Northwestern and New York Business Schools Comparison Report

Abstract

It was around the turn of the twentieth century that graduate education in business evolved into an accepted discipline in the United States of America. Today, the nation boasts more than four thousand institutions that produce the business brains of the nation. Firms of all sizes, diversity and in all countries have since then recruited business graduates to receive the specialized talent that will steer their destiny. It is talent that sets a company apart from the others and it takes great schools to groom the finest talent. The finest education is expensive, but it opens great opportunities. It makes sense to compare academic institutions so status can reinforce these institutions. Comparing and ranking business schools on their strengths encourages competition and learning about excellence in business. The top ten business schools of the nation are admirable and many young students want study in the best. This essay presents a comparison of Northwestern University’s Kellogg School and New York University’s Stern Business School, which are among the finest in the United States.

Declaration

I certify that, except where cited in the text, this work is the result of research carried out by the author of this study. The main content of this study contains work which is the result of the author’s own efforts.

_____________________________________________

Name and Signature of Author

December 2007

This report satisfies a need for a comparison of Northwestern University and New York University Business Schools.

• Biographical Sketch
• Acknowledgments
• Contents
• Introduction
• The Northwestern University Kellogg School of Management
• The New York University Leonard N. Stern School of Business
• A Comparison of Kellogg and Stern
• Conclusion
• Bibliography/ References

Introduction

The main aim of all educational institutions is to give training to students to enable them to realize their career goals. Educational institutions should develop skills that will enable graduates to perform a job and to become lifelong learners who can indulge in constant intellectual development. However, certain educational institutions are able to provide that something extra which can be a bonus. The manner of teaching, the emphasis of the curriculum, student culture, the typical career path which students are likely to follow and the compensation that graduates are likely to command on graduation from their respective courses is important (Bouknight, 2003). Financial aid opportunities, geographic location, diversity, international perspective and links, cost of tuition and living, class size and use of technology for teaching do make a difference to the likely prospects for those who will study at an educational institution. Distinguished faculty, the research emphasis, industry or business links and the respect which alumni has been able to win add to prestige and practical utility which can help with career success for graduates. Thus, although a lot depends on a student’s motivation and ability, it is also important to select the right school, if possible. It is even more important to select the right business school, because individual background and networks can make a significant difference in business careers.

Those who embark on a career by studying at a private business school do make a significant investment in their future. Education at prestigious institutions in the United States of America is not cheap and a student expects to recoup investments by earning after graduation. Business schools found in certain states or regions may stress careers associated with local industry and research is likely to meet local needs. Existing links with the business world may also highlight specific areas of expertise and this is likely to decide what career path a graduate is likely to aim for. Thus, it makes sense to try to invest in something which one wants, rather than to accept poor choices, especially when alternatives are available. A prospective student may be brilliant enough to secure a place at several business schools, but they may not be aware of what is likely to be best for them. Thus, it is important that students be able to compare choices that are available.

The Kellogg School of Management is a school within the Northwestern University, which is one of the major private research universities in the United States (Kellogg School of Management, 2007). Northwestern University, chartered in 1851, has a current strength of 7,700 undergraduate students and 5,800 graduate students on its Chicago and Evanston campuses and Kellogg is at the Evanston campus, which is just 12 miles from downtown Chicago. The Kellogg School of Management comprises of six academic departments consisting of Accounting Information and Management, Finance, Management and Organizations, Management and Strategy, Managerial Economics and Decision Sciences, and Marketing. Kellogg claims to keep pace with business by having a constantly changing curriculum which caters to the need of business. Students are the school’s partners and an alumni network of more than 50,000 graduates worldwide has the ability for providing a decent business network for its graduates. Kellogg values experience and stresses learning by doing. The Kellogg School faculty consists of an esteemed group of learned scholars and practitioners with rich international experience, who combine academic and real world skills. Direct marketing efforts by Kellogg in the year 2004, involving targeted emails, quadrupled enrollments in its executive MBA program, taught by senior faculty members (BNET, 2004). Thus, it is important to consider independent assessment of business schools which are also actively involved in marketing efforts. Chicago is a prime accountancy, advertising and legal services center with a history of manufacturing and twelve fortune 500 companies, including Boeing, Motorola and McDonalds have headquartered in the city (Wikipedia, 2007).

