers, a bookstore, 2 coffee shops, 2 cafeteria, a Health center, Career Center,
Learning/study center, Auditorium and Data Processing Centre, all of which IEP students have
access. Thammasat does not have on-campus dormitories for exchange students but they do assist
with arranging housing in private housing near campus. The staff is able to reserve apartments on
the students’ behalf before their arrival. The rent is approximately $150-$325 per. Each apartment
provides a bed, a closet, a desk and a chair, a mirror and a telephone. However, all students must
bring their own towels, pillow and pillowcases, sheet and blankets. Rooms are equipped with
electrical outlets for radios and televisions, and there is enough room for a small rental
refrigerator. The apartments usually charge approximately $10-$20 per month for appliances.
Computing Facilities: Thammasat provides technical support and application project
development, system recommendation, acquisition, installation and maintenance. There is one
main computer facility in the School of Business building, utilizing the Windows operating
systems, with 75 free-access computers. There are additional computer labs on campus, as well as
wireless access throughout most of the campus. All computer facilities are open for IEP student
Students and Student organizations: There are 12,000 students, attending Thammasat of which
the over-whelming majority are from Thailand. In an attempt to diversify the population,
Thammasat has established exchange programs with 60+ institutions. They admit 300 exchange
students each term (60 to study business); there are over 100 student organizations and clubs,
covering a range of areas and interests. There is a Student Centre within the business school
which helps oversee a wide range of extra-curricular activities for business students, as well as
activities for the exchange students.
Health Services: Thammasat provides medical care for all IEP participants. Services include
diagnosis, counseling, testing, health education, etc. There are no additional fees for basic clinical
services provided by the health office on campus. Additional fees may be incurred for special
services, dental service or house visits.
Exchange Students Support: The Thammasat Exchange Program Office will provide support
for all exchange students in terms of applications, visas, housing, course registration, advisement,
insurance and health, as well as other concerns that may arise. In addition, they also help organize
a number of excursions and programs specifically for international business students.
Orientation: An orientation to introduce exchange students to the curriculum and student life at
the University, and a brief introduction to life in Thailand is organized the week prior to the start
of each term.
Curriculum: Exchange students may select from any of the 30-40 advanced business courses
offered each semester. All business courses offered on the Thraprachan campus are taught in
English. Thammasat employs over 100 faculty within the business school, the majority of which
hold Ph.D’s (Less than 20% of faculty are clinical)
Based on the Thammasat grading system (see below), students would need to receive a minimum
grade of C (60) or higher at Thammasat in order to receive credit at USC for their coursework.
Marks Interpretation Grade Equivalents
85-100 Excellent A
75-84 Very Good B+
70-74 Good B
65-69 Almost Good C+
60-64 Fair C
50-59 Almost Fair D+
40-49 Poor D
0-39 Failed F
Courses at Thammasat are 3 units each. The average course load at Thammasat is 5 courses (15
units), with students enrolling in no more than 6 courses (18 units). Each 3 unit coursemeets for 3
hours per week for 16 weeks (the semester is 16 weeks in length with a 2-week period for exams)
for 48 classroom hours. As such, 1 unit at Thammasat= 1 unit at USC (each 3-unit course at
Thammasat will equal 3 USC units.) USC students will enroll in a minimum of 15 Thammasat
units each semester in order to satisfy their business requirements. The semester dates at
Thammasat are the first week of August through mid-December for the Fall semester, and the
second-week of January through mid-May for the Spring semester.
Below is a sample schedule that a typical Marshall student may take while abroad. Included as
part of this proposal are descriptions of the courses listed below.
BA 401- Strategic Management (3 Units)
FN 311-Financial Management (3 Units)
FN 426- Financial Derivatives (3 Units)
FN 429- Investment Banking (3 Units)
IB 426- International Business Negotiation (3 Units)
BA BA401 (2540) : BA 401 (2547)
Course Title Credits Prerequisite
Strategic Management 3 4th year student
Examines the process of strategic management and analysis of internal and external
environments for higher-level managers to make decisions on vision, objectives, and strategies.
Analyzes factors affecting strategic implementation and techniques of controlling and
evaluating strategic management.
FN 311 (2540) : FN 311 (2547)
Course Title Credits Prerequisite
Financial Management 3 FN 201
This course studies theoretical concepts of corporate financial management which can be
applied to resolve financial problems and issues encountered by management in the real world
of business. The course emphasizes on the management of asset structure and financial mix.
Discussion covers the application of financial models and instruments on managing the asset,
liability and equity so that the goal of maximizing enterprise value can be sustained. Topics on
Valuation, Costs of Capital, Capital structure, Capital Budgeting under risk, and Leasing will
also be covered. Moreover, the concepts of agency problems and corporate governance will be
FN 426 (2547)
Course Title Credits Prerequisite
Financial Derivatives 3 FN 312
The course covers fundamental knowledge of Futures and Forward contracts, Options,
Warrants, and Swaps. Discussion includes derivatives pricing models and selection of
appropriate strategies for speculating or hedging.
FN 428 (2547)
Course Title Credits Prerequisite
Investment Banking 3 FN 311
A study of investment banking business. The course will emphasize on methods for value
maximization, valuation for mergers and acquisitions, and business reorganizations. The course
covers a variety of investment banking activities such as debt restructuring, initial public
offering, and venture capital.
IB 426 (2547)
Course Title Credits Prerequisite
International Business Negotiation 3 IB 311
A study of principles, techniques, and an application of international business negotiation
focusing on dispute settlements between international business operators and successful
international business operation.