NYU STERN 2017

“ We prepare our students for successful careers in an increasingly interconnected and complex global economy.”

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CONTENTS

Part 1 | Deepening and diversifying excellence Leaders in finance education

Poised for a tech-driven economy

The introduction of one-year focused MBA programs

Integrating business and society

The PhD program: Developing the next generation of business educators and scholars

Undergraduate program: Honors program and SPUR

Part 2 | Capitalizing on Stern’s NYC base and global presence through a range of programsEntertainment, Media and Technology program

Undergraduate study abroad and BPE

The W.R. Berkley Innovation Labs

The Center for Global Economy and Business

TRIUM

Global master’s degree programs

Experiential learning

Part 3 | Enhancing access and diversity by engaging alumni and corporate leadersUndergraduate scholarship programs

MBA scholarship programs

Stern’s commitment to diversity

Increased connection to alumni and industry leaders through Advisory Boards

On-line and certification programs

Executive education

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Those who graduate from Stern today encounter a business landscape marked by extraordinary opportunities, but also unprecedent-ed challenges. Over the last 35 years, an increasingly globalized economy has been the source of significant growth for those who invest and work in leading companies. The current global trading system has created unparalleled economic expansion and new jobs, but has also weakened communities and exacerbated the gap between rich and poor in the United States and other countries. Twenty-first century technologies give rise to exciting new business models and opportu-nities, and enhance the capacity of

businesses to operate more effi-ciently and effectively. At the same time these new technologies are profoundly disrupting the job market, requiring organizations to develop agility at every level.

While the combination of these two factors — a globalized economy and the revolution in technology — provides business opportunities for many, it also creates repercussions. These fast-paced changes mean that business leaders and business educators are being tested as never before.

Inspired by the possibilities to lead in this environment, we frame everything we do at NYU Stern under the banner of “An Education in Possible.” Our primary commitment is to offer a first-class business education to a wide and diverse population, both in the U.S. and globally. Our ability to translate business challenges into opportunities requires both rigor inside the classroom and student engagement beyond its four walls. We also are driven by a profound belief that business can be a force

for good, and that our students should be leaders in those efforts.

The Stern model is based on a combination of teaching, research and a broader external engagement that emphasizes leadership and innovation. Inside and outside the classroom, through peers, faculty and the greater Stern network, collaboration and experimentation is deeply woven into every part of Stern life.

This document highlights Stern’s innovative programs — programs that build on the school’s traditional areas of strength and respond to challenges in the business world and in business education. Produced and endorsed by members of the NYU Stern faculty and administration under the leadership of Dean Peter Henry, this document aims to inform current and future students, faculty, alumni, donors and friends about current teaching and research at Stern, as well upcoming initiatives that will shape the school’s future. Finally, it serves as a resource for the school’s future planning and decision-making.

“ We prepare our students for successful careers in an increasingly interconnected and complex global economy.”

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NYU STERN’S CORE MISSION is to develop people and ideas that transform twenty-first century problems

into opportunities to create value for business and society. At both the MBA and undergraduate levels,

Stern is one of the nation’s premier management education schools. We are committed to delivering

a first-class education based on academic excellence, the building of a diverse and collaborative

community, and a learning environment that draws on the unique energy and access provided by New

York City as well as the resources provided by the University’s global footprint. We prepare our students

for successful careers in an increasingly interconnected and complex global economy, with the ability to

innovate and create economic value and business solutions that will improve society.

Stern’s Finance Department has been ranked as a top global program and a hallmark of the school’s academic excellence for many years. Members of our faculty are leading public intellectuals addressing critical issues facing the global economy. A number are affiliated with the National Bureau of Economic Research, the nation’s leading non-profit economic research organization, and they regularly advise central banks around the world. These professors give students access to an unpar-alleled variety of courses reflecting the latest market practices and research findings.

