Graduate School of Business

University of Chicago, Graduate School of Business History

University of Chicago, founded in 1890, is a private, coeducational institution. The 211-acre campus is located in an urban area 7 miles south of Chicago. Total undergraduate and graduate enrollment is 13,400.

The Graduate School of Business was founded in 1898 and is located on the main campus, in its own building, University of Chicago Graduate School of Business Hyde Park Center. Courses also are offered at the school’s downtown Chicago Gleacher Center facility (evening, weekend, and executive MBA); Chicago Hyde Park Campus; London and Singapore (executive MBA). The basic educational approach is to stress the management-education method of business education, employing the disciplines of economics, statistics, law, psychology, and sociology. Balancing practical problem-solving with developing broad perspectives and conceptual skills, the school’s curriculum prepares students for business leadership by helping them analyze situations, identify problems, and implement creative thinking and problem solving.

University of Chicago, Graduate School of Business Academics

The Chicago/GSB offers the Master of Business Administration (MBA) and International Master of Business Administration (IMBA) as well as a doctoral program in philosopy, and a joint degree in area studies (MBA/AM), international relations (MBA/AM), law (MBA/JD), medicine (MBA/MD), public policy studies (MBA/MPP), and social service administration (MBA/AM). Other programs include foreign exchange with 21 countries, summer internships, and certification in health administration and policy. The strongest areas of study are finance and accounting, entrepreneurship, strategic management, and economics. The most popular courses are Financial Statement Analysis, Investments, Corporate Finance, Entrepreneurial Finance, and Marketing. Regular programs bring distinguished speakers and visiting professors to campus. Leading world scholars serve as visiting professors and the Distinguished Speakers Series includes executive officers from major corporations and government who appear regularly on campus to speak with students and participate in presentations.

Twenty-one total credits are required to complete the MBA, including 11 elective credits. Required courses include:

• Leadership Exploration and Development (LEAD)
• courses chosen from:
• Financial Accounting
• Microeconomics
• Statistics
• Financial Management
• Human Resources Management
• Macroeconomics
• Managerial Accounting
• Marketing Management
• Operations Management
• General Management

Required courses for the IMBA include:

• Must take 5 international business courses and study at an exchange school

Students may eliminate or substitute requirements by testing out.

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 12 months; maximum, 5 years. For students attending part time, the minimum is 30 months; maximum, 5 years.

There are 127 total full-time graduate business faculty, of whom 99% hold a doctorate; there are 48 part-time faculty. Faculty salaries are rated well above average for Category I institutions, based on the AAUP rating system. Average number of courses faculty teach is 4; average business class size is 53.

University of Chicago, Graduate School of Business Unique Programs

Library

The Regenstein Business Library houses a collection of more than 7.1 million volumes, 2.9 million microform items, 380,000 special business collections, and 46,800 audio/video tapes/CDs, and subscribes to 41,790 periodicals. The business library is particularly strong in economics and finance. Students have access to 79 businesss and economic databases. Other opportunities for research consist of Center for Decision Research, George J. Stigler Center for the Study of the Economy and the State, Michael P. Polsky Center for Entrepreneurship, Center for Population Economics, Center for Research in Security Prices, James M. Kilts Center for Marketing, Institute of Professional Accounting, the Becker Center on Chicago Price Theory, and the Initiative on Global Financial Markets.

Computers

Graduate business students must have their own PCs. The business school has its own computer facilities, consisting of complete lab and e-mail stations which are open 7 a.m. to 11 p.m. Software includes word processing, spreadsheets, statistics and mathematics, graphics presentations, and placement and interview bidding.

Career and Job Placement

Average starting salary of the graduating class was $98,289; range was $25,000 to $160,000. Placement services are extensive. Placement services for alumni (lifetime) through the Career Development Office include a 9-step career course, speakers, global teleconferences, newsletter, coaching, resume database, job postings, Fisher Library, individual appointments, and alumni clubs throughout the world. Placement is available through Office of Career Services. Ninety-five percent of the most recent graduating class found jobs within three months of receiving their degree.

International Students

International students must take the TOEFL or IELTS. International students must score 600 on the Paper-Based TOEFL (PBT). They also must submit proof of health consisting of an immunization card signed by a physician and proof of adequate funds to cover 2 years of study. Financial aid is available for these students and consists of scholarships and loan programs, but students are encouraged to seek funding in their own countries. The application deadline for fall entry is March 14.

Calendar

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

University of Chicago, Graduate School of Business Admissions

A bachelor’s degree is required. A strong mathematics background is not required.

The average GPA was 3.46; average GMAT score was 705. Transfers are not accepted. Minority students are actively recruited by the Office of Diversity Affairs and through corporate-sponsored fellowships.

Students may begin the full-time MBA program in the fall only. To apply, students must submit an application form, a transcript, GMAT scores, a nonrefundable application fee of $200, 2 letters of recommendation, essays and a resume. The application deadline is March for fall entry. Students are notified on a rolling basis of the admissions decision. The latest acceptable test date for fall entry is February. Once accepted, students may defer admission on a case-by-case basis.

University of Chicago, Graduate School of Business Financial Aid

About 80% of graduate business school students receive financial aid from scholarships, loans, and graduate assistantships, for a total maximum of $72,746. Stipends and programs available for minority students include corporate-sponsored fellowship programs. The FAFSA and the school’s own financial statement are required. Check with the school for current application deadlines.

Tuition for all students is $4160 per course, or $41,600 per year. On-campus room and board costs approximately $18,900; books and supplies, $2100; personal expenses, $2550; and other fees, $612, for an estimated annual total of $65,762. Graduate student housing consists of a graduate residence hall, the International House, and private apartments near the campus. There is a referral service to help procure off-campus housing.

University of Chicago, Graduate School of Business Students

Thirty-five percent of the current graduate business school class are enrolled full time; 99% have had an average of 5 years of full-time work experience prior to entering graduate school. Twenty-five percent are women, 35% are minorities, and 32% are foreign nationals. The average age at entrance is 28; ages range from 21 to 37. One percent enter directly from undergraduate school; 23% already have a graduate degree. Students’ undergraduate majors were as follows: 29%, business; 22%, economics; 21%, engineering; 15%, math and science; 6%, social sciences; and 1%, liberal arts. About 1% of entering students leave by the end of the first year due to academic or personal reasons; 99% remain to receive their degree. In 2006, 1232 graduate business degrees were awarded.