University of Chicago Booth School of Business

{{Short description|Business school of the University of Chicago}} {{Infobox university | name = University of Chicago<br>Booth School of Business | image_name = Harper Center by Matthew Bisanz.jpg | image_size = | image_alt = The Harper Center | former_name = {{plist| *College of Commerce and Politics (1898–1916) *School of Commerce and Administration (1916–1932) *School of Business (1932–1959 *Graduate School of Business (1959–2008) }} | established = 1898 | type = Private graduate business school | parent = University of Chicago | accreditation = AACSB | dean = Madhav V. Rajan | faculty = ca 200<ref name="Facts">{{cite web |title=Key Facts |publisher=The University of Chicago |url=https://www.chicagobooth.edu/about/facts |access-date=March 3, 2018 |archive-date=April 22, 2020 |archive-url=https://web.archive.org/web/20200422045314/https://www.chicagobooth.edu/about/facts |url-status=live }}</ref> | postgrad = 3,297<ref name="Facts" /> | city = Chicago | state = Illinois | country = USA | endowment = $1.034 billion<ref name="Annual Report">{{cite web |title=Dean's Annual Report 2014-2015 |publisher=The University of Chicago |url=http://www.chicagobooth.edu/assests/flipbook/deansreport2015/?source=do-em-deansreport-1415-20160304#4 |access-date=March 22, 2016 |archive-date=October 21, 2016 |archive-url=https://web.archive.org/web/20161021004554/https://www.chicagobooth.edu/assests/flipbook/deansreport2015/?source=do-em-deansreport-1415-20160304#4 |url-status=live }}</ref> | colors = Maroon and grey<br/>{{color box|#800000}} {{color box|#808080}} | website = {{ofurl}} | logo = University of Chicago Booth School of Business logo.svg | mascot = }}

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, United States. 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.<ref>{{Cite web |title=Nobel winner Booth Faculty |url=https://www.chicagobooth.edu/faculty/nobel |access-date=2020-08-05 |archive-date=2020-08-08 |archive-url=https://web.archive.org/web/20200808100909/https://www.chicagobooth.edu/faculty/nobel |url-status=live }}</ref><ref>{{Cite web |title=Chicago Booth History |url=http://www.chicagobooth.edu/about/history.aspx |access-date=2009-09-06 |archive-date=2009-06-02 |archive-url=https://web.archive.org/web/20090602073840/http://www.chicagobooth.edu/about/history.aspx |url-status=live }}</ref> Booth is part of the M7 group of business schools. Notable Chicago Booth alumni include James O. McKinsey, founder of McKinsey & Company; Peter G. Peterson, co-founder of Blackstone; 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, Chipotle Mexican Grill, Credit Suisse, Dominos, Goldman Sachs, IBM, Morgan Stanley, Morningstar, PIMCO, Reckitt Benckiser, and Starbucks.

==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,<ref>{{Cite book |url=https://archive.org/details/commercialeduca00coungoog |title=Commercial Education at Home and Abroad: A Comprehensive Handbook |last1=Hooper |first1=Frederick |last2=Graham |first2=James |date=1901 |publisher=Macmillan and Company |pages=[https://archive.org/details/commercialeduca00coungoog/page/n211 141] |language=en}}</ref> 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'''.<ref name="Facts" /> The School of Business offered its first Master of Business Administration (MBA) in 1935.<ref>{{Cite book |url=https://books.google.com/books?id=XdcpCwAAQBAJ&pg=PA442 |title=The University of Chicago: A History |last=Boyer |first=John W. |date=2015-09-23 |publisher=University of Chicago Press |isbn=9780226242514 |language=en |access-date=2018-12-20 |archive-date=2022-10-14 |archive-url=https://web.archive.org/web/20221014022901/https://books.google.com/books?id=XdcpCwAAQBAJ&pg=PA442 |url-status=live }}</ref> 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 the '''Graduate School of Business''' (or more popularly, the '''GSB''') in 1959, a name that it held until 2008.<ref name=":0">{{cite web |url=https://news.uchicago.edu/article/2008/11/06/alumnus-david-booth-gives-300-million-university-chicago-booth-school-business-na |title=Alumnus David Booth gives $300 million; University of Chicago Booth School of Business. |work=University of Chicago News |date=November 8, 2008 |access-date=July 25, 2019 |archive-date=October 14, 2022 |archive-url=https://web.archive.org/web/20221014022902/https://news.uchicago.edu/story/alumnus-david-booth-gives-300-million-university-chicago-booth-school-business-named-his |url-status=live }}</ref>

