New York University Stern School of Business

The New York University Leonard N. Stern School of Business (commonly referred to as NYU Stern, The Stern School of Business, or simply Stern) is the business school of New York University, a private research university based in New York City. Founded in 1900, Stern is one of the oldest business schools in the world. It is located on Gould Plaza next to the Courant Institute of Mathematical Sciences and the economics department of the College of Arts and Sciences.[2]

New York University Leonard N. Stern School of Business
TypePrivate business school
Established1900
Parent institution
New York University
DeanRaghu Sundaram
Academic staff
346[1]
Undergraduates2,629[1]
Postgraduates3,379[1]
Location
New York City
,
New York
,
United States
CampusUrban
Websitewww.stern.nyu.edu

Stern is a founding member of the Association to Advance Collegiate Schools of Business. Established as the School of Commerce, Accounts and Finance, the school changed its name in 1988 in honor of Leonard N. Stern, an alumnus and benefactor of the school. The school offers Bachelor of Science in Business at the undergraduate level and Master of Business Administration degrees at the postgraduate level.[3] In 2018, Stern ranked 1st among US schools for careers in finance on Wall Street, accounting for 3.9% of hires among major investment banks.[4] Stern is ranked 1st in the world for finance based on the number of research papers by the 2019 Academic Ranking of World Universities (ARWU) ratings.[5]

Stern's alumni include former Chair of the Federal Reserve of the United States, Alan Greenspan; former CEO and current Chairman of Nasdaq, Robert Greifeld; Iceland's "first billionaire", Thor Bjorgolfsson; former CEO and Chairman of MetLife, John J. Creedon; former CEO of Viacom, Thomas E. Dooley; CFO of Pfizer, Alan Levin; President of DC Comics, Paul Levitz; and the founding financier of The Home Depot, Kenneth Langone.[6][7] Current and former CEOs of Fortune 500 companies including American Express, Berggruen Institute, Griffon Corporation, Wynn Resorts, the New York Stock Exchange, Lehman Brothers, Lord Abbett, Barnes & Noble, W. R. Berkley Corporation, McKinsey & Company, Chase Manhattan Bank, and CBS are also Stern alumni.[8][9][10]

History

The Stern School was founded by Charles Waldo Haskins (an alumnus of New York University Tandon School of Engineering) in 1900 as the Undergraduate School of Commerce, Accounts and Finance on the University's Washington Square campus. In 1913, Jeanette Hamill, J.D., M.A., joined the school's Economics department, becoming its first female faculty member. In 1936, women comprised 15 percent of the total enrollment.

Graduate School of Business Administration

The Graduate School of Business Administration was launched in 1916, and was housed in the NYU's School of Commerce's Wall Street branch.[11] Located in New York's downtown business district, the school's "Wall Street Division" served both full-time and currently employed students. The graduate school's[12] first dean was appointed in 1921.[13]

By 1945, the school's enrollment was well over 10,000 with graduates hailing from 36 countries and 48 states. In the 1960s, international business courses were introduced and soon became an important focus of the school's curriculum. The New York University, Graduate School of Business Administration, C.J. Devine Institute of Finance (1959–1966) published many key Finance and Investment bulletins related to International finance. The school awarded its first Doctor of Commercial Sciences degree in 1970.

Commerce/College of Business and Public Administration

The School of Commerce, Accounts and Finance was renamed the College of Business and Public Administration in 1972. In the same year, Tisch Hall, designed by Philip Johnson and Richard Foster (see also: Bobst Library and Meyer Building) opened at 40 West Fourth Street to house the undergraduate college.

Stern's donation

In 1988, a $30 million gift from the school's alumnus Leonard N. Stern (B.S., 1957; M.B.A., 1959) allowed the school to consolidate its graduate and undergraduate facilities at NYU's Washington Square campus. The school was renamed Leonard N. Stern School of Business. In 1992, Stern's new $68 million state-of-the-art facility, now known as Kaufman Management Center, was inaugurated.

In 1998, a $10 million gift from Henry Kaufman (PhD 1958) supported a major expansion and upgrading of Stern's facilities. The new and renovated space is used almost exclusively to improve the quality of student life. Prominent investment banker and Home Depot investor Kenneth Langone (MBA 1960) donated $10 million to Stern in 1999. The Langone MBA for Working Professionals was renamed in his honor. Celebrating its 100th birthday in the year 2000, Stern launched a $100 million centennial campaign, the school's most ambitious fundraising effort to date. The campaign doubled the school's endowment, the number of named professorships, and the level of student financial aid.

