| The University of Chicago Booth School of Business | |
|---|---|
| Motto | Crescat scientia; vita excolatur (Latin) |
| Motto in English |
Let knowledge grow from more to more; and so be human life enriched [1] |
| Established | 1898 |
| Type | Private |
| Endowment | US $800 million |
| Dean | Sunil Kumar |
| Academic staff | 177 (130: tenure track) [2] |
| Postgraduates | 3140 [2] |
| Location | Chicago, IL, USA |
| Alumni | 43,000 [2] |
| Colors | Maroon White |
| Mascot | Phoenix |
| Affiliations | University of Chicago |
| Website | www.chicagobooth.edu |
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.,[3] the first such school to offer an Executive MBA program,[4] and the first to initiate a Ph.D. program in Business.[3] 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.[5] Various rankings place Chicago Booth's MBA program among the best in the United States and in the world.
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 Singapore, 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, and accounting.
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Chicago Booth 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.[2] 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 ever 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.
| 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 - |
During the later half of the twentieth century, the business school was instrumental in the development of the Chicago School, 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 Chicago Booth 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).[6] Students at the school founded the National Black MBA Association (1972), and Chicago Booth is the only U.S. business school with permanent campuses on three continents: Asia (2000), Europe (1994), and North America (1898).
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 largely structure their own course of study subject to the constraint of a broad set of requirements. This is in contrast to other top-tier business schools, which impose a cohort or learning team system that includes coursework to be completed in a pre-determined order. The program differentiates itself by allowing 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. There is only one required course for full-time and part-time program students: LEAD (Leadership Effectiveness and Development) [3], which students take in their first quarter for full-time students and within the first four quarters for part-time students. [4] LEAD 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), while also employing the cohort system. In Business Week Executive MBA Ranking 2009 the University of Chicago Booth School of Business landed in second place.[7] The University of Chicago Booth School of Business has begun a new program using Facebook, Twitter, Linkedin and YouTube to reach prospective part-time M.B.A students.[8]
Students in the Full-time MBA, Executive MBA, and Part-time MBA programs can elect to concentrate in one or more areas of study, although some concentrations' required coursework may necessitate schedule modifications for students enrolled in the Part-time program. The various concentrations are:
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The school promotes and disseminates research through several centers and institutes, the most significant ones being [2]:
| School rankings (overall) | |
|---|---|
| U.S. MBA | |
| Bloomberg BusinessWeek[9] | 1 |
| Forbes[10] | 3 |
| U.S. News & World Report[11] | 5 |
| Worldwide MBA | |
| América Economía[12] | 10 |
| Business Insider[13] | 6 |
| CNN Expansion[14] | 7 |
| Economist[15] | 2 |
| Financial Times[16] | 9 |
Chicago Booth was ranked 1st in the United States by Bloomberg BusinessWeek in 2006, 2008 and 2010. The program was also ranked 2nd globally in the 2011 The Economist MBA ranking.[17] Chicago Booth was ranked 3rd in the Forbes Best Business Schools Ranking 2011.[18] The MBA program was ranked 3rd (after Harvard and Stanford) in The Poets&Quants composite ranking of the five major rankings.[19] US News, in the 2011 Best Business Schools ranking, ranked Chicago Booth 5th, while its Executive MBA program was ranked 2nd, and its Part Time program was ranked 1st.[20] The School was indexed as the 6th best Business School in North America in the 2010 QS Global 200 Business Schools Report.[21]
The Booth school has 177 professors,[2] and includes Nobel laureates, presidential appointees, and a MacArthur fellow.[22] Notable economists Eugene Fama, Luigi Zingales and Raghuram Rajan, behaviorist Richard Thaler, and former Chairperson of the Council of Economic Advisers, Austan Goolsbee, are professors there.
The Chicago Booth Alumni community is 39,000 strong [17] and is supported by 60+ alumni clubs worldwide [18]. Alumni include Jon Corzine, Philip J. Purcell, and John Meriwether.
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