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).<ref>{{cite web |url=http://magazine.uchicago.edu/9712/9712centennial2.html |title=Centennial Report, University of Chicago Magazine, December 1997 |website=magazine.uchicago.edu |access-date=2006-09-27 |archive-date=2006-09-17 |archive-url=https://web.archive.org/web/20060917020116/http://magazine.uchicago.edu/9712/9712centennial2.html |url-status=live }}</ref><ref>{{cite web |url=http://www.chicagobooth.edu/about/history |title=History |website=The University of Chicago Booth School of Business |access-date=2009-09-06 |archive-date=2017-04-07 |archive-url=https://web.archive.org/web/20170407213418/https://www.chicagobooth.edu/about/history |url-status=live }}</ref> 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).

=== Renaming through donation === On November 6, 2008, alumnus David G. Booth (MBA 1971) gave the school a gift valued at US$300 million, and in honor of the gift, the Graduate School of Business was renamed the University of Chicago Booth School of Business.<ref name=":0" />

On November 15, 2016, following a US$10 million gift from alumnus and university trustee Byron D. Trott (AB 1981; MBA 1982) and his wife, Tina, the school renamed its undergraduate UChicago Careers in Business Program the "Trott Business Program"; Trott had also helped launch the program in 2006.<ref>{{Cite web |last=Manhardt |first=Sarah |date=2016-11-15 |title=$10 million gift supports newly named Trott Business Program {{!}} University of Chicago News |url=https://news.uchicago.edu/story/10-million-gift-supports-newly-named-trott-business-program |access-date=2026-01-22 |website=news.uchicago.edu |language=en}}</ref> On April 28, 2023, alumnus Ross Stevens (PhD 1996) donated US$100 million to support Chicago Booth's PhD program, which was renamed the Stevens Doctoral Program.<ref>{{Cite web |date=2023-04-28 |title=Chicago Booth’s PhD Program receives $100 million gift in celebration of its 100th anniversary {{!}} University of Chicago News |url=https://news.uchicago.edu/story/chicago-booths-phd-program-receives-100-million-gift-celebration-its-100th-anniversary |access-date=2026-01-22 |website=news.uchicago.edu |language=en}}</ref>

On October 1, 2024, following a US$60 million gift from alumni Clifford Asness (MBA 1991; PhD 1994) and John Liew (AB 1889; MBA 1994; PhD 1995), the school renamed its Master in Finance degree program the Asness and Liew Master in Finance Program.<ref>{{Cite web |date=2024-10-01 |title=UChicago receives $60 million gift to support Chicago Booth’s Master in Finance Program {{!}} University of Chicago News |url=https://news.uchicago.edu/story/uchicago-receives-60-million-gift-support-chicago-booths-master-finance-program |archive-url=https://web.archive.org/web/20250520154346/https://news.uchicago.edu/story/uchicago-receives-60-million-gift-support-chicago-booths-master-finance-program |archive-date=2025-05-20 |access-date=2025-07-01 |website=news.uchicago.edu |language=en}}</ref> On April 15, 2025, following a US$100 million gift by alumnus Konstantin Sokolov (MBA 2005), the school renamed its Executive MBA (EMBA) degree program the Sokolov Executive MBA Program.<ref>{{Cite web |date=2025-04-15 |title=UChicago receives $100 million gift to support Chicago Booth's Executive MBA program {{!}} University of Chicago News |url=https://news.uchicago.edu/story/uchicago-receives-100-million-gift-support-chicago-booths-executive-mba-program?utm_source=WWW&utm_medium=NewsModule |url-status=live |archive-url=https://archive.today/20250417143647/https://news.uchicago.edu/story/uchicago-receives-100-million-gift-support-chicago-booths-executive-mba-program |archive-date=2025-04-17 |access-date=2025-04-17 |website=news.uchicago.edu |language=en}}</ref>

