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Ranked among the top ten business schools in the USA by U.S News and QS, the University of Chicago Booth School of Business is popular among international students planning to pursue MBA in the USA. The school manifests a highly selective admission policy with an acceptance rate of 22%. Applicants seeking admission at Booth Business School must maintain an average GPA of 3.6 (80 – 89%), median GMAT score of 724 and equivalent GRE scores. It can cost around 110,000 to 195,000 USD per year (~81 lakh to 1.44 crore INR) with several scholarships to help international students fund their studies in the USA.
Currently, it is home to around 3,000 students with around 30% international candidates hailing from 56 countries. Booth has also extended its campuses beyond the United States, to London and Hong Kong. It is the only U.S. business school with permanent campuses in the three continents America, Asia and Europe. Programs at Chicago Booth Business School include full-time, part-time, and executive MBA programs as well as doctorate programs in business. In addition to that, the school also offers Early Career MBA programs, Joint-Degree programs, Civic Scholars program and pathways to MBA for undergraduates.
University of Chicago Booth School of Business Rankings
- #1 in Executive MBA, by US News and World Report, 2022.
- #2 i Finance by US News and World Report, 2022.
- #3 in Best Business Schools by US News and World Report, 2022.
- #1 in Part-time MBA according to US News and World Report, 2022.
- #5 in Accounting by US News and World Report, 2022.
- #6 in Business Analytics, by US News and World Report, 2022.
Highlights
| Institution Type | Private |
| Foundation Year | 1898 |
| Student population | 26,000 |
| The student to faculty ratio | 6:1 |
| Application cost | 175 USD |
| Accreditation | Association to Advance Collegiate Schools of Business (AACSB) |
| English Language Proficiency Tests | TOEFL, IELTS, PTE |
| Average Cost of Attendance | 110,328 USD |
| Financial Aid for International Students | Scholarship and Private Loans |
| Official School Website | https://www.chicagobooth.edu/ |
University of Chicago Booth School of Business Campus and Accommodations
University of Chicago Booth School of Business has two campuses in the United States situated in the heart of a world-class, diverse, energetic, and dynamic business city. The school also has permanent campuses outside the United States in Hong Kong and London. The two Chicago Booth School of Business campuses in USA are the Charles M. Harper Center in Hyde Park offering Full-Time MBA and Executive MBA programs and Gleacher Center in Downtown Chicago offers Evening MBA, and Weekend MBA Programs.
Chicago’s one of the most beautiful architectural structures Charles M. Harper Center is the global headquarters of the business school and it houses the faculty, administrative, program, and research centres. Other facilities housed in the Charles M. Harper Center campus include classrooms, art studios, cafés, study and workspaces, student lounge, lockers, winter garden, summer garden, etc. Students have access to free campus shuttle service to and from the two nearby airports in Chicago, Midway and O’Hare, can enjoy discounted rates at downtown Chicago hotels, access student events on weekends, connect to faculty, academic advisors, the administrative office, and Career Services.
There are over 70 student-led groups, organizations, and clubs in both the Chicago Booth campuses in the U.S. The London campus of Booth is located near St. Paul’s and offers interactive courses and events, the Executive MBA Program and Executive Education course and houses the London Conference Center. The Yuen campus in Hong Kong offers the Executive MBA Program and Executive Education non-degree courses for local professionals. The campus houses the Hong Kong Jockey club program on Social Innovation and the Polsky Center for Entrepreneurship and Innovation.
University of Chicago Booth School of Business Accommodations
The University of Chicago Booth School of business does not offer any campus-housing services to the students. However, there are many off-campus student housing in U.S. Accommodation is available in the ‘Loop’, in apartments in Lincoln Park and River East apartments, and several hotels around campus. International students can find suitable living spaces in such apartments as these cater to students of different ethnicities.
The Loop is Chicago’s luxury condominium buildings interspersed among office high rises where people live, work, and play. It is also home to several large-scale mixed-use developments with amenities such as grocery stores and schools. There are many restaurants in the district and at Revival Food Hall, which is a marketplace that accommodates over 12 of the city’s favourite eateries. Housing rates range from 1,400 USD to 3,800 USD per month depending on the choice of accommodation.
University of Chicago Booth School of Business Programs
To meet the professional goals and needs of students, Chicago Booth School of Business offers four types of MBA – the Full-time MBA, Global Executive MBA, Evening MBA and the Weekend MBA. The full-time MBA is a 21-months program for professionals with three to seven years of work experience. The program provides a multidisciplinary approach to business education with fundamental courses like statistics, psychology, accounting, economics, and sociology.
The two part-time MBA programs – Evening MBA and Weekend MBA are designed for professionals working full-time. However, both the programs follow the same curriculum as the full-time MBA program. Full-time MBA students can choose up to 3-4 courses each quarter along with one required course in LEAD, a hands-on experiential, leadership exploration and development program. LEAD is an integral part of all the MBA programs offered at Booth Business School. However, the program format may vary for full-time MBA, Executive MBA, Evening and Weekend MBA.
