The second-oldest business school in the world, the University of Chicago Booth School of Business carries a rich legacy. The University of Chicago has produced 28 Nobel Laureates in the Economic Sciences so far, which is highest as compared to any other school. Ranked #1 by The Economist and #10 by The Financial Times under Global MBA Ranking 2020, Chicago Booth MBA Program provides the world’s most flexible full-time MBA program, & currently tied for third with Harvard Business School and the MIT Sloan School of Management according to US News & World Report.
Chicago Booth boosts of its prominent alumni, that include Satya Nadella (CEO of Microsoft), Jon Corzine (former CEO of Goldman Sachs), Brady Dougan (Former CEO of Credit Suisse), Eric Kriss (co-founder of Bain Capital), Mark Loughridge (CEO of IBM) and many such notable alumni who are leading the world today.
According to the class profile of 2021, the batch size of its MBA program consists of 593 students with an average age of 28 years from around 50 countries globally. The batch includes 40% female students, 31% International students, & 27% US minorities. In this article, we have tried to cover every detail you will need regarding the Chicago Booth MBA program.
The curriculum of the Chicago Booth MBA program is considered an empowering one since it believes in a multidisciplinary approach. The curriculum has been designed as such that it benefits everyone, regardless of their career or industry. At Chicago Booth, the curriculum helps students become an efficient leader.
Students can choose their core courses among various basic & advanced courses from many categories, including Finance, Marketing, Operation, Decision, People, Strategy, Statistics, Microeconomics, etc. Other than this, 11 electives are to be chosen according to the student’s interest from more than 100+ different subjects covering every possible field of study.
There is also one required curriculum, LEAD, which is mandatory for the first-years. It is a Leadership Development Programme led by second-year students who serve as facilitators. The program teaches you every aspect of leadership and helps you to find the leader inside you.
Eligibility
Following are the application requirements for applying into Chicago Booth MBA Program:
- Bachelors in any discipline:
There is no specific cut-off mentioned by the school for your graduation or class 12th marks. You only need to hold an undergraduate degree equivalent to the US college. According to the class profile of 2021, the GPA of the batch range between 2.7-4.0 (with an average GPA of 3.6 for the entire batch.)
- Work Experience:
There is no minimum work experience, according to the official website of the school. However, the admissions committee looks for professional maturity in an applicant. The average work experience of the batch of 2021 stands at 5-years.
- Exams:
International students whose native language is non-English are required to take the English Proficiency Tests like TOEFL, IELTS, or PTE. This test can be waived, if the last institution attended by the candidate had been using English as the medium of instruction.
Or
If the candidate is a citizen/permanent resident of any country where English is the official language. Other than the English Proficiency Tests, a candidate need to have a valid GMAT/GRE score. There is no minimum score requirement. According to the class profile of 2021, the GMAT score ranges between 610-790, with an average of 730, & the average GRE score stands at 163.3 & 164.1 for Verbal and Quants, respectively.
The estimated cost of attendance for the Chicago Booth MBA program for the first-year students comes at around $110,328 (that is around 82L INR). The course fee includes of tuition fee ($73,440), Hostel & Meals ($22,185), Health Insurance ($4,566), Transportation ($1,944), Books & supplies ($684), student service fee ($1,248) & Personal expenses ($2,286). Along with this, there are some one-time fees that a student only needs to pay in the first year, which includes a computer allowance of $1,300, an administrative service fee of $2,600, & a Life-time credential fee of $75.
There are several scholarships, fellowships, rewards, & loan schemes available to study an MBA program from Chicago Booth. According to a study, the majority of the students fund their MBA program through student loans that they repay within 10-years of graduation. Chicago Booth offers a Merit-based scholarship to deserving students. There is no separate application process to avail of this scholarship. All applicants are considered, and decisions are made based on information provided in the application form, quality of the interview, career goals, & life experience of the candidate. Along with this, there is the Global Innovation Fellowship, awarded to innovative students who have passion within them to bring a change in the world by making a global impact.
Other than this, there are various industry awards like ‘Herman family fellowship for women entrepreneurs’ (awarded to an ambitious woman who possesses entrepreneurial skills), ‘Khosla Booth Private Equity Fellowship’ (awarded to students with a demonstrated interest in Private Equity Industry), ‘Kilts Marketing Fellowship’ (offered to market enthusiasts who plan to concentrate on marketing management) and many other such awards. In addition to all this, there are various other regional rewards, military awards, leadership awards, second-year awards that benefit students in their academic journey at Chicago Booth.
Chicago Booth MBA program is famous for its 100% placement ratio. From the class of 2019, an estimated 87% of the students were seeking employment. The median salary of the batch was calculated to $145,000, with salaries ranging from $78,700-$250,000. The top three Industries who hired most of the students include:
Consulting (33.7%)
Financial Services (31.3%)
Technology (20.7%)
Some of the major employers of the last year included:
McKinsey & Company (48)
The Boston Consulting Group (35)
Bain & Company (26)
Amazon (23)
Google LLC (14)
JPMorgan Chase & Company (11)
Around 86.7% of students got placed within the United States & 13.3% of students were placed internationally across countries like Mexico, Shanghai, London, Canada, & others.
Everything you need to know before applying for the Chicago Booth MBA program:
- Online Application
Including
Transcripts
One Page Resume
2 LOR
2 Essays
GMAT/GRE Score
English Language Test Score (if applicable to you)
Application Fee of $250
- Interview:
After your application is reviewed by the admissions committee, you may receive an interview invite. Unlike other business schools, the interview process at the Chicago Booth is quite different. Those who get the interview invite will have two or three weeks to either interview on campus, or with a current second-year student, or any of the Chicago Booth alumni in your area. The interview is fairly standard & basic ranging from an average length of 30-45 minutes.
After your interview, the interviewer makes a report & passes it to the admissions committee. The committee members then make a final decision regarding your acceptance & the same is communicated with you through the E-mail.
Essay Details & Tips:
Along with the application form, the candidates are required to submit responses to the following two questions:
- How will a Booth MBA help you achieve your immediate and long-term post-MBA career goals?
- An MBA is as much about personal growth as it is about professional development. In addition to sharing your experience and goals in terms of career, we’d like to learn more about you outside of the office. Use this opportunity to tell us something about who you are.
Both the above questions have a minimum limit of 250 words. There is no maximum limit. However, we advise you to keep the essay short & crisp. In addition to the above two questions, there is also an optional question that you may answer if you feel there is something in your application form that needs an explanation. The word limit for the same is 300. The purpose of essays is to find if a student can write well about their plans, goals, achievements, etc. & support it with logical arguments throughout the composition.
So make sure that your essay reflects the above. That is pretty much everything you need to know about The Chicago Booth MBA program before making your next move. So, if you think you are a match, go for it.
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