Choices in a Changing World
– Case of the Vice-Chancellor
Vincent Chang
Vice-Chancellor and President
Brac University
Orientation Summer 2021
June 17, 2021
Students, parents, friends, guests, colleagues, good afternoon and welcome. And to our new students, welcome to Brac University 2.0.
A short while ago, the University conducted a student survey. This was part of our efforts to make Brac University a student-centric university. One of the questions in the survey read: “Was Brac University your first choice?” Majority said that they chose Brac University because of the university’s overall reputation. Some said that they chose Brac University also because of other things, including the Vice-Chancellor.
Perhaps an interesting question to ask is: “Then, how was Brac University the Vice-Chancellor’s choice?” Also, lately a student asked me, “Vice-Chancellor, can you talk about your student experience?” So, today, I shall share some of my own experience: the case of the Vice-Chancellor and his choices.
TAIWAN
I shall start from about four decades ago, when I was at your age. I was admitted to my first choice – electrical engineering at the best university in Taiwan.
Why was it my first choice? I had no idea. But if one would push further, I’d say: “Because it’s the first choice of everybody else.” Did I like the subject? No idea either. But very soon, I got the idea. I failed EE101, Basic Circuit, the most basic course of my major. That forced me to think hard.
I was not sure what I was interested in. So, I ventured out to try other courses, and engage in many extra-curricular activities. I had essentially created my own general education and my own student life experience.
I had tried to make the most out of my university life. Every day was a long day and a short night. Every weekend was an extension of weekdays. I had literally lived by the principle of Carpe Diem – Seize the Day. Everyday.
Upon my graduation, I received a prestigious university award for my achievements in extracurricular activities. I finished my major in electrical engineering, a minor in history, and a second one in literature. I also finished the so-called emperor’s curriculum, which taught a selected few to see big and think big, and if possible, do big good things, and to become, philosophically speaking, an emperor.
During my university years, even though I was not sure exactly what I wanted, I was sure what I was not thinking of. I was not thinking of my CGPA, my future jobs, or money. They were never on my radar. Why? No! It’s not because my family was rich.
In fact, my family came from a very humble socioeconomic background. We lived in a makeshift house in an area no better than the slum that is not far from our Brac University campus. I think if there had been a BRAC NGO in Taiwan at that time, my family might have been a recipient of one of the BRAC programs.
So, upon my graduation, my parents were asking me to support the family. But I was eager to see a bigger world. My parents were OK with my overseas study, but on one condition: I must send money home to support the family. The only way I could achieve that was to enroll in a PhD program with full scholarships, i.e., full tuition waivers plus sufficient stipends, so I can save money to send home
So, I tried, even though I had an unimpressive CGPA and unimpressive English test scores, and I must have full scholarships. I was an underdog, compared to my fellow applicants. To my surprise, I received admissions from a few top universities, and some with scholarships. Later I learned that I was admitted because, overall, I was considered a unique individual among all applicants.
Then, I borrowed money to buy a one-way ticket to America. I carried with me a small amount of cash, also borrowed.
BERKELEY
I enrolled in the PhD program in electrical engineering and computer sciences at the University of California at Berkeley. At the time, I was thinking of nothing but finishing my study as soon as possible and finding a job to help my family. At the same time, when I was about to finish my PhD dissertation, I decided to sample some other subjects at Berkeley. One of them was economics.
I would go to my professor’s office hours every time. I’d ask questions, and she’d answer, “Oh, that’s a Nobel prize question,” or “Oh, so and so won the Noble by answering the question you just asked.”
One day, she told me, “You should do a PhD in economics. I have told my husband about you. He will be happy to offer you full scholarships.” My professor’s husband was also an economics professor at Berkeley. My heart urged me to say yes. But I uttered, “Oh, thank you. I’d love to. But I got a family to feed. I cannot afford spending another 4-5 years in school. I need to move on to earn income.”
That was 1989. My professor was Janet Yellen. In the next 30 some years, she and I have been good friends. We have crossed our paths many times since. She would later become the Chief Economist of the White House and then the Chair of the US Federal Reserve. The US Federal Reserve is the most influential economic policy maker in the world. Now, she is the US Treasury Secretary.
SIILICON VALLEY
After receiving my PhD from Berkeley, I found a job in the Silicon Valley of California where all hi-tech companies are located. I worked on a project for five years. It’s about designing a new ultrasound machine that could see everything inside our body. At the end, quite successful actually. The company’s stock price jumped 100%.
Then, I took a pause to reflect on my life. I asked myself: “Should I continue staying in the Silicon Valley?” Or, “Should I give economics a try as encouraged by Janet Yellen and her husband?”
If I stay in Silicon Valley, I know I would live comfortably, have a good salary with many stock options. I can see my life through for the next 30 years. At that time, Google was a new company, setting up its headquarters next to my company.
If I give economics a serious try, the future is uncertain. I cannot be sure about the next three years, not to mention the next 30 years.
It’s a long thought. But a short analysis. A mere heart’s answer. And a quick decision. I decided to leave my job in the Silicon Valley and go back to school. I did not let my parents know until a year later.
