University of Chicago Booth School of Business
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) 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., and the first such school to offer an Executive MBA program. 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.
|Type||Private business school|
|Endowment||US $1.034 billion|
|Dean||Madhav V. Rajan|
|Colors||Maroon and White|
|Affiliations||University of Chicago|
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), 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 for third with Harvard Business School and the MIT Sloan School of Management according to U.S. News & World Report.
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. 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.
|Henry Rand Hatfield||1902–1904|
|Francis W. Shepardson||1904–1906|
|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|
|Richard N. Rosett||1974–1982|
|John P. Gould||1983–1993|
|Robert S. Hamada||1993–2001|
|Edward A. "Ted" Snyder||2001–2010|
|Madhav V. Rajan
(Interim dean Douglas J. Skinner)
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). 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).
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.
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.
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.
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.
Research and learning centersEdit
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
- Fama-Miller Center for Research in Finance
- 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
- Rustandy Center for Social Sector Innovation
|Business school rankings|
|Times Higher Education||11|
|U.S. News & World Report||5|
|U.S. News & World Report||3|
U.S. News & World Report ranks Chicago Booth in 2019 as tied for the 3rd best business school (with Harvard Business School and MIT Sloan School of Management) in the United States. U.S. News also ranked the school's executive MBA program 1st and its part-time program 1st in the U.S. In 2018, The Economist ranked the school's full-time MBA program as 1st globally. The Economist also ranked Chicago 1st each year from 2012 to 2016.
The Booth school has 177 professors, and includes Nobel laureates Eugene Fama and Richard Thaler, presidential appointees, and a MacArthur fellow. 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.
The Chicago Booth Alumni has a community of over 49,000 members and is supported by 60+ alumni clubs worldwide. Alumni include Satya Nadella, Jon Corzine, Peter G. Peterson, Philip J. Purcell, Todd Young, Howard Marks, Megan McArdle, John Meriwether, and Susan Wagner.
Chicago Booth ReviewEdit
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.
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