Stern School of Business

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. It is considered to be one of the top business schools in the United States. The school is located on NYU's Greenwich Village campus.

About the School

The Stern School of Business is considered to be the top undergraduate business school in the world's financial capital, and one of the top five undergraduate business schools in the country. This is exemplified by the fact that its core curriculum is extremely rigorous and unparalled in size and scope. It is said that some of the most successful business executives in the United States have graduated from Stern. An annual survey by Standard & Poor's consistently ranks Stern, Harvard and Yale as the three schools with the highest number of alumni in senior executive positions in America's largest corporations.

As of 2004, 2,288 students are enrolled in Stern's undergraduate program and 2,467 are enrolled in its Master of Business Administration program. There are 206 full-time faculty and 59 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. Possible majors include Marketing, Finance, Actuarial Science, Economic Policy, Economic Theory, Accounting (CPA and General) and others, as well as a host of co-majors such as International Business, Information Systems, Financial Systems, and a certificate program in Entertaiment, Media and Technology.

Students who attend the Stern School of Business are sometimes called "Sternies," a nickname used by both Stern students and those from other NYU schools. In the spring break of the undergraduate junior year, all Sternies travel abroad as part of the "International Study Project." During this time, students take part in projects emphasizing global business and a better understanding of another part of the world. Recent locations include: Sweden, Chile, Japan, South Korea, Germany, and Mexico.

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. Currently Stern has multiple partner schools for this program in: Singapore, Australia, Hong Kong, Denmark, England, France, Italy, Korea, Mexico, The Netherlands, Spain and Thailand.

The undergraduate program is consistently ranked among the top 5 by U.S. News (#2 in Finance and International Business) and #7 by BusinessWeek. Stern's MBA program is among the top 15 programs in the country (# 13 U.S. News,# 7 Financial Times 2006, # 13 Business Week, #7 Economist, # 3 by research contribution), Stern`s part-time M.B.A. program is ranked #1 by U.S. News. (Note that rankings are often highly disputed - see College and university rankings). Stern also boasts an impressive recruiting history, with exposure to nearly all the bulge-bracket investment banks, major hedge funds, consulting firms, and graduate schools.

History

The School was founded in 1900 as the NYU Undergraduate School of Commerce, Accounts and Finance on the University's Washington Square campus. In the same year, the first women matriculated, beginning a long tradition of inclusiveness. In 1913 Jeanette Hamill, J.D., M.A., joined the School's Economics department, becoming its first female faculty member. In 1936, women comprise 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" serves 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 nearly all (then-) 48 states. In the 1960s, International business courses were introduced and became an important focus of the School's curricula. 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 landmark $30 million gift from 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 generous $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 founder 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.

Student life

Life at Stern as an undergraduate is somewhat different from life at the other NYU schools, as Stern is almost a separate entity from the rest of NYU. Although many Sternies participate in All-Square (all university) clubs, Stern has its own Inter-Club Council that administers various 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 Stern Tisch Entertainment Business Association, Stern Focused Business Leadership Association, the Investment Analysis Group, Alpha Kappa Psi, Beta Alpha Psi, the Business & Politics Group, the Management Consulting Group, Arbitrage Analysis, Stern Economics 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.

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 MBA school also has its own governing student body, the Stern Student Corporation. Rumors of cut-throat competition and back-stabbing are always afloat at Stern. One reason for this might be the infamous Stern curve, a bell curve grading system enacted by the school to avoid grade inflation. However, most Stern students are jovial and friendly and are required to cooperate by the school`s team assignment classwork system.

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.

Admissions

Admission to Stern is very competitive. It is generally known that the admission rate at Stern is lower than almost every other NYU undergraduate school, with the notable exception of the Tisch School of the Arts. According to BusinessWeek, 5,587 people applied for admission at the Undergraduate College for the 2005-2006 academic year and 22.6% were admitted. Of this 22.6%, 38% matriculated. The overall NYU admission and yield rate for '05-'06 was 29.6% and 36.3%, respectively. In 2005-2006 the average SAT Score of incoming freshmen at the Undergraduate College was 1422 and the average GPA was 3.77 ^*.

The MBA school's admission rate is also low, listed at 22.4% for 2004-2005. The incoming (full-time) MBA Student`s average GMAT score was 699 with an average GPA of 3.4.

Stern's biggest competitors for cross admits include the Wharton School of Business (University of Pennsylvania), the Sloan School of Management (Massachusetts Institute of Technology), Marshall School of Business (University of Southern California), Ross School of Business (University of Michigan), and Haas School of Business (University of California, Berkeley).

Alumni and Faculty

NYU Stern boasts a long list of notable alumni, see List of NYU Stern People See also List of New York University People

Notable Student Events

Every year undergraduate junior students go on spring break to another country to study business practice as part of Stern's "Global Business Experience". The trip is completely subsidized by Stern. Locations for 2005-2006 included Santiago, Chile, Berlin, Germany and Seoul, South Korea
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 uploaded from MIT OpenCourseWare, where he presented the same material to MIT students in May 16 2005 (and it is free).

External links

Business schools in the United States | New York University units

Stern School of Business | Stern School of Business