At NEW YORK UNIVERSITY, there are two different schools that offer a degree in musical theater: THE STEINHARDT SCHOOL OF EDUCATION and THE TISCH SCHOOL OF THE ARTS. These two programs are completely separate and very different. Here is a short description of the two (thanks to Theatermom and Emilyp114):
STEINHARDT
The Steinhardt School of Education offers a Bachelor of Music in musical theater -- a BM. As the name of the degree suggests, the program requires many courses that have to do with musicianship (music theory, aural comprehension, piano, sight-singing, etc.) than Tisch. It has been said that Steinhardt is for students whose main focus is singing but who are also interested in acting and dancing. Steinhardt accepts about 30 students into both the musical theater and classical performance (voice) programs combined. This is not a conservatory-style program.
TISCH
The Tisch School of the Arts offers a BFA in drama. The student does not audition solely for the musical theater program. The degree is offered through the drama department of Tisch, and musical theater is merely one of many studios that are part of the department (although a student may request to only be considered for the musical theater studio). In addition, this degree is received through the CAP21 program in New York City, and not through instructors at NYU (in the Steinhardt program, students are taught by NYU faculty). It has been said that Tisch musical theater is for actors who are interested in singing and dancing. CAP21 takes around 60 students each year, and it is considered a conservatory-style program.