Columbia Business School

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Columbia Business School
Established	1916
School type	Private
Dean	R. Glenn Hubbard
Location	New York, New York, USA
Enrollment	1,196 MBA students
Homepage	www.gsb.columbia.edu
Blog	www.gsb.columbia.edu/publicoffering

Columbia Business School (also known as CBS) is the business school of Columbia University in New York, New York. It was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students. Its admission process is among the most selective of top business schools^[1] and it is one of six Ivy League business schools.

Columbia Business School is known for its close ties to Wall Street and the seminal work completed in the field of Finance by professors Benjamin Graham and David Dodd. It is affiliated with 13 winners of the Nobel Prize in Economics including current professors Robert Mundell, Joseph Stiglitz and Edmund Phelps.^[2] The School has an international emphasis, and many alumni have achieved distinction in the public as well as the private sector.

The acceptance rate into Columbia's MBA program was 16% in 2007, the second lowest for all MBA programs (according to US News and World Report in its annual ranking statistics). Columbia's average GMAT score of 709 and total full-time enrollment of 1,196 are third highest among U.S. business schools.^{[citation needed]} 33% of the class entering in 2007 are women and 23% are members of a minority group.^[3]

Contents 1 History[4] 2 Campus 3 MBA Program 3.1 Areas of Focus 3.2 Value Investing Program 3.3 Entrepreneurship Program 4 Executive MBA Program 5 Doctoral Program 6 Faculty 6.1 Academic Divisions 7 Research centers 8 Annual Dinner 8.1 Recent Award Recipients[34] 8.1.1 Distinguished Leadership in Business 8.1.2 Distinguished Leadership in Government 9 Full-Time MBA Ranking 10 Executive MBA Ranking 11 Prominent alumni 12 Follies 13 See also 14 External links 15 References

[edit] History^[4]

Alonzo Barton Hepburn, then president of Chase Manhattan Bank, founded the School in 1916 with 11 full-time faculty members and an opening class of 61 students, including 8 women. The School expanded rapidly, enrolling 420 students by 1920 and in 1924, added a PhD program to the existing BS and MS degree programs.

In 1945, Columbia Business School authorized the awarding of the Master of Business Administration degree (MBA). Shortly thereafter, the School adopted the Hermes emblem as its symbol, reflecting the entrepreneurial nature of the Greek god Hermes and his association with business, commerce and communication.

In 1952, CBS admitted its last class of undergraduates. The school currently offers executive education programs that culminate in a Certificate in Business Excellence (CIBE) and full alumni status, and several degree programs for the MBA and PhD degrees. In addition to the full-time MBA, the school offers three Executive MBA programs: the NY-EMBA Friday/Saturday program, the EMBA-Global program (launched in 2001 in conjunction with the London Business School), and the Berkeley-Columbia Executive MBA program (launched in 2002 in conjunction with the Haas School of Business at University of California, Berkeley). Students in the latter two programs earn two MBA degrees, one from each of the cooperating institutions.

On July 1, 2004, R. Glenn Hubbard became Columbia Business School's eleventh dean. Hubbard, the former chair of President Bush's Council of Economic Advisers, has worked at the intersection of the private, government and nonprofit sectors and has been actively engaged in national and international economic policy issues.

[edit] Campus

Today, Columbia Business School is primarily housed in Uris Hall, a renovated 1960s structure at the center of Columbia's Morningside Heights campus. An auxiliary space, Warren Hall, is situated on Amsterdam Avenue and is shared with the law school. In 2006, rumors that the business school would be moved to a new, more spacious facility at Columbia's planned new campus on 125th Street in Manhattanville were confirmed.^[5]

