The New York University Leonard N. Stern School of Business (commonly known as The Stern School or Stern) is a business school in New York University. It is also a founding member of the Association to Advance Collegiate Schools of Business. It was established as the School of Commerce, Accounts and Finance in 1900, the school changed its name in 1988 in honor of Leonard N. Stern, an alumnus and benefactor of the school. One of the most prestigious business schools in the world, it is also one of the oldest. The school is located on NYU's Greenwich Village campus next to the Courant Institute of Mathematical Sciences. Its alumni include some of the wealthiest in the world, as well as top business leaders and executives.
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. 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 27, 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." 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 2017, Stern's undergraduate program is ranked:
- #5 Business School by U.S. News and World Report
- #2 Undergraduate Finance Program by U.S. News and World Report
- #2 Global Business Program by U.S. News and World Report
- #9 Undergraduate Business School by Bloomberg
As of March 2017, Stern's MBA program is ranked:
- #12 in the U.S. by U.S. News and World Report
- #3 Finance Program 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
- #11 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 #3 by U.S. News and World Report.
Stern Undergraduate Program
The Stern Undergraduate Program is extremely selective. In 2016 the acceptance rate of Stern was 12% filling 570 spots from an applicant pool of 11,596. Stern boasts Finance and International Business programs that are both ranked #2 nationally on U.S. News.
University of Texas at Dallas ranks NYU Stern as one of the top ten best business schools in the world.
- Social Impact Core
The Social Impact curriculum is a four-course sequence beginning freshman year with a Business and its Publics course, which combines lectures with small group discussion sections to introduce students to the interconnections between business, society, markets, politics, art, culture, and life. Sophomores complete Organizational Communications and Its Social Context, studying social processes of influence and persuasion, and how to most effectively communicate their own verbal and written messages to different audiences. Juniors take Law, Business, & Society, which examines the role of law and commerce in shaping and governing business. Seniors finish the social impact sequence with a course focusing on professional responsibility.
- Business Concentrations
All undergraduate students from Stern graduate with a bachelor's degree of Science in Business. Similar to the Wharton School, students chose to concentrate in specific fields of business study after their sophomore year. The two most popular concentrations are finance (with 76% of students pursing this concentration) and accounting (with 26% of students pursing this concentration). The eleven concentrations offered by Stern are: Accounting, Actuarial Science,Business Economics, Economic Theory, Finance, Global Business (co-concentration only), Information Systems, Management and Organizations, Marketing, Operations, and Statistics.
- 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
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
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, 10,854 people applied for admission to the undergraduate program for the 2015-2016 academic year and 12% were admitted, the admissions yield was also at 42%. In 2014-2015, the average combined verbal and math SAT score of incoming freshmen at the undergraduate level of Stern was 1467 and 54% of students had a high school GPA over 3.9.
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
- In 2005, Stern launched the 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