University of Chicago Booth School of Business

Last updated
University of Chicago Booth School of Business
Harper Center by Matthew Bisanz.jpg
Type Private business school
Established1898
Endowment $1.034 billion [1]
Dean Madhav V. Rajan
Academic staff
ca 200 [2]
Postgraduates 3,297 [2]
Location, ,
United States
Colors Maroon and White
   
Affiliations University of Chicago
Website www.chicagobooth.edu

The University of Chicago Booth School of Business (Chicago Booth or Booth) is the graduate business school of the University of Chicago. Founded in 1898, Chicago Booth is the second-oldest business school in the U.S. and is associated with 9 Nobel laureates in the Economic Sciences, more than any other business school in the world. [3] [4] The school has the third-largest endowment of any business school. [5] Chicago Booth's MBA program is ranked No. 3 in the U.S. by U.S. News & World Report, [6] No. 1 in the U.S by Forbes, [7] and No. 1 globally by The Economist . [8]

Contents

Notable Chicago Booth alumni include James O. McKinsey, founder of McKinsey & Company; Susan Wagner, co-founder of Blackrock; Eric Kriss, co-founder of Bain Capital; Satya Nadella, current CEO of Microsoft; and other current and former CEOs of Fortune 500 companies such as Allstate Insurance, Booz Allen Hamilton, Cargill, Chevron, Credit Suisse, Dominos, Goldman Sachs, IBM, Morgan Stanley, Morningstar, PIMCO, and Reckitt Benckiser.

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, [9] 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. [10] 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. [11]

Deans
NameTenure
Henry Rand Hatfield1902–1904
Francis W. Shepardson1904–1906
C.E. Merriam 1907–1909
Leon C. Marshall 1909–1924
William H. Spencer1924–1945
Garfield V. Cox 1945–1952
John E. Jeuck 1952–1955
W. Allen Wallis 1956–1962
George P. Shultz 1962–1969
Sidney Davidson1969–1974
Richard N. Rosett 1974–1982
John P. Gould1983–1993
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 [14] in Hyde Park, which hosts the school's full-time MBA and Ph.D. programs, and the Gleacher Center [15] in downtown Chicago, which hosts evening, weekend, and executive MBA programs. Chicago Booth also has a campus in London [16] a short walk from St Paul's Cathedral and a campus in Hong Kong located in The Hong Kong Jockey Club University of Chicago Academic Complex [17] . [18]

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. In addition to conducting graduate business programs, the school conducts research in the fields of finance, economics, quantitative marketing research, and accounting, among others.

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. [19]

Research and learning centers

UChicago Booth School of Business interior UChicago Graduate School of Business interior.jpg
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 rankings
Worldwide overall
QS [20] 8
Times Higher Education [21] 11
U.S. News & World Report [22] 5
Worldwide MBA
Economist [23] 1
Financial Times [24] 10
U.S. MBA
Bloomberg Businessweek [25] 4
Forbes [26] 1
U.S. News & World Report [27] 3

Chicago Booth was ranked No. 2 by Poets & Quants in their 2020-2021 annual MBA rankings. [28] Chicago Booth was ranked No. 1 by both Forbes and The Economist in 2019. U.S. News & World Report ranks Chicago Booth in 2020 as tied for the 3rd best business school (with Northwestern's Kellogg School of Management) in the United States. [29] U.S. News also ranked the school's executive MBA program 1st [30] and its part-time program 1st in the U.S. [31] In 2019, The Economist ranked the school's full-time MBA program as 1st globally. [32] The Economist also ranked Chicago 1st each year from 2012 to 2016. [32] The Financial Times Rankings 2019 gave Chicago Booth the third place in Open Executive Education. [33] Poets and Quants ranked the school #2 in their 2019 ranking. [34]

People

Faculty

The Booth school has 177 professors, [2] and includes Nobel laureates Eugene Fama and Richard Thaler and MacArthur Fellow Kevin M. Murphy. [35] Other notable economists at the school include John H. Cochrane, Luigi Zingales and Raghuram Rajan, and former Chairperson of the Council of Economic Advisers, Austan Goolsbee.

Alumni

The Chicago Booth Alumni has a community of over 49,000 members [36] and is supported by 60+ alumni clubs worldwide. [37] 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 currently publishes three academic journals: [38]

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

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  15. https://www.chicagobooth.edu/why-booth/global-footprint/north-america/gleacher-center
  16. https://www.chicagobooth.edu/why-booth/global-footprint/europe
  17. https://www.chicagobooth.edu/why-booth/global-footprint/asia
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