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NYU STERN SCHOOL OF BUSINESS

AnnualReport 2010NYU Stern School of BusinessAboutNYU’sSternSchoolofBusinessOne of the world’s premier management education institutions, NYU’s SternSchool of Business is a collaborative community of energized and entrepreneurialindividuals. Located in the heart of New York City, the school benefits from its multitude of intellectual, commercial, cultural, and human resources. Stern students,alumni, faculty, and staff members are passionate about their school, and thereis a never-ending discussion of how to continuously improve, push forward thestate of the art, and clearly demonstrate to the outside world the school’s myriadstrengths and differentiating factors.AcompletelistoftheNYUschoolsincludes:Arts and ScienceCollege of DentistryCollege of NursingCourant Institute ofMathematical SciencesIn some ways, the school’s story is analogous to that of its benefactor and namesake Leonard N. Stern, the billionaire son of the German immigrant founder ofthe Hartz Mountain Pet Company. The Stern School’s roots trace back to NYU’sSchool of Commerce, Accounts and Finance, which was founded in 1900 and followed shortly thereafter by the graduate program, which was founded in 1916and based in downtown Manhattan. The “Wall Street Division” of the school wasin close proximity to the many financial institutions whose past, present and future employees made up a large component of the student body – a connectionthat significantly influenced the school’s focus and culture, supporting its longtime distinction as a “finance school.” In 1992, following a 30 million landmark giftfrom Stern, the launching of an innovative and diverse new core curriculum, andthe design and construction of a state-of-the-art facility, the undergraduate andgraduate programs were consolidated at NYU’s Washington Square campus andthe MBA program’s rankings and reputation ascended to an all-time high.Gallatin School ofIndividualized StudyNow named consistently among the top 10 or 15 schools worldwide by all theprominent compilers of MBA program rankings, and recognized across its variousdisciplines, Stern offers a number of MBA degree alternatives. Stern’s full-time MBAprogram, #1 ranked Langone part-time program, multiple Executive MBA options,and broad-based Ph.D program all reflect the school’s first-rate faculty, its superiorresearch expertise, its impressive network of corporate relationships, and its activeand committed alumni. Across all of its various programs, Stern lives and breathesits commitment to being “a progressive, forward-looking, merit-based institution,deeply committed to diversity, opportunity, innovation and excellence.”School of Continuingand Professional StudiesNYUProgramsStern’s Graduate School of Business is one of many prestigious NYU programs, allof which have benefitted in recent decades from New York City’s soaring popularity as a venue to live, work, and visit. The brightest stars in the constellation of NYUprograms include the consistently top five-ranked law school, the Wagner School ofPublic Service, the Tisch School of the Arts, and the Courant Institute of Mathematical Sciences. These and other programs at NYU boast world-class faculties, facilities,and resources, and benefit greatly from their vibrant New York City locations.01Institute of Fine ArtsInstitute for the Studyof the Ancient WorldLeonard N. Stern School of BusinessNYU Abu DhabiPolytechnic Institute of NYURobert F. Wagner Graduate Schoolof Public ServiceSchool of LawSchool of MedicineSilver School of Social WorkThe Steinhardt School ofCulture, Education, andHuman DevelopmentTisch School of the ArtsA B O U TN Y US t e r n