Peter Blair Henry became dean of the school in January 2010.[14]

In 2010, the 84,500-square-foot (7,850 m2) renovation of the three Stern School of Business buildings, known as the Stern Concourse Project, was completed.[15] This project was fully funded by donors, alumni and corporate partners.[16]

NYU Stern Westchester offers its Langone MBA for Working Professionals in Purchase, New York, at SUNY Purchase.[17]

Academics
Business school rankings
Worldwide overall
QS[18]19
Worldwide MBA
Business Insider[19]16
Economist[20]19
Financial Times[21]19
U.S. MBA
Bloomberg Businessweek[22]17
Forbes[23]18
U.S. News & World Report[24]10
Vault[25]9
U.S. undergraduate
U.S. News & World Report[26]5

As of 2009, 2,305 students were enrolled in Stern's undergraduate program and 2,969 were enrolled in its Master of Business Administration (MBA) program. There are 202 full-time faculty and 74 adjunct professors. Stern offers a broad spectrum of academic programs at the graduate and undergraduate levels. The school is located on West 4th Street, occupying Shimkin and Tisch Halls and the Kaufman Management Center, on NYU's Washington Square campus. Stern offers academic majors in Marketing, Finance, Information Systems, Actuarial Science, Economic Policy, Economic Theory, Entertainment Media & Technology, Accounting (CPA and General) and others, as well as co-majors in International Business, Financial Systems, Sustainable Business, and a certificate program in Entertainment, Media and Technology. Stern also offers an Executive MBA program for experienced professionals and executives, a 22-month-long degree program which includes two global study tours as a part of the curriculum. The average age of executive MBA degree candidates is 27, and 45% of the students have at least one advanced degree in other areas.

The Kaufman Management Center, the graduate building of NYU Stern
The entrance to Tisch Hall, the undergraduate building of NYU Stern
Students walking through Gould Plaza in between classes

Students who attend the Stern School of Business are often called "Sternies."[27] In the spring break of the undergraduate junior year, all "Sternies" are invited to travel abroad as part of a core curriculum class, "International Study Program," which engages students to visit a non-U.S. company.

Stern also offers its own study abroad program IBEX (International Business Exchange Program). This program lasts one semester at many business schools around the world. Stern currently has multiple partner schools for this program in Singapore, Australia, China, Denmark, England, France, Hong Kong SAR, Italy, South Korea, Mexico, The Netherlands, Spain and Thailand.


Student life

Student investment organizations

In 2005, Stern launched the Student Social Venture Fund,[28] the first student-run venture philanthropy fund of its kind at a U.S. business school. In 2012, Professor James B. Rosenwald and his wife, Laura made a contribution to Stern for the Rosenwald Global Value Student Investment Fund. Every year, a tenth of the fund will be invested in one or more stocks based on recommendations made by the students in his Global Value Investing class.[29][30]

Secret societies

Founded in 1914, The Knights of the Lamp is the only secret society within the school, and only takes seniors from the Stern School of Business. It, along with the NYU College of Arts and Science's Red Dragon Society, are known for their selectivity and prestige among campus organizations.[31]

Rankings

As of March 2019, Stern's undergraduate program is ranked:

  • #4 Business School by Poets & Quants[32]
  • #5 Business School by U.S. News and World Report[33]
  • #9 Undergraduate Business School by Bloomberg[34]
  • #1 in Finance by the Academic Ranking of World Universities[35]
  • #2 in Finance by U.S. News and World Report[36]
  • #3 in Marketing by U.S. News and World Report[37]
  • #3 in International Business by U.S. News and World Report[38]
  • #6 in Quantitative Analysis by U.S. News and World Report[39]
  • #8 in Management by U.S. News and World Report[40]
  • #12 in Management Information Systems by U.S. News and World Report[41]
  • #12 in Entrepreneurship by U.S. News and World Report[42]

As of March 2017, Stern's MBA program is ranked:

  • #12 in the U.S. by U.S. News and World Report[43]
  • #3 Finance Program by U.S. News and World Report[44]
  • #3 in business research contribution among 100 business schools worldwide by the School of Management at the University of Texas at Dallas[45]
  • #12 in the U.S. and 19th worldwide by Financial Times[46]
  • #18 in the U.S. and 22nd worldwide by the Aspen Institute[47]
  • #11 worldwide by The Economist[48]
  • #12 in North America by the 2010 QS Global 200 Business Schools Report

As of August 2017, Stern's Executive MBA program is ranked:

  • #4 in the U.S. by U.S. News and World Report[49]

Stern's Langone MBA for Working Professionals is ranked #3 by U.S. News and World Report.[50]

Stern Undergraduate Program

The Stern Undergraduate Program is extremely selective. In 2019, the acceptance rate for the class of 2023 was 7.6%. As of 2020, the Finance and International Business programs are both ranked #2 nationally on U.S. News.[51][52] Transfer admission to Stern's undergraduate program is also highly selective, with a transfer acceptance rate of 2% in 2019.[53]