The Leonard N. Stern School of Business, which is a part of the New York University promises to place a student at the center of global business in New York (Leonard N. Stern, 2007). This makes sense, because New York City, the largest city in the United States of America and an important seaport. New York is a prominent financial center of the world, which is also close to other important locations, including Washington. The New York metropolitan area has a gross metropolitan product of US$ 952.6 billion and this makes it the largest regional economies in the nation (Wikipedia, 2007). Major American and international business corporations blend in the city which is one of the leading international financial centers in the global economy. NYU Stern has twelve academic departments and several research centers, including The Salomon Center for research in Financial Institutions and Markets, The L. Glucksman Institute for research in Securities Markets, The Center for Japan-U.S. Business and Economic Studies, The Berkley Center for Entrepreneurial Studies, Center for Digital Economy Research and NYU Pollack Center for Law and Business. Two hundred eminent faculty members, including award – winning authors and a Nobel Laureate in Economics, senior executives of New York’s leading business corporations and distinguished visiting professors provide the intellectual core that should impress many. Stern’s junior faculty is among the finest in the nation and the cosmopolitan lifestyle of New York City is attractive.

Clearly, both Kellogg and NYU Stern have great opportunities to offer to those who want to study business or management and it is unfair to try to compare the two distinguished schools. Both Kellogg and NYU Stern have been brightening the lives of many for years. However, it is likely to be both interesting and important to examine the relative strengths of the two great institutions of learning to make it possible for the interested to make suitable choices. This essay presents a comparison of Northwestern University’s Kellogg and NYU’s Stern schools.

The next two sections present an examination of the two previously mentioned schools of business and management.

The Northwestern University Kellogg School of Management

The Kellogg School of Management ranked as number fourteen in the respected Economic Intelligence Unit MBA rankings for the year 2007 (Economic Intelligence Unit, 2007). However, Kellogg is a marketing powerhouse and this means that this business school should appeal to those who have an interest in marketing. International Business, Leadership and Management of Innovation are also popular enrollment programs. Kellogg has been preserving its top rankings over the years and it scored top rankings for at least the past three years. Alumni are active in Kellogg affairs and contribute in running this school in many ways. Thus, those who prove themselves at Kellogg will be able to count on a decent alumni network. The application fees for lodging admission application is US$ 225 and completing an MBA program is likely to cost over US$ 44,000. Scholarships and financial aid is available on merit, need and availability. The Economic Intelligence Unit survey considers student assessment, potential to network and alumni effectiveness as being Kellogg’s greatest strengths. Kellogg employs 178 full – time faculty members, 81 adjunct or visiting faculty members and 85 permanent or tenured professors. Nineteen percent of the faculty at Kellogg is women. With a faculty quality which has ranked as being in the top 56 out of a possible 100, Kellogg does not have the best faculty. However, the overall educational experience ranked 13 out of 100 and this means that Kellogg does provide a decent educational experience. Kellogg accepts about 550 students yearly and the average GMAT score for those accepted is 700. Admission statistics suggest that about 30 % of the intake for the year 2007 was females. The total graduate business school enrollment is 2920 (BusinessWeek, 2007). Although Kellogg has groomed many international students, it is most active in Brazil, although Kellogg has had some educational links with universities found in India (BusinessWeek, 2007).

Kellogg School of Management has spent about US$22 million in the last three years on improvements (BusinessWeek, 2007). Besides bringing about improvements in computing, the previously mentioned sum includes outlay on renovating classrooms, study group rooms and for outfitting the school’s new EMBA campus in Miami, Florida. The school does have a wireless network for computing on its campus and a rich set of statistical software applications as well as access to Northwestern’s computing cluster.