==Campuses== In Chicago, the Booth School has two campuses: the Charles M. Harper Center<ref>{{Cite web |url=https://www.chicagobooth.edu/why-booth/global-footprint/north-america/harper-center |title=Explore the Harper Center |access-date=2021-10-19 |archive-date=2022-10-14 |archive-url=https://web.archive.org/web/20221014022902/https://www.chicagobooth.edu/why-booth/global-footprint/north-america/harper-center |url-status=live }}</ref> in Hyde Park, which houses the school's full-time MBA and Ph.D. programs, and the Gleacher Center<ref>{{Cite web |url=https://www.chicagobooth.edu/why-booth/global-footprint/north-america/gleacher-center |title=Explore Gleacher Center |access-date=2021-10-19 |archive-date=2021-10-19 |archive-url=https://web.archive.org/web/20211019203322/https://www.chicagobooth.edu/why-booth/global-footprint/north-america/gleacher-center |url-status=live }}</ref> 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,<ref>{{Cite web |url=https://www.chicagobooth.edu/why-booth/global-footprint/europe |title=Learn More about Booth in Europe |access-date=2021-10-19 |archive-date=2021-10-19 |archive-url=https://web.archive.org/web/20211019203319/https://www.chicagobooth.edu/why-booth/global-footprint/europe |url-status=live }}</ref> 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.<ref>{{Cite web |url=https://www.chicagobooth.edu/why-booth/global-footprint/asia |title=Building Connections in Asia |access-date=2021-10-19 |archive-date=2021-10-19 |archive-url=https://web.archive.org/web/20211019203319/https://www.chicagobooth.edu/why-booth/global-footprint/asia |url-status=live }}</ref><ref>[https://www.chicagobooth.edu/about/locations Chicago Booth Campuses] {{Webarchive|url=https://web.archive.org/web/20190212125350/https://www.chicagobooth.edu/about/locations |date=2019-02-12 }}, 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.</ref>

==Academics== Chicago Booth offers full-time, part-time (evening and weekend) and executive MBA programs. From the 2024–2025 academic year, Booth offers a Master in Finance and Master in Management degrees 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. PhD graduates include Cliff Asness and John Liew, who co-founded money management firm AQR, and Ross Stevens, who founded Stone Ridge Asset Management.<ref>{{Cite web |last=People |title=People |url=https://www.stoneridgeam.com/people.html |access-date=September 18, 2024 |website=Stone Ridge Asset Management}}</ref>

===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.<ref>[http://programs.chicagobooth.edu/convocation/prepare/honors.aspx/ Honors] {{Webarchive|url=https://web.archive.org/web/20181113025814/https://programs.chicagobooth.edu/convocation/prepare/honors.aspx/ |date=2018-11-13 }}, Booth School of Business, University of Chicago (last accessed March 21, 2017).</ref> The recipients of the "High Honors" distinction have been known as the Amy and Richard F. Wallman Scholars at Chicago Booth since 2017, in recognition of a gift from Amy and Richard Wallman.<ref>{{Cite web |title=A Transformative Commitment |url=https://www.chicagobooth.edu/alumni/stories/a-transformative-commitment |archive-url=https://web.archive.org/web/20250701155421/https://www.chicagobooth.edu/alumni/stories/a-transformative-commitment |archive-date=2025-07-01 |access-date=2025-07-01 |website=The University of Chicago Booth School of Business |url-status=live}}</ref>

===Research and learning centers=== thumb|right|upright=1.2|UChicago Booth School of Business interior The school promotes and disseminates research through its centers and institutes; the most significant ones are:<ref name="Facts" />

*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 *Tolan Center for Healthcare

==Rankings==

{{Infobox business school rankings | QSglobal = 14 | FT = 17 | BWg = 2 | USNWRg = 3 | QSUSA = 8 |FTus=6|LinkedIn=9}}

Chicago Booth was ranked #1 by both ''Forbes'' and ''The Economist'' in 2019. ''U.S. News & World Report'' ranks Chicago Booth in 2022 and 2023 as the #1 business school in the United States.<ref>{{Cite web |year=2023 |title=Best Business Schools |url=https://www.usnews.com/best-graduate-schools/top-business-schools/mba-rankings |access-date=March 7, 2023 |magazine=U.S. News & World Report}}</ref> ''U.S. News'' also ranked the school's executive MBA program #1<ref>{{cite web |year=2020 |title=Best Executive MBA Programs |url=https://www.usnews.com/best-graduate-schools/top-business-schools/executive-rankings |work=U.S. News & World Report}}</ref> and its part-time program #1 in the U.S.<ref>{{cite web |year=2019 |title=Best Part-time MBA Programs |url=https://www.usnews.com/best-graduate-schools/top-business-schools/part-time-rankings |work=U.S. News & World Report}}</ref> In 2019, ''The Economist'' ranked the school's full-time MBA program as #1 globally.<ref name="Economist">{{Cite news |title=Full-time mba ranking |url=https://www.economist.com/whichmba/full-time-mba-ranking |access-date=August 3, 2020 |newspaper=The Economist}}</ref> ''The Economist'' also ranked Chicago #1 each year from 2012 to 2016 and 2019.<ref name="Economist" /> The Financial Times Rankings 2019 awarded Chicago Booth third place in Open Executive Education.<ref>{{Cite web |title=Business school rankings from the Financial Times – FT.com |url=http://rankings.ft.com/businessschoolrankings/executive-education-open-2019 |url-status=dead |archive-url=https://web.archive.org/web/20201023091045/http://rankings.ft.com/businessschoolrankings/executive-education-open-2019 |archive-date=2020-10-23 |access-date=2020-01-20 |website=rankings.ft.com}}</ref> Poets and Quants ranked the school #2 in their 2019 ranking.<ref>{{cite web |date=25 November 2019 |title=Stanford GSB Cruises into First in P & Q's 2019–2020 MBA Ranking |url=https://poetsandquants.com/2019/11/25/poets-and-quants-2019-2020-mba-ranking/4/}}</ref>

