Rubel School of Business

Bellarmine Centro - Home of the Rubel School

RSB Sets Strategic Priorities
Virtual Info Sessions Available

Welcome from the Rubel School Dean

Greetings and welcome to the W. Fielding Rubel School of Business at Bellarmine!

Diane Bruce

As the new dean of the Rubel School, I welcome your interest in our programs. I hope you’ll explore our website and learn more about our programs, our faculty and the opportunities possible here. 
The Rubel School offers a comprehensive business program that provides a strong foundation in the fundamentals of business, ethics and real-world skills, while also allowing for specialized study in accounting, business administration, economics, finance and marketing. This program is complemented by the university’s core curriculum, which ensures that students develop the critical-thinking, communication and problem-solving skills that are valuable in any career. 

The Rubel School has a reputation for academic excellence. The faculty are experts in their fields, and many have extensive industry experience, but they are also dedicated teachers. The Rubel School is accredited by the world’s foremost authority on business education quality—the Association to Advance Collegiate Schools of Business (AACSB). Fewer than 5% of all business schools have earned this elite accreditation.

Bellarmine is committed to providing individualized attention to each student. You will get to know your faculty and classmates, and they’ll get to know you. This will give you access to personalized advising and mentoring as well as a community that will help you achieve your goals—while you’re here at Bellarmine and during your career. You will also have the opportunity to be involved in various organizations and in community service, allowing you to grow personally and professionally. 

Beyond the classroom, Bellarmine takes advantage of its location in Louisville, Kentucky. Louisville is a vibrant city with a strong business community and thriving startup scene, one that highly values Bellarmine students and alumni. Students and faculty engage with the community and local businesses in their classes, extending their learning with real-world applications. Business students have access to a range of internships and job opportunities, as well as networking events and other professional-development activities. Rubel alumni are active and involved as leaders in their fields and in the community, a testament to Bellarmine’s education of the whole person. 

If you are seeking a personalized, high-quality business education in a place where you will be valued and mentored by faculty and staff who care about your growth and development through your academic career and beyond, the Rubel School may be a good fit. 
To learn more, I encourage you to visit the campus, meet with faculty and students, and see for yourself what makes Bellarmine so special. 

Warm regards, 

Diane Bruce, Ph.D. 
Dean, Rubel School of Business

Rubel School of Business

Undergraduate Majors
Graduate & Second Degree Programs

Master of Business Administration

Master of Business Administration: Executive

Accounting Certificate



The W. Fielding Rubel School of Business is accredited by the AACSB International (Association to Advance Collegiate Schools of Business), which places it among the elite business schools in the nation. Not only is Bellarmine the first and only private university in Kentucky to achieve AACSB accreditation, but fewer than 5 percent of business schools worldwide have achieved this distinction.

Rubel School News

Stay up-to-date with all things Rubel School of Business.


PODCAST: Episode 19

Bellarmine on Business Podcast

A Discussion on Inflation

Episode 19: In today’s episode, host Jim Ray is joined by Dr. Frank Raymond (Professor of Economics) and Dr. Bradley Stevenson (Professor of Finance) to discuss inflation and its impact on the US economy. Both of whom are teaching a Bellarmine’s Rubel School of Business, in Louisville, KY.


Inflation from the Demand Side and the Supply Side

Demand side drivers of inflation include factors such as the COVID relief bills (i.e. the CARES Act), as well as a strong housing market partly as a result of millennials who are now buying houses.

On the supply side, a tight labor market is a key element of what’s driving inflation. Certainly, the supply chain issues are also limiting the supply of available goods, which puts upward pressure on the cost/price of those goods in the market. China’s current approach to dealing with COVID may lead to additional supply chain disruptions.

The oil and natural gas supply shocks, obviously driven by the Russian-Ukrainian conflict is also putting pressure on the availability, and thus the price, of oil. Oil is considered “a universal input” because it impacts so many of the products, production costs, packaging cost and transportation costs of virtually every item from food to the fuel we put in our cars.

Frank explains that the supply shocks will have a lingering effect on the economic. Interestingly, regardless of what people think, the Federal Reserve Bank, the president and the administration have little means to impact the shocks – in the short term.

Millennials in the Housing Market

Brad comments on how the shift from living at home or in an apartment to an interest in buying a home is impacting the market. There’s a belief that the current high prices in the real estate market won’t be coming down anytime soon. Rather, the prices will be sustained. This is impacting the buyer-behavior. They are less fearful of a sudden downturn in prices, which could make it more difficult to sell.

COVID Relief Funds and Inflation

Frank believes the funds may have added 1-2% to the current inflation rate. The COVID relief money is now gone, but it’s been pumped into the system, fueling consumers’ ability to pay for goods and services. Although, Frank states that only about 45% of the funds were spent.

