Booth School of Business - mbaMission's Insider's Guide 2020-2021 - HubSpot
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
mbaMission’s Insider’s Guide
Booth School of Business
University of Chicago
Chicago, IL
2020–2021
presented byApplying to Business School? mbaMission is your partner in the process! Our team of dedicated, full-time admissions experts has helped thousands of applicants get into their dream MBA programs. These skilled storytellers and MBA graduates will work one-on-one with you to help you discover, select, and articulate your unique stories and stand out from the crowd. Why mbaMission? 15+ years of experience advising Ranked number one firm by GMAT tens of thousands of business Club and Poets&Quants school applicants Exclusively recommended by Extensive, unparalleled library of Services available for all stages of Manhattan Prep since 2009 supplementary content the application process Schedule a free, 30-minute consultation at www.mbamission.com/consult, and start getting answers to all your MBA admissions questions! +1-646-485-8844 info@mbamission.com www.mbamission.com
THE ONLY MUST-READ BUSINESS SCHOOL WEBSITE
Offering more articles, series and videos on MBA programs and business schools than any other media
outlet in the world, Poets&Quants has established a reputation for well-reported and highly-creative stories
on the things that matter most to graduate business education prospects, students and alumni.
Poets&Quants is a community that stays in touch with its readers. We report on and celebrate their success, share in their lessons and
trials. Connect with us to stay informed on B-school admissions, news, internships and careers. Visit www.poetsandquants.com.
Poets&Quants | Poets&Quants for Execs | Poets&Quants for Undergrads | Tipping The Scales | We See GeniusAbout mbaMission
With our collaborative, full-time team of experienced advisors, mbaMission has elevated and professionalized the world
of MBA admissions consulting, earning the exclusive recommendation of the world’s leading GMAT prep firms, Manhattan
Prep and Kaplan GMAT, and hundreds more verified five-star reviews on GMAT Club than any other such firm. mbaMission
prides itself on its high-touch client engagement model and robust library of free content that includes these Insider’s
Guides as well as our Complete Start-to-Finish MBA Admissions Guide. Having already helped thousands of aspiring
MBAs from around the world gain entry into elite US and international business schools, mbaMission continues to grow
and improve in our quest to “graduate” additional classes of satisfied clients.
mbaMission offers all candidates a free half-hour consultation at www.mbamission.com/consult.
Introduction from mbaMission
After more than a decade helping MBA applicants get into top business schools, we have learned what can compel an
admissions committee to send that coveted letter of acceptance. Selecting the right MBA program for your needs and
developing a true understanding of and familiarity with that program are crucial in crafting a successful application.
We have therefore invested hundreds of hours into researching and examining the leading business schools—including
speaking with students, alumni, and other representatives—to construct these guides, with the express goal of helping
applicants like you make informed decisions about this important step in your education and career.
We hope you enjoy this guide and encourage you to visit us at www.mbamission.com for complete and detailed analysis
of the leading schools’ essay questions, weekly essay-writing tips, MBA news and trends, and other valuable free in-
formation and resources. And for any advice you may need on applying to business school, please contact us for a free
30-minute consultation. Our consultants are extensively trained to help applicants present themselves in the most inter-
esting and compelling way and take advantage of every opportunity that might increase their chances of being admitted
to their target MBA program.
Jeremy Shinewald
President/Founder
mbaMission
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 4Introduction from Poets&Quants
For more than ten years, Poets&Quants has been the foremost authority on the top business schools. Our mission has
always been to help young professionals with one of the most important—and potentially most expensive—decisions of
their lives: whether to pursue an MBA.
We are pleased to offer these guides to our readers as part of our editorial partnership between Poets&Quants and
mbaMission, the world’s leading MBA admissions consulting firm. We closely evaluated all such guides currently on the
market, and are confident that you will not find a more thorough analysis of an MBA program than mbaMission’s. These
in-depth reports are well researched and well written, offering the detail and examination applicants need to really un-
derstand a school’s culture, offerings, and outcomes. We are thrilled to offer these guides to our readers for free, thanks
to our partnership.
Moreover, the guides are a great complement to the daily coverage of MBA news, students, programs, and admissions
practices on PoetsandQuants.com. We hope you will visit our site often to stay informed about the programs that interest
you and the one you ultimately attend. We will continue to provide the most relevant and current resources on the MBA
world to help you make the best possible decisions on your path from school selection to career advancement.
