The relationship between the nonlinear Schrodinger hierarchy and the parafermion and SL(2,R)/U(1) coset models, analogous to the relationship between the KdV hierarchy and the minimal models, is explained. To do this I first present an in depth study of a series of integrable hierarchies related to NLS, and write down an action from which any of these hierarchies, and the associated second Poisson bracket structures, can be obtained. In quantizing the free part of this action we find many features in common with the bosonized parafermion and SL(2,R)/U(1) models, and particularly it is clear that the quantum NLS hamiltonians are conserved quantities in these models. The first few quantum NLS hamiltonians are constructed.