Members of the Stern finance faculty also are trusted voices on issues that are at the intersection of finance and public policy. Following the financial crisis in 2008-09, a subset of faculty published three books examining the roots of that crisis and the adoption of the Dodd-Frank Act. As a follow-up, in early 2017 another faculty team published a book assessing the CHOICE Act and other proposed financial reforms to the Dodd-Frank Act. Capitalizing on the growing focus on infrastructure in 2016, an inter-departmental team at Stern published a book examining international infrastructure financing with recommendations for policymakers and the financial community.

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LEADERS IN FINANCE EDUCATION

ACADEMIC EXCELLENCE IS THE FOUNDATION OF EVERYTHING WE DO. This excellence is rooted in an awareness of global dynamics and realized by equipping students with the tools they need to solve real-world problems in real time. Working hand-in-hand with faculty and peers, our students are developing ideas that will challenge the assumed limits of business and create added value to society. We are deepening and diversifying our excellence through a growing number of interdisciplinary course offerings, and a range of other opportunities both in New York and at NYU’s global campuses.

Academic excellence starts with the quality of our faculty and the diversity of our program offerings. Stern’s faculty includes three Nobel laureates, four members of the National Academy of Sciences, and four scholars who are on BusinessWeek’s list of top business professors. We are continuously expanding our academic team, attracting the highest caliber of faculty across disciplines whose research and teaching influence business leaders and policymakers around the world. Additionally, interdisciplinary research centers led by contemporary thought leaders from around the globe offer a unique, first-hand learning experience for students through exposure to cutting-edge research in finance, technology, strategy and sustainability.

DEEPENING AND DIVERSIFYING EXCELLENCE

“ Academic excellence starts with the quality of our

faculty and the diversity of our program offerings.”

Part 1

Digital technology is redefining business models and transforming industries from finance to fashion at an unprecedented pace. These models also represent a rapidly escalating source of job placement for Stern graduates. As a recent McKinsey Global Institute study noted: “About 50 percent of the overall time of the work-force in finance and insurance is devoted to collecting and processing data, where the technical potential for automation is high.”

In this rapidly changing environment, employers seek technologists who understand business and business leaders who understand technology. Stern is ideally placed to bridge this divide. The school’s Information Sciences faculty is among the largest and best of any business school in the country, spearheading innovative research and course development. Among its current re-search priorities are data analytics, the sharing economy, mining social media content, and revenue management.

In 2016, Stern launched the FinTech MBA specialization — the first at a business school — in recognition of the technological disruption that is changing the future of the financial industry. Following its popularity and success, the undergraduate college is developing a FinTech track. Stern’s FinTech courses address technological inno-vations by integrating faculty expertise in finance and information sciences in a range of subjects, including ro-bo-advising, trading strategies, transaction security, data management, risk management, financial data analytics, digital currencies, mobile payments, and entrepreneurial crowd-funding.

POISED FOR A TECH-DRIVEN ECONOMY

As a top-tier business school located in the heart of the world’s economic, financial, technology and fashion cap-ital, NYU Stern has leveraged its first-hand knowledge of business needs, top teaching talent and corporate access to create two new industry-focused, one-year MBA programs for committed career professionals with relevant experience in the technology and fashion sec-tors: The Tech MBA, and the Fashion and Luxury MBA.

The Tech MBA is specifically aimed at students with a strong background in science, technology, engineering, and mathematics (STEM), pursuing careers in technology product management, FinTech, or technology entrepre-neurship. The program is designed specifically to deepen students’ existing technological knowledge and comple-ment it with core business skills. It draws on the school’s strength in finance and management as well as New York’s growing technology sector, dubbed Silicon Alley.

The Fashion and Luxury MBA draws on Stern’s strengths in Marketing and New York’s fashion industry, where major apparel and other luxury goods companies are headquartered. The program will provide targeted programming to those who intend to be or are already part of these dynamic industries.

A built-in requirement within the new programs is Stern Solutions — a proven, real-world approach and a Stern signature strength where students solve real challeng-es in real time for corporate partners. These immersive projects leverage Stern’s unique proximity to the vast community of multi-national brands, startups and non-profits literally right outside its doors. Students engage and integrate directly with corporate partners, and they walk away with a portfolio of experiences in addition to their degree.