I wish you the best of luck on your journey to what will undoubtedly be a transformational experience.
John A. Byrne
Founder & Editor in Chief
Poets&Quants
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 5Free Resources from mbaMission
The following guides are also available from mbaMission (online at www.mbamission.com/guides), and
more are being added regularly:
Admissions Guides Insider’s Guides
Complete Start-to-Finish MBA Admissions Guide Insider’s Guide to Columbia Business School
Brainstorming Guide Insider’s Guide to Cornell University’s Samuel Curtis Johnson
Essay Writing Guide Graduate School of Management
Fundamentals of an MBA Candidacy Guide Insider’s Guide to Duke University’s Fuqua School of Business
Interview Guide Insider’s Guide to the Haas School of Business at the University
Letters of Recommendation Guide of California-Berkeley
Long-Term Planning Guide Insider’s Guide to Harvard Business School
Optional Essays Guide Insider’s Guide to INSEAD
Personal Statement Guide Insider’s Guide to the Kellogg School of Management at
Resume Guide Northwestern University
Selecting Your Target MBA Program E-Book Insider’s Guide to the MIT Sloan School of Management
Social Media Guide Insider’s Guide to New York University’s Leonard N. Stern
Waitlist Guide School of Business
MBA Student Loan Reduction Guide Insider’s Guide to the Stanford Graduate School of Business
Insider’s Guide to the Stephen M. Ross School of Business at
the University of Michigan
International Program Guides Insider’s Guide to the Tuck School of Business at Dartmouth
Insider’s Guide to the UCLA Anderson School of Management
Cambridge Judge Business School Program Guide Insider’s Guide to the University of Chicago Booth School of
ESADE Program Guide Business
HEC Paris Program Guide Insider’s Guide to the University of Virginia’s Darden School of
HKUST Program Guide Business Administration
IE Business School Program Guide Insider’s Guide to the Wharton School of the University of
IESE Business School Program Guide Pennsylvania
IMD Program Guide Insider’s Guide to the Yale School of Management
Ivey Business School Program Guide
London Business School Program Guide
Rotman School of Management Program Guide
Saïd Business School Program Guide
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 6Interview Guides Career Guides
Chicago Booth School of Business Interview Guide Asset Management Career Guide
Columbia Business School Interview Guide Consulting Career Guide
Dartmouth Tuck Interview Guide Hedge Fund Career Guide
Duke Fuqua Interview Guide Investment Banking Career Guide
Haas School of Business Interview Guide Marketing Career Guide
Harvard Business School Interview Guide Private Equity Career Guide
INSEAD Interview Guide Real Estate Investment & Development Career Guide
London Business School Interview Guide Tech Career Guide
Michigan Ross Interview Guide Venture Capital Career Guide
MIT Sloan School of Management Interview Guide
Northwestern Kellogg Interview Guide
NYU Stern School of Business Interview Guide
Stanford GSB Interview Guide
Wharton School of the University of Pennsylvania Interview
Guide
UCLA Anderson Interview Guide
UVA Darden Interview Guide
Yale School of Management Interview Guide
The mbaMission blog is updated daily and offers a plethora of MBA admissions tips, business school news,
company updates, event listings, and other valuable information. Be sure to also follow us on Twitter (@
mbaMission), Facebook, and Instagram (@mbaMission)!
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 7Table of Contents 9 The MBA Program in Context: Choosing Chicago Booth 10 Location: Urban Campus Versus College Town 13 Class Size: Smaller Versus Larger 17 Curriculum: Flexible Versus Mandatory Core 19 Pedagogy: Lecture Versus Case Method 21 Academic Specializations/Recruitment Focus: Resources and Employers 26 Alumni Base: Opportunities to Engage 27 Facilities: Shaping the Academic/Social Experience 28 Rankings and Reputation: Important Metrics or Arbitrary Measures? 32 Booth School of Business 32 Summary 33 The Dean 35 Professional Specializations 35 Consulting 37 Entrepreneurship, Private Equity, and Venture Capital 41 Finance 43 International Business 46 Marketing 49 Nonprofit/Social Entrepreneurship 51 Notable Professors and Unsung Heroes 53 Social/Community Life 56 Academic Summary 57 Admissions Basics 61 University of Chicago (Booth) Essay Analysis, 2020–2021 64 mbaMission’s Exclusive Interview with University of Chicago Booth School of Business Associate Dean of Student Recruitment and Admissions (Currently Chief Marketing and Communications Officer) Kurt Ahlm 66 B-School Insider Interview: Alumnus, University of Chicago Booth School of Business, Class of 2018 73 B-School Insider Interview: Alumna, University of Chicago Booth School of Business, Class of 2012 79 Appendix: Chicago Booth Facts and Figures 79 Basics 79 Class Profile (Class of 2021) 79 Employment Statistics (Class of 2019) 82 Bibliography
The MBA Program in Context:
Choosing Chicago Booth
Over the years, we have met many aspiring MBA students who have tried to identify their target
schools and quickly become overwhelmed, wondering, “How are the top MBA programs really differ-
ent?” and “How do I choose the one that is right for me?”
