The Leonard N. Stern School of Business (commonly known as The Stern School or Stern), is New York University's business school. Established as the School of Commerce, Accounts and Finance in 1900, Stern is one of the oldest and most prestigious business schools in the world. It is also a founding member of the Association to Advance Collegiate Schools of Business. In 1988, it was named in honor of Leonard N. Stern, an alumnus and benefactor of the school.
The Wall Street Journal, Bloomberg Businessweek, and the Financial Times have consistently ranked Stern among the world's top institutions for undergraduate and graduate business education. Its undergraduate program has been ranked 5th in the United States by U.S. News & World Report for the 2012-2013 year. Many of the school's graduates go on to corporate finance careers on Wall Street and elsewhere.
The school is located on NYU's Greenwich Village campus next to the Courant Institute of Mathematical Sciences.
History
The Stern School was founded by Charles Waldo Haskins 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. The graduate business program was launched in New York's downtown business district in 1916. The School's "Wall Street Division" served both full-time and currently employed students.
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, C.J. Devine Institute of Finance (1959â€"1966), Graduate School of Business published many key Finance and Investment bulletins related to International finance. The NYU C.J. Devine Institute of Finance was named after benefactor Christopher J. Devine from 1959 to 1966. Devine was founder of C.J. Devine & Co. the largest dealer in U.S. Government Securities from 1933, until his death in May 1963.
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. In 1988, a $30 million gift from the School's alumnus Leonard N. Stern (B.S. 1957; MBA, 1959) allowed 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, today 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 Stern'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.
In 2010, the 84,500-square-foot (7,850Â m2) renovation of the three Stern School of Business buildings, known as the Stern Concourse Project, was completed. This project was fully funded by donors, alumni and corporate partners.
NYU Stern Westchester offers its Langone MBA for Working Professionals in Purchase, New York, at SUNY Purchase.
Academics
As of 2009, 2,305 students are enrolled in Stern's undergraduate program and 2,969 are 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, 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 38, and 45% of the students have at least one advanced degree in other areas.
Students who attend the Stern School of Business are often called "Sternies," a nickname used by students in the NYU community. 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. Cultural learning experience is an integral part of the program as well. Recent destinations include: Singapore, Sweden, Hungary, Argentina, Chile, Japan, South Korea, Germany, Mexico, and Hong Kong.
Stern also offers its own study abroad program IBEX (International Business Exchange Program). This program lasts one semester at many of the top 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.
Rankings
Both the undergraduate and graduate programs are consistently ranked among the top schools in the U.S. and worldwide by leading business and education publications.
As of March 2011, Stern's undergraduate program is ranked:
- #5 by U.S. News and World Report
- #12 by BusinessWeek
Stern Undergraduate Program
The Stern Undergraduate Program is extremely selective: it boasts Finance and International Business programs that are both ranked #2 nationally on U.S. News. Additionally, New York University's Stern School is ranked as #5 in the Best Undergraduate Business Rankings.
Stern's strongest field is Finance, and U.S. News ranked it #2 in the countryâ€" after the Wharton School of Business.
In other fields, the Stern Undergraduate Program is ranked:
- #9 in Accounting
- #6 in Insurance
- #2 in International Business
- #5 in Management Sciences
- #5 in Marketing
- #7 in Quantitative Analysis (with the Courant School of Mathematics)
- #7 in Real Estate Management
In most fields, NYU Stern has ranked consistently in the top 10 list.
University of Texas at Dallas ranks NYU Stern as one of the top ten best business schools in the world.
- Business and Political Economy (BPE) Undergraduate Degree
In 2009, Stern launched its selective Business and Political Economy program (BPE). The program has a ~6% matriculation rate. 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, their second year at NYU London, and first semester junior year at one of Asia's rapidly developing economies (currently Shanghai) or in Washington, D.C. BPE students return to Stern NYU for the remaining year and a half. The Program's Director describes the BPE degree as "Stern and then some". Students graduate with a B.S. in Business & Political Economy with the inaugural class of 2013.
Stern Graduate Program
Stern's MBA program is ranked:
- #10 in the U.S. by U.S. News and World Report
- #3 in business research contribution among 100 business schools worldwide by the School of Management at the University of Texas at Dallas
- #12 in the U.S. and 19th worldwide by Financial Times
- #18 in the U.S. and 22nd worldwide by the Aspen Institute
- #7th worldwide by The Economist
- #12 in North America by the 2010 QS Global 200 Business Schools Report
Stern's Langone MBA for Working Professionals is ranked #4 by U.S. News and World Report.
Global Executive Programs
Stern offers four Global Executive Programs.
- 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.
- Master of Science in Global Finance is a joint program with the Hong Kong University of Science and Technology.
