Booth School of Business

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The University of Chicago Booth School of Business
The Harper Center
Motto Crescat scientia; vita excolatur (Latin)
Motto in English
Let knowledge grow from more to more; and so be human life enriched[1]
Type Private business school
Established 1898
Endowment US $1.034 billion [2]
Dean Madhav V. Rajan
Academic staff
177 (130: tenure track) [3]
Postgraduates 3140 [3]
Location Chicago, Illinois, United States
Alumni 49,000 [3]
Colors Maroon      White     
Affiliations University of Chicago
Mascot Phoenix
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.,[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[7] group of elite MBA programs which recognize each other as peers, consisting of Chicago Booth, Columbia, Harvard, Kellogg, MIT Sloan, Stanford, and Wharton.[8][9]

The school's 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),[10][11] 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.[12]

History[edit]

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 2011-2016
Madhav V. Rajan

(Interim dean Douglas J. Skinner)

2017-

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).[13][14] 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[edit]

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.[15]

Academic concentrations[edit]

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[edit]

Chicago Booth grants "High Honors" to the top five percent of the graduating class and "Honors" to its next 15 percent, based on GPA averages of all MBA graduates from the previous academic year.[16]

Research and learning centers[edit]

UChicago Booth School of Business interior

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

Rankings[edit]

Business school rankings
Worldwide overall
Times Higher Education[17] 4
U.S. News & World Report[18] 6
Worldwide MBA
Business Insider[19] 2
Economist[20] 1
Financial Times[21] 8
U.S. MBA
Bloomberg Businessweek[22] 4
Forbes[23] 6
U.S. News & World Report[24] 2
Vault[25] 3

Chicago Booth was ranked as the #1 business school in the United States by Bloomberg Businessweek in 2006, 2008, 2010, and 2012.[26] The school was ranked #1 by The Economist globally each year from 2012 to 2016.[27] It was ranked #2 in Forbes magazine's "Best Business Schools" rankings in 2013.[28] U.S. News & World Report, 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.[29]

People[edit]

Faculty[edit]

The Booth school has 177 professors,[3] and includes Nobel laureate Eugene Fama, presidential appointees, and a MacArthur fellow.[30] 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[edit]

The Chicago Booth Alumni has a community of over 49,000 members [31] and is supported by 60+ alumni clubs worldwide.[32] Alumni include Satya Nadella, Jon Corzine, Peter G. Peterson, Philip J. Purcell, Said G. Daher, Howard Marks, and John Meriwether.

Publications[edit]

Chicago Booth Review[edit]

Chicago Booth Review is a magazine devoted to business research, particularly research conducted by Chicago Booth’s own faculty. In addition to covering new findings in finance, behavioral science, economics, entrepreneurship, accounting, marketing, and other business-relevant subjects, the magazine features essays from Chicago Booth faculty and other academics. It is published quarterly in print and several times a week online.

Chicago Booth Review is the most recent of several successive vehicles Chicago Booth has used to convey its intellectual capital to an outside audience. Starting in the 1960s, the school published the Selected Papers series, a collection of articles written by faculty members or excerpted from faculty speeches. In 1997, Booth launched Capital Ideas as a separate newsletter featuring articles about faculty research. That subsequently evolved into a quarterly magazine, which in 2016 relaunched as Chicago Booth Review.

See also[edit]

References[edit]

  1. ^ "About the University". The University of Chicago. 2007. Archived from the original on December 17, 2000. 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.  Check date values in: |access-date= (help)
  6. ^ "Subtle Strategist". Financial Times, FT.com. Retrieved April 2010.  Check date values in: |access-date= (help)
  7. ^ "Mission Admission: Safety Schools". 
  8. ^ ""President's Summit": Heads of Seven Major Business School MBA Student Governments Launch "MBA Peer School Forum" for Inter-school Cohesion and Collaboration". Archived from the original on 2010-12-04. 
  9. ^ "The Kellogg School hosts the Seven Schools Forum". 
  10. ^ U. of Chicago to Move Asia M.B.A. Program From Singapore to Hong Kong The Chronicle of Higher Education July 11, 2013
  11. ^ "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]
  12. ^ Full time MBA ranking
  13. ^ [2]
  14. ^ [3]
  15. ^ MBA Channel: BusinessWeek: Kellog ranked 1st, 16.11.2009
  16. ^ Honors, Booth School of Business, University of Chicago (last accessed March 21, 2017).
  17. ^ "World University Rankings by subject: business and economics". Times Higher Education. 2016. Retrieved 2016-10-29. 
  18. ^ "Best Global Universities for Economics and Business". U.S. News & World Report. 2017. Retrieved 2017-03-15. 
  19. ^ "The 50 best business schools in the world". Business Insider. 2015. Retrieved 2016-02-06. 
  20. ^ "Full time MBA ranking". Economist. 2016. Retrieved 2017-03-15. 
  21. ^ "Global MBA Ranking". Financial Times. 2017. Retrieved 2017-01-31. 
  22. ^ "Best Business Schools 2016". Bloomberg Businessweek. 2016-11-16. 
  23. ^ "The Best Business Schools". Forbes. 2015. Retrieved 2016-02-06. 
  24. ^ "2018 Best Business Schools Rankings". U.S. News & World Report. 2017-03-13. 
  25. ^ "Best Business Schools". Vault.com. 2015. Retrieved 2016-02-09. 
  26. ^ Bloomberg Businessweek: The Complete 2012 Business Schools Ranking, 2012-11-15
  27. ^ http://www.economist.com/whichmba/full-time-mba-ranking
  28. ^ Badenhausen, Kurt (October 9, 2013). "Best Business Schools". Forbes. 
  29. ^ "Top Business Schools". Archived from the original on 2009-04-26. 
  30. ^ "Full-time MBA ViewBook". The University of Chicago. 2009. Retrieved Oct 20, 2009. 
  31. ^ http://www.chicagobooth.edu/programs/full-time/student-experience/alumni-networkhttp://www.chicagobooth.edu/alumni/community/
  32. ^ http://www.chicagobooth.edu/alumni/clubs/

External links[edit]

Coordinates: 41°47′21″N 87°35′45″W / 41.789144°N 87.595705°W / 41.789144; -87.595705