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University of Chicago Booth School of Business

Coordinates: 41°47′21″N 87°35′45″W / 41.789144°N 87.595705°W / 41.789144; -87.595705
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The University of Chicago Booth School of Business
The Harper Center
MottoCrescat scientia; vita excolatur (Latin)
Motto in English
Let knowledge grow from more to more; and so be human life enriched [1]
TypePrivate business school
Established1898
EndowmentUS $1.034 billion [2]
DeanSunil Kumar
Academic staff
177 (130: tenure track) [3]
Postgraduates3140 [3]
Location
Chicago
,
IL
,
USA
Alumni49,000 [3]
ColorsMaroon   White  
AffiliationsUniversity of Chicago
MascotPhoenix
Websitewww.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.,[4] the first such school to offer an Executive MBA program,[5] and the first to initiate a Ph.D. program in business.[4] 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.[6] The school belongs to the M7 group of elite MBA programs which recognize each other as peers, consisting of Harvard, Wharton, Stanford, Columbia, Chicago Booth, Kellogg and MIT Sloan.

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 Asia (originally Singapore, but in July 2013 a move to Hong Kong was announced),[7][8] 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 research, and accounting. Chicago Booth's MBA program is currently ranked first globally by the Economist.[9]

History

The University of Chicago Booth School of Business 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.[3] 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 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 2011-2

During the later half of the twentieth century, the business school was instrumental in the development of the Chicago School of economics, 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 the school 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).[10][11] Students at the school founded the National Black MBA Association (1972), and it is the only U.S. business school with permanent campuses on three continents: Asia (2000), Europe (1994), and North America (1898).

Academics

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 structure their own course of study subject to the constraint of a broad set of requirements, unlike some other top-tier business schools, which impose a cohort or learning team system that includes coursework to be completed in a pre-determined order. This gives 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. The only required course for full-time and part-time program students is LEAD (Leadership Effectiveness and Development) [4], which students take in their first quarter for full-time students and within the first four quarters for part-time students. [5] This course 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, Hong Kong), while also employing the cohort system. In Business Week Executive MBA Ranking 2011 the school ranked 1st.[12]

Academic concentrations

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

  • Accounting
  • Analytical management
  • Analytic finance
  • Econometrics and Statistics
  • Economics
  • Entrepreneurship
  • Finance
  • General management
  • Human resource management
  • International business
  • Managerial and organizational behavior
  • Marketing management
  • Operations management
  • Strategic management

Honors

Chicago Booth offers two honors designations, High Honors and Honors. The High Honors designation is assigned to the top five percent of the graduating class, while the Honors designation is assigned to the next 15 percent, based on GPA averages of all MBA graduates from the previous academic year [6]. The school does not use the Latin Honors system, though High Honors appears equivalent to Summa Cum Laude while Honors appears to mirror the designation of Magna Cum Laude at other American schools [7].

Research and learning centers

UChicago Booth School of Business interior

The school promotes and disseminates research through its centers and institutes; the most significant ones are:[3]

Rankings

Business School
International Rankings
U.S. MBA Ranking
Bloomberg (2024)[13]2
U.S. News & World Report (2024)[14]2
Global MBA Ranking
Financial Times (2024)[15]8

Chicago Booth was ranked #1 in the United States by Bloomberg Businessweek in 2006, 2008, 2010, and 2012.[16] Ranked #1 by The Economist globally in 2012, 2013, 2014, 2015 and 2016. Ranked #2 by Forbes Best Business Schools Ranking in 2013.[17] US News, in the 2017 Best Business Schools ranking, ranked Chicago Booth #2, while its Executive MBA program ranked #2, and its Part Time program ranked #2.[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 Poets and Quants most recent aggregated "ranking of rankings" of US business schools, Booth ranked #3. These rankings are a composite of five major MBA rankings.[20]

People

Faculty

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

The Booth school has 177 professors,[3] and includes Nobel laureate Eugene Fama, presidential appointees, and a MacArthur fellow.[21] Notable economists Kevin M. Murphy, John H. Cochrane, Luigi Zingales and Raghuram Rajan, behaviorist Richard Thaler, and former Chairperson of the Council of Economic Advisers, Austan Goolsbee, are professors there.

Alumni

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

The Chicago Booth Alumni has a community of over 49,000 members [22] and is supported by 60+ alumni clubs worldwide.[23] Alumni include Satya Nadella, Jon Corzine, Peter G. Peterson, Philip J. Purcell, Said G. Daher, and John Meriwether,

See also

References

  1. ^ "About the University". The University of Chicago. 2007. Retrieved April 20, 2007.
  2. ^ "Dean's Annual Report 2014-2015". The University of Chicago. Retrieved March 22, 2016.
  3. ^ a b c d e f "Facts and Firsts". The University of Chicago. Retrieved April 20, 2007.
  4. ^ a b "Chicago Booth History". Booth School of Business. Retrieved September 6, 2009.
  5. ^ "History of Executive MBA Council". Executive MBA Council (www.emba.org). Retrieved April 2010. {{cite web}}: Check date values in: |accessdate= (help)
  6. ^ "Subtle Strategist". Financial Times, FT.com. Retrieved April 2010. {{cite web}}: Check date values in: |accessdate= (help)
  7. ^ U. of Chicago to Move Asia M.B.A. Program From Singapore to Hong Kong The Chronicle of Higher Education July 11, 2013
  8. ^ "University of Chicago Moves Asia M.B.A. Program to Hong Kong from Singapore The School Cites 'Proximity to China' as a Prime Attraction" Wall Street Journal July 11, 2013 [1]
  9. ^ Full time MBA ranking
  10. ^ [2]
  11. ^ [3]
  12. ^ MBA Channel: BusinessWeek: Kellog ranked 1st, 16.11.2009
  13. ^ "Best B-Schools". Bloomberg Businessweek.
  14. ^ "2023 Best Business Schools Rankings". U.S. News & World Report.
  15. ^ "Global MBA Ranking 2023". Financial Times.
  16. ^ Bloomberg Businessweek: The Complete 2012 Business Schools Ranking, 2012-11-15
  17. ^ Badenhausen, Kurt (October 9, 2013). "Best Business Schools". Forbes.
  18. ^ "Top Business Schools".
  19. ^ "QS Global 200 Business Schools Report, North America".
  20. ^ "Poets and Quants Ranking of Rankings".
  21. ^ "Full-time MBA ViewBook". The University of Chicago. 2009. Retrieved Oct 20, 2009.
  22. ^ http://www.chicagobooth.edu/programs/full-time/student-experience/alumni-networkhttp://www.chicagobooth.edu/alumni/community/
  23. ^ http://www.chicagobooth.edu/alumni/clubs/
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