There are now 650,000 members worldwide, with chapters at 500 institutions throughout the US and in 19 other countries, including the Hong Kong University of Science and Technology (HKUST), which has more than 1,300 members. There are alumni chapters in 24 major cities - including one in Hong Kong.

Following a rigorous audit of its curriculum and research output by professors from all over the world, the HKUST Business School was accredited by AACSB in 1999. It was one of the first two institutions in Asia to receive the distinction. The following year, it started hosting annual member induction ceremonies to honour outstanding students gaining membership.

'Membership in Beta Gamma Sigma is the highest recognition a business student can receive in a business programme accredited by AACSB International,' says Professor Albert Ha, president of the BGS chapter at HKUST.

Hosting a BGS chapter has brought the business school international recognition and given its students an invaluable edge, connecting them to a well-established global network, while creating a platform for local business and community leaders to be recognised as the chapter's honorees.

'Students have opportunities to be invited to attend a broad spectrum of business seminars and talks delivered by industry professionals,' says Professor Leonard Cheng, dean of the business school, adding that they can gain access to the chapter's central services in the US, and links 'with professionals around the world, which could help members further develop their social network and business knowledge'.

'It helps the school and students reach out to the business community locally through connections with the Beta Gamma Sigma Hong Kong alumni chapter and its own group of honorees. It also helps them to reach out to the international network of BGS. It provides access to student scholarships sponsored by BGS,' Ha says.

Only the top 10 per cent of undergraduate students and the top 20 per cent of postgraduate students are eligible to join. All doctorate students and faculty, who have been tenured or have been with the school for six or more years, are also eligible to become members.

Scholarships of up to US$1,000, half of which comes from BGS and half from HKUST, are available to undergraduates. To apply, students need to submit a paper describing themselves, including their past activities in such areas as social services or volunteer activities.

They also need a letter of recommendation from a professor commenting on their academic abilities, talent, and strengths, and demonstrated leadership and community service activities.

'It is very meaningful to me,' says scholarship winner Denman Chan Chun-man, a third year bachelor of business administration candidate. 'It marks my personal achievement and my potential to contribute to society in the future.'

Each year, the school recognises members of the community and business leaders who have distinctive achievements in business, administration or services in community. The HKUST chapter selected Robert Cook, senior executive vice-president and general manager, Asia, Manulife Financial, and Connie Lau, chief executive, Consumer Council, as this year's honorees.

Cook's experience spans strategic planning, product management for insurance and annuities, sales and marketing.

He is responsible for 6,000 employees and more than 40,000 contracted agents in 10 countries and territories in Asia. Together they serve six million customers.

Lau is responsible for overseeing the operation of the Consumer Council, which includes formulating policies, strategies, and long-term programmes for the protection of consumer rights and interest. She is active in public service, representing the council on a number of public and community bodies.

'This year's honorees are widely known business and community leaders adhering to the highest standards of civic responsibility and business excellence,' Cheng says. 'As role models, they will be inspirational to students. Through their sharing of management and leadership experiences, students can learn from them directly.'

Ha adds: 'They will be invited to various events and seminars organised by the HKUST chapter and also the alumni chapter as guests or speakers so that they can share their insights.'