Business Concentrations

All undergraduate students from Stern, apart from BPE students, graduate with a Bachelor of Science in Business. Similar to the Wharton School, students choose to concentrate in specific fields of business study after their sophomore year. The two most popular concentrations are finance (with 76% of students pursuing this concentration) and accounting (with 26% of students pursuing this concentration). The 13 concentrations offered by Stern are: Accounting, Actuarial Science, Business Economics, Computing and Data Science, Econometrics and Quantitative Economics, Entrepreneurship (co-concentration only), Finance, Global Business (co-concentration only), Management, Marketing, Operations, Statistics, and Sustainable Business (co-concentration only).[54]

Business and Political Economy (BPE) Undergraduate Degree

In 2009, Stern launched its highly selective Business and Political Economy program (BPE). The program has a ~2% matriculation rate as of 2018. More than 850 students applied to the BPE program for the Class of 2015, and approximately 100 were accepted to yield an ultimate class size of ~50 students. Yield rates are >75%, although Stern does not yet publish official statistics for the BPE program. BPE students study the same business core curriculum as traditional Stern undergrads, however, they have additional specialized tracks including cores in Liberal Arts, Politics, Social Impact and Economics. Students attend their first year at Stern in New York City before spending one semester at NYU London and one semester at NYU Shanghai during their second year.[55] Students also have the option of spending a third semester abroad at one of NYU's other global locations. The Program's Director describes the BPE degree as "Stern and then some." Students graduate with a B.S. in Business & Political Economy; the inaugural class graduated in 2013.

Stern Graduate Program

Executive Programs

Stern offers three Global Executive Programs.

Stern Executive MBA program is a top ranked program for seasoned executives that is currently ranked 4th nationally by US News and World Reports.

  • Executive MBA: New York City
  • Executive MBA: Washington, D.C.
  • TRIUM Global Executive MBA Program is a joint program with the London School of Economics and the HEC Paris. The TRIUM program ranked is ranked #3 in the world by the Financial Times 2012 review of EMBA programs.[56]

Premier Master's Degree Programs

Master's Programs For Early Career Professionals

  • Master of Science in Accounting is a 1-year, full-time program that prepares students to sit for the New York CPA.
  • Master of Science in Data Analytics & Business Computing Program is a joint program with New York University Shanghai.
  • Master of Science in Quantitative Finance Program is a joint program with New York University Shanghai.

Master's Programs For Experienced Professionals

  • Master of Science in Global Finance is a joint program with the Hong Kong University of Science and Technology.[57]
  • Master of Science in Risk Management[58]
  • Master of Science in Business Analytics (MSBA).[59] As of 2019-2020, the MSBA program features a "blended" approach, by which students would spend much of their time studying remotely, and communicating with MSBA program professors and personnel online, thus saving the expense of having to move close to an NYU campus. The MSBA program also includes several one-week or two-week "modules", in which students attend classes in person at an NYU campus. The academic director of the MSBA program was Stern School professor Anindya Ghose, as of 2019-2020.

Admissions

Admissions decisions are handled by the school's parent institution, New York University, and are made on a holistic basis that considers academic record, standardized test scores, accomplishments outside of the classroom, recommendations, essays, and diversity.[60]

In 2019, the median combined verbal and math SAT score of incoming freshmen at the undergraduate level of Stern was 1492 and 77% ranked within the top 10% of their high school's graduating class.[61] In 2019, the undergraduate acceptance rate dropped to 7.6%.

The MBA program's admission rate is one of the lowest in the country at 15.7%. The admitted (full-time) MBA students' average Graduate Management Admission Test (GMAT) score was 720 with an undergraduate average GPA of 3.51.[62][63] The Stern School announced it will join the growing list of programs now accepting the Graduate Record Examinations (GRE) from MBA candidates applying beginning in 2010. Applicants will have the option to submit either GMAT or GRE scores with their application.[64]

Alumni and faculty
Main articles: List of NYU Stern people and List of New York University alumni

Stern's alumni include former Chair of the Federal Reserve of the United States, Alan Greenspan; former CEO and current Chairman of Nasdaq, Robert Greifeld; Iceland's "first billionaire", Thor Bjorgolfsson; former CEO and Chairman of MetLife, John J. Creedon; former CEO of Viacom, Thomas E. Dooley; CFO of Pfizer, Alan Levin; President of DC Comics, Paul Levitz; and the founding financier of The Home Depot, Kenneth Langone.[65][66] Current and former CEOs of Fortune 500 companies including American Express, Berggruen Institute, Griffon Corporation, Wynn Resorts, the New York Stock Exchange, Lehman Brothers, Lord Abbett, Barnes & Noble, W. R. Berkley Corporation, McKinsey & Company, Chase Manhattan Bank, and CBS are also Stern alumni.[67][68][69]

See also

References
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