[edit] MBA Program

The Columbia MBA Program is designed to prepare its students for the challenges they will face as emerging leaders in a rapidly changing business world. The admission process is highly competitive with an admission rate of 16% in 2007. ^[6] The student body is highly accomplished and diverse. Students in the class that entered in 2007 come from more than 50 countries and speak more than 40 languages.^[7] Thirty-three percent of the class are women and 23% are members of a minority group.^[8] The most represented undergraduate universities in the MBA student body are the University of Pennsylvania, Cornell University, Columbia University, Harvard University, Yale University, Duke University, Princeton University, Georgetown University, Dartmouth College, University of Virginia, Brown University, Stanford University, and UC Berkeley.^{[citation needed]}

The revised core curriculum, launching in the fall of 2008, represents about 40% of the degree requirement.^[9] It consists of 2 full courses and 12 half-term courses including Corporate Finance, Financial Accounting, Managerial Statistics, Managerial Economics, Leadership, Operations Management, and Marketing Strategy.^[10] While the first year of the program is usually devoted to completing the requirements of the core curriculum, the second year provides students with the opportunity to choose from the more than 130 elective courses available at the School and supplement them with more than 4,000 graduate-level classes from the University's other graduate and professional schools.^[11] Among the most popular electives at Columbia Business School are the Economics of Strategic Behavior, Financial Statement Analysis and Earnings Quality, Launching New Ventures, Modern Political Economy, and the Seminar in Value Investing.^[12]

The recently launched Columbia CaseWorks program utilizes the faculty’s research and industry experience and brings that perspective into the classroom through the development of new cases and teaching materials.^[13] Beginning in orientation and continuing through core classes and electives, students are immersed in cases that use faculty research to address real-world business issues. Columbia CaseWorks challenges students to debate corporate decision making and to develop appropriate recommendations and solutions.

Graduating students are rewarded with generous salaries. In 2007, the median starting base salary was $100,000 with a median $30,000 signing bonus and a median $30,000 of other guaranteed compensation.^[14]

[edit] Areas of Focus

Many students choose to focus on a particular area in order to gain deeper knowledge in a specific discipline. Columbia Business School offers the following areas of focus:^[15]

• Accounting
• Decision, Risk and Operations
• Entrepreneurship
• Finance and Economics
• Healthcare and Pharmaceutical Management
• Human Resource Management
• International Business

• Management / Leadership
• Marketing
• Media
• Private Equity
• Real Estate
• Social Enterprise
• Value Investing

[edit] Value Investing Program

As part of its MBA curriculum, Columbia Business School offers the Value Investing Program at the prestigious Heilbrunn Center for Graham & Dodd Investing, for a handful of selected business school students.^[16] The program includes Applied Value Investing and Special Situations Investing. Adjunct professors include hedge fund managers, such as Joel Greenblatt,^[17] Paul Sonkin^[18] and William Von Mueffling^[19]. The program also features an extensive list of guest speakers which include Seth Klarman, Michael Price, Bill Nygren, Charles Brandes and Chris Browne. Notable graduates of the value investing program include Warren Buffett, Mario Gabelli, Leon Cooperman, Chuck Royce, Paul Sonkin and William von Mueffling.

[edit] Entrepreneurship Program

Columbia Business School's Entrepreneurship Program strives to provide students with the skills required for venturing and providing opportunities form them to start an entrepreneurial career in four career paths: entrepreneurship in new ventures, entrepreneurship in large organizations, private equity financing and social entrepreneurship.^[20] Consequently, entrepreneurship among Columbia MBA students is on the rise, with 20 students in the MBA Class of 2007 starting their own businesses directly after graduation.^[21]

[edit] Executive MBA Program

Columbia Business School's Executive MBA (EMBA) Program is a 20-month graduate program designed specifically for businesspeople that are looking to enhance their education without interrupting their careers.^[22] The EMBA program is taught on campus at Columbia University by full-time faculty. The first year of classes consists of the same core curriculum as the Full-Time MBA program. Executive education is the focus of the second year.

