Booth School of Business

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The University of Chicago Booth School of Business
The seal of the University of Chicago. It is in the shape of a shield, with a drawing of a phoenix on the bottom and a book with the University's motto "Crescat scientia; vita excolatur" on the top.
Motto Crescat scientia; vita excolatur (Latin)
Motto in English

Let knowledge grow from more to more; and so be human life enriched

[1]
Established 1898
Type Private business school
Endowment US $800 million
Dean Sunil Kumar
Academic staff 177 (130: tenure track) [2]
Postgraduates 3140 [2]
Location Chicago, IL, USA
Alumni 43,000 [2]
Colors Maroon      White     
Mascot Phoenix
Affiliations University of Chicago
Website www.chicagobooth.edu
The University of Chicago Logo

The University of Chicago Booth School of Business is a graduate business school located in Chicago, Illinois, at the University of Chicago. Formerly known as the University of Chicago Graduate School of Business, Chicago Booth is the second-oldest business school in the U.S.,[3] the first such school to offer an Executive MBA program,[4] and the first to initiate a Ph.D. program in Business.[3] The school was renamed in 2008 following a $300 million endowment gift to the school by alumnus David G. Booth. The school has the third-largest endowment of any business school.[5]

The school's flagship campus is located in the Hyde Park neighborhood of Chicago on the main campus of the university. The school also maintains additional campuses in London and Singapore, as well as in downtown Chicago on the Magnificent Mile. In addition to conducting graduate business programs, the school conducts research in the fields of finance, economics, quantitative marketing, and accounting.

Contents

History [edit]

Chicago Booth traces its roots back to 1898 when university faculty member James Laurence Laughlin chartered the College of Commerce and Politics, which was intended to be an extension of the school's founding principles of "scientific guidance and investigation of great economic and social matters of everyday importance." The program originally served as a solely undergraduate institution until 1916, when academically oriented research masters and later doctoral-level degrees were introduced.

In 1916, the school was renamed the School of Commerce and Administration. Soon after in 1922, the first doctorate program was offered at the school. In 1932, the school was rechristened as the School of Business.[2] The School of Business offered its first Master of Business Administration (MBA) in 1935. A landmark decision was taken by the school at about this time to concentrate its resources solely on graduate programs, and accordingly, the undergraduate program was phased out in 1942. In 1943, the school launched the first ever Executive MBA program. The school was renamed to Graduate School of Business (or more popularly, the GSB) in 1959, a name that it held till 2008.

Deans of the School of Business
Name Tenure
Henry Rand Hatfield 1902–1904
Francis W. Shepardson 1904-1906
C.E. Merriam 1907-1909
Leon C. Marshall 1909–1924
William H. Spencer 1924–1945
Garfield V. Cox 1945–1952
John E. Jeuck 1952–1955
W. Allen Wallis 1956–1962
George P. Shultz 1962–1969
Sidney Davidson 1969–1974
Richard N. Rosett 1974–1982
John P. Gould 1983–1993
Robert S. Hamada 1993–2001
Edward A. "Ted" Snyder 2001–2010
Sunil Kumar 2011 -

During the later half of the twentieth century, the business school was instrumental in the development of the Chicago School, an economic philosophy focused on free-market, minimal government involvement, due to faculty and student interaction with members of the university's influential Department of Economics. Other innovations by Chicago Booth include initiating the first PhD program in business (1920), founding the first academic business journal (1928), offering the first Executive MBA (EMBA) program (1943), and for offering the first weekend MBA program (1986).[6][7] Students at the school founded the National Black MBA Association (1972), and Chicago Booth is the only U.S. business school with permanent campuses on three continents: Asia (2000), Europe (1994), and North America (1898).

Academics [edit]

The Harper Center

Chicago Booth offers Full-time, Part-time (Evening and Weekend) and Executive MBA programs. The University is also a major center for educating future academics, with graduate programs offering the A.M. and Ph.D. degrees in several fields.

The program allows students to largely structure their own course of study subject to the constraint of a broad set of requirements. This is in contrast to other top-tier business schools, which impose a cohort or learning team system that includes coursework to be completed in a pre-determined order. The program differentiates itself by allowing students the flexibility to construct a program of study that is tailored to their needs, and can be as broad or deep as they choose. There is only one required course for full-time and part-time program students: LEAD (Leadership Effectiveness and Development) [3], which students take in their first quarter for full-time students and within the first four quarters for part-time students. [4] LEAD focuses on the fundamental skills of leadership: motivating people, building relationships, and influencing outcomes. Students in the full-time program may earn an International MBA, or IMBA, by studying abroad on exchange with another business school, taking certain electives, and by demonstrating oral proficiency in a second, non-native language.

