Chicago Business School 2023 Application Guideline

Have you been wondering what business school will be best suitable for you? Chicago business school has what it takes to make you what you want to become in the field of business as it has captivating business programs that you can pursue.

History of Chicago Business School

The University of Chicago Booth School of Business traces its roots back to 1898 when university faculty member James Laurence Laughlin chartered the College of Commerce and Politics.

It 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. The School of Business offered its first Master of Business Administration (MBA) in 1935.

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 Graduate School of Business (or more popularly, the GSB) in 1959, a name that it held till 2008.

During the latter half of the twentieth century, the business school was instrumental in the development of the Chicago School of economics.

It was 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).

They also offered the first Executive MBA (EMBA) program (1943), and offering the first weekend MBA program (1986).

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).


To provide distinctive and relevant education in an environment of scientific, technological, and professional knowledge creation and innovation.

This mission statement, proposed by IIT’s academic deans, captures explicitly the character of the new education paradigm being created by the collective contributions of IIT’s academic units in both education and research.

The keyword in the mission statement is “relevant,” embracing the faculty’s commitment to education that focuses on preparing our students for fulfilled lives after graduation.

They also support careers that contribute to solving important problems facing humanity.

Values and Core Principles

The culture of a university is a shared system of values, beliefs, and attitudes that shapes and influences behavior.

The culture is determined through the organization from top to bottom and from generation to generation. We must live our values in order to continuously improve.

We define our culture by seven core operating principles that guide us through our planning. While these principles do not in themselves define a strategy, a successful plan requires adhering to them.

Focus on Students: Our primary mission is not only to educate students in their chosen disciplines, but also to inspire them to become innovators, leaders, and positive contributors to society.

Strengthen Faculty and Staff: The faculty inspire and direct all we do academically, from basic education to discovery and the creation of new concepts, systems, and products.

The staff delivers our administrative services and partner with the faculty to ensure an excellent student experience.

Foster Leadership and Ethical Decision-Making: Leadership and ethical decision-making are essential for the growth of the person and the organization.

Leadership development is an important component of education for all segments of the university faculty, students, and staff. Succession planning is required to continuously promote excellence.

Commit to Diversity and Excellence: If we are to both remain relevant and attract the highest caliber of students, faculty, and staff, we must ensure that our community is inclusive and open to all viewpoints.

A culture of excellence must pervade the university in both academic and non-academic areas.

Focus on Resource Management: The financial well-being of the institution is critical for our success.

We will embrace responsibility-centered management to achieve financial strength and expect that all members of the IIT community, including alumni, are responsible for enhancing our resources.

Heighten Reputation: All units of the university will benefit from the international recognition of any one of them; we must continuously work at gaining recognition as a university.

Preeminence in several academic areas must be achieved for us to gain the international reputation we desire.

Engage Alumni: Our greatest legacy is our alumni and their many contributions to business and society. We will celebrate their many achievements as a foundation of the IIT story.

We will engage our alumni in planning for the future of IIT and rely upon our alumni for their involvement and philanthropic support in the execution of this plan.


In Chicago, the Booth School has two campuses: the Charles M. Harper Center in Hyde Park, which hosts the school’s full-time MBA and Ph.D. programs.

The Gleacher Center in downtown0Chicago, which hosts the evening, weekend, and executive MBA programs. Chicago Booth also has a campus in London across from the Guildhall and a campus in Hong Kong


Chicago Booth offers Full-time, Part-time (Evening and Weekend), and Executive MBA programs.

The university is also a major center for educating future academics, with graduate programs offering A.M. and Ph.D. degrees in several fields.

Academic concentrations

Students in the Full-time MBA, Executive MBA, and Part-time MBA programs can concentrate in one or more of 14 areas.

However, some concentrations’ required coursework may necessitate schedule modifications for students enrolled in the part-time program.


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.

Research and learning centers

The school promotes and disseminates research through its centers and institutes; the most significant ones are:

  • 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. KiltsCenter for Marketing
  • Rustandy Center for Social Sector Innovation


Business school rankings
 Worldwide Overall
Times Higher Education 4
U.S. News & World Report 1
Worldwide MBA
Business Insider 2
Economist 1
Financial Times 6
Bloomberg Businessweek 3
Forbes 6
U.S. News & World Report 1
Vault 3
U.S. News & World Report {{{USNWRu}}}


The Chicago Booth Alumni has a community of over 49,000 members and is supported by 60+ alumni clubs worldwide.

Alumni include Satya Nadella, Jon Corzine, Peter G. Peterson, Philip J. Purcell, Todd Young, Howard Marks, Megan McArdle, John Meriwether, and Susan Wagner.

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