You may not find a
Frustrated, some applicants ultimately choose schools based simply on rankings or the opinions of
single program that
friends or alumni. Although these inputs have a place in your evaluative process, you should also do meets all your needs
the necessary research to find the program that is truly best for your personality and professional and preferences, but
needs. In doing so, you will find significant differences between, for example, programs that have you should be able to
a class size in the low 200s and those that have classes of more than 900 students. As you are un- identify ones that fulfill
doubtedly already aware, an MBA is a significant investment in the short term and a lifetime connec- the factors that are
tion to an institution in the long term. We therefore strongly encourage you to take time now to think
most important to you.
long and hard about this decision and thoroughly consider your options. We hope this guide will prove
helpful to you in doing just that.
At mbaMission, we advise candidates evaluating their potential target schools to consider the following eight specific
characteristics (in no particular order) that shape MBA programs:
1. Location: Urban Campus Versus College Town
2. Class Size: Smaller Versus Larger
3. Curriculum: Flexible Versus Mandatory Core
4. Pedagogy: Lecture Versus Case Method
5. Academic Specializations/Recruitment Focus: Resources and Employers
6. Alumni Base: Opportunities to Engage
7. Facilities: Shaping the Academic/Social Experience
8. Rankings and Reputation: Important Metrics or Arbitrary Measures?
You will not likely find a single MBA program that meets all your needs and preferences across these eight criteria, but
you should be able to identify schools that fulfill the factors that are most important to you. Although this guide is in-
tended to familiarize you on a deeper level with this particular school, nothing will prove more valuable in your decision
making than visiting the programs that appeal to you and experiencing them firsthand. Inevitably, no matter what your
research may reveal, some schools will simply “click” with you, and others will not.
Note: The authors and editors at mbaMission have made every effort to ensure the accuracy and timeliness of the informa-
tion included in this guide. However, some discrepancies may exist or develop over time between what is presented here and
what appears in the school’s official materials, as well as what may be offered by other content providers in print or online.
For the most up-to-date information, always check with your target school directly. The opinions expressed by the people
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 9interviewed are those of the attributed individuals only and may not necessarily represent the opinion of mbaMission or any
of its affiliates.
We also wish to thank the students, alumni, faculty members, and administrators who gave generously of their time to pro-
vide valuable input for this guide.
1. Location: Urban Campus Versus College Town
Pursuing an MBA can be quite intense, and the environment and community surrounding the campus
can profoundly affect and even shape your MBA experience. For example, imagine stepping out of a
class at New York University’s (NYU’s) Stern School of Business and into the energetic bustle of New The environment
York City’s West Village. Now imagine walking outside after a course at the Tuck School of Business and community
at Dartmouth and being surrounded by the tranquility and natural beauty of New Hampshire’s Upper
surrounding your
Valley. Neither scenario is necessarily “better” than the other, but one might appeal to you more.
chosen school can
An urban campus can undoubtedly offer social and cultural opportunities that a college town simply
profoundly affect
cannot match. This is not to suggest, however, that college towns are devoid of culture—indeed, in- and shape your MBA
tense intellectual and cultural programs exist in college towns precisely because the academic insti- experience.
tution is at the core of the community.
