| NYU Stern School of Business | |
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| Established: | 1900 |
| Type: | Private |
| Faculty: | 266 |
| Undergraduates: | 2,271 |
| Postgraduates: | 3,129 |
| Location: | New York City, New York, USA |
| Dean: | Thomas F. Cooley |
| Website: | www.stern.nyu.edu |
The Leonard N. Stern School of Business is New York University's (NYU) business school. It was named after Leonard N. Stern, an alumnus and benefactor of the school. The school was established in 1900 as the NYU School of Commerce, Accounts and Finance. The school is located on NYU's Greenwich Village campus next to the Courant Institute of Mathematical Sciences.
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About the School
The Stern School of Business is considered one of the most prestigious business schools in the world. The undergraduate program consistently rank as one of the top five undergraduate business schools by major business and educational publications. The graduate program frequently ranks in the top ten business schools in the country as well.
As of 2009, 2,305 students are enrolled in Stern's undergraduate program and 2,969 are enrolled in its Master of Business Administration 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 21 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 both Stern students and others from 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 foreign company and provide a comprehensive strategic recommendation at the end of the semester. Cultural learning experience is an integral part of the program as well. Recent destinations include: 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 some of the best business schools around the world. Stern currently has multiple partner schools for this program in: Singapore, Australia, China, Hong Kong, Denmark, England, France, Italy, Korea, Mexico, The Netherlands, Spain and Thailand.
Stern's undergraduate program is ranked:
- #5 by U.S. News and World Report (tied with University of North Carolina, Kenan-Flagler Business School)[1]
- #3 by BusinessWeek [2]
Stern's MBA program is considered among the top 10 programs in the country.
- #11 among 113 MBA programs in the U.S. by U.S. News and World Report [3]
- #10 among 100 MBA programs worldwide by Financial Times and 7th in the United States [4]
- #13 among 30 MBA programs in the U.S. by BusinessWeek Magazine [5]
- #8 among 100 MBA programs worldwide by The Economist, and 5th in the U.S. [6]
- #3 in business research contribution among 100 business schools worldwide by the School of Management at the University of Texas at Dallas [7]
Stern's part-time M.B.A. program is ranked #1 by U.S. News and World Report. [8]
Global Executive Programs: NYU Stern offers four Global Executive Programs.
1. TRIUM Global Executive MBA Program is a joint program with the London School of Economics and the HEC School of Management, Paris. The TRIUM program ranked is ranked #3 in the world by the Financial Times 2008 review of EMBA programs. [9]
2. Master of Science in Global Finance is a joint program with the Hong Kong University of Science and Technology.
3. Executive Master of Science in Risk Management is a joint program with the Amsterdam Institute of Finance.
4. Executive MBA in Banking and Financial Institutions Management is a joint program with the Swiss Finance Institute.
Stern also boasts an impressive recruiting history, with exposure to all bulge-bracket investment banks, major hedge funds, investment management firms, consulting firms, and marketing companies.
History
The School was founded by Charles Waldo Haskins in 1900 as the NYU 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. The School awarded its first Doctor of Commercial Sciences degree in 1928.
By 1945, 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 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 gernerous $30 million gift from the school's alumnus Leonard N. Stern (BS, 1957; MBA, 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, today known as "Kaufman Management Center" was inaugurated.
In 1998, a $10 million gift from Dr. 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 part-time MBA program is renamed the Langone program in his honor. Celebrating its 100th birthday in the year 2000, NYU 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.
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.
