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., the first such school to offer an Executive MBA program, and the first to initiate a Ph.D. program in business. 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.
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), 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.
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. 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.
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). 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).
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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.
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:
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
The school promotes and disseminates research through its centers and institutes; the most significant ones are:
- Accounting Research Center
- Applied Theory Initiative
- Center for Decision Research
- Center for Population Economics
- Center for Research in Security Prices
- Chicago Energy Initiative ]
- George J. Stigler Center for the Study of the Economy and the State
- Initiative on Global Markets
- Michael P. Polsky Center for Entrepreneurship and Innovation
- The Becker Friedman Institute for Research in Economics
- James M. Kilts Center for Marketing
Rankings
Chicago Booth was ranked #1 in the United States by Bloomberg Businessweek in 2006, 2008, 2010, and 2012. Ranked #1 by The Economist globally in 2012, 2013 and 2014. Ranked #2 by Forbes Best Business Schools Ranking in 2013. US News, in the 2015 Best Business Schools ranking, ranked Chicago Booth #4, while its Executive MBA program ranked #1, and its Part Time program ranked #2. The School was indexed as the 6th best Business School in North America in the 2010 QS Global 200 Business Schools Report.
In the Financial Times's most recent aggregated "ranking of rankings" of US business schools, Booth ranked #3. These rankings are a composite of five major MBA rankings.
People
Faculty
The Booth school has 177 professors, and includes Nobel laureate Eugene Fama, presidential appointees, and a MacArthur fellow. 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
The Chicago Booth Alumni has a community of over 43,000 members and is supported by 60+ alumni clubs worldwide. Alumni include Satya Nadella, Jon Corzine, Peter G. Peterson, Philip J. Purcell, Said G. Daher and John Meriwether.
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