The school's Executive MBA program is unique in that students may elect to spend the required residential periods on all three of the school's campuses worldwide (London, Chicago, Singapore), while also employing the cohort system. In Business Week Executive MBA Ranking 2011 the University of Chicago Booth School of Business ranked 1st.[8] The University of Chicago Booth School of Business has begun a new program using Facebook, Twitter, Linkedin and YouTube to reach prospective part-time M.B.A students.[9]

Academic concentrations [edit]

Students in the Full-time MBA, Executive MBA, and Part-time MBA programs can elect to concentrate in one or more areas of study, although some concentrations' required coursework may necessitate schedule modifications for students enrolled in the Part-time program. The various concentrations are:

Research and learning centers [edit]

Students actively engage in group projects and outside class discussion.

The school promotes and disseminates research through several centers and institutes, the most significant ones being:[2]

Rankings [edit]

School rankings (overall)
U.S. MBA
Bloomberg BusinessWeek[10] 1
Forbes[11] 3
U.S. News & World Report[12] 4
Worldwide MBA
Economist[13] 1
Financial Times[14] 6

Chicago Booth was ranked first in the United States by Bloomberg Businessweek in 2006, 2008, 2010, and 2012.[15] The program was also ranked first globally in the 2012 The Economist MBA ranking.[16] Chicago Booth was ranked 3rd in the Forbes Best Business Schools Ranking 2011.[17] US News, in the 2013 Best Business Schools ranking, ranked Chicago Booth 4th, while its Executive MBA program was ranked 2nd, and its Part Time program was ranked 2nd.[18] The School was indexed as the 6th best Business School in North America in the 2010 QS Global 200 Business Schools Report.[19]

In the most recent aggregated "ranking of rankings" of US business schools, Chicago Booth ranked #3 in the Financial Times and #3 with Poets&Quants. Each of these rankings is a composite of five major MBA rankings published by Bloomberg BusinessWeek, The Economist, The Financial Times, Forbes, Wall Street Journal and/or U.S. News & World Report which is meant to eliminate anomalies and other statistical distortions that are often present in any single ranking.[20][21]

People [edit]

Faculty [edit]

Main article: List of University of Chicago Booth School of Business faculty

The Booth school has 177 professors,[2] and includes Nobel laureates, Robert Fogel and Gary Becker, presidential appointees, and a MacArthur fellow.[22] Notable economists John H. Cochrane, Eugene Fama, Luigi Zingales and Raghuram Rajan, behaviorist Richard Thaler, and former Chairperson of the Council of Economic Advisers, Austan Goolsbee, are professors there.

Alumni [edit]

Main article: List of University of Chicago Booth School of Business alumni

The Chicago Booth Alumni community is 43,000 strong [16] and is supported by 60+ alumni clubs worldwide [17]. Alumni include Jon Corzine, Peter G. Peterson, Philip J. Purcell, Said G. Daher and John Meriwether.

See also [edit]

References [edit]

  1. ^ "About the University". The University of Chicago. 2007. Retrieved April 20, 2007. 
  2. ^ a b c d e f "Facts and Firsts". The University of Chicago. Retrieved April 20, 2007. 
  3. ^ a b "Chicago Booth History". Booth School of Business. Retrieved September 6, 2009. 
  4. ^ "History of Executive MBA Council". Executive MBA Council (www.emba.org). Retrieved April 2010. 
  5. ^ "Subtle Strategist". Financial Times, FT.com. Retrieved April 2010. 
  6. ^ [1]
  7. ^ [2]
  8. ^ MBA Channel: BusinessWeek: Kellog ranked 1st, 16.11.2009
  9. ^ MBA Channel: Chicago: Social media to reach new students", 14.10.2009
  10. ^ "Business School Rankings and Profiles: MBA". Bloomberg BusinessWeek. 2012. Retrieved 2012-1-19. 
  11. ^ "Best Business Schools". Forbes. 2012. Retrieved 2011-10-16. 
  12. ^ "Best Business Schools". U.S. News & World Report. 2012. Retrieved 2012-03-13. 
  13. ^ "Which MBA". The Economist. 2011. Retrieved 2011-10-16. 
  14. ^ "Global MBA Rankings". Financial Times. 2012. Retrieved 2012-2-14. 
  15. ^ Bloomberg Businessweek: The Complete 2012 Business Schools Ranking, 2012-11-15
  16. ^ "Which MBA". The Economist. 
  17. ^ Badenhausen, Kurt (August 3, 2011). "Best Business Schools". Forbes. 
  18. ^ "Top Business Schools". 
  19. ^ "QS Global 200 Business Schools Report, North America". 
  20. ^ "Financial Times Ranking of Rankings". The Financial Times. 2007. Retrieved 25 October 2012. 
  21. ^ "Poets&Quants’ Top 100 MBA Programs in the U.S.". Poets&Quants. 2011. Retrieved 25 October 2012. 
  22. ^ "Full-time MBA ViewBook". The University of Chicago. 2009. Retrieved Oct 20, 2009. 

External links [edit]

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