From a recruiter’s perspective, Kellogg School took a tumble in its 2007 rankings because recruiters said that they were unhappy with the pompous attitude of some of its students (Career Journal.com, 2007). Recruiters also said that some of Kellogg students lacked proper financial knowledge. The economic evaluations manager for BP PLC in Chicago, who was one of the survey respondents for the Wall Street Journal survey, said that some Kellogg students could not adequately answer his question about depreciation. He had expected all MBA graduates to have nailed his question, but he appeared disappointed with some Kellogg students. However, recruiters are often less than satisfied with graduates from the more prestigious business schools and they have been unkind with the more prestigious Harvard and Yale business school graduates as well. It will appear that most recruiters are looking to hire the best for a modest salary and graduates from the more prestigious schools do not like working for low returns on their investment in business education. Also, the expectations from graduates of the more prestigious universities are far greater then what recruiters will expect from the more modest institutions. Recruiters did agree that Northwestern University’s Kellogg was among the top three of the most improved business schools in the United States. Recruiters regarded Kellogg an innovation leader in marketing and placed this school in the top three for its efforts. Northwestern University and New York University were newcomers in the international top twenty five rankings this year. Recruiters did not consider Kellogg as being a business school with a global mind-set and it did not make it to the top rankings in this category. Recruiters were out looking for graduates who were “versatile and adaptable” because those hired are must fit into a new organization and to take charge. Those recruiters who responded to the Career Journal survey agreed that a need exists for more minority business graduates. However, recruiters did not think that Northwestern University’s Kellogg was doing something to improve the about a shortage of minority business graduates. Recruiters responding to the survey said that they believed the value of an MBA degree had declined, but this may have been because of their wish to recruit talent at low salaries. Although the MBA and master of engineering combination appeared popular with recruiters, they were looking for experts and dual degree holders were unlikely to be experts in either of the two fields of study.

Students who were seeking admission to business schools aspired to go to Dartmouth College or Massachusetts Institute of Technology, rather than Northwestern University. Northwestern was 29 on a list of institutions aspired to by students (Students Review Inc, 2007). Students said that they considered it easier to gain admission in Northwestern University’s Kellogg School of Business compared with the New York University’s Stern School (Admission411.com, 2007).

Business school research performance is an important indicator of how academically sound a business school is likely to be. In the United States of America, the top ten business schools account for about 25 % of the business research published in the top twenty business journals (Education and Social Science Library, 2007). Most schools have focused research efforts in a few selected disciplines, rather than to have broad efforts. All faculty members carry out research, but only a few will make the finest contributions accepted by major international journals. Research ranking of a business school creates a sense of status and this will result in positive organizational reinforcement if the rank is encouraging. Kellogg School of Management ranked tenth in research rankings for the years 1986 – 1998 and this business school later improved to the eighth position for research efforts in 1997 – 2001. Compared with Kellogg School of Management, Stern performed better for the years 1986 – 1998 and it ranked fourth best for research. Stern later slipped to the eleventh position in the years 1007 – 2001. However, Stern has fought back with renewed vigor in the recent past. Kellogg is strong in marketing, finance, negotiations, game theory and strategy research (Kellogg School of Management, 2007).

Kellogg School of Management has produced distinguished graduates who later went to become captains of industry and distinguished academics (Wikipedia, 2007). Thomas S. Robertson, Dean of the Wharton School, Glen L. Urban, Dean Emeritus of MIT Sloan School of Management and Sally Blount-Lyon, Dean, NYU Stern School of Business Undergraduate College distinguished themselves as academics after attending Kellogg. Fred Kindle, President and CEO of the ABB Group, Christopher Galvin, CEO and Chairperson Emeritus of Motorola and Craig Donohue, CEO of Chicago Mercantile Exchange, one of the world’s largest commodities and derivatives exchanges are all Kellogg graduates. Distinguished foreign nationals who had studied at Kellogg include Ali Babacan, Minister of State for the Economy of Turkey, Jye-Cherng “Joseph” Lyu, Minister of Finance of Taiwan and Anwar Ul-Haq Ahady, Minister of Finance of Afghanistan. A long list of distinguished Kellogg alumni points out that something right must have been happening at Kellogg School of Management. Because the extensive list of distinguished alumni, Kellogg Business School offers a lot to those who study there, because they have great opportunities to network on to success. Kellogg keeps in touch and remains involved with the business school. Kellogg’s alumni networking website helps those who had spent time at Kellogg to remain in touch. Concerted efforts to cultivate loyalty and to gain a unique culture have stimulated loyalty among Kellogg graduates.

Support services offered by a business school do make an impact on students. Kellogg not only offers great academic support that include excellent libraries and computing, but the school has a private beach, extensive sports and aquatic places, bike paths, playing fields and a sailing and windsurfing center (Wikipedia, 2007). The Kellogg-Miami EMBA Program, delivered at Miami, attracts executives from Latin America who fly in for weekend courses. Obviously, the Latin American executives do attend the EMBA Program for some reason and Kellogg has tried to exploit its uniqueness and location advantage.

