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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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"Booth School" redirects here. For the defunct school in Philadelphia, see Booth School (Philadelphia).
University of Chicago Booth School of Business
The Harper Center
TypePrivate business school
Established1898
EndowmentUS $1.034 billion [1]
DeanMadhav V. Rajan
Academic staff
ca 200 [2]
Postgraduates3297 [2]
Location
Chicago
,
Illinois
,
United States
Alumni53,000 [2]
ColorsMaroon and White
   
AffiliationsUniversity of Chicago
MascotPhoenix
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 in Chicago, Illinois. Booth has produced more Nobel laureates in the Economic Sciences (28)[3] than any other school and is second only to the University of Cambridge in total. Formerly known as The University of Chicago Graduate School of Business, Chicago Booth is the second-oldest business school in the U.S.,[4] and the first such school to offer an Executive MBA program.[5] 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'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),[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, among others. The Full-Time MBA Program is currently tied in first with Harvard Business School according to U.S. News & World Report.[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,[10] 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.[11] 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 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

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

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.

Academic concentrations

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

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

UChicago Booth School of Business interior

The school promotes and disseminates research through its centers and institutes; the most significant ones are:[2]

Rankings

Business School
International Rankings
U.S. MBA Ranking
Bloomberg (2024)[16]3
U.S. News & World Report (2024)[17]1
Global MBA Ranking
Financial Times (2024)[18]6

U.S. News & World Report currently ranks Chicago Booth as the #1 business school (tied with Harvard Business School) in the United States.[19] U.S. News also ranked the school's executive MBA program #1[20] and its part-time program #2.[21] In 2018, The Economist ranked the school's full-time MBA program as #1 globally.[22] The Economist ranked Chicago #1 each year from 2012 to 2016.[22]

People

Faculty

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

The Booth school has 177 professors,[2] and includes Nobel laureates Eugene Fama and Richard Thaler, presidential appointees, and a MacArthur fellow.[23] Notable economists Kevin M. Murphy, John H. Cochrane, Luigi Zingales and Raghuram Rajan, 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 [24] and is supported by 60+ alumni clubs worldwide.[25] Alumni include Satya Nadella, Jon Corzine, Peter G. Peterson, Philip J. Purcell, Todd Young, Howard Marks, Megan McArdle, John Meriwether, and Susan Wagner.

Publications

Chicago Booth Review

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

References

  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. ^ "Chicago Booth racks up yet another Nobel". {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  4. ^ "Chicago Booth History". Booth School of Business. Retrieved September 6, 2009.
  5. ^ "History of Executive MBA Council". Executive MBA Council (www.emba.org). Archived from the original on 2009-07-12. {{cite web}}: |archive-date= / |archive-url= timestamp mismatch; 2009-07-21 suggested (help); Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  6. ^ "Subtle Strategist". Financial Times, FT.com.
  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. ^ [2]
  10. ^ Hooper, Frederick; Graham, James (1901). Commercial Education at Home and Abroad: A Comprehensive Handbook. Macmillan and Company. p. 141.
  11. ^ Boyer, John W. (2015-09-23). The University of Chicago: A History. University of Chicago Press. ISBN 9780226242514.
  12. ^ [3]
  13. ^ [4]
  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. ^ "Best B-Schools". Bloomberg Businessweek.
  17. ^ "2023 Best Business Schools Rankings". U.S. News & World Report.
  18. ^ "Global MBA Ranking 2023". Financial Times.
  19. ^ "2019 Best Business Schools". {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  20. ^ "Best Executive MBA Programs". U.S. News & World Report. 2018.
  21. ^ "Best Part-time MBA Programs". U.S. News & World Report. 2018.
  22. ^ a b "Full-time mba ranking". The Economist.
  23. ^ "Kevin Murphy Bio". The University of Chicago. 2017. Retrieved January 3, 2018.
  24. ^ http://www.chicagobooth.edu/programs/full-time/student-experience/alumni-networkhttp://www.chicagobooth.edu/alumni/community/
  25. ^ http://www.chicagobooth.edu/alumni/clubs/
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