In addition to the New York–based EMBA Program, Columbia offers two partner programs to meet the differing needs and geographical distribution of prospective students.^[23] The EMBA-Global program started in 2001. It is a 20-month program administered in partnership with the London Business School. The program enrolls approximately 70 students from around the world per year. Courses are taught by the full-time faculty of both schools. During the first year, the core curriculum classes alternate monthly between the campuses of Columbia University and the London Business School. The core curriculum is similar to that offered in the regular EMBA programs offered separately by each school, but with a more transnational-business emphasis. Second year classes may be selected from the portfolio of EMBA classes offered at either or both partner schools.^[24]

The second partner program is the Berkeley-Columbia Executive MBA, administered in conjunction with the Haas School of Business at the University of California, Berkeley. This 19-month program enrolls approximately 70 students per year. Classes are divided into five terms. Each term contains five sessions that typically meet Thursday through Saturday. One session per term is held at the Columbia University campus, the other four are held on campus at the Haas School of Business. Courses are taught by the full-time faculty of both schools. The core curriculum is taught during the first three terms and consists of material similar to that given in the other two EMBA programs. The last two terms offer elective courses. Students may opt to spend one term studying exclusively in the NY-EMBA program at Columbia or taking classes in the full-time MBA or evening-weekend MBA programs at Berkeley.

Because students in the partner EMBA programs must satisfy the separate requirements of each partner school, they earn two MBA degrees, one each from Columbia and the partner school.

[edit] Doctoral Program

The degree of Doctor of Philosophy (PhD) is offered by the Graduate School of Arts and Sciences and is administered by the Business School. Admission is highly competitive with 603 applicants in 2007 for positions in an entering class of 18 students (3%).^[25]

Throughout the program, students become familiar with research methods and the literature of their major fields through research projects and directed reading.^[26] Doctoral candidates begin the program mastering basic research tools by studying subjects such as economics, behavioral science and quantitative methods, in addition to completing course work and examinations in the major field of study. The completion of course work and qualifying examinations normally requires two to three years.

The research phase begins as early as the first year, when students serve as research assistants, and continues throughout their time at the School.^[27] Students gradually become more involved in the design and execution of research and, by the end of the second year, have typically produced at least one paper suitable for publication, often as coauthor with a faculty member. The later years of the program are dedicated to original research and the creation of the dissertation.

Recent Columbia PhD placements include the following:^[28]

• Harvard Business School
• Wharton School of the University of Pennsylvania
• London Business School
• Kellogg School of Management
• Cornell University
• University of Notre Dame
• Stern School of Business
• University of Minnesota

[edit] Faculty

Columbia Business School’s eminence is rooted in the strength, leadership and experience of its 116 full-time faculty members^[29], including Joseph Stiglitz, the 2001 Nobel laureate in economics; Ray Fisman, the Lambert Family Professor of Social Enterprise; and Bernd Schmitt, the Robert D. Calkins Professor of International Business. The current Dean is the former Presidential Council of Economic Advisors Chairman Glenn Hubbard. Hedge fund guru Joel Greenblatt is currently an adjunct professor. Bruce Greenwald teaches Value Investing and Economics of Strategic Behavior electives. Adam Dell, brother of Dell Inc. CEO Michael Dell, is a venture capitalist who teaches Business Innovation and Technology. Jonathan Knee teaches Finance and is the author of a book titled "The Accidental Investment Banker". James Freeman teaches Investment Banking and is the CEO of a boutique investment bank by the same name. Frederic Mishkin, member of the Board of Governors of the Federal Reserve System, announced in May, 2008 that he will be returning to CBS in the fall.^[30]

[edit] Academic Divisions

The School's faculty are divided into five academic units:^[31]

• Accounting
• Decision, Risk & Operations
• Finance & Economics
• Management
• Marketing

[edit] Research centers

Research centers at Columbia Business School include:^[32]