While schools in college towns tout their close-knit atmosphere and the tight bonds classmates form in such a setting,
this environment can be welcoming for some students and overwhelming for others. In contrast, urban campuses are
more decentralized, with students often living in various parts of a city and even in the surrounding suburbs. Someone
who has a greater need for privacy or personal space might therefore prefer an urban environment. In addition, in major
urban centers, some students—particularly those who lived in the city before enrolling in business school—may already
have well-developed social groups, and this scenario may again be better for those who find an academically and socially
all-encompassing environment less attractive.
One aspect of the MBA experience that candidates often fail to consider when evaluating their school options is weather.
Although factoring climate into your school choice may initially seem superficial, if you know you cannot comfortably
manage frigid conditions or soaring temperatures, certain programs should be stricken from your list. We encounter
many applicants each year who wisely stave off a potentially miserable experience by choosing to not apply to certain
schools in locations they just do not feel are “livable” for them.
In addition, housing costs are one expense that Urban Campus Schools Urban/College Hybrid Schools College Town Schools
many applicants do not stop to consider before Chicago Booth Northwestern Kellogg Cornell Johnson
choosing a school to target. By researching real Columbia Business School Stanford GSB Dartmouth Tuck
estate prices at the top programs, we found that Harvard Business School UC Berkeley Haas Duke Fuqua
the cost differential between renting a one-bed- MIT Sloan UCLA Anderson Michigan Ross
NYU Stern Yale SOM UVA Darden
room apartment in a Midwestern college town
UPenn Wharton
and renting one in New York City, for example,
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 10can be quite significant—adding up to tens Median Monthly Rent for a One-Bedroom Apartment
of thousands of dollars on a cumulative ba-
MIT Sloan Cambridge, MA $3,336 within .50 mile radius of campus
sis across two years. This is an important
factor to include as you weigh your options NYU Stern New York, NY $3,125 within .33 mile radius of campus
and calculate your projected budget. Stanford GSB Stanford, CA $2,600 within 1.50 mile radius of campus
Harvard Business School Cambridge, MA $2,560 within .75 mile radius of campus
In summary, a college town can be appeal-
ing for some candidates because its small- UCLA Anderson Los Angeles, CA $2,500 within .50 mile radius of campus
er size tends to create strong bonds within Columbia Business School New York, NY $2,250 within .50 mile radius of campus
the business school’s community, though
UC Berkeley Haas Berkeley, CA $2,145 within .50 mile radius of campus
for others, the lack of privacy could be un-
Yale SOM New Haven, CT $1,410 within .50 mile radius of campus
desired or overwhelming. Furthermore,
some find a slower pace of life calming and Duke Fuqua Durham, NC $1,300 within 1.5 mile radius of campus
comfortable, whereas others crave the
UPenn Wharton Philadelphia, PA $1,295 within .75 mile radius of campus
energy and bustle of a city. If you strongly
Chicago Booth Chicago, IL $1,250 within 1.0 mile radius of campus
prefer one or the other, you should be able
to quickly eliminate certain schools from Northwestern Kellogg Evanston, IL $1,250 within 1.5 mile radius of campus
your list.
Michigan Ross Ann Arbor, MI $1,195 within .75 mile radius of campus
Dartmouth Tuck Hanover, NH $1,150 within 5.0 mile radius of campus
Chicago, Illinois, known as the
“Second City” (a nickname es- Cornell Johnson Ithaca, NY $1,000 within .75 mile radius of campus
tablished when the city was the UVA Darden Charlottesville, VA $980 within 1.5 mile radius of campus
second most populous one in
the country after New York City), According to Rentometer.com , accessed June 2020.
boasts a population of just over 9.5
million in its greater metropolitan area. So, rather than discussing everything that a city the size of Chicago
has to offer—and it indeed offers plenty in terms of arts and entertainment (several major sports teams, the
world-renowned Art Institute of Chicago, and a stunning array of architectural styles amid rows of towering
skyscrapers, just to scratch the surface)—we will focus on the neighborhoods in which students at the Univer-
sity of Chicago Booth School of Business primarily study and live, starting with Hyde Park, where the business
school is located.