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THE INTRODUCTION OF ONE-YEAR FOCUSED MBA PROGRAMS

INTEGRATING BUSINESS AND SOCIETY Stern’s Business and Society Program is an interdisciplinary effort dedicated to furthering education, research, and public engagement in fields such as professional responsibility, social entrepreneurship, the intersection of law and business, the development of ethical business systems, human rights, the environment, and urbanization.

Since 2010, Stern has attracted several thought leaders in each of these areas, establishing the Urbanization Project, the Center for Business and Human Rights, and most recently the Center for Sustainable Business which focuses on environmental issues facing businesses. Each of these centers draws great student interest and active involvement. Together they have given Stern a unique and distinct profile as a leader shaping a twenty-first century business school model that recognizes the role of business to promote both profit and principle.

THE PHD PROGRAM: DEVELOPING THE NEXT GENERATION OF BUSINESS EDUCATORS AND SCHOLARS

NYU Stern’s doctoral program has a successful track record of preparing candidates to be the next generation of business educators and placing them at leading universi-ties around the world. The program’s success is the result of a dedicated faculty who oversee doctoral candidates with a 2:1 faculty to student ratio — the highest ratio of any business PhD program in the country. Stern’s doctoral program consistently ranks in the top five — both in the number of graduates and in faculty placements at top 50 business schools in the United States. Our alumni include the former chairman of the Federal Reserve Board, as well as faculty at top universities such as UC Berkeley-Haas, Carnegie Mellon, University of Chicago-Booth, Columbia, Cornell, Harvard, MIT-Sloan, the University of Michigan-Ross, Northwestern-Kellogg, Penn-Wharton, Stanford, Yale, and leading global business schools such as HEC in Paris, Hong Kong University of Science and Technology, and Tel Aviv University in Israel.

UNDERGRADUATE PROGRAM: HONORS PROGRAM AND SPUR

Undergraduate College Dean Geeta Menon and her team are educating a collabora-tive community of academically well-rounded, socially engaged, and globally focused business leaders and policy makers. U.S. News & World Report ranks the NYU Stern Undergraduate College (UC) at #5.

The school’s undergraduates benefit from the Stern Program for Undergraduate Research (SPUR), created in 2012, which facilitates student-faculty collaborations on research. Since inception, 379 NYU Stern students have participated in SPUR research projects.

Separately, each year the Undergraduate College’s Honors Program invites an elite group of seniors to become involved in graduate-level research. The program pairs students with research-oriented faculty members who partner with and advise pro-gram participants throughout their year-long development of a thesis.

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CAPITALIZING ON STERN’S NYC BASE AND GLOBAL PRESENCE THROUGH A RANGE OF PROGRAMS

Part 2

AN NYU STERN BUSINESS EDUCATION takes place at the intersection of global business, finance, technology, and culture. From Wall Street to Silicon Alley, from Broadway to the Fashion District, New York is a world-class city in which creative energy and unparalleled connections give students unique access to hands-on learning, through contact with businesses and their leaders. To enhance and encourage these opportunities, Stern mobilizes the resources students need to bring their talents, ideas and interest in innovation to life in this extraordinary setting. For example, the Cohen Arts and Culture experience provides students with complimentary tickets to cultural events in New York City. Not only do we capitalize on the rich learning advantages in New York City, we also partner with the entirety of NYU, which is the first University to offer students a truly global perspective on business. Its two degree-granting campuses in Abu Dhabi and Shanghai, as well as its 13 global satellite campuses enrich an NYU education. Together, these assets ensure that almost all of Stern’s undergraduates, and many of its graduate students, study abroad, interacting with the complexities of doing business in a rapidly globalizing world.

“ Stern mobilizes the resources students need to bring their talents, ideas and interest in innovation to life.”

ENTERTAINMENT, MEDIA AND TECHNOLOGY PROGRAMOver the past 17 years, the school’s Entertainment, Media and Technology program has grown from a few courses in marketing to a wide range of offerings at both the undergraduate and graduate levels in marketing, finance, accounting, management, economics and law. The Uni-versity-wide minor, Business of Entertainment Media and Technology, has grown from 32 students in 2009 to more than 760 today, making it the most popular minor at NYU.