All full-time MBA, Evening or Weekend MBA students have the option to customise their MBA program by taking up courses and specialisations of their choice. The specialisations are offered in 13 study areas which include MBA in finance, entrepreneurship, economics, international business, general management, business analytics, marketing management and the like. The Executive MBA program offered by Chicago Booth Business School is for experienced professionals with work experience of eight to twenty years. The duration of the course is of 21 months.
University of Chicago Booth School of Business Application Process
Applicants seeking admission are required to possess a university or college degree equivalent to a four-year American baccalaureate degree. They also need to submit standardised test results such as GMAT, GRE, or Executive Assessment (EA) Scores.
- Application Portal: Online Application Portal
- Application Fee: 175 USD for a part-time program
Supporting Documents:
- Transcripts and/or undergraduate certificate
- Proof of English language proficiency
- Letters of Recommendation
- Professional Resume
- Essay Questions
- Statement of Purpose for MBA
University of Chicago Booth School of Business Cost of Attendance
An estimated cost of attending Booth Business School for three quarters or nine months at the University of Chicago is given in the table below –
| Type of Expenses | Amount in USD |
|---|---|
| Tuition Fee | 74,919 |
| Student Service Fee | 1,296 |
| Administrative Service Fee | 2,600 |
| Lifetime Transcript Fee | 75 |
| Computer allowance | 1,300 |
| Books | 684 |
| Housing and Food | 22,185 |
| transportation | 1,944 |
| Personal expenses(includes health insurance costs) | 6,852 |
Note: The total tuition for a two-year program is 149,838 USD charged over six quarterly instalments.
University of Chicago Booth School of Business Scholarships
Full-time MBA students are open to various forms of financial aid like Merit-Based Scholarships, Global Innovator Fellowships, Industry Awards, Leadership Awards, External Awards, etc. For Evening MBA and Weekend MBA admitted students, there is a limited number of merit-based scholarships. Merit-based awards do not require any application as scholarship decisions are based solely on the applicant’s MBA application. The award amounts vary, and recipients are notified two to three weeks after the offer of admission.
Students on the London campus can borrow from independent financial institutions like Prodigy Finance and Lendwise. While students at the Hong Kong campus may only be able to borrow from Prodigy Finance and other lenders. Apart from the above stated, students from India can go for loans from Allahabad Bank, Bank of Baroda, Credila, Credila Education Loan, HDFC, and Syndicate Bank. There are several Regional Scholarships and Fellowships available for foreign students, like,
- A. H Tobaccowala Fellowship and Ramakrishnan Family Scholarship for Indian nationals,
- The Ehara Scholarship for students from Japan,
- The Nelson Germanos Fellowship for students from Brazil,
- Ramakrishnan Family Scholarship for candidates of Indian Nationality.
The following scholarships are also available to international MBA students:
| Scholarship Name | Scholarship Amount | Eligible Applicants |
|---|---|---|
| Aga Khan Foundation International Scholarship Program | 50% grant and 50% loan | Students of developing countries |
| Jane M. Klausman Women in Business Scholarship | 8,000 USD | Women students |
| Jhunjhunwala Family Executive MBA Scholarship | 50,500 USD | Female first-generation students from India, Indonesia, Singapore |
University of Chicago Booth School of Business Placements
As per the employment report published by Chicago Booth School of Business, around 93% of students reported having received full-time job offers three months after graduation. Around 87.5% of international students received job offers at the time of graduation. Moreover, around 27.3% of international graduates received a median salary of 150,000 USD. The table below shows the salary of Booth Business School graduates by degree –
| Degree | Salary in USD |
|---|---|
| MBA | 173,000 |
| Masters in Management | 234,000 |
| Executive MBA | 188,000 |
| Masters in Finance | 238,000 |
| LLM | 264,000 |
| Doctorate | 159,000 |
The following table indicates the salary of graduates of Chicago Booth School of business by job:
| Profession | Salary in USD |
|---|---|
| Human Resource | 157,000 |
| Legal and Paralegal | 198,000 |
| Compliance, AML, KYC and Monitoring | 209,000 |
| Marketing, product and communications | 140,000 |
| Financial Services | 185,000 |
| Executive Management and Change | 192,000 |
The Career Services team at Chicago Booth organizes Employer-Facing events and programs like Campus Recruiting Activities, Campus Interviewing, Online Job Postings, Resume Referral Service, and Industry Treks, apart from offering Career Learning Programs and Career Research Resources to the students.
Prominent employers of graduates of Booth include McKinsey & Company Inc, Google, JPMorgan Chase & Co., PwC Strategy, Citigroup, Inc., Morgan Stanley, Microsoft Corporation, Apple Inc., Ernst & Young LLP, Wal-Mart Stores Inc, Bain, Coca-Cola, Boston Consulting Group, Accenture, Amazon, etc.
University of Chicago Booth School of Business is known for ‘The Chicago Approach’ which is an analytical, enduring style of business education. This approach helps the best and brightest minds to convert their ideas and talents into action and create a meaningful impact in the world. At Booth, students will be surrounded by a supportive, inspiring community that is dedicated to helping them succeed in their field. Booth students are also continually challenged, encouraged to take risks, share ideas and embrace diverse perspectives so that they ultimately emerge as future global leaders.
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