For years, Hyde Park was maligned as a dangerous part of Chicago, but the neighborhood has gentrified sig-
nificantly and appears to have even earned some cachet. Hyde Park is now perhaps best known for being the
Chicago home of a certain former Illinois senator who became President of the United States. Some Chicago
Booth students are not concerned about Hyde Park’s safety but told mbaMission that the area is fairly quiet at
night and that students who do not live downtown might miss out on all that Chicago has to offer. Still, Hyde
Park has its charms, being a neighborhood where both professors and student families live, and it is relatively
economical, with one-bedroom apartments costing approximately $1,200 per month (according to real es-
tate website Trulia.com), compared with approximately $1,900 per month downtown. Students who live in the
neighborhood told mbaMission about eating at Medici on 57th, a pizzeria with a rooftop balcony, and hanging
out toward the end of the week at The Pub at the University of Chicago’s Ida Noyes Hall.
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 11Within Hyde Park, a notable number of students reside in the Regents Park high-rise com-
plex, where monthly rents for studio apartments start at $995, and two-bedroom apart-
ments start at $1,785. Booth Partners, the school’s club for the significant others and When I was looking at
families of Chicago Booth students, has reported that 60% of students live downtown in schools, I was blown
the Loop/Lakeshore East area and approximately 12% live in South Loop. The Gold Coast/
away by Booth's main
Streeterville and River North areas attract approximately 10% of students each, and
building (the Harper
roughly 5% of students live both in the Hyde Park and the Lincoln Park/Wicker Park/Logan
Square areas.
Center) and the
community it fosters
A popular housing option for Chicago Booth students, according to the club, is a building with the central atrium.
called Aqua at Lakeshore East, a spectacular 87-story high-rise, built to comply with LEED Hyde Park, where I
green building certification from the U.S. Green Building Council. Students who want to re- lived for three years, is
lax after a tough day can swim in one of the facility’s pools, watch a movie in the media a vibrant community
room, work out in the fitness center, or just enjoy the view from the observation deck. At
with easy access to
Aqua at Lakeshore East, which is located approximately 35 minutes from campus via the
the lakeshore and
“L” (Chicago’s largely elevated rapid transit system), students pay between approximately
$1,800 and $2,200 per month for a studio and between $3,600 and $4,700 per month for a
all the happenings in
two-bedroom apartment. downtown Chicago.
Commenting on the preference many students have for downtown living, one first year Kate Richardson, mbaMission
Senior Consultant and Booth
wrote in an April 2013 post on her personal blog, “MBAs have been out of school for at least
Alumna
three years (some of us even 10+ years) and have become used to living a certain way. If we
have the opportunity to maintain that lifestyle (lack of income and debt be damned), we’re
going to do it. Hyde Park is lovely, but most of us just aren’t about that 2.5 kids, Sunday
at the park life quite yet. Chicago’s public transportation makes it easy to commute to school and we have
lockers so that we can keep the stuff we need on campus to avoid extra trips. Given these conveniences, we
choose to live where Chicago’s night life does.”
A first year who had enrolled in the program with their partner wrote in a November 2016 guest post on the
Booth Experience blog: “Residing in the Loop neighborhood has proved to be the perfect urban adventure,
offering us quick access to restaurants, shops, museums, and Chicago hallmarks. Exploring the city is our
favorite pastime activity.”
Regardless of where students choose to live—and according to much of the information shared in the Chicago
Booth admissions chats we consulted, more and more seem to choose downtown—taking advantage of every-
thing Chicago has to offer is reportedly quite easy. Said one first year in a January 2012 admissions chat, “Most
Booth students live downtown in the Loop, due to more access to activities, restaurants, and shopping, and
make use of the Metra [the northeast Illinois commuter rail system] to get to campus on a daily basis.” And in
January 2015, a student contributor to The Booth Experience blog discussed the advantages and disadvan-
tages of living in Hyde Park, referring to the area simply as “the perfect place to live.”
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 12In recent years, Booth Partners has claimed that approximately 20% of students with families live in university
housing. Graduate student housing is offered in 12 buildings on a first-come, first-served basis and is available
in the Hyde Park area, with units from efficiencies to three-bedroom apartments. In addition, international
students have the option of residing at International House. This residence hall is open to all students at the
University of Chicago, although the residence population is largely made of graduate students. Annual rents
at International House range from approximately $8,880 for a double or triple to $10,203 for a single or a suite.
International House was temporarily closed for construction during the summers of 2018 and 2019.
One international student with whom mbaMission spoke cautioned that some prospective students may not
realize how expensive Chicago can be: his rent in the typically pricey Gold Coast area, in the north side of the
city, was $1,700 per month for a one-bedroom apartment. He added that he also had to stop taking public
transportation to campus because the trip was taking him a full hour; instead, he bought a car, which reduced
his commute to 35 minutes.
