Chicago’s Booth School of Business
3. University of Chicago
Booth School of Business
5807 South Woodlawn Avenue
Chicago, IL 60637
Apply Online: http://www.chicagobooth.edu/fulltime/admissions/index.aspx
Admission Deadlines for Class of 2015:
Round One: 10/2/12
Round Two: 1/8/13
Round Three: 4/4/13
The mantra of the University of Chicago Booth School of Business is it’s all about the idea. Students focus on generating, analyzing, comparing and refining ideas in order to elevate them to better ideas.
The full-time MBA program consists of 20 classes plus Leadership Effectiveness and Development (LEAD). The flagship of the program is its flexible curriculum. Unlike many other top schools with lockstep first-year MBA programs, Booth pretty much requires MBAs to go through one course together–its leadership exercise in LEAD. Otherwise, students design a program tailored to fit their own career goals. There are still several required courses in the four major components that make up the flexible curriculum: foundation courses that focus on developing analytical tools and knowledge that support the rest of the curriculum, but they are chosen among a menu of options.
In 2009, after a faculty review of the curriculum, the school added a new academic concentration in analytical management. and also require all students in the evening MBA program and weekend MBA program to take a leadership development course similar to one required of full-time students.
In addition to analytic management, the school’s 14th concentration, students can graduate with an academic focus in accounting, econometrics and statistics, economics, entrepreneurship and finance. Other choices are analytic finance, general management, human resource management, international business, managerial and organizational behavior, marketing management, operations management and strategic management.
Graduation requirements for students in the full-time MBA program include nine required courses, 11 electives and a leadership course, though in 2009 more approved substitute classes have been added to satisfy the nine required courses. To meet the 11 elective requirements students can choose from several hundred courses at the business school and other departments of the University.
Some of the new courses added since the curriculum review in the required portion of the program are more rigorous, an adjustment made to account for the more varied group of students entering the mainstream MBA program. The school added a hybrid finance class containing five weeks of corporate finance and five weeks of investments, for example, that is much more difficult than the standard finance or investment courses.
The three foundation areas of accounting, microeconomics and statistics remained the same through the curriculum review. But the requirement to take breadth and general management courses is replaced by selecting classes representing functions (finance, marketing, and operations), management (decisions, people, and organizations), and the environment in which firms operate.
Latest Up-to-Date MBA Rankings:
Poets&Quants (2012): 3
BusinessWeek (2012): 1
Forbes (2011): 3
U.S. News & World Report (2012): 4
Financial Times (2012): 12 (Global), 6 (U.S.)
The Economist (2012): 1 (Global & U.S.)
Booth maintained its No. 3 P&Q ranking in 2012, though the school gained some minor ground in three major rankings this year. In U.S. News & World Report, Booth moved up one spot to rank fourth in 2012. In the Financial Times’ global ranking, the school had a gain of three places to finish sixth among all U.S. schools, up from ninth in 2011. And Booth also captured the No. 1 ranking, nudging aside Dartmouth College’s Tuck School, in The Economist’s new ranking in 2012.
For all the good news on the rankings front, however, the most positive of all involved another ranking entirely: the 2012 Bloomberg BusinessWeek list. For the fourth consecutive time, Booth retained its No. 1 ranking from BusinessWeek, which largely measures graduate satisfaction and corporate recruiter sentiment. Chicago’s win ties the school with Wharton which also has been number one in BusinessWeek’s ranking on four different occasions. The only business school that has done better is Chicago rival Kellogg, which has won five No. 1 rankings from BusinessWeek in the 13 times the magazine has published its list of the best full-time MBA programs.
It’s worth noting why Chicago retained its top dog status in the BusinessWeek survey. The school ranked first in BW’s important employer survey, which accounts for 40% of the ranking, 11th in the graduate satisfaction survey, which also accounts for 40% of the ranking, and fifth in the intellectual capital part of the list which accounts for the remaining 20% of the methodology and measures the publication output of a school’s professors.
Much of the school’s improvement in the rankings can be traced to the previous Dean Edward “Ted” Snyder who had a highly successful nine-year run in the job from 2001 to 2010. The year before Snyder arrived in 2001, Booth had sunk to a lowly rank of 10 in the BW survey, which largely measures student and corporate recruiter satisfaction with the MBA program. By 2006, it captured the number one spot and it has never given it up. New Dean Sunil Kumar, an academic from Stanford, passed a big test this year by holding on to the school’s No. 1 BusinessWeek ranking.
As one Class of 2012 MBA told BusinessWeek: “There’s no faculty at a business school like that at Booth in terms of being highly regarded, highly quoted, and fully accessible. I also appreciate the sense of humility or Midwestern values that permeates Booth.” As if often the case, not everyone was completely positive about their experience. Another Booth MBA said: “The alumni network could use some work. Unfortunately the type of person that generally attends this institution is generally the type of person that is not entirely outgoing and/or willing to reach out.”
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