Student life
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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 Stern Tisch Entertainment Business Association, Beta Alpha Psi, The Finance Society, and the Stern Business & Law society. Stern students do participate in NYU's MAP core, and close to half their courses are taken in the College of Arts and Science.[citation needed]
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. The community comprises a diverse group of students and faculty that come from a variety of backgrounds, are driven and seek to achieve success yet not at the expense of a fellow student or faculty member.[citation needed]
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.[citation needed]
Deflating "Stern Curve"
NYU Stern business school is also well-known for its deflating "Stern Curve" applied to all core courses and some advanced electives. For Stern students / non-Stern students taking Stern courses, about 25% of the students in each class may get As, about 40% may get Bs, and the rest gets Cs or lower. This result in a graduating Stern class of a B average every semester, which is the lowest among the rest of the NYU schools and business schools in the United States.[10]
Admissions
Admission to Stern is highly selective. According to Business Week [11], 7,281 people applied for admission at the Undergraduate College for the 2006-2007 academic year and 18% were admitted. In 2007-2008 the average SAT Score of incoming freshmen at the Undergraduate level of Stern was 1438 (30% scored greater than 1500) and the average GPA was about 3.8. [12]. The internal and external acceptance rate is about 15% and has remained steady through the years. All Stern admissions are holistic.[13][14]
The MBA school's admission rate is one of the lowest in the country at 14%. The incoming (full-time) MBA Student's average Graduate Management Admission Test (GMAT) score was 708 with an average GPA of 3.4. [15][16]
Stern's biggest competitors for cross admits include the Columbia Business School, the MIT Sloan School of Management, Wharton School of Business (University of Pennsylvania), Ross School of Business (University of Michigan), Kellogg School of Management (Northwestern University),
Alumni and Faculty
Notable Student Events
- Every year, as part of Stern's International Studies Program--funded by alum Edward Barr and his wife Nancy--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 2008 trip included Buenos Aires, Argentina, Berlin, Germany, and Hong Kong, China. For the Spring 2009 trip, Berlin has been replaced with Budapest, Hungary. Prior locations include Santiago, Chile, Tokyo, Japan, and Seoul, South Korea. 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.[citation needed]
- On April 6, 2006, Thomas Friedman of New York Times gave a lecture to Stern students and alumni on his perspective about globalization. The lecture can be viewed on MIT OpenCourseWare, where he presented the same material to MIT students in May 16, 2005.[citation needed]
See also
External links
- Stern School of Business - official website
- TRIUM Global Executive MBA - partnership between NYU Stern, London School of Economics and HEC School of Management
- Master of Science in Global Finance - partnership between NYU Stern and Hong Kong University of Science and Technology
- Executive Master of Science in Risk Management - partnership between NYU Stern and Amsterdam Institute of Finance
- Executive MBA in Banking and Financial Institutions Management - partnership between NYU Stern and Swiss Finance Institute
- NYU Stern on Finance - Understanding the Financial Crisis (follow link to blog run by NYU Stern faculty members)
- STERN Business - online magazine
References
- ^ http://www.usnews.com/usnews/edu/college/rankings/premium/topprogs.php
- ^ http://bwnt.businessweek.com/bschools/undergraduate/06rankings/
- ^ http://www.usnews.com/usnews/edu/grad/rankings/mba/brief/mbarank_brief.php/
- ^ http://www.ft.com/businesseducation/mba
- ^ http://www.businessweek.com/bschools/04/index.html#top30/
- ^ http://mba.eiu.com/index.asp?layout=2002rankings&rank_category_id=20000002®ion_id=280000428&x=24&y=10/
- ^ http://citm.utdallas.edu/utdrankings/RankingWorldwide.aspx/
- ^ http://www.usnews.com/usnews/edu/grad/rankings/mba/brief/mbasp12_brf.php/
- ^ http://rankings.ft.com/emba-rankings/#3
- ^ http://www.nyunews.com/opinion/flexibility-in-stern-curve-is-more-fair-1.637143
- ^ http://www.businessweek.com/bschools/07/undergrad/profiles/stern1.htm
- ^ http://w4.stern.nyu.edu/aboutstern/
- ^ http://www.accepted.com/chat/transcripts/2002/mba12032002.aspx
- ^ http://nyu.infopop.cc/eve/forums/a/tpc/f/4934033161/m/3931028735
- ^ http://w4.stern.nyu.edu/admissions/fulltime/exceptionalstudents.cfm?doc_id=395
- ^ http://www.accepted.com/zones/NYUStern.aspx
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