AnnualReport 2010NYU Stern School of BusinessTheSternSchoolofBusinessStern is widely known as one of two world-class business schools in New YorkCity, but often considered more specialized in finance and known to be “scrappier”than Columbia Business School, its uptown, Ivy League counterpart. After 15 yearsof focused commitment to rounding out and strengthening its MBA program tomatch its Henry Kaufman Management Center facility and powerhouse researchfaculty, Stern continues to push forward with new and continuing initiatives. Therecently announced Concourse Project, aimed at tying the entire business schoolcomplex together into one state-of-the-art facility, is a good example. Amongthe many notable aspects of the Stern program are its internationalism andentrepreneurialism, the diversity of its incoming classes, its strong connection tothe New York City community, the close-knit and cooperative spirit of its studentbody, its many institutional partnerships and alliances, and its strong alumni andcorporate recruitment networks.The multiple MBA options offered by the Stern School – full-time, part-time,various EMBA programs – ensure that the student body is both broad and deepin terms of its collective work experience, diversity, and post-MBA goals andaspirations. Consistent with this approach, Stern offers one of the most extensivelists of elective courses of any business school. The Stern experience is alsoenhanced by MBA students’ ability to earn joint degrees or take classes in otherNYU graduate programs, for example, in pursuit of the JD/MBA degree or classesin Health Care Administration at the Wagner School of Public Service. Furthermore,the extensive list of adjunct faculty, visiting scholars, and executives-in-residencewho complement the faculty of the various departments brings experienced andinsightful practitioners into the community.The Stern faculty and administration are agile and responsive, as evidenced by thethought leadership provided during the current global financial crisis; by the firstquarter of 2009, a major collaborative effort by 33 faculty members had resultedin 18 broadly distributed policy “white papers” and a published book on thefinancial crisis, as well as a course offered by the white paper authors (which wasoversubscribed in a few hours when offered for registration). A major event relatedto the book, held for alumni and the media and leveraging Stern’s relationshipsto panelists the likes of Paul Volcker and Myron Scholes, is now being extendedinto a series of discussions and lectures. As Dean Thomas Cooley—who will bereplaced by Stanford economics professor Peter Blair Henry in January 2010 —notes regarding Stern:“Stern is widely known as one oftwo world-class business schools inNew York City, but often consideredmore specialized in finance andknown to be ‘scrappier’ thanColumbia Business School, itsuptown, Ivy League counterpart.”“By the first quarter of 2009,a major collaborative effort by33 faculty members had resultedin 18 broadly distributed policy‘white papers’ and a publishedbook on the financial crisis.”“The high degree of intellectual activity assures that students aretaught to think analytically, critically, and ethically and to bring ahistorical perspective to their analysis. Consequently, students are wellequipped to keep pace with a rapidly changing business world.”02A B O U TN Y US t e r n

AnnualReport 2010NYU Stern School of BusinessTheSternApproachThe Stern School’s stated mission – “to deliver the highest quality managementeducation to the brightest business students in a dynamic environment of mutuallearning, teamwork and support, to advance the frontiers of business knowledgeby fostering creative, cutting-edge research, and to leverage to the maximum extent our vital connection to New York City-our home, campus, classroom, and laboratory” – is evident in its approach to delivering its MBA programming, which aimsto balance theory and conceptual frameworks with practical application. A solidbase of management skills is built through required core courses, and students canthen build on that knowledge through specialized electives.Generally speaking, the Stern MBA program emphasizes the school’s commitment to:Real-World Perspective in its New York City Home. Leveraging its physical location at the heart of New York City, Stern strives to encompassall of the dynamic energy of the “world’s business capital” in its MBA programs.The Stern School prides itself on its real-world approach to business education,and on the balance the school’s programs provide between theoretical learningand practical, “roll-up-your-sleeves” engagement in the broadly defined businesscommunity. For example, a case study developed by now Distinguished ServiceProfessor of Management Emeritus Richard Freedman on New York’s MetropolitanOpera has given numerous students open access to and in-depth understandingof the venerable institution (and a great chance to soak up some culture, to boot!).In fact, the Metropolitan Opera is just the tip of the iceberg, as Stern has rolled outa program called New York City Cases, which puts students in a variety of highprofile and interesting scenarios. Designed as a large group platform, each NewYork City Case invites 200 students to an area organization, where they will soak upa “day in the life” at that place of business (one example is going to the Steinbergpiano company, where students watch how the pianos are assembled), and thengo through a panel Q&A session before being presented with a specific problemto address in the form of a team analysis paper. Cases can be any subject matter,but often focus on marketing, operations, or strategy.Highly Diverse, Yet Highly Collaborative Community. Stern isproud of the exceptional diversity of its student body, and students thrive in therich, multicultural environment it affords; the school publicizes the fact that it hasa student body representing over 50 different nationalities and has long enjoyedgreater ethnic and racial diversity than other comparable programs, as well as ahigher percentage of women. Despite the fact that over half of its students in anygiven year are aiming for post-MBA employment in a finance-related sector, Sternis by no means one-dimensional in terms of its academics, nor is it looking forcompetitive “lone stars” to feed into the banking industry. Participation in studentorganizations is prolific, with most students involved in two or more. Academiccollaboration is a cornerstone of the Stern programs, and students actively engagewith each other and with the faculty, administration, and staff in all aspects ofthe MBA experience. In fact, many prospective students who visit the campus aresurprised at the high degree of collaboration and mutual support between Sternclassmates and within the broader community, even relative to other comparableprograms.03“The Stern School’s stated missionis to deliver the highest qualitymanagement education to thebrightest business students in adynamic environment of mutuallearning, teamwork and support, toadvance the frontiers of businessknowledge by fostering creative,cutting-edge research, and toleverage to the maximum extentour vital connection to New YorkCity-our home, campus, classroom,and laboratory.”“Each New York City Caseinvites 200 students to an areaorganization, where they willsoak up a ‘day in the life’ at thatplace of business.”A B O U TN Y US t e r n