Columbia Business School is well-known for its strength in value investing education, which is closely tied to its geographical location in New York City. The CBS Value Investing Program, started in the 1950s, upholds the Graham-Dodd philosophy and is a core component of the CBS MBA curriculum. Many legendary investors, including Warren Buffet, are alumni of this program. The program provides students with rigorous academic training as well as access to practitioner wisdom. This article will elaborate on the key features, curriculum, application process, and career outcomes of the CBS Value Investing Program.
Rigorous academic training from leading faculty
The CBS Value Investing Program provides students with rigorous training from leading academics in the field of value investing. Core courses cover fundamental analysis, industry analysis, valuation models, and investment philosophies. Students learn to evaluate companies, analyze industries, build financial models, and develop their own investment frameworks. The program director, Tano Santos, is an expert in asset pricing and valuation models. Other prominent faculty include Bruce Greenwald, a disciple of Benjamin Graham, who helped shape the program’s curriculum and philosophy. Students gain strong technical skills and develop critical thinking abilities through intensive case studies and demanding coursework.
Access to practitioner wisdom and network
A key advantage of the CBS Value Investing Program is the access it provides to insights from leading practitioners in the field. Many high-profile investors, hedge fund managers, and investment bankers are brought to campus regularly to share their experiences. The program also has strong ties with the New York investment community. Field trips, guest lectures, conferences, and informal networking events allow students to connect with alumni and other practitioners. This helps students understand real-world practices and builds an invaluable network. For example, students get to attend the annual Berkshire Hathaway shareholder meeting organized by Warren Buffet in Omaha.
Rigorous stock pitch competitions to apply learning
The CBS Value Investing Program provides ample opportunities for students to apply classroom learning through rigorous stock pitch competitions. Students research companies, develop investment theses, and present stock pitches to faculty, alumni and other practitioners. For example, the annual Ira Harris Stock Pitch Competition allows students to get feedback from a panel of experts. There are also inter-school competitions such as the Value Investing Challenge. These experiences help prepare students for the demands of real-world investment analysis and management.
Selective admission process
The CBS Value Investing Program has a highly selective admission process, with only 40 students chosen each year from over 500 MBA students. Applicants are evaluated based on investment aptitude, participation in student clubs, performance in courses, stock pitch competitions and volunteer initiatives. The admissions committee looks for students with strong analytical abilities, grit and interest in value investing. While finance background is preferred, the program is open to students from diverse backgrounds.
Strong career outcomes
The CBS Value Investing Program opens doors to lucrative investment management and research careers. Graduates are heavily recruited by top-tier investment banks, asset management firms, hedge funds and private equity funds. Many also pursue careers as equity research analysts. According to employment reports, finance is consistently the top recruiting industry at Columbia Business School, employing about a third of MBA graduates. Within this, value investing continues to be a popular career choice.
The CBS Value Investing Program is a core component of the Columbia MBA experience. Its rigorous curriculum, access to practitioner wisdom, emphasis on application, and superb career outcomes make it an attractive choice for students interested in value investing.