Chicago Booth represents an urban campus within a large city, thereby offering its students both neighbor-
hood and downtown living. Candidates should consider how they feel about a decentralized community (and
possibly a significant commute) when deciding whether to apply to the school. Further, applicants might con-
sider whether the general ambience of a major metropolis is ideal for their personal lifestyle as well as their
study style
2. Class Size: Smaller Versus Larger
Another element that affects the character of a school’s MBA experience is class size. You might
want to reflect on your high school, college, and work environments to help you determine whether
you would be more comfortable in a larger class or a smaller one—or whether this is even a consider- Reflect on your past
ation for you at all. academic and work
environments to
Students at smaller schools (which we define as having approximately 350 students or fewer per
determine whether
class) tend to interact with most of their peers and professors at some point during the typical two-
year MBA period. Thus, the smaller schools are generally considered more “knowable,” and their com-
you would be more
munities tend to be quite closely knit. Also, consider that assuming a leadership position is easier in comfortable in a larger
a smaller environment, because, for example, the Finance Club may have only one president at both or smaller class—or
a small school and a large school, but competition for such a position would obviously be greater in whether this is a
the larger program. consideration for you
at all.
Some individuals might prefer to be at a larger school where they can better maintain their anonymity
if they so choose. A student at a school with close to 900 people or more in each class will not likely
get to know each and every one of their classmates by the end of the program, and some people might
prefer this. Further, advocates of larger classes tout the advantage of being able to interact with more people during
one’s MBA experience—and to thereby develop a broader and more robust network of peers. Note that many schools
divide students into smaller groups—called “sections,” “clusters,” “cohorts,” or even “oceans”—in which approximately
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 1360–90 students take certain classes together, and this School (Class of 2021) Women International Minorities
approach can help foster a stronger sense of community Chicago Booth 40% 31% 27%2
within the larger programs.
Columbia Business School 38% 47% 33%1
With a class of approximately 590 (593 in the Cornell Johnson 35% 32% 14%4
Class of 2021), Chicago Booth is one of the coun- Dartmouth Tuck 42% 38%2,3 24%1
try’s larger MBA programs. Although a class of
Duke Fuqua 43% 37% 37%
this size is too big to allow every student to truly
get to know one another, Chicago Booth is con- Harvard Business School 43% 37%2 27%1,2
tained within a single building—the Harper Cen- Michigan Ross 45% 32% 22%1,2
ter—which has a massive public meeting space
MIT Sloan 41% 42% NA
at its core, and this helps facilitate and encour-
age student interaction. Northwestern Kellogg 43% 32% 26%
NYU Stern 37% 33%3 9%4
Chicago Booth does not divide its incoming stu-
Stanford GSB 47% 43%2,3 27%1
dents into dedicated sections for the first full
UC Berkeley Haas 37% 35% 29%1,2
year of its MBA program, but all students must
participate in the LEAD (Leadership Effective- UCLA Anderson 34% 33% 29%
ness and Development) Program and are divided
UPenn Wharton 46% 30% 36%1
into sections (often referred to as “cohorts”)
UVA Darden 40% 33% 21%1
of approximately 60 for that purpose. A sec-
ond-year student wrote in a Booth Experience Yale SOM 42% 44%2,3 29%1,2
blog post in April 2018: “The unique thing about
Booth’s cohorts is that after our single required 1
Specified as U.S. minorities.
[LEAD] class is completed in the fall, any addi- 2
Includes permanent U.S. residents.
tional time we spend with our cohorts is com- 3
Includes dual citizens.
pletely optional. Because of this, each cohort 4
Specified as underrepresented minorities.
really gets a chance to form its own personality
outside of just studying foundational classes.”
LEAD begins two to three weeks before the start of the first semester and ends just before the semester ends.
In the LEAD class, students are further divided into small squads (of six to eight members) and participate in
a variety of team-building experiences on- and off-site. A second year wrote in a 2016 Booth Experience blog
post that the LEAD program “is a dynamic course where first-year students focus on developing the most criti-
cal aspects of leadership—cultivating support and influencing others, understanding different working styles
and motivating diverse teams, presenting ideas, and managing under crisis. At Booth, we believe these skills
simply can’t be learned in a traditional academic setting, so LEAD is a fully experiential program where first-
year students are constantly challenging themselves to practice these skills and incorporate feedback from
each other to improve.”