Although individual effort made to receive and to gain an understanding of knowledge are often the most successful, a teacher is should expose students to insights and challenges that are not obvious. Faculty members at Kellogg have extensive industry experience and mentors help perfect their teaching technique. New faculty members do not teach in the first semester and they follow the teaching techniques of senior faculty. Case studies sketch a mix of academic and real world knowledge (Kellogg School of Management, 2007). Good teaching depends on faculty members with experience in academia as well as the real world and it is important to try to train new members in teaching. The Kellogg way is better than leaving inexperienced teachers to learn from their mistakes.

New York University’s Leonard N. Stern is the topic for the next section and a comparison of the two business schools follows this.

The New York University Leonard N. Stern School of Business

The New York University’s Leonard N. Stern Business School, located on the Greenwich Village Campus, has close links with New York’s financial community (Wikipedia, 2007). Greenwich Village is a lush green and beautiful place close to exciting New York City, but with a certain sense of tranquillity. The school ranked eighth in the 2007 Economic Intelligence Unit ranking of MBA schools (Economic Intelligence Unit, 2007). Stern has an enrollment of some 2300 undergraduate students and 800 full – time MBA students. Unlike the Kellogg School, which is of interest to executives from Latin America, Stern attracts leading business executives from all over the world. Leonard N. Stern Business School has excelled in the discipline of Finance, because the school has had to meet the needs of New York’s finance industry. The Economic Intelligence Unit Report describes Stern’s finance department as being exceptional and this department is at the forefront of knowledge and new ideas. The Leonard N. Stern Business School scored better then Kellogg in faculty quality, student quality, post – graduation salary paid to graduates and potential to network through its alumni. Stern opens new career opportunities. Although the Stern alumni is far broader than that of Kellogg and has a superior international orientation, it is less effective, despite a superior alumni website. At US$ 176 for an application, it is cheaper to apply to Stern. The average GMAT score for admission at Stern is 700 and this is slightly less than for Kellogg. There are more foreign students at Stern then at Kellogg. However, despite the good about New York University’s Stern School, the most negative is the tuition and fees which come to about US$ 87,000 for the MBA (Business Week, 2007). Scholarships are available, but the support provided is only about a quarter of the MBA expenses and this means that Stern is a rich student school. Academic merit and not need decides who gets a scholarship. Thus, although graduate comments praise the study program at Stern, they are critical of the expenses involved. Admission at Stern is selective, but the selection is either high academic merit or availability of funds to pay the tuition fees. All applicants to Stern are potentially eligible for scholarship and all part – time MBA students have a guaranteed loan, but all students still have to pay much for attending Stern. Thus, only the rich and the brilliant make it at Stern. Because of the expenses involved, students do not aspire to attend Stern and New York University ranked fortieth in the list of “Most Aspired to Schools”, below Northwestern.

The number of full – time faculty at Stern is 218 and the number of adjunct or visiting faculty is 138 (Business Week, 2007). The number of permanent or tenured professors is 110. Robert F. Engle, Friedrich Hayek and Wassily Leontief are winners of Nobel Prize in Economics (Wikipedia, 2007). Professor Edward Altman is the inventor of the “Z – Score” which provides a signal of the chance of business failure of a company. Stern faculty ranked higher then Kellogg faculty, but the faculty strength is finance. As previously mentioned, New York University’s Stern ranked 4^th in business school research rankings for the years 1986 – 1998, but later slipped to rank 11 in the years 1997 – 2001 (Education and Social Science Library, 2007). The Financial Times ranking of business schools suggests the part of Stern faculty with a doctorate is 100 %. On the other hand, Kellogg still provides opportunities to those with practical business experience and keeps a faculty with 88 % of its members qualified to the doctorate level. Financial Times considers Harvard Business School as having the best quality of research, while Stern ranked eighth, on top of Kellogg which ranked thirteenth. Kellogg has more international faculty then Stern.

Teaching at Stern is a mixture of lectures, case studies, team projects, simulations, experiential learning and distance learning (Business Week, 2007). Thus, giving knowledge is more than making students work on tasks. The last major revision of the curriculum occurred in 2003, but minor revisions occur regularly The Stern Business School does not offer a speeded up MBA program and students must attend a minimum number of classes. Active MBA clubs and societies bring together students with focused interests and networking clubs are open to part – time students. Stern offers a study abroad program which makes it possible for students to travel abroad to Stern partner schools in Singapore, Australia, China, Hong Kong, Denmark, England, France, Italy, Korea, Mexico, The Netherlands, Spain and Thailand. All undergraduate junior year Stern School students travel to various parts of the world as a part of the “International Study Project” to take part in projects that stress global business. Stern funds The International Study Project, but such projects do need that students are able to contribute towards their expensive education. Thus, only those who are able to spending to buy excellence should consider this business school.

