Rice University has officially opened the doors to the Virani Undergraduate School of Business, a significant enhancement to the university's business education offerings, thanks to a substantial financial contribution from Houston entrepreneur Farid Virani and his wife, Asha Virani. The exact sum of the donation remains undisclosed, but its impact is clear, providing a distinct identity for undergraduate students pursuing a degree in business, separate from the institution's renowned Jones Graduate School of Business. This revelation comes as the Houston Chronicle reports the business major's explosive popularity, with enrollment numbers soaring since its inception in 2021.
Prior to the establishment of the Virani Undergraduate School of Business, Rice University students interested in business leaned towards an economics degree or a business minor. The demand for a more dedicated program was evident as the business major quickly became one of Rice's most popular fields of study, as the Houston Chronicle indicates, the program had only three students in its initial year, but the figure ascended to 392 by 2023. The soaring interest in business education at Rice underscores the strategic need for the new school's unique branding and resource allocation.
According to the Houston Chronicle, Asha Virani, a Rice alumnus herself, stressed the importance of the program in fostering business leaders equipped to tackle pressing global challenges. The Virani family's connection to the university is robust, with their son Faraz having graduated the same year the business major launched, and their involvement in local educational and non-profit organizations further emphasizes their commitment to the community.
In a statement obtained by the Ricethresher, Farid Virani shared his family's desire: "We want to pay it forward and help the next generation," in gratitude for the opportunities Houston has provided them. Faraz Virani echoed a similar sentiment, expressing excitement for the future students of the program and recognizing its potential to expand educational and networking opportunities. Students like Nico Motta from Princeton, NJ, who transferred into the major at its inception, and junior Joyce Zhang have both welcomed the new identity that comes with the Virani name, which helps distinguish their program from the graduate school and makes their applications stand out during internship searches.
The Virani family's investment in Rice Business is not merely financial. It carries the weight of expectation and confidence in the university's capacity to mold leaders prepared to steer the business world thoughtfully and ethically. With the Houston Chronicle detailing the gift's benefits for curriculum development, co-curricular opportunities, a new associate dean position, and comprehensive career and academic support, Rice University is poised to steer the Virani Undergraduate School of Business toward a future rich in innovation and leadership. Editor's note: A previous version of this article included a typo wherein a name was misspelled.
