University of Chicago Booth School of Business

"Booth School" redirects here. For the defunct school in Philadelphia, see Booth School (Philadelphia).

The University of Chicago Booth School of Business (branded as Chicago Booth) is the graduate business school of the University of Chicago, a private research university in Chicago, Illinois. Founded in 1898, Chicago Booth is the second-oldest business school in the U.S. and is associated with 10 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]

The University of Chicago
Booth School of Business

Type	Private graduate business school
Established	1898
Endowment	$1.034 billion^[1]
Dean	Madhav V. Rajan
Academic staff	ca 200^[2]
Postgraduates	3,297^[2]
Location	Chicago , Illinois , United States
Colors	Maroon and White
Affiliations	University of Chicago
Website	chicagobooth.edu

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 to 1898 when university faculty member James Laurence Laughlin chartered the College of Commerce and Politics,^[6] 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.^[7] 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.^[8]

Deans

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	2011–2016
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).^[9][10] 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^[11] in Hyde Park, which houses the school's full-time MBA and Ph.D. programs, and the Gleacher Center^[12] in downtown Chicago, which hosts the part-time Evening and Weekend MBA Programs, Chicago-based Executive MBA Program, and Executive Education courses. Chicago Booth also has a campus in London,^[13] a short walk from St Paul's Cathedral, hosting the EMBA Program in Europe and Executive Education classes. Lastly, Chicago Booth has a campus in Hong Kong, located in the Hong Kong Jockey Club University of Chicago Academic Complex.^[14][15]

Academics

Chicago Booth offers Full-time, Part-time (Evening and Weekend) and Executive MBA programs. Starting in the 2024–2025 academic year, Booth intends to offer a Master in Management degree for recent college graduates who studied humanities, arts, social sciences, biological sciences, or physical sciences in college, and are interested in jobs that value business-oriented skills and knowledge.

The university also educates 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.

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.^[16]

Research and learning centers

 

UChicago Booth School of Business interior

The school promotes and disseminates research through its centers and institutes; the most significant ones are:^[2]

• 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

Rankings

Business Rankings
U.S. MBA
Bloomberg (2023)^[17]	2
QS (2023)^[18]	7
U.S. News & World Report (2023)^[19]	1
Global MBA
QS (2023)^[20]	12
Financial Times (2023)^[21]	7

Chicago Booth was ranked #1 by both Forbes and The Economist in 2019. U.S. News & World Report ranks Chicago Booth in 2023 as the #1 business school in the United States.^[22] U.S. News also ranked the school's executive MBA program #1^[23] and its part-time program #1 in the U.S.^[24] In 2019, The Economist ranked the school's full-time MBA program as #1 globally.^[25] The Economist also ranked Chicago #1 each year from 2012 to 2016.^[25] The Financial Times Rankings 2019 awarded Chicago Booth third place in Open Executive Education.^[26] Poets and Quants ranked the school #2 in their 2019 ranking.^[27]

People

Faculty

Main article: List of University of Chicago Booth School of Business faculty

The Booth school has 177 professors,^[2] and includes Nobel laureates Eugene Fama and Richard Thaler and MacArthur Fellow Kevin M. Murphy.^[28] 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

Main article: List of University of Chicago Booth School of Business alumni

The Chicago Booth Alumni has a community of over 49,000 members^[29] and is supported by 60+ alumni clubs worldwide.^[30] 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:^[31]

• Journal of Accounting Research
• Journal of Law and Economics
• Journal of Political Economy (with the Department of Economics)

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

• Glossary of economics
• List of United States business school rankings
• List of business schools in the United States

References

1. "Dean's Annual Report 2014-2015". The University of Chicago. from the original on October 21, 2016. Retrieved March 22, 2016.
2. "Key Facts". The University of Chicago. from the original on April 22, 2020. Retrieved March 3, 2018.
3. "Nobel winner Booth Faculty". from the original on 2020-08-08. Retrieved 2020-08-05.
4. "Chicago Booth History". from the original on 2009-06-02. Retrieved 2009-09-06.
5. "Subtle Strategist". Financial Times. Financial Times, FT.com. 11 April 2010. from the original on 14 October 2022. Retrieved 12 April 2010.
6. Hooper, Frederick; Graham, James (1901). Commercial Education at Home and Abroad: A Comprehensive Handbook. Macmillan and Company. pp. 141.
7. Boyer, John W. (2015-09-23). The University of Chicago: A History. University of Chicago Press. ISBN 9780226242514. from the original on 2022-10-14. Retrieved 2018-12-20.
8. "Alumnus David Booth gives $300 million; University of Chicago Booth School of Business". University of Chicago News. November 8, 2008. from the original on October 14, 2022. Retrieved July 25, 2019.
9. "Centennial Report, University of Chicago Magazine, December 1997". magazine.uchicago.edu. from the original on 2006-09-17. Retrieved 2006-09-27.
10. "History". The University of Chicago Booth School of Business. from the original on 2017-04-07. Retrieved 2009-09-06.
11. "Explore the Harper Center". from the original on 2022-10-14. Retrieved 2021-10-19.
12. "Explore Gleacher Center". from the original on 2021-10-19. Retrieved 2021-10-19.
13. "Learn More about Booth in Europe". from the original on 2021-10-19. Retrieved 2021-10-19.
14. "Building Connections in Asia". from the original on 2021-10-19. Retrieved 2021-10-19.
15. Chicago Booth Campuses 2019-02-12 at the Wayback Machine, University of Chicago Booth School of Business, home to the Executive MBA Program Asia, Executive Education courses, and The Hong Kong Jockey Club Programme on Social Innovation.
16. Honors 2018-11-13 at the Wayback Machine, Booth School of Business, University of Chicago (last accessed March 21, 2017).
17. "Best B-Schools". Bloomberg Businessweek.
18. "2023 QS Global MBA:United States". Quacquarelli Symonds.
19. "2023 Best Business Schools Rankings". U.S. News & World Report.
20. "QS Global MBA Rankings 2023". Quacquarelli Symonds.
21. "Global MBA Ranking 2023". Financial Times.
22. "Best Business Schools". U.S. News & World Report. 2023. Retrieved March 7, 2023.
23. "Best Executive MBA Programs". U.S. News & World Report. 2020.
24. "Best Part-time MBA Programs". U.S. News & World Report. 2019.
25. "Full-time mba ranking". The Economist. Retrieved August 3, 2020.
26. . rankings.ft.com. Archived from the original on 2020-10-23. Retrieved 2020-01-20.
27. "Stanford GSB Cruises into First in P & Q's 2019–2020 MBA Ranking". 25 November 2019.
28. "Kevin Murphy Bio". The University of Chicago. 2017. from the original on January 4, 2018. Retrieved January 3, 2018.
29. "Alumni Network". The University of Chicago Booth School of Business. from the original on 2019-03-27. Retrieved 2016-01-20.
30. "Clubs". The University of Chicago Booth School of Business. from the original on 2020-04-07. Retrieved 2010-05-06.
31. "Journals". The University of Chicago Booth School of Business. from the original on 2021-02-16. Retrieved 2021-02-23.

External links

  Media related to University of Chicago Booth School of Business at Wikimedia Commons

• Official website
• Guide to the University of Chicago Graduate School of Business Records 1935-1976 at the University of Chicago Special Collections Research Center

41°47′21″N 87°35′44″W / 41.78917°N 87.59556°W / 41.78917; -87.59556