• Arthur J. Samberg Institute for Teaching Excellence
• Center for Excellence in Accounting and Security Analysis
• Center on Global Brand Leadership
• Center on Japanese Economy and Business
• Columbia Center for Excellence in E-Business (CEBiz)
• Columbia Institute for Tele-Information (CITI)
• Eugene M. Lang Center for Entrepreneurship
• Financial Markets Laboratory
• The Heilbrunn Center for Graham & Dodd Investing
• Jerome A. Chazen Institute of International Business
• Center for International Business Education Research (CIBER)
• MBNA Center for the Study of Banking and Financial Institutions
• The Paul Milstein Center for Real Estate
• The Sanford C. Bernstein & Co. Center for Leadership and Ethics
• W. Edwards Deming Center for Quality, Productivity and Competitiveness

[edit] Annual Dinner

Held each year on the first Monday in May, the Annual Dinner is a highlight of the Columbia Business School calendar and brings together more than 1,000 business leaders, faculty members, students, alumni and friends for an evening of support for the School's many programs and initiatives.^[33] The event provides critical resources for curriculum development, student financial aid, faculty research and the day-to-day operations of the School.

[edit] Recent Award Recipients^[34]

Since 1977, two awards have been presented at each Annual Dinner, the Distinguished Leadership in Business Award and the Distinguished Leadership in Government Award, to honorees whose careers exemplify the professional, ethical, and leadership principles that define Columbia Business School.

[edit] Distinguished Leadership in Business

2008	Russel L. Carson, General Partner, Welsh, Carson, Anderson and Stowe
2007	Lew Frankfort, Chairman and CEO, Coach Inc.
2006	Sidney Taurel, Chairman and CEO, Eli Lilly and Company
2005	Bob Wright, Vice Chairman and Executive Officer, General Electric Company
2004	A Tribute to Meyer Feldberg for his visionary 15-year deanship of Columbia Business School
2003	Rochelle B. Lazarus, Chairman and Chief Executive Officer, Ogilvy and Mather Worldwide
2002	Sanford Weill, Chairman and Chief Executive Officer, Citigroup Inc.
2001	Jacques Nasser, President and Chief Executive Officer, Ford Motor Company

[edit] Distinguished Leadership in Government

2008	Ben Bernanke, Fed Chairmanship, Federal Reserve Board of Governors
2007	Joel I. Klein, Chancellor, New York City Department of Education
2006	Robert B. Zoellick, Deputy Secretary of State, United States of America
2005	Frank R. Lautenberg, U.S. Senator, New Jersey
2004	A Tribute to Meyer Feldberg for his visionary 15-year deanship of Columbia Business School
2003	John Whitehead, Chairman, Lower Manhattan Development Corporation
2002	Joseph Stiglitz; Former Chair, Council of Economic Advisors; Chief Economist, World Bank; 2001 Nobel Laureate in Economics; Professor, Columbia Business School
2001	Rudolph W. Giuliani, Mayor, New York City

[edit] Full-Time MBA Ranking

Columbia has consistently been ranked among the top business schools in the world by BusinessWeek, US News & World Report, the Financial Times, The Wall Street Journal, and Forbes. Columbia Business School is one of only two U.S. business schools currently ranked in the top ten of each of these five major publications.

The full-time MBA program has received these rankings recently:

• #1 Financial Times, 2007 Ranking of rankings, US Ranking ^[35]
• #2 Financial Times, 2007 ^[36]
• #2 Financial Times, 2007 Ranking of rankings, Global ranking ^[35]
• The Wall Street Journal^[37][38]
  • #3 in US National Ranking, 2007
  • #6 in International Ranking, 2007
  • #1 for Women, 2006
  • #4 for Minorities, 2006
  • #3 for Finance, 2006
  • #4 for International Business, 2006
• #3 Princeton Review Selectivity rating, 2007^[39]
• #4 Forbes, 2005^[40]
• #5 Princeton Review 2007 Best Career Prospects ^[41]
• #5 Aspen Institute U.S. Rankings^[42]
• #6 Aspen Institute Global Rankings^[43]
• #6 Forbes, 2007^[44]
• #9 U.S. News & World Report, 2008 ^[45]
• #10 BusinessWeek, 2006 ^[46]