But I was still not daring enough. I decided not to do a PhD because a PhD would take time. Instead, I would do two masters to get the samples of economics and policy training. I enrolled at both Harvard and Yale.
While at Harvard, I had a rendezvous with the ultrasound machine that I designed. My wife was pregnant with our first child so we went for an ultrasound scan. When we stepped into the room, there stood the very machine I designed with an original series number.
WALL STREET
After Harvard and Yale, I got a job on Wall Street in New York City. I was responsible for developing the capital market for the Asia Pacific. I would cover all central bankers and institutional investors from as far east as New Zealand and Australia, west India and Pakistan, south Indonesia and Singapore, and as far north as the China and Russia border, and anywhere in between.
I told myself in a Shakespearean tone, “This is it. The world is my oyster.”
But if you study the history of Asian financial market, you’ll find that toward the end of the last century, the Asian financial crisis broke out. The crisis almost bankrupted Thailand, Korea, and Indonesia, and seriously affected Brazil and Russia.
Subsequently, it altered my ambition for the Asian capital market. My oyster was not there.
MIT
Later on, together with a few investors, we launched a startup in California, which was similar to today’s Amazon.com. I had so much fun. Startup was fun. I could do it 100 more times.
Then, I received a call from a head hunter. A company was interested in me. They wanted to study the role of energy and the path forward for the next 100 years.
“Why me?” I asked. They wanted someone who (a) knows engineering--I used to be an engineer in Silicon Valley, (b) understands investment--I used to be an investment banker on Wall Street, and (c) is entrepreneurial--I was with a startup then. I checked all boxes.
They made me an offer, including offering me to work on this project as a PhD subject. I was hesitant because I was not interested in a second PhD and I was enjoying my time in the startup.
They waited for me for more than a year? I had not said yes. “No worry, it’s a project for 100 years,” they said.
One day, I learned from the news that Nobel prize of economics was awarded to George Akerlof, Janet Yellen’s husband. He was the one who had offered me full scholarships to study economics PhD at Berkeley under him.
I took a pause again, asking the similar questions that I had asked myself when I was in the Silicon Valley.
Perhaps, as the Czech writer Milan Kundera said, eventually, “When the heart speaks, the mind finds it indecent to object.” I left the startup I had enjoyed and accepted the offer from ExxonMobil (a Fortune #2 company at that time) as a fulltime employee. And at the same time, I enrolled in MIT’s economics PhD program as a fulltime doctoral student. By then, it had been almost 10 years since MIT economics’ offer of my first admission when I was still working in the Silicon Valley.
I finished my MIT PhD in a record time. Four of my professors who taught me would later win the Nobel prizes in economics.
Then, I planned to return to ExxonMobil to continue my engagement in energy and policy.
And I thought I’d retire there.
PEKING
But something unexpected happened. I ran into Peking University (or often referred to as Beijing University) delegates in a conference. I shared with them my view about the role of China’s higher education and how it can have global, peaceful impact on China and the world.
At the end of the conversation, they offered me a senior executive position at Peking University. My job would be to develop a new, international business school. This was the first time ever in the past 50 years that such a level of position was offered to a person from Taiwan. To many Chinese people, Peking University has always been an institution bigger than the country.
The offer from Peking University was indeed a big surprise. But I was not prepared for it. I had never thought of working in mainland China.
But then, everything I had learned in my undergraduate years in Taiwan started to come back to me. Everything! And particularly the emperor’s curriculum.
I accepted the offer from Peking University.
The next eight years at Peking University would turn out to be both challenging and rewarding. Long story short, at the end, I made a difference in China’s higher education. It was a successful Moonshot.
Afterward, I intended to take a pause for refection. But before I knew it, I was called for what I considered a Mission to Mars. I went to Oman to build a new American university. Unfortunately, the plummet of the oil prices put the project on hold. While waiting for the project to resume, I worked on the climate change at MIT and on an assignment at a Hong Kong university.
Then, I received a call from a head hunter.
BU 2.0
In my very first conversation with Sir Fazle Abed, we talked about Shakespeare and Tagore, about the fundamental role of a university, and about my education philosophy and my humble beginning.
Then, I had never expected this -- I came to Dhaka for Brac University, 2.0. BU 2.0 is the first step toward Sir Fazle Abed’s aspiration for the University: to become the Harvard of South Asia. It may take several decades to get there. But we must take the first step and we have begun.
So, this has been the case of the Vice-Chancellor and his choices.
Now I am giving you, our new students, your first homework assignment: “How would you summarize this case of the Vice-Chancellor?”
RANGE
Perhaps a hint. I recently read a book called Range, by David Epstein, an American author. The theme is gentle and encouraging. In this wicked, changing and uncertain world, it’s OK to learn slowly, to wander, to experiment, to explore; it’s OK to have detours; it’s OK to try new things without purpose; and compare yourself today to yourself yesterday, not to others who are not you.
Whether the theme of this book is consistent with the Vice-Chancellor’s journey I have just shared, it’s for you to decide.
However, I do think, if my experience can be of any reference or value to you, that is this:
Life is full of possibilities, if you dare to dream and act.
Welcome again to Brac University 2.0.