Stuart School of Business

Illinois Institute of Technology, Stuart School of Business History

Illinois Institute of Technology, founded in 1890, is a private, coeducational institution. The 120-acre campus is located in an urban area. The main campus is 3 miles south of downtown Chicago. The business campus is in downtown Chicago, in the loop. Total undergraduate and graduate enrollment is 6795.

Courses also are offered in downtown Chicago (MBA, MS, PhD and Duel Degrees) and Rice Campus in Wheaton (MBA). The basic educational approach is a mix of case and theory, with emphasis on practical application and frequent team projects.

Illinois Institute of Technology, Stuart School of Business Academics

The Stuart School of Business offers the Master of Business Administration (MBA), Master of Science in Finance (MSF), Master of Science in Environmental Management (MSEM), Master of Science in Financial Markets (MSFM), Master of Science in Marketing Communication (MSMC), and Master of Mathematical Finance (MMF) as well as a doctoral program PhD in Management Science with concentrations in Finance and Operations management, and a joint degree in law (MBA/JD), public administration (MBA/MPA), finance (MBA/MS), environmental management (MBA/MS), marketing communication (MBA/MS), and MDes/MBA (Design). Other programs include a Master of Mathematical Finance interdisciplinary program; a cooperative program with ESLEM (Spain), Monterey Technological Institute (Mexico); foreign exchange with Mexico, Singapore, and Germany; internships with selected Chicago-area employers; and joint research with Chicago-area corporations. The strongest areas of study are entrepreneurship, environmental management, finance, international business, marketing, and financial markets. The most popular courses are Finance, Financial Markets, Sustainability, Marketing and International Business. Regular programs bring distinguished speakers and visiting professors to campus.

Fourteen to 20 total courses are required to complete the MBA, including 2 to 4 elective courses. Required courses include:

• Financial and Managerial Accounting
• Organizational Behavior
• Managerial Economics
• Statistical Methods
• Managerial Finance
• Marketing
• Operations Management
• International Business

Required courses for the MSF include:

• Financial Statement Analysis
• Financial Economics l
• Financial Modeling l
• Valuation and Portfolio Management
• Futures, Options and OTC Derivatives
• Econometric Analysis

Required courses for the MSFM include:

• Global Market Economics
• Introduction to Investments
• Futures and Futures Markets
• Options and Options Theory
• Quantitative Methods in Financial Markets
• Statistical Methods in Financial Markets

Required courses for the MMF include:

• Computational Finance l and ll
• Stochastic Processses
• Future Options and OTC Derivatives
• Mathematical Finance l and ll
• Monte Carlo Methods in Finance
• Theory and Practice of Fixed Income Modeling

Required courses for the MSMC include:

• Marketing Foundations
• Marketing Communications Plan
• Marketing and Advertising Research
• Understanding the Target Audience
• Media Strategy and Implementation
• Creative Strategies
• Database as Marketing Tool
• Direct Marketing

Required courses for the MSEM include:

• Environmental Law and Regulation l and ll
• Environmental Risk Assessment & Management
• Industrial Ecology
• Air and Water Pollution Control
• Solid and Hazardous Waste Management
• Industrial Health and Safety
• Information Technology for Environmental Managers

Students may eliminate or substitute requirements up to 2 courses by having taken similar upper-level courses.

Business students may take relevant nonbusiness courses in other departments. The minimum time permitted to complete the master’s degree program attending full time is 1 year; maximum, 6 years. For students attending part time, the minimum is 2 years; maximum, 6 years.

There are 29 total full-time graduate business faculty, of whom 69% hold a doctorate; there are 56 part-time faculty, of whom 36% hold a doctorate. Average number of courses faculty teach is 6; average business class size is 25.

Illinois Institute of Technology, Stuart School of Business Unique Programs

Library

The The Information Center library houses a collection of more than 525,000 volumes and 25 audio/video tapes/CDs, and subscribes to 3000 periodicals. The business library is particularly strong in finance, international business and management. Students have access to such databases and networks as Dialog, OCLC, Illinet, and UMI ProQuest. Other opportunities for research consist of access to VAX for business applications and ABI/INFORM. Instruction is provided in library research. Students also have access to the law library holdings and the Library of International Relations. There are extensive business holdings on CD-ROMs.

