Not only does the University of Chicago have a great research and science department, but their Booth School of Business is one of the most highly ranked business schools in the country. This school was formerly known as the University of Chicago Graduate School of Business, but following a generous $300 million endowment from businessman and alumnus David Booth in 2008, it was renamed in his honor. Booth, the second-oldest such school in the country, right after Wharton, has shown up consistently at the top of business school and MBA rankings. The Economist has ranked Booth as having the top MBA program in the world, and Bloomberg Businessweek ranked the school as top in the nation.
Such high rankings are understandably coupled with competitive admissions statistics. Chicago Booth has an acceptance rate of 18% – 24%, with a little more than 4000 applicants every year. The 500 or so applicants accepted have an average GMAT score of 715 and 5 years of work experience. On average, 65% of the class is male while the other 35% is female. The undergraduate major distribution is surprisingly balanced with 31% majoring in business and around 20% from the other fields of liberal arts and sciences, consumer products, economics, and engineering. Students at Chicago Booth come from a variety of industries, the most popular being consulting, education/government/nonprofit organization, and commercial/investment banking.
The Booth School has an annual tuition rate of $58,760 for 10 courses over three quarters. In addition to tuition, the Booth School projects that living expenses and other costs will bring total annual cost of attendance up to $91,984 per year. Thankfully, Booth offers loans and merit-based scholarships and fellowships. They do not offer need-based aid.
Booth’s curriculum is very flexible, with four major components. There are foundation courses in accounting, microeconomics, and statistics with various courses in each topic offering differing levels of difficulty. The second component is called Functions, Management, and Business Environment, which covers the basics of how to run a business and courses on the environment in which a business operates. The third component consists of electives which allow the student to focus in on a field or area of study. These electives may also be classes from other University of Chicago departments. The fourth component is a Leadership Effectiveness and Development (LEAD) class that is mandatory for all students. This class basically teaches students how to lead a group of employees. These 4 components allow for concentrations in 14 different fields from international business to general management.
With globalization bringing businesses from all around the world, it is key for students to understand business patterns around the world. Booth is enabling students to get a deeper understanding of global business by partnering with 33 schools across 21 countries, from South Korea to South Africa. These exchange programs also tie into what Booth calls their International MBA. The requirements for this degree are five international business courses, a study abroad term with one of their partner schools, and oral fluency in a foreign, non-native language.
With such great programs and opportunities, it is no surprise that Booth has produced so many famous amluni.