Stern School of Business
Categories: New York University units | Business schools
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.
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About the School
Students who attend the Stern School of Business are sometimes called "Sternies," a nickname used both by 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.
The undergraduate program is consistently ranked among the top 5, (#2 in Finance and International Business), Stern's MBA program among the top 15 programs in the country (# 13 U.S. News,# 9 Financial Times 2005, # 13 Business Week, #8 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, 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 matriculate, 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 Managemnet 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 clubs open only to Stern students, as well as its own Student Council. Some of these clubs include: the Investment Analysis Group, Alpha Kappa Psi, Beta Alpha Psi, the Business & Politics Group, the Management Consulting Group, Arbitrage Analysis, Stern Business & Law society, and the Stern Tisch Entertainment Business Association. As a result of Stern-only social & networking events, and little interaction with students of other NYU schools, many Stern students stay among themselves. This isolation has led to some resentment on the part of the general NYU student body.
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.
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 noteable exception of the Tisch School of the Arts. The true figure is unknown, as all NYU students apply for admission through NYU, not directly to the school they wish to attend, but estimates put it at just under 20%. The MBA school's admission rate is also low, listed at 22.4% for 2004-2005. In 2004, the average SAT Score of incoming freshmen at the Undergraduate College was 1412, the average GPA was 3.74. The incoming (full-time) MBA Student`s average GMAT score was 700 with an average GPA of 3.4. Unconfirmed reports for 2005-2006 include information that average SAT scores for the early decision pool reached 1430. Stern's biggest competitors for cross admits include the Wharton School of Business (University of Pennsylvania), the Sloan School of Management (MIT), the Ross School of Business (University of Michigan) and, in general, the Ivy League schools.
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
External links