Some students reported to mbaMission that they appreciate the LEAD course as an opportunity for socializa-
tion, and some of the program’s student sections—or the “squads” within them—arrange reunions to stay in
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 14Most Common Undergraduate Major for Incoming Students (Class of 2021) Class Size (Class of 2021)
Chicago Booth Business 29% 900 to 1,000 Harvard Business School
Columbia Business School Business 32% 800 to 900 UPenn Wharton
Cornell Johnson NA NA 700 to 800 Columbia Business School1
Dartmouth Tuck Arts / Humanities / Social Sciences 43% 500 to 600 Chicago Booth
Duke Fuqua NA NA 400 to 500 Northwestern Kellogg
Michigan Ross
Harvard Business School Economics / Business 43%
Stanford GSB
Michigan Ross Economics / Business 38% MIT Sloan
MIT Sloan Engineering 33% 300 to 400 Duke Fuqua
UCLA Anderson
Northwestern Kellogg Economics / Business 49%
NYU Stern
NYU Stern Business 30% Yale SOM
UVA Darden
Stanford GSB Humanities / Social Sciences 50%
200 to 300 Dartmouth Tuck
UC Berkeley Haas Engineering 19%
UC Berkeley Haas
UCLA Anderson Business 23% Cornell Johnson
UPenn Wharton Humanities 43%
Schools are listed in order from largest class to smallest within
UVA Darden NA NA
each category.
Yale SOM STEM 30% 1
Includes J-Term students.
touch with one another after the program is over. An alumnus we interviewed who had been
a LEAD Facilitator (as well as student club co-chair and an Admissions Fellow) pinpointed
the course as one of the most impressive elements of his business school experience. “I
thought that all three activities were great,” he said, “but being a LEAD Facilitator was where Given the program
I got to practice my public speaking and build great bonds with my squad.” size and that students
are not divided into
Another Facilitator wrote in a 2016 blog post: “LEAD facilitators serve a role as ‘bridge’
clusters in their first
between first-year students and second-year students. In true Booth give-back fashion,
LEAD facilitators become one of the very handy access points for those first-year students
year, I particularly like
to connect to other second-year students who just finished their summer internships and Booth's program for
are excited to meet first-year students.” A third facilitator expressed similar thoughts in an clients who are focused
April 2018 blog post: “Between the relationships I formed with my first-year students and and comfortable
the bonds I deepened with the second-year LEAD [facilitators] I worked closely with, I feel proactively targeting
that my connection to the Booth community was greatly benefited by being a LEAD [facili- their experiences and
tator].” Yet another facilitator wrote in an October 2018 blog post: “For me, LEAD felt like
building relationships.
the pinnacle of Booth’s pay-it-forward culture. As a LEAD [facilitator], I am one of the first
people in the Booth community to welcome the first-year class. Furthermore, I get to pass
Susan Kaplan, mbaMission Senior
on and improve upon the lessons from my own LEAD [facilitators]. In this way, I feel like I’m Consultant
tangibly impacting the culture of leadership at Booth.”
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 15Year-Over-Year Class Class Class Class Class Class Class Class Class Class Class Class
Profile Data: Chicago of of of of of of of of of of of
Booth 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Number of Applicants NA NA NA NA NA NA NA 4,021 4,169 NA NA
Number of Full-Time 593 591 582 585 585 581 581 580 579 575 550
Students
Average GMAT 730 731 730 726.3 726 724 723 720 715 719 714
GMAT Range 610– 610– 620– NA NA NA NA 680– 660– 660– 660–
790 790 790 7601 7601 7601 7601
Average GPA 3.6 3.6 3.6 3.6 3.6 3.59 3.57 3.52 NA NA NA
GPA Range 2.7–4.0 2.7–4.0 2.72– 2.6– 3.2– 3.2– 3.1–3.91 3.1–3.91 NA NA NA
4.0 4.0 3.91 3.91
Average Years of Work 5 5 5 5 4.6 4.6 5 5 5 5 5
Experience
Average Student Age 28 28 28 27.9 27.8 27.7 28 28 28 28 NA
Minority Representation 27%2 31% 27% 29% 23% 22% 24% 22% 9% 10% 9%
Female Representation 40% 42% 40% 42% 36% 36% 35% 35% 35% 35% 35%
International 31% 30% 36% 39% 34% 36% 37% 32% 36% 34% 36%
Representation
1 Median 80%.
2 Includes U.S. citizens and permanent residents who identify as American Indian/Alaska Native, Asian, Black/African American, Hispanic/Latino, Native Hawaiian/Pacific Islander, or
multi-ethnic as a percent of the total class.