As a result, the relief funds didn’t necessarily drive up inflationary pressure from the demand side. In the short term, it’s resulted in a tighter labor market because people were able to either stop working or delay reentry into the job market. This has cause inflationary pressure from the supply side as wages have had to increase to entice workers.

The Impact of the Fed on Inflation

Brad explains the role of the Federal Reserve Bank. The Fed sets monetary policy. They focus on the overall rate of inflation in the economy. They control interest rates as a tool for heating up or cooling down the market. Lower rates can heat up the market, because money is deemed to be cheaper. More economic activity generally takes place because it’s more cost-effective to take the risk of starting a new business, expanding an existing one or buying additional inventory.

As the economy heats up, demand may outpace supply, which leads to inflation. In this situation, the Fed will then try to raise rates to cool down the market. The art is in trying to time it properly, which doesn’t always happen because economic indicators often lag the current reality.

Wage Pressure and the Economy

Frank comments on the impact of wage pressure. The hospitality industry, for example, was crushed during the pandemic. Many employees were either laid off or decided to seek employment in other industry segments, such as logistics with UPS and/or Amazon. People also decided to reduce their levels of spending.

Your economic demographic (lower-income, middle-income, high-income) often determines how you experience recessions. Lower-income individuals and families tend to struggle more, for a variety of reasons. This might be a good lesson for economic policy for how relief funds are target, in the future.

Frank believes wages may not come down, but they may actually begin to stabilize. This will make it easier for employers to rehire and to invest in expansion.

Supply Side Pressures

The supply chain issues have begun to resolve themselves, compared to the situation a year ago. The oil shocks seem to be having a more important impact right now. Although how China handles the COVID resurgence will have an impact in future months.

Frank discusses how the Fed really only affects the demand side via interest rate changes. It has very little impact on wages, supply chain, oil supply and other economic factors. The Fed doesn’t have the tools to impact many of the factors. Frank believes the Fed should have started gradually increasing the interest rate, quite some time ago.

Brad explains the lag that often delays the impact on the economy after the Fed decides to raise the interest rate. It can be 1-2 years before the intended result is fully realized. Think of it as stopping or starting a freight train. Ideally, the Fed should have forecasted the risk of inflation and would have already begun slight, but steady, increases. Unfortunately, inflation is happening and the Fed is only now beginning to take action.

Brad recently attended a presentation by the CFO of UPS Airlines (a Bellarmine Alumnus). He discussed some of the factors impacting the supply chain. Of note, the lack of available cargo containers and ships is limiting capacity. The cost of transporting goods across the oceans has exploded in the past several quarters. He forecasted a supply chain backlog potentially lasting a couple more years.

Oil Shocks and Russia

Both the US and Europe are actively walking away from Russian-supplied oil and natural gas. This decision was prompted by the invasion of Ukraine. The uncertainty in global markets and global politics is creating spikes in commodity prices. This could lead to additional investment in alternative energy options. However, the economy overall will suffer in the short- to medium-term.

Frank doesn’t see this period of inflation lasting as long as it did in the 1970s. The risk he sees is how predictions from fellow economists about the potential risk of inflation. These predictions impact the psychology of the market, as well has consumer behavior and confidence. The fear of continued price increases is what expanded the duration of the inflationary mentality during the 1970s.

Where Did the Labor Market Go?

Brad details a study from the St. Louis brand of the Fed. The presenter theorized that after people have left the market, they tend to return to the same industries. As it relates to self-employed people, those who incorporated (as LLCs) didn’t experience as deep of a dip during COVID. They were able to take advantage of relief funds to sustain themselves and their businesses. Those who weren’t incorporated dipped deeper, but bounced back stronger, afterwards.

A significant portion of the workforce simply decided to retire. Those individuals aren’t coming back. From a demographic standpoint, a large segment of our society is in the Boomer segment. This group has already begun the transition into retirement. The segments following the Boomers aren’t as large.

Beware of Political Agendas

As we close this segment, we recommend a little caution. The current situation is temporary. Inflation is happening and it won’t be over soon. The risk right now is agenda-driven predictions meant to impact the mood and emotions of consumers (i.e. voters).

Demand is still strong. Nonetheless, costs are going up. Supply levels will eventually stabilize. That will reduce or eliminate the sustained increases in the costs for goods and services. Expectations are the key to how long this current situation lasts. Like a storm, the clouds will eventually pass.

Thank you for listening to this episode of the Bellarmine on Business podcast. Please remember to SUBSCRIBE to our podcast, so you don’t miss an upcoming episode.