[edit] Executive MBA Ranking

• #4 Financial Times, 2007 Executive MBA Rankings, Global-EMBA program^[47]
• #6 BusinessWeek Executive MBA Rankings, NY-EMBA program^[48]
• #2 US Program, #9 worldwide. Financial Times, 2007 Executive MBA Rankings, NY-EMBA program^[47]
• #5 US Program, #18 worldwide. Financial Times, 2007 Executive MBA Rankings, Berkeley-Columbia program^[47]

[edit] Prominent alumni

• Warren Buffett, MS '51,^[49] CEO of Berkshire Hathaway; and "the richest man in the world"
• César Alierta, MBA '70,^[49] CEO, Telefónica, 4th largest telecommunications company in the world
• Louis Bacon, MBA '81,^[49] Chairman, Moore Capital Management; #19 Hedge Fund Manager in 2005
• Robert Bennett, MBA '82,^[49] President and CEO, Liberty Media Corporation
• Wolfgang Bernhard, MBA '88,^[49] Chairman, Volkswagen
• Erskine Bowles, MBA '69,^[49] Former White House Chief of Staff; President of the University of North Carolina system; Director, Morgan Stanley; Senior Advisor, Carousel Capital
• Arthur Burns, PhD '34,^[50] Former Federal Reserve Chairman
• Russell Carson, MBA '67,^[49] Founding partner of private equity firm Welsh, Carson, Anderson & Stowe
• Jerome Chazen, MBA '50,^[49] Co-founder, Liz Claiborne
• Howard Clark, MBA '68,^[49] Vice Chairman, Lehman Brothers Inc.
• David LeFevre Dodd, MS '21, PhD '30,^[51] namesake for Graham & Dodd value investing.
• Charles Exley Jr., MBA '54,^[49] Retired Chairman and CEO, NCR Corporation
• Ahmass Fakahany, MBA '81,^[49] Vice Chairman, Merrill Lynch & Co.
• Diana Fortuna, MBA '82,^[52] Former Deputy Director of the New York City Office of Management and Budget, President, Citizens Budget Commission
• Lewis Frankfort, MBA '69,^[49] Chairman and CEO, Coach, Inc.
• Mario Gabelli, MBA '67,^[49] Chairman, CEO, and Chief Investment Officer, GAMCO Investors, Inc.
• Richard Karl Goeltz, Former Vice Chairman, American Express
• James P. Gorman, MBA '87,^[49]President and COO, Individual Investor Group, Morgan Stanley
• Michael Gould, MBA '68,^[49] Chairman and CEO, Bloomingdale's
• Paul Guenther, MBA '64,^[49] Chairman, New York Philharmonic
• Alexander Haig,^[53] U.S. Secretary of State
• John G. Hall, MBA,^[54] CEO, PRC LLC
• N. Robert Hammer, MBA,^[55] Chairman, President and CEO, CommVault Systems
• Matthew Hart, MBA '76,^[49] President, Hilton Hotels Corporation
• Philippe Jabre, MBA '81,^[56] CEO, Jabre Capital Partners
• Mike Jeffries, MBA '68^[57], CEO of Abercrombie and Fitch
• Barbara E. Kahn, MBA '82, PhD '84,^[58] Dean of the University of Miami School of Business Administration ^[59]
• Robert Kasten, MBA '66,^[60]U.S. Senator from Wisconsin 1981 to 1993.
• Arie Kopelman, MBA '62,^[49]Co-Chairman, Chanel, Inc.
• Henry Kravis, MBA '69,^[49] Founder of Kohlberg Kravis Roberts & Co.; Leveraged buyout (LBO) Pioneer
• Sallie Krawcheck, MBA '92,^[49] CFO and Head of Strategy, Citigroup Inc.; 7th most powerful woman in the world per Forbes magazine.
• Bill Lambert, MBA '72,^[49] Former Vice Chairman, Wasserstein Perella & Co.
• Eugene Lang, MS '40,^[49] Chairman, Eugene M. Lang Foundation
• Frank Lautenberg, BS '49,^[49] U.S. Senator from New Jersey
• Rochelle Lazarus, MBA '70,^[49] Chairman and CEO, Ogilvy & Mather Worldwide
• Mark Mays, MBA '89,^[49] President and CEO, Clear Channel Communications, Inc.
• Yuzaburo Mogi, MBA '61,^[49] Chairman and CEO, Kikkoman Corporation
• Vikram Pandit, PhD '86,^[49] CEO of Citigroup
• Alan Patricof, MBA, noted venture capitalist and founder of Apax Partners
• Lionel Pincus, MBA '56,^[49] Founder and Chairman, Warburg Pincus LLC
• Ian Plenderleith, MBA '71,^[49] Former Deputy Governor, South African Reserve Bank
• Benjamin Rosen, MBA '61,^[49] Chairman, Compaq Computer Corporation
• Arthur Samberg, MBA '67,^[49] Chairman and CEO, Pequot Capital
• Paolo Scaroni, MBA ;73,^[49] CEO, Eni S.p.A., largest industrial company in Italy
• Keith Sherin, MBA '91,^[49] CFO, General Electric Company
• Jerry Speyer, MBA '64,^[49] CEO, Tishman Speyer Properties
• Robert Stevens, MBA '87,^[49] Chairman and CEO, Lockheed Martin Corporation
• Patrick Stokes, MBA '66,^[49] President and CEO, Anheuser-Busch Companies, Inc.
• Charles Strauss, MBA '67,^[49] Retired President and CEO, Unilever United States
• Sidney Taurel, MBA '71,^[49] Chairman and CEO, Eli Lilly and Company
• Joseph Tucci, MBA '84,^[49] President and CEO, EMC Corporation
• Raymond Viault, MBA '69,^[49] Retired Vice Chairman, General Mills, Inc.
• Joseph Vittoria, MBA '59,^[49] Retired Chairman and CEO, Avis, Inc.
• William von Mueffling, MBA '95,^[49] Founder, Cantillon Capital Management; Columbia Business School Professor; #14 Hedge Fund Manager in 2005
• Peter Woo, MBA '72,^[49] Chairman, Hong Kong Trade and Development Council
• Eudora Welty, author, famously associated with her fiction set in Mississippi, briefly studied advertising circa 1930 at the Columbia Business School^[61][62]