Launched 8 years ago, the MBA/MFA dual degree pro-gram from the Tisch School of the Arts’ Kanbar Institute of Film and Television has attracted top talent interested in pursuing a degree in film production and entertainment industry leadership. Over the past 6 years, 85% of those accepted into the program have enrolled. The program also offers an advanced class in Independent Film/Cine-ma taught in conjunction with the Tribeca Film Festival in which students engage with leaders in the entertainment industry, while also participating in panels and screenings.

UNDERGRADUATE STUDY ABROAD AND BPENYU Stern’s Bachelor of Science in Business and Political Economy provides students with a global perspective focused on the intersection of business, politics and eco-nomics. The program includes two full semesters of global study through NYU’s Global Network University, one each at NYU London and NYU Shanghai. The program merges liberal arts, social impact learning, and co-curricular experi-ences, while still offering students the flexibility to pursue their individual academic interests.

Since 2001, the Barr Family International Studies Program (ISP) has explored the economic, cultural and political

histories of countries. Every Stern junior pursuing a business degree or BPE degree (beginning with BPE Class of ‘17) completes this one-of-a-kind semester-long course which includes an international trip to Asia, Europe or South America. The students travel overseas together, focus on a specific industry, meet with company executives and observe a country’s culture firsthand. ISP culminates in the hallmark ISP Competition in which students work in small groups to present their capstone assignment to classmates, professors and deans. In addition, about 50% of students in the B.S. in Business program study abroad at least one semester at one of NYU’s several global sites, and nearly all of students have at least one global experience through ISP. We believe that no other undergraduate business program covers global study on this scale as part of their curriculum.

THE W.R. BERKLEY INNOVATION LABSThe W.R. Berkley Innovation Labs serve as a creative hub in which the exchange of ideas and design for twenty-first century businesses flourish. The entrepreneurship team supports students in launching and leading high-growth companies, while the learning science team helps faculty build environments for robust, hands-on learning. Its “Ideas Never Sleep” initiative, a global thought leadership plat-form, engages a diverse set of entrepreneurs and industry experts to foster an inclusive dialogue at the intersection of creativity, business and design curated in the heart of New York City.

THE CENTER FOR GLOBAL ECONOMY AND BUSINESS The Center currently supports research groups and development initiatives as well as sponsoring conferences and public programs. Two of its primary targets of

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“ An NYU Stern business education

takes place at the intersection of

global business, finance, technology

and culture.”

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inquiry focus on the Chinese and Indian economies. The explosive growth of China’s economy, global presence, and attendant reverberations around the world present business scholars with important new research questions and learning opportunities. And India, now the world’s third largest economy in real terms, is an important economic force. Through school-wide workshops and broader community engagement, both the China and India Initiatives seek to foster and disseminate research about these economies throughout all of Stern’s program areas.

TRIUMThe TRIUM Global Executive MBA is among the world’s top international executive programs for global leaders offered through a collaboration with the London School of Economics and Political Science and HEC Paris School of Management. TRIUM provides senior-level students (15-20 years into their careers) a transformational learning environment that informs strategic thinking, and provides tools for navigating the C-Suite. These tools provide students with the insights to ask the right questions in a world of uncertainty informed by changes in the geo- strategic, digital, entrepreneurial, and global environments.

GLOBAL MASTER’S DEGREE PROGRAMS Stern has pioneered specialized global master’s degree programs. Among them are the Master of Science in Global Finance taught jointly by the HKUST Business School and Stern in Hong Kong, Shanghai and New York City; the Master of Science in Risk Management taught in Amsterdam and New York City; and the Master of Science in Business Analytics taught in Shanghai and New York. These degree programs offer a multi-faceted approach, and participants emerge with the skills required

to contribute to the development of global markets, and to cope with rapid changes currently underway.

Additionally, NYU Stern, in partnership with NYU Shang-hai, is now developing specialized degree programs in Quantitative Finance and Data Analytics for pre-expe-rience students. These premier, one-of-a-kind, global degree programs will operate out of Shanghai and NYC.