- Master of Science in Risk Management
- Master of Science in Business Analytics
Admissions
Admission to the Stern School of Business undergraduate program is highly selective. Admissions decisions are made on a holistic basis that considers academic record, standardized test scores, accomplishments outside of the classroom, recommendations, essays, and diversity.
According to BusinessWeek, 7541 people applied for admission to the undergraduate program for the 2012-2013 academic year and 19% were admitted. In 2012-2013, the average combined verbal and math SAT score of incoming freshmen at the undergraduate level of Stern was 1444 and 54% of students had a high school GPA over 3.75. Applicants who are not British or American nationals are required to take the TOEFL.
Over 76% of the Stern population are within the top 10% of their high school graduating class. The internal and external transfer acceptance rate is about 12% and has remained steady through the years.
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. 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.
Noted people
Student life
Although many "Sternies" participate in All-Square (all university) clubs, Stern has its own Inter-Club Council that administers various clubs geared specifically toward Stern students (though many of these are open to the entire University), as well as its own Student Council. Some of these clubs include: the International Business Association, the Investment Analysis Group, The Marketing Society, the Stern Tisch Entertainment Business Association, Beta Alpha Psi, The Finance Society, the Entrepreneurial Exchange Group, Pride Corp, the Economic Honors Society, and the Stern Business & Law society. There is also an independent student-run comic strip called Stern Ink. that satirizes life at business school. In 2014, Stern held its first ever Stern Art Gallery, a one day event dedicated to showcasing the artistic talent among Stern students. Stern students do participate in NYU's MAP core, and close to half their courses are taken in the College of Arts and Science, depending on prior credits achieved, such as certain scores on Advanced Placement ("AP") exams..
MBA Students also administer their own clubs, and have an even greater variety than the Undergraduate School, with clubs ranging from professional ethnic associations to specific career-oriented clubs such as the Private Equity Group, and even sports clubs like the popular Stern Soccer Club. The school also has its own governing student body, the Stern Student Corporation. Stern is known for the strength of its community, which can be described as down-to-earth, collaborative and supportive. One of the more popular clubs at NYU Stern is the NYU Entrepreneurs Club ("NYU EEX"), which hosts annual conferences featuring keynote speakers such as best-selling business author Seth Godin and Vault.com Founder Sam Hamadeh at the 2011 Conference.
All Stern undergraduate students are required to study one week overseas through the school's International Studies Program. Stern is the only undergraduate business college to incorporate and fund an overseas trip for all students as part of the business degree curriculum. Gulamhusein Club; has now become very popular with rising admissions by the day. Now holding an average of 25 people over the course of a two tern period.
- Notable student events and programs
- Every year, as part of Stern's International Studies Programâ€"funded by alumnus Edward Barr and his wife Nancyâ€"undergraduate junior students take a set of two courses about international economics and business practices. Students choose the second course in the series based on their preferences for which country (chosen from a field of three in South America, Europe, and Asia) they would like to study. During Spring Break, the entire junior class and many faculty members travel these countries to experience the culture and visit a company based there. Locations for Spring 2007 trip included Santiago, Chile, Berlin, Germany, and Seoul, South Korea. Locations for Spring 2008 trip included Buenos Aires, Argentina, Berlin, Germany, and Hong Kong, China. Locations for Spring 2009 trip included Buenos Aires, Argentina, Berlin, Germany, and Hong Kong, China. Locations for Spring 2009 trip included Buenos Aires, Argentina, Berlin, Germany, and Singapore, Singapore. Locations for Spring 2010 trip included Buenos Aires, Argentina, Budapest, Hungary, and Singapore, Singapore. For the Spring 2011 trip, Budapest has been replaced with Barcelona, Spain. For the 2012 trip, Buenos Aires, Argentina was replaced with Santiago, Chile. For the 2013 trip, Singapore, Singapore has been replaced with Ho Chi Minh City, Vietnam. Prior locations include Santiago, Chile, Tokyo, Japan, and Seoul, South Korea, and Budapest, Hungary. Companies studied include Hyundai, Maersk, Deutsche Bahn, Hutchison Port Holdings, Cathay Pacific, LAN Airlines, the Hong Kong Stock Exchange, Doosan, Arcor, and the Dainippon Chemical Company. In addition to visiting these companies, students have the opportunity to engage in various cultural activities and have many opportunities to experience the nightlife in their chosen city.
- In 2005, Stern launched the Student Social Venture Fund Student Social Venture Fund, 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.
See also
- List of business schools in the United States
- List of United States business school rankings
- Stern Global Programs
- NYU Stern Center for Business and Human Rights
References
External links
- Official website
- Stern MBA Admissions
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