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nd its mean is still very low (M = 1.50). In that aspect, we conclude that the relative importance of study abroad has not gone up to a level that needs significant attention. For the perceived importance of revenue/asset management subject area, the economic condition can be attributed. The recent decrease in the growth in revenue in the lodging industry has prompted the hotels to use improved techniques to maximize revenue, minimize costs, and increase the return on their assets. Additionally, it can be argued that hospitality programs were unable to produce graduates with finance skills reflecting the needs of the hospitality industry arising out of the economic crisis. According to financial controllers departmental and general managers do not possess enough finance skills to optimize costs and revenues and hence maintain profits (Burgess, 2007). Consistent with this logic, a recent study regarding perceived student preparedness in a well-reputed hospitality and tourism management program housed in an accredited school of business showed that students are least prepared in skills involving finance (Rahman, 2010).

Suggested Curriculum Model

Gursoy and Swanger (2004) suggested an industry driven model of a hospitality curriculum for programs housed in accredited college of business. Based on our study, some suggestions and improvements are offered to make the semester-based model more rigorous, relevant, and up-to-date.

The model of hospitality curriculum was developed based on three different components: business core requirements, hospitality core requirements, and hospitality electives – incorporating the ranked subject matter by hospitality industry professionals. Based on the limitations regarding number of credits in the hospitality program and on the suggestions from the focus groups and advisory boards, some subject areas, such as ethics and leadership, were embedded throughout the curriculum. The curriculum model did not embed those subject matters in the business cores and in the general education cores as business core and general education core classes were outside the hospitality program’s locus of control. The Senior-level hospitality capstone course integrated all curriculum areas in the program. Subject matters with a mean ranking of 2.0 or lower were suggested to be part of elective courses and were recommended for Sophomore or Junior level. Like the 2004 model, learning a second language (M = 1.76) and studying abroad (M = 1.50) were not deemed essential for success in the industry by the professionals surveyed and hence were not included in the model. However, due to increasing importance of studying abroad, it is strongly recommended that hospitality programs should develop and offer study abroad opportunities to current students. Similarly, Entrepreneurship (M = 2.34) and Real Estate/Property Development (M = 1.61) courses, which were thought to be as part of other electives under a different department or program in business, were kept outside the curriculum model. For the 2009 model, electives such as Destination Management, and Tourism were replaced with International Tourism as a junior level elective. Distribution Channels, Secondary Revenue Management, Fundamentals of Cooking, and Gaming/Casino Operations were removed from the 2009 model because of their lack of importance as solo electives. Moreover, Beverage Management has been repla