==People==

=== Deans ===

{| class="wikitable" |+ List of 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 |- |Douglas J. Skinner (interim) |2016–2017 |- |Madhav V. Rajan |2017–present |}

=== Faculty === {{Main|List of University of Chicago Booth School of Business faculty}}

The Booth school has 177 professors,<ref name="Facts" /> and includes Nobel laureates Eugene Fama, Richard Thaler, Lars Peter Hansen and Douglas Diamond; and MacArthur Fellow Kevin M. Murphy.<ref name="ViewBook">{{cite web |url=https://www.chicagobooth.edu/faculty/directory/m/kevin-m-murphy |title=Kevin Murphy Bio |year=2017 |publisher=The University of Chicago |access-date=January 3, 2018 |archive-date=January 4, 2018 |archive-url=https://web.archive.org/web/20180104073537/https://www.chicagobooth.edu/faculty/directory/m/kevin-m-murphy |url-status=live }}</ref> Other notable economists at the school include Luigi Zingales and Raghuram Rajan, and former Chairperson of the Council of Economic Advisers, Austan Goolsbee, who is currently on leave as President of the Federal Reserve Bank of Chicago.<ref>{{Cite web |title=Board of Governors of the Federal Reserve System |url=https://www.federalreserve.gov/aboutthefed/federal-reserve-system-chicago.htm |access-date=September 18, 2024 |website=Federal Reserve}}</ref>

===Alumni=== {{Main|List of University of Chicago Booth School of Business alumni}}

The Chicago Booth Alumni has a community of over 49,000 members<ref>{{cite web |url=http://www.chicagobooth.edu/programs/full-time/student-experience/alumni-network |title=Alumni Network |website=The University of Chicago Booth School of Business |access-date=2016-01-20 |archive-date=2019-03-27 |archive-url=https://web.archive.org/web/20190327111951/https://www.chicagobooth.edu/programs/full-time/student-experience/alumni-network |url-status=live }}</ref> and is supported by 60+ alumni clubs worldwide.<ref>{{cite web |url=http://www.chicagobooth.edu/alumni/clubs |title=Clubs |website=The University of Chicago Booth School of Business |access-date=2010-05-06 |archive-date=2020-04-07 |archive-url=https://web.archive.org/web/20200407104520/https://www.chicagobooth.edu/alumni/clubs |url-status=live }}</ref> Alumni include Satya Nadella, Jon Corzine, Peter G. Peterson, Philip J. Purcell, Todd Young, Howard Marks, Megan McArdle, John Meriwether, Brian Niccol, and Susan Wagner.

== Publications == Chicago Booth currently publishes three academic journals:<ref>{{Cite web |title=Journals |work=The University of Chicago Booth School of Business |accessdate=2021-02-23 |url=http://www.chicagobooth.edu/faculty/journals |archive-date=2021-02-16 |archive-url=https://web.archive.org/web/20210216202822/https://www.chicagobooth.edu/faculty/journals |url-status=live }}</ref> *''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''.

==References== {{Reflist|colwidth=30em}}

==External links== {{Commons category-inline}} *{{Official website|http://www.chicagobooth.edu }} *[https://www.lib.uchicago.edu/e/scrc/findingaids/view.php?eadid=ICU.SPCL.GRADSCHOOLBUSINESS Guide to the University of Chicago Graduate School of Business Records 1935-1976] at the [https://www.lib.uchicago.edu/scrc/ University of Chicago Special Collections Research Center]

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{{DEFAULTSORT:Chicago Booth School of Business, University of}} University of Chicago Booth School of Business Category:University of Chicago Booth School of Business Category:Rafael Viñoly buildings Category:Universities and colleges established in 1898 Booth Category:1898 establishments in Illinois Category:M7 business schools