EXPERIENTIAL LEARNINGAt Stern, we leverage New York City’s position as the business capital of the world to bring business into the classroom through experiential learning opportunities. Partnerships between a diverse set of industry leaders and Stern faculty give MBA students the chance to put their business skills to the test to solve real world problems. From exploring new product opportunities to analyzing untapped customer segments, Stern leverages the intellectual horsepower of its students and faculty to tackle complex business challenges while preparing the next generation of leaders to effectively navigate an increasingly complex global marketplace.

This integrated approach to business education begins with a six-day intellectual summit we call “LAUNCH.” Innovative thinkers such as Malcolm Gladwell challenge students to use their time at Stern to become better problem solvers. We also require our students to devise their own collaborative solutions to real-world problems in the “Launchpad” competition, which demonstrates the power of business to generate opportunity.

At the Undergraduate College, the UC Vision 2020 program is transforming the mindset of our undergraduate students. Its aim is to build and educate a collaborative community of socially engaged, intellectually vibrant leaders.

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WITH 110,000 ALUMNI IN 138 COUNTRIES, NYU Stern benefits from its diverse and dynamic alumni community. Stern graduates are leaders in the finance, entertainment, technology, business consulting, and retail sectors. Many are community leaders in the tri-state area and beyond, involved in a myriad of charities and public interest endeavors. For all of these reasons, they are an invalu-able resource to the school, and we want and need their active engagement.

Many alumni say that Stern opened the doors to post- secondary education and to the business world — opportunities that would not otherwise have been avail-able to them. Stern must continue to build on its tradition of offering opportunities to many, increasing the number of qualified applicants who are the first in their families to pursue a college education; are women and underrep-resented minorities; or are seeking to enter Stern from paths less taken, such as the military and junior college. Because the majority of the population of the world’s largest economy — the United States — will consist of

ENHANCING ACCESS AND DIVERSITY BY ENGAGING ALUMNI AND CORPORATE LEADERS

Part 3

“Delivering on our mission of creating greater access and diversity has the potential to

make Stern the most important hiring destination for

American companies.”

underrepresented minorities by the year 2040, delivering on our mission of creating greater access and diversity has the potential to make Stern the most important hiring destination for American companies.

In partnership with our alumni and corporate lead-ers, we are creating opportunities for high-achieving students, regardless of financial need, race, gender or sexual orientation, to learn and contribute to the aca-demic excellence of the school. We also are working to diversify our academic offerings to address the needs and desires of our alumni and others in their pursuit of career-long learning. To this end, we plan to offer programs that are responsive to specific trends and topics in business which will appeal to stakeholders at different stages of their business careers, in different geographies, and with varying abilities to pay. From technologies that enhance the educational experience, to expanding our scholarship programs and network of engaged alumni, we are committed to providing afford-able opportunities for career-long learning.

“ We are committed to providing affordable opportunities for career- long learning”

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UNDERGRADUATE SCHOLARSHIP PROGRAMS

As with all business schools, NYU Stern is working to deliver on its commitment to diversity by increasing the number of underrepresented minorities. Providing need-based full scholarships to these deserving students is one of our highest priorities. In 2016, the school raised about $19 million dollars for undergraduate scholarships. In the fall of 2017, high-achieving, low-income students receiving full scholarships will make up six percent of the incoming class. The school aspires to increase this number to 14% in the coming years. Because we do not have endowment money set aside to meet these needs, we have ramped up our efforts to encourage alumni to make multi-year commitments to this scholarship effort.

MBA SCHOLARSHIP PROGRAMS

On a parallel track, approximately 20% of admitted full-time MBA students receive merit-based scholarships, with a particular emphasis on recruiting greater numbers of women, under-represented minorities, LGBTQ, military veterans, and exceptional college seniors. This year we offered more than 20 scholarships to military veterans, along with scholarships to graduate students who have careers in the performing arts and are seeking business training, and to exceptional college seniors who wish to pursue their full-time MBAs at Stern immediately following graduation.

