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University of Chicago Graduate School of Business
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The University of Chicago Booth School of Business, formerly known as "The University of Chicago Graduate School of Business" and "Chicago GSB", is one of the leading business schools in the world, the second oldest in the United States, the first to offer the Executive MBA (EMBA) program, and the first to initiate a PhD program in Business. The school was renamed in honor of David G. Booth of Dimensional Fund Advisors for his $300 million endowment on 6 November 2008, which Booth described as a "partnership distribution" based on the long-term contribution to his life's success by his alma mater.
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The University of Chicago Booth School of Business, formerly known as "The University of Chicago Graduate School of Business" and "Chicago GSB", is one of the leading business schools in the world, the second oldest in the United States, the first to offer the Executive MBA (EMBA) program, and the first to initiate a PhD program in Business. The school was renamed in honor of David G. Booth of Dimensional Fund Advisors for his $300 million endowment on 6 November 2008, which Booth described as a "partnership distribution" based on the long-term contribution to his life's success by his alma mater. Its flagship campus is located in the Hyde Park neighborhood of Chicago, Illinois on the grounds of the university at large. The school also maintains additional campuses in London and Singapore, and downtown on the Magnificent Mile. While recognized for the excellence of its graduate business programs in general, the school's research reputation is particularly notable in the fields of finance, economics, quantitative marketing and accounting. The school's global alumni network consists of leaders in for-profit, non-profit, governmental, public policy and academic enterprises.
Programs
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 program students: LEAD (Leadership Effectiveness and Development), which students take in their first quarter. 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.
Students in these programs can elect to concentrate in one or more areas of study, although some concentrations' required coursework requires schedule modifications by students enrolled in the part-time programs:
* Accounting
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 world-wide (London, Chicago, Singapore), while also employing the cohort system.
History
The University of Chicago Booth School of Business was launched by faculty member James Laurence Laughlin in 1898. It is the second-oldest business school in the United States. The school was chartered officially as the College of Commerce and Administration and 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,” as echoed by founding president William Rainey Harper. The bold program originally served as a solely undergraduate institution until 1916, when academically oriented, research masters and later doctoral level degrees were introduced. The MBA was first offered in 1936, resulting in an eight year transition to the institution’s graduate-only status completed in 1950. In 1943, the school presaged the success of executive education programs in management education, launching the first ever Executive MBA program. The school is also notable in that, during the later half of the twentieth century, it was known for its role 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. In general, Chicago Booth has been a first mover in many areas of business school education :
- First business school to initiate a PhD program in business, 1920
- First academic business journal is founded, 1928
- First university to grant a PhD in business to a woman, Ursula Batchelder Stone, 1929
- First program to educate hospital administrators, 1933
- First Executive MBA (EMBA) program for experienced managers, 1943
- Dean George P. Shultz develops first minority scholarship program at a business school, 1964
- Students found the National Black MBA Association, 1972
- First business school to have a Nobel laureate on its faculty (George Stigler, 1982)
- First business school to have had six Nobel Prize winners: George Stigler, 1982; Merton Miller, 1990; Ronald Coase, 1991; Gary Becker, 1992; Robert Fogel, 1993; and Myron Scholes, 1997
- First to offer EMBA program in Europe and Asia.
The school has moved several times across the campus. The school currently occupies a recently completed, modern center for teaching and research, having spent its prior history in historic buildings located on the university's Main Quadrangle.
Ranking and reputation
Chicago Booth has consistently ranked among the top business schools in the world. Recent historical rankings of the full-time MBA program, as well as the most recent rankings of the Executive and Part-Time MBA programs, in BusinessWeek, The Economist, Financial Times, Forbes, US News & World Report and Wall Street Journal include:
| | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | | Exec. MBA | Part-Time MBA | | BusinessWeek | 1 | | 1 | | 2 | | 2 | 2 | | 3 | | | The Economist | | 3 (#1 in the U.S.) | 1 (#1 in the World) | 4 | 6 | 6 | 5 | 4 | | | | | US News | | 4 | 5 | 8 | 6 | | | | | 2 | 2 | | Financial Times | | 9 (#3 in the U.S.) | 6 | 6 | 6 | 4 | | | | 6 (#1 in Asia) | | | Forbes | | | 7 | 3 | 3 | 3 | 3 | | | 4 | 4 | | WSJ | | | 9 | 11 | 13 | 5 | 5 | 6 | | | | |
Recruiters also voice a strongly positive opinion of students. According to BusinessWeeks biannual MBA rankings:
"Chicago's grads were hands-down favorites in our survey of companies that hire MBAs. More than just a factory for churning out economic whiz kids, the school's capacity for shaping students' thinking was at the top of recruiters' minds."
Research and learning centers
The school promotes and disseminates research through numerous centers and institutes:
- Becker Center on Chicago Price Theory
- Center for Decision Research
- Center for Population Economics
- Center for Research in Security Prices (CRSP)
- George J. Stigler Center for the Study of the Economy and the State
- Institute of Professional Accounting
- Michael P. Polsky Center for Entrepreneurship
- James M. Kilts Center for Marketing
Notable faculty members
Distinguished faculty, including Nobel Prize winners, teach MBA students not only established best practices, but also the findings of their latest research.
Notable alumni
Chicago Booth claims 41,000 alumni. A significant number have founded or led Fortune 500 companies, large multi-national corporations, and global financial services institutions. Among the most notable are Jon Corzine, Philip J. Purcell, and John Meriwether.
See also
External links
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- A digital versus analog mindset?
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- North America
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