Computers

Graduate business students need not have their own PCs. The business school has its own computer facilities, consisting of 120 workstations running Windows 2000/XP, a wide variety of math,statistics, finance, and other business software. Labs are located at the downtown campus and are available Sunday through Friday from 8 a.m. to 11 p.m. and Saturday, from 8 a.m. to 8 p.m. Labs are also used as computer classrooms and are closed for public use when classes are in session.

Career and Job Placement

In spring 2006, 40 companies recruited on campus. Seventy-five percent were national corporations. Majors most in demand were finance, financial markets, environmental management, and marketing. Average starting salary of the graduating class was $61,000; range was $32,000 to $115,000. The percentage of graduates finding jobs were:

• national corporations 76%
• regional corporations 12%
• local large enterprises 12%

Placement services are extensive. Placement services for alumni include a web site to job postings via on-line job search tool, career counseling, assessment, career fairs, workshops, and job search resources and guidance. Placement is available through the Career Planning Center. Seventy-three percent of the most recent graduating class found jobs within three months of receiving their degree.

International Students

International students must take the TOEFL. Students admitted with TOEFL scores below 600 are required to take one or more quarters of English as a Second Language in the first quarter of study. International students must score 550 on the Paper-Based TOEFL (PBT) or 80 on the Internet-Based version (iBT). They also must submit a translation of their transcripts, proof of health consisting of a medical form indicating a physical examination and immunizations, and proof of adequate funds to cover 1 year of study. Financial aid is available for these students and consists of scholarships and work-study positions limited to 15 hours per week. The application deadline for fall entry is June 15.

Calendar

The school operates on a quarter basis. Quarters are 11 weeks long; summer sessions, 10 weeks. Graduate programs are offered during the day and evening and weekends.

Illinois Institute of Technology, Stuart School of Business Admissions

A bachelor’s degree is required, along with a GPA of 3.0, a GMAT score of 500, and GRE scores of 1000. The formula for using the GPA and GMAT scores is (200 x GPA) + GMAT. Most important admissions factors are GMAT results, academic accomplishments and ability, and grades in upper-level courses. A strong mathematics background is required.

The number of applicants for the 2006-2007 class was 758; 576 were accepted; 478 enrolled. The average GPA was 3.23; average GMAT score was 606. Transfers are accepted. Minority students are actively recruited by involving minority students and alumni in recruiting activities, such as open house and student applicant callbacks; advertising in minority publications is also used.

Students may begin the MBA program in the fall, winter, spring, and summer. To apply, students must submit an application form, a transcript, GMAT scores, or GRE scores if applicable, a nonrefundable application fee of $75, and 2 letters of recommendation. The application deadlines are August 15 for fall entry; November 1, winter; February 1, spring; May 1, summer. Students are notified of the admission decision within 1 month of application submission. The latest acceptable test date for fall entry is July. Once accepted, students may defer admission for up to one year.

Illinois Institute of Technology, Stuart School of Business Financial Aid

About 60% of graduate business school students receive financial aid from scholarships, loans, and graduate assistantships, for a total average of $11,013 annually; maximum $50,623. The FAFSA is required. The application deadlines are October 27 for fall entry; February 9, winter; May 4, spring.

Tuition for all students is $751 per credit, or $24,332 per year. On-campus room and board costs approximately $5310; books and supplies, $890; personal expenses, $3015; and other fees, $225, for an estimated annual total of $33,772. Graduate student housing is available in a residence hall on the main campus that is exclusively for graduate students, as well as in apartment buildings. There is a referral service to help procure off-campus housing.

Illinois Institute of Technology, Stuart School of Business Students

Sixty-one percent of the current graduate business school class are enrolled full time. The greatest percentage of students are from foreign countries (63%). Thirty-three percent are women, 10% are minorities, and 63% are foreign nationals. The average age at entrance is 27; ages range from 20 to 47. Students’ undergraduate majors were as follows: 30%, business; 25%, engineering; 19%, math and science; 8%, economics; 8%, liberal arts; and 2%, social sciences. In 2006, 158 graduate business degrees were awarded.