The Leonard N. Stern School of Business (also NYU Stern, Stern School of Business, or simply Stern) is the business school of New York University, a privateresearch university based in New York City. Founded as the School of Commerce, Accounts and Finance in 1900, the school received its current name in 1988.
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% of the total enrollment.[citation needed]
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.[9] 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[10] first dean was appointed in 1921.[11][failed verification]
By 1945, the school's enrollment was over 10,000 with graduates hailing from 36 countries and 48 states. In the 1960s, international business courses were introduced. The New York University, Graduate School of Business Administration, C.J. Devine Institute of Finance (1959–1966) published Finance and Investment bulletins related to International finance. The school awarded its first Doctor of Commercial Sciences degree in 1970.[citation needed]
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 in a similar style as Bobst Library and Meyer Hall, opened at 40 West Fourth Street to house the undergraduate college.[citation needed]
Stern's donation
In 1988, a $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, now known as Kaufman Management Center, was inaugurated.[citation needed]
In 1998, a $10 million gift from Henry Kaufman (PhD 1958) supported an expansion and upgrading of Stern's facilities. 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.[citation needed]
Peter Blair Henry became dean of the school in January 2010.[12] 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.[13] This project was fully funded by donors, alumni and corporate partners.[14]
As of October 2022, 2,865 students were enrolled in Stern's undergraduate program and 2,735 were enrolled in its Master of Business Administration (MBA) program.[16] There are[when?] 455 faculty, which includes tenured, tenure-track, clinical, visiting and adjunct faculty. Stern offers a 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.[citation needed]
The Kaufman Management Center, the graduate building of NYU SternThe entrance to Tisch Hall, the undergraduate building of NYU SternStudents walking through Gould Plaza in between classes
Students who attend the Stern School of Business are often called "Sternies".[17]
Stern offers a study abroad program, IBEX (International Business Exchange Program).[18] 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.[19]
Student life
Graduate school investment organizations
In 2005, Stern launched the Student Social Venture Fund,[20] 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.[21][22]
Stern offers three undergraduate degree programs: a Bachelor of Science in Business, in Business and Political Economy (BPE), or in Business, Technology, and Entrepreneurship (BTE). Applicants are required to apply directly to each program, and all programs are extremely selective.[43] Stern's overall acceptance rate for the class of 2027 was less than 5%.[44] In 2023, the Business, Technology, and Entrepreneurship (BTE) program received over 5,000 applications for its 50 available spots, resulting in an acceptance rate of less than 2%.[45] Current BS in Business students also have the option to apply to two dual-degree programs: a BS/MS in Accounting or a BS in Business/BFA in Film and Television from the Tisch School of Arts.[46] Transfer admission to Stern's undergraduate program is also highly selective, with a transfer acceptance rate of 2% in 2019.[47]
In 2020, the finance and international business programs were both ranked #2 nationally by U.S. News & World Report.[48][49] Additionally, Stern undergraduate students from the Class of 2020 reported an average starting salary of $90,915.[16]
In 2023, Stern announced its partnership with NYU Abu Dhabi to launch a one-year full-time MBA Program in the UAE. This program will give students the opportunity to build future careers in the MENA region, with educational modules in both Abu Dhabi and New York. Stern at NYUAD is scheduled to welcome its inaugural class in January 2025.[57][58]
Admissions
Undergraduate
Prospective Stern undergraduate candidates apply in their senior year of high school either through the Early Decision I (EDI), Early Decision II (EDII), or Regular Decision (RD) process. Unlike many other undergraduate business programs where students transfer in after their first or second year, Stern applicants apply specifically for Stern during their senior year of high school. These candidates are then grouped with a pool of applicants separate from those applying to the New York University’s other colleges, such as the College of Arts and Sciences (CAS), Tisch School of Arts, and Tandon School of Engineering.[59]
At the time of applying, prospective students must also indicate their program of choice: BTE, BPE, or BS in Business. Their applications are then sorted and uniquely evaluated based on the chosen program. Those applying for the BTE and BPE programs can opt for BS in Business program as a secondary choice should their initial applications be rejected.[43]
Admissions decisions are made on a holistic basis that considers academic record, standardized test scores, accomplishments outside of the classroom, recommendations, essays, and diversity.[61] In 2023, the median combined verbal and math SAT score of incoming freshmen at the undergraduate level of Stern was 1550 and 95% ranked within the top 10% of their high school's graduating class.[62]
Graduate
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.[63][64] The Stern School announced it would join the programs accepting the Graduate Record Examinations (GRE) from MBA candidates applying beginning in 2010. Applicants were to have the option to submit either GMAT or GRE scores with their application.[65]
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