Disclaimer: The views and opinions expressed during the Bellarmine on Business podcast do not necessarily reflect those of Bellarmine University, its administration or the faculty at large. The episodes are designed to be insightful, thought-provoking and entertaining.

Want to Listen to Additional Episodes? You can find additional episodes on the Rubel School of Business Podcast page of the Bellarmine website, various Bellarmine social media pages, Apple Podcasts, Google Podcasts, Spotify, Amazon Music, Audible, Libsyn, Podchaser and many other podcast directories. We encourage you to subscribe to our podcast so you don’t miss an episode.

Interested in Developing a Podcast for Your Business or Organization?

This podcast was produced by Jim Ray Consulting Services. Jim Ray, host of the Bellarmine on Business podcast, can help you with the concept development, implementation, production and distribution of your own podcast. For more information, visit:

Tags: Faculty , Rubel School of Business

RSB Strategic Plan


Providing inclusive, student-centered business education in the Catholic, liberal arts tradition that educates the whole person and leads to impactful careers.


Vision: to be a hub for transformative business education.


Academic excellence
Promoting critical thinking, communication, collaboration, and innovation —with an expectation of excellence.

Fostering strong ethical principles, honesty, fairness, transparency, trustworthiness, with respect and compassion for the intrinsic value and dignity of every individual.[MM1]

Engagement, impact, and social responsibility
Cultivating business leaders who advocate for the public good, environmental sustainability, global understanding, and informed civic engagement. RSB Strategic Priorities:

Strategic Priorities

SP1 — Deliver mission-aligned, innovative curricular and co-curricular offerings that make us distinctive in how we serve existing and future student populations and maximizes our commitment to equity and inclusion.

SP2 — Provide support for scholarship for faculty as well as ongoing professional development, coaching and mentoring for faculty and staff, so they can continue to deliver on our mission in the most effective manner.

SP3 — Engage, deeply and broadly, with alumni and community partners through faculty scholarship and external outreach to ensure the relevance and standing of the Rubel School of Business, and help our students find meaningful career opportunities.

“One of nation’s best business schools" — The Princeton Review

Bellarmine offers our business students a unique educational experience: a broad-based liberal arts education supplemented by top-notch business preparation. This difference is viewed quite favorably by employers, who say they like our graduates because of their writing and critical thinking skills.

The School of Business also is noted for rapidly incorporating innovations and business trends into the curriculum. For example, many employers today are encouraging their workers to earn MBA degrees; therefore, Bellarmine has introduced several programs that take entering freshmen to their MBA degrees in just five (or five and a half) years.

Another important aspect to a business education at Bellarmine is the requirement of an internship and/or an international experience. We require students to have/acquire business experience—this can be accomplished via applied course projects, internships and/or course requirements as well as potential volunteer business projects too. This guarantees that you will gain practical experience while still a student, which makes you much more "marketable" upon your graduation.

The W. Fielding Rubel School of Business at Bellarmine University is accredited by the AACSB International (Association to Advance Collegiate Schools of Business), which places it among the elite business schools in the nation. Not only is Bellarmine the first and only private university in Kentucky to achieve AACSB accreditation, but fewer than 5 percent of business schools worldwide have achieved this distinction.

Additional Accolades

  • One of the Best and Most Beautiful B-School Campuses by
  • Recognized as a CFA Institute Affiliated University

CFA Institute Affiliated University 


Bellarmine on Business Podcasts

Each monthly episode will feature lively discussions with faculty and/or alumni. See all Podcasts here.

Spalding Endowed International Travel Support Fund

Funds available to support undergraduate students from the Rubel School of Business interested in participating in an international, study abroad experience.  Get more information and apply through the Bellarmine Study Abroad and International Programs Office at or Study Abroad and International Programs.
Funds available beginning in Fall 2022.

Brown Endowed Study Abroad Fund

Funds available to support undergraduate and graduate students from the Rubel School of Business interested in participating in an international, study abroad experience.  Get more information and apply through the Bellarmine Study Abroad and International Programs Office at or Study Abroad and International Programs.
Funds available beginning in Fall 2022.

Bellarmine Means Business

From the Bellarmine Magazine, successful businesspeople who are also Bellarmine alums.

Featured RSB Videos

Welcome to Bellarmine University
MBA Students Travel to Cuba
Introducing New Rubel School Dean
The Bellarmine MBA

Contact Us

Dr. Diane G. Bruce
Dean, School of Business

Tammy Donoho
Administrative Assistant

Dr.  Jorge A. Pazmiño
Director of Graduate and Executive Education Programs

Israel Cuenca, MBA, MSDM
Events Coordinator & Strategic Marketing 

For general inquiries, contact the W. Fielding Rubel School of Business at 502.272.8240 or