University of Chicago Booth School of Business

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University of Chicago Booth School of Business
The Harper Center
TypePrivate business school
Established1898
Endowment$1.034 billion[1]
DeanMadhav V. Rajan
Academic staff
ca 200[2]
Postgraduates3,297[2]
Location, ,
United States
Alumni53,000[2]
ColorsMaroon and White
   
AffiliationsUniversity of Chicago
Websitewww.chicagobooth.edu

The University of Chicago Booth School of Business (also known as Chicago Booth, or Booth) is the graduate business school of the University of Chicago. Founded in 1898, Chicago Booth is the second-oldest business school in the U.S. and is associated with 9 Nobel laureates in the Economic Sciences, more than any other business school in the world.[3][4] The school has the third-largest endowment of any business school.[5] Chicago Booth's MBA program is ranked No. 3 in the U.S. by U.S. News & World Report,[6] No. 1 in the U.S by Forbes,[7] and No. 1 globally by The Economist.[8]

Notable Chicago Booth alumni include James O. McKinsey, founder of McKinsey & Company; Susan Wagner, co-founder of Blackrock; Eric Kriss, co-founder of Bain Capital; Satya Nadella, current CEO of Microsoft; and other current and former CEOs of Fortune 500 companies such as Allstate Insurance, Booz Allen Hamilton, Cargill, Chevron, Credit Suisse, Dominos, Goldman Sachs, IBM, Morgan Stanley, Morningstar, PIMCO, and Reckitt Benckiser.

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,[9] 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.[10] 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. That year alumnus David G. Booth gave the school a gift valued at $300 million, and in honor of the gift the school was renamed the University of Chicago Booth School of Business.[11]

Deans
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 latter 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).[12][13] 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).

Campuses[edit]

In Chicago, the Booth School has two campuses: the Charles M. Harper Center in Hyde Park, which hosts the school's full-time MBA and Ph.D. programs, and the Gleacher Center in downtown Chicago, which hosts evening, weekend, and executive MBA programs. Chicago Booth also has a campus in London across from the Guildhall and a campus in Hong Kong.[14]

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. In addition to conducting graduate business programs, the school conducts research in the fields of finance, economics, quantitative marketing research, and accounting, among others.

Academic concentrations[edit]

Students in the Full-time MBA, Executive MBA, and Part-time MBA programs can concentrate in one or more of 14 areas, although some concentrations' required coursework may necessitate schedule modifications for students enrolled in the part-time program.

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.[15]

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:[2]

Rankings[edit]

Business school rankings
Worldwide overall
QS[16]8
Times Higher Education[17]11
U.S. News & World Report[18]5
Worldwide MBA
Economist[19]1
Financial Times[20]10
U.S. MBA
Bloomberg Businessweek[21]5
Forbes[22]1
U.S. News & World Report[23]3

Chicago Booth was ranked No. 1 by both Forbes and The Economist in 2019. U.S. News & World Report ranks Chicago Booth in 2020 as tied for the 3rd best business school (with Northwestern's Kellogg School of Management) in the United States.[24] U.S. News also ranked the school's executive MBA program 1st[25] and its part-time program 1st in the U.S.[26] In 2019, The Economist ranked the school's full-time MBA program as 1st globally.[27] The Economist also ranked Chicago 1st each year from 2012 to 2016.[27] The Financial Times Rankings 2019 gave Chicago Booth the third place in Open Executive Education.[28]

People[edit]

Faculty[edit]

The Booth school has 177 professors,[2] and includes Nobel laureates Eugene Fama and Richard Thaler and MacArthur Fellow Kevin M. Murphy.[29] Other notable economists at the school include John H. Cochrane, Luigi Zingales and Raghuram Rajan, and former Chairperson of the Council of Economic Advisers, Austan Goolsbee.

Alumni[edit]

The Chicago Booth Alumni has a community of over 49,000 members[30] and is supported by 60+ alumni clubs worldwide.[31] Alumni include Satya Nadella, Jon Corzine, Peter G. Peterson, Philip J. Purcell, Todd Young, Howard Marks, Megan McArdle, John Meriwether, and Susan Wagner.

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 (ISSN 1934-0060) 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. ^ "Dean's Annual Report 2014-2015". The University of Chicago. Retrieved March 22, 2016.
  2. ^ a b c d e f "Key Facts". The University of Chicago. Retrieved March 3, 2018.
  3. ^ "Nobel winner Booth Faculty".
  4. ^ "Chicago Booth History".
  5. ^ "Subtle Strategist". Financial Times, FT.com.
  6. ^ "U.S World News MBA Rankings 2021".
  7. ^ "Forbes business school rankings 2019".
  8. ^ "Economist global MBA rankings".
  9. ^ Hooper, Frederick; Graham, James (1901). Commercial Education at Home and Abroad: A Comprehensive Handbook. Macmillan and Company. pp. 141.
  10. ^ Boyer, John W. (2015-09-23). The University of Chicago: A History. University of Chicago Press. ISBN 9780226242514.
  11. ^ "Alumnus David Booth gives $300 million; University of Chicago Booth School of Business". University of Chicago News. November 8, 2008. Retrieved July 25, 2019.
  12. ^ "Centennial Report, University of Chicago Magazine, December 1997". magazine.uchicago.edu.
  13. ^ "History". The University of Chicago Booth School of Business.
  14. ^ Chicago Booth Campuses, University of Chicago Booth School of Business.
  15. ^ Honors, Booth School of Business, University of Chicago (last accessed March 21, 2017).
  16. ^ "QS Global MBA Rankings 2020". Quacquarelli Symonds. Retrieved September 26, 2019.
  17. ^ "World University Rankings 2019 by subject: business and economics". Times Higher Education. Retrieved September 25, 2019.
  18. ^ "Best Global Universities for Economics and Business". U.S. News & World Report. 2019. Retrieved September 25, 2019.
  19. ^ "Full time MBA ranking". The Economist. 2019. Retrieved January 27, 2020.
  20. ^ "Global MBA Ranking 2020". Financial Times. Retrieved January 27, 2020.
  21. ^ "Best B-Schools". Bloomberg Businessweek. November 8, 2018. Retrieved September 25, 2019.
  22. ^ "The Best Business Schools". Forbes. 2019. Retrieved September 25, 2019.
  23. ^ "2019 Best Business Schools Rankings". U.S. News & World Report. Retrieved September 25, 2019.
  24. ^ "Best Business Schools". U.S. News & World Report. 2020. Retrieved August 3, 2020.
  25. ^ "Best Executive MBA Programs". U.S. News & World Report. 2020.
  26. ^ "Best Part-time MBA Programs". U.S. News & World Report. 2019.
  27. ^ a b "Full-time mba ranking". The Economist. Retrieved August 3, 2020.
  28. ^ "Business school rankings from the Financial Times - FT.com". rankings.ft.com. Retrieved 2020-01-20.
  29. ^ "Kevin Murphy Bio". The University of Chicago. 2017. Retrieved January 3, 2018.
  30. ^ "Alumni Network". The University of Chicago Booth School of Business.
  31. ^ "Clubs". The University of Chicago Booth School of Business.

External links[edit]

Media related to University of Chicago Booth School of Business at Wikimedia Commons

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