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[38]
  • #8 in Management by U.S. News and World Report[38]
  • #12 in Management Information Systems by U.S. News and World Report[38]
  • #12 in Entrepreneurship by U.S. News and World Report[38]

As of December 2020, Stern's MBA program is ranked:

  • #10 in the U.S. by U.S. News and World Report[39]
  • #3 Finance Program by U.S. News and World Report[40]
  • #13 in the U.S. and 22nd worldwide by Financial Times[41]
  • #17 worldwide by The Economist[42]

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

  • #4 in the U.S. by U.S. News and World Report[43]

Stern's Langone MBA for Working Professionals is ranked #3 by U.S. News and World Report.[44]

Undergraduate programs

All undergraduate students from Stern, apart from Business and Political Economy (BPE) students, graduate with a Bachelor of Science in Business. The programs are all extremely selective. In 2019, the acceptance rate for the class of 2023 was 7.6%. In 2020, the Finance and International Business programs were both ranked #2 nationally by U.S. News & World Report.[45][46] Transfer admission to Stern's undergraduate program is also highly selective, with a transfer acceptance rate of 2% in 2019.[47]

Graduate programs

Stern offers the Master of Business Administration (MBA) for full-time students and executive programs for working professionals. It also offers Master of Science (MS) degrees; one is intended to prepare students to become Certified Public Accountants, two are collaborations with New York University Shanghai, and one is a collaboration with the Hong Kong University of Science and Technology.

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.[48]

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.[49] 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.[50][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.[52]

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.[53][54] 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.[55][56][57]

See also

References
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  2. "Gould Plaza". MEET NYU. Retrieved 2020-04-19.
  3. "Best Business Schools 2019-20". bloomberg.com. Retrieved 2020-04-17.
  4. Shi, Madeline. "These are the top 10 colleges if you want to land a job on Wall Street". Business Insider. Retrieved 2020-04-17.
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  6. "Thor Bjorgolfsson". Forbes. Retrieved 2020-04-21.
  7. Friedman, Benjamin M. (2008-03-20). "Chairman Greenspan's Legacy". New York Review of Books. ISSN 0028-7504. Retrieved 2020-04-21.
  8. "NYU Stern Celebrates its Haskins Giving Society and Honors Nicolas Berggruen, BS '81 - NYU Stern". www.stern.nyu.edu. Retrieved 2020-04-21.
  9. Abelson, Reed (2000-02-19). "Walter Frank, 91, Ex-Chairman of the Big Board". The New York Times. ISSN 0362-4331. Retrieved 2020-04-21.
  10. "W R Berkley Corp - Company Profile and News". www.bloomberg.com. Retrieved 2020-04-21.
  11. "In 1916, the School of Commerce's Wall Street branch became the home of New York University's Graduate School of Business Administration (GBA)." Daniel E Diamond (1995). Contemporary Challenges: American Business in a Global Economy. ISBN 081471868X.
  12. Stumpf, Stephen A. (1979). Student Evaluations of NYU/GBA Courses and Faculty.
  13. "About Stern - Timeline of NYU Stern's History". 1921, Archibald Wellington Taylor.. first Dean of the Graduate School of Business Administration (GBA).
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  19. "The 50 best business schools in the world 2015". Business Insider. Retrieved September 25, 2019.
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