STERN’S COMMITMENT TO DIVERSITY

Women and underrepresented minorities continue to face significant challenges in today’s business world. Less than six percent of the CEO’s of the 500 largest com-panies in the U.S. are women. Less than one percent are African American, and only 15 African-Americans have ever headed a large U.S.-based corporation. Progress is occurring, but at a glacial pace. Between 1985 and 2014 — among all U.S. compa-nies with 100 or more employees — the proportion of black men in management positions increased only slightly, from 3% to 3.3%. While business schools alone

“ We are committed to providing affordable opportunities for career- long learning”

cannot correct this imbalance, Stern is committed, as a high priority, to increasing opportunities for women and underrepresented minorities as students and as faculty members across all departments.

As at all business schools, the challenge for Stern is to identify and encourage a growing number of qualified female and underrepresented minority applicants. Women comprise an increasing percentage of the MBA student body at Stern — currently, approximately one-third. While Stern students hail from more than 40 countries, too few African-American or Hispanic students are enrolling. One part of the solution will be to increase scholarship funds. We also are providing greater access by diversifying academic options through the one-year MBA and industry- specific master’s degree programs. On a parallel track, we are committed to taking extra measures to recruit more women and underrepresented minority candidates for teaching positions and in our PhD programs.

INCREASED CONNECTION TO ALUMNI AND INDUSTRY LEADERS THROUGH ADVISORY BOARDS

In developing new, innovative learning opportunities such as the one-year MBAs, we are seeking input from corporate leaders in the focal areas of these degrees. Their perspectives are invaluable, and we intend to formalize those consultations over the long-term. Advisory Boards for both one-year MBA programs are now being estab-lished to advise on curriculum development and project sponsorship, and to assist with job placement opportunities for graduates.

For the past five years, the Center for Real Estate Finance Research has brought together alumni and industry leaders from one of New York City’s pre-eminent indus-tries. Its Advisory Board includes 25 senior real estate professionals, the majority of whom are Stern alumni.

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“ In developing new, innovative learning opportunities such as the one-year MBAs, we are seeking input from corporate leaders.”

ONLINE AND CERTIFICATION PROGRAMS

As part of NYU Stern’s commitment to providing educational opportunities that are accessible, affordable, and meet our standards of excellence, the school piloted its first online learning program in 2016 — a certificate in Valuation. The program has drawn immediate interest, and in response to this demand Stern will launch the program in full, with additional components in accounting and finance, in the Fall of 2017. Future online programs will include Corporate Finance and Investment Philosophy, with others to follow. Stern also is developing new online degree offerings.

EXECUTIVE EDUCATION

Stern offers non-degree programs for continued education in several specific business areas. Our offerings range from multi-week, in-company advanced management programs to corporate engagements for two- or three-day standardized short courses. These programs in executive education develop executives’ knowledge and skills at different stages of their careers as they navigate an ever-evolving business landscape. Given the school’s outstanding faculty (including business-seasoned adjunct faculty), its location, and its strong corporate relationships, this could be an area of potential growth.

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BUILDING ON A SOLID FOUNDATIONNYU STERN CONTINUES TO BUILD ON ITS PROUD TRADITIONS OF INNOVATION, EXCELLENCE AND DIVERSITY. NYU was the first business school to offer a part-time MBA program for working professionals in the 1920s. This spirit of innovation continues today, exemplified by the new one-year focused MBA programs, and the series of global master’s programs Stern is launching. Stern’s commitment to diversity is an essential part of the fabric of the school and the larger NYU community. Diversity is a priority in deciding which students to admit and which faculty to recruit and nurture. It’s a factor that shapes the school’s commitments to the communities it serves in New York and around the world. Stern’s unwavering drive for excellence is reflected in its ability to attract and retain outstanding faculty, including three Nobel laureates; it’s high caliber students; and its support for pioneering research published by faculty members in a wide range of fields.

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“ Stern’s commitment to diversity is an essential part of the fabric of the school and the larger NYU community.”

NYU STERN

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