[edit] Follies

The Columbia Business School Follies is a student club that works throughout each semester to put together a production in which students write, choreograph, and perform comedy skits. It achieved notoriety in 2006^[63][64][65] for Every Breath Bernanke Takes, its video parody of the Police song "Every Breath You Take". It purports to be from Glenn Hubbard, Dean of the Business School, in response to Hubbard's being a runner-up to the Fed Chairmanship assumed by Ben Bernanke. The Follies' other notable video parodies include Damn It Feels Good To Be A Banka, B-School Guy vs. Law School Guy, and Baby Got WACC.

[edit] See also

• List of United States business school rankings
• List of business schools in the United States
• Ivy League business schools
• Business school
• MBA

[edit] External links

• Columbia Business School
• Official Columbia Business School Blog
• Columbia Business School MBA Program
• 2007 CBS Employment Report
• "The Whiz Kids" - Forbes article about the MBA Class of 1969 regarded as one of the most successful of all time
• 90 Year Anniversary Website History, Highlights, Memories, and Downloads
• Berkeley-Columbia Executive MBA Program Homepage
• EMBA Global Program Homepage

[edit] References

v • d • e Ivy League business schools Columbia Business School • Cornell (Johnson School) • Dartmouth (Tuck School) • Harvard Business School • University of Pennsylvania (Wharton School) • Yale School of Management

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