The Stern Business School has not spent much on technology improvements for teaching in the last three years. Stern spent about $ 5 million and perhaps this amount is enough, considering the school only needs to upgrade what it already has (Business Week, 2007). However, compared to what Kellogg spent, the funds spent by Stern are small. Stern, like Kellogg, does have a wireless network for computing on its campus. Stern has placed an emphasis on global network and worldwide reputation, building up linkages and joint programs with reputable universities from all parts of the world. The previously mentioned international efforts also need funds and effort. Thus, in the recent past, Stern has tried to have a more balanced international outlook compared to Kellogg, which has tried to focus more on Latin America. However, the Financial Times ranking of business schools places Kellogg higher then Stern in international experience rank (Education and Social Science Library, 2007). This rank considers past international experience and Kellogg alumni have contributed substantially towards preserving Kellogg’s position in the list.

Graduate salary is an important consideration when students have paid large amounts to gain a business education from a school. The Financial Times Business School Rankings suggest that Stern graduates can expect to earn about US$ 140,000 yearly and this is higher than the US$ 110,000 a year which Kellogg graduates can expect (Education and Social Science Library, 2007).

The Financial Times Business School Rankings do delve deeply into various perspectives related to rankings (Education and Social Science Library, 2007). The previously mentioned rankings and all others suggest that Stern is a great business school, especially for finance. Stern has preserved a better rank in nearly all indicators of business school excellence then Kellogg. However, the price for a Stern education is also large.

A brief discussion comparing Kellogg and Stern business schools follows next.

A Comparison of Kellogg and Stern

Personal effort and interest in gaining knowledge are important, but good teaching and a great school help. It is proper to try to get into a business school that excels in the discipline in which one has an interest. Kellogg is for those with an interest in marketing and Stern excels at finance. Also, it is far more expensive to study at Stern then to study at Kellogg. However, because of the high cost at Stern, capacity to pay plays a more important role for those seeking admission at Stern, then at Kellogg. Therefore, admission on academic merit is more competitive at Kellogg.

The quality of research and the faculty rated better at Stern by all those that have produced rankings of business schools. Rather few schools can boast having three Nobel laureates in their faculty and Stern is lucky to have them. The financial innovation of New York with vast global links can provide great opportunities for Stern graduates as does the mercantile exchange in Chicago for Kellogg graduates. Financial Times ranks Stern as eighth in value for money rankings, but Kellogg ranked seventy (Education and Social Science Library, 2007). Thus, something must be right about Stern despite its high charges for education. It will appear that Kellogg promotes a culture of teamwork and attachment to the business school, but Stern is more individualistic. Both Kellogg and Stern do provide everything that students will want to pick up knowledge or to undertake research. However, with business schools, it is not just the education that counts, but it is also the contacts and the experiences that are available at a school that make a difference to graduates. New York is unique and so also is Chicago. For those who are thinking about selecting a school, even trivial matters like the climate can make a difference. Those used to living near the tropics may not want to endure the cold in New York, but those who like excitement may not prefer Evanston, the home of Kellogg. Although, it helps to have the best and the wisest faculty in the world students do have to work hard to succeed. It is important that students plan and consider where they will be more comfortable when they are studying. No one wants to have a stressed up time when they are studying to graduate and it is unfair that any student should have to face undue hardship. Stern graduates receive a higher salary, but they also have to pay more for education. Kellogg graduates have also made it to the top and it is not just Stern graduates that are brilliant. Thus, from a student’s perspective it is what they want, whether they can make it to a school and if they can afford it that counts. However, if you love finance, then Stern is for you.

Conclusion

New York University’s Stern School of Business has emerged as better ranked then Northwestern’s Kellogg in nearly all measures used for ranking. Finance is the discipline of Stern and New York offers the best career and networking opportunities for those who want to study this discipline. The faculty is excellent and who will not want to study under a Noble laureate? The excitement, the buzz and the international flavor of New York as well as its famous spirit are nowhere else. Although, it is possible for those who have their hearts set on Stern to earn back their investments, Kellogg is equally good for those who find it more affordable. After all, it is more fitting to focus on gaining knowledge wherever one is, then to be because one is hard up for money as a student. Brilliant students who have funding problems do not perform and spoil their brilliant records.

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