When they’re not in the classroom, some MBA students at Georgetown’s McDonough School of Business are playing in Ultimate 4 Basketball, a student-run, philanthropic basketball tournament that Georgetown has hosted for 21 years straight.

This year, Georgetown won $11,000 from corporate sponsors for the Washington, D.C. chapter of Teach For America, the most in the tournament’s history according to the MSB news website. They topped their $8,500 take from last year.

U4 is the longest-running league of its kind in the country. It took place over Valentine’s day weekend this year among 24 teams from 17 schools. The University of Chicago Booth School of Business took first, and Georgetown finished in the top six.

Georgetown University’s McDonough School of Business was ranked the 23rd best undergraduate business program in the country by BusinessWeek Magazine’s 2010 rankings. The MSB saw improvements in nearly every judging criteria: “Teaching Quality” (A+, A in 2009), “Facilities” (B, C in 2009), and “Job Placement” (A+, C in 2009).

The completion of the Rafik. B. Hariri Building certainly had an effect not only on the Facilities subcategory, but on Georgetown students overall impression of the business program. In fact, the most telling statistic about how we’ve improved may be the school’s student survey ranking: 29th in 2010, up from 72nd in 2009. 2009’s MSB graduates were also tied for the 2nd highest median starting salary in the country.

Last week, the Financial Times published its list of the world’s best Global MBA Programs (PDF), where it ranked Georgetown University’s McDonough School of Business Full-time MBA Program 38th. Up two spots from the 2009 list (PDF), Georgetown’s program snagged a job placement effectiveness ranking of 32nd, a faculty research ranking of 55th, and the “value for the money” ranking of 83rd.

The school’s weighted alumni salary fell only slightly this year, to $121,402, from $121,786. More strikingly, the number of Georgetown MBA students who found employment within three months of graduation dropped drastically from 98 percent in 2009 to 78 percent in 2010.

“I’ll be back.”

Two years ago, Arnold Schwarzenegger reiterated the famous phrase during a speech at Georgetown. Last night, he kept his promise. The California Governor offered influential words to a community of business leaders at a dinner event celebrating the new Rafik B. Hariri Building of the McDonough School of Business.

George Daly, Dean of the MSB, presented the Georgetown dad with the school’s Dean’s Medal in honor of Schwarzenegger’s leadership in entertainment, athletics, and public policy.

Daly commemorated Schwarzenegger as someone who has “represented the best qualities of the American national character.” The Governor, who holds a business degree from the University of Wisconsin, acknowledged his belief in a “business aspect to everything.” He attributes the success of his career to his affinity for entrepreneurship.

Reflecting on his body building career, he recalled, “While I was pumping iron, they [the business leaders] were pumping their wallets.” Thus, his self-marketed career began. According to Schwarzenegger, refined marketing and promotional skills serve as the key elements to successful business. His “30 Cities in 30 Days” book tour as a body builder and dedication to international promotion as an actor facilitated his phenomenal achievements.

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