LEAD is Chicago Booth’s only mandatory class; thereafter, students take courses of varying sizes with both
first- and second-year students. Oftentimes, Chicago Booth’s full-time students will take classes with stu-
dents in the school’s Executive MBA and Evening and Weekend MBA programs at the downtown Gleacher Cen-
ter. These elements serve to broaden the community beyond the approximately 580 students with whom one
will graduate.
Meanwhile, another graduate we interviewed explained, “It is easy to build strong relationships with class-
mates, so long as you get involved. Whether it be through joining student groups, attending TNDC [Thursday
Night Drinking Club, a weekly social activity for the entire MBA student body], or just hanging out in the Winter
Garden, there are many ways to not just meet, but actually socialize with classmates.” A first-year student with
whom we spoke attested that the culture among Chicago Booth’s students is largely supportive, saying, “Most
of the students are very willing to help each other despite the competitive nature of the classes.”
A first-year student observed in a 2013 post on her personal blog that the school’s breadth of social opportuni-
ties requires students to take on a more active role in engaging the community. “I will readily admit that although
Booth has a very vibrant community, it is built differently than at other schools,” she wrote, adding, “Booth is
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 16set up so that students aren’t interacting with the same people day in and day out. Booth fosters breadth of
socializing, but it’s up to the individual to determine where to seek depth. One of the best consequences of this
breadth is a greater sense of cohesion between the first- and second-year classes. This is the very opposite of
the structure at most schools, where the depth of socializing is built into the program and it’s up to students to
seek out a wider breadth.”
3. Curriculum: Flexible Versus Mandatory Core
Many business schools have a “core” curriculum—a standard series of courses that all students must take. However,
these core requirements can vary tremendously from one program to the next. For example, one school may teach its
required curriculum for the entire first year, meaning that students will not take any elective courses until their second
year, whereas another MBA program may stipulate only one or two required courses.
The rigidity or flexibility of a school’s required curriculum affects students’ education and socializa-
tion. Regardless of their professional experience, students at a school with a rigid core curriculum
must all take the same classes. At some schools, for example, even CPAs must take the required The rigidity or flexibility
foundational accounting course, whereas at others, students can waive selected classes if they can of a school’s first-year
prove a certain level of proficiency. Again, both approaches have pros and cons, and what those are
curriculum affects
depends on your perspective.
students’ education
Proponents of a rigid core curriculum would argue that academics understand what skills students
and socialization.
need to become true managers and that when students “overspecialize” in one area, their overall busi-
ness education can ultimately suffer. A significant body of academic writing has been devoted to cri-
tiquing programs that give students a narrow view of business, notably Henry Mintzberg’s Managers Not MBAs: A Hard Look
at the Soft Practice of Managing and Management Development (Berrett-Koehler, 2004) and Rakesh Khurana’s From Higher
Aims to Hired Hands: The Social Transformation of American Business Schools and the Unfulfilled Promise of Management as
a Profession (Princeton University Press, 2007).
Advocates of the core curriculum approach would also argue that Can Waive/ Cannot Waive/
having all students take the same classes creates a common lan- Test Out of Classes Test Out of Classes
guage and discussion among the classmates because of the shared Chicago Booth Harvard Business School
experience. In addition, proponents contend that a rigid core curric- Columbia Business School MIT Sloan
ulum facilitates learning, because students who have applicable di- Cornell Johnson Stanford GSB
Dartmouth Tuck UVA Darden
rect experience bring that knowledge and insight into the classroom
Duke Fuqua Yale SOM
and can thereby help teach others. Finally, schools with mandatory
Michigan Ross
cores generally keep students together in their sections for several
Northwestern Kellogg
months, if not an entire academic year, and students who interact ev- NYU Stern
ery day in this way ultimately forge strong bonds. This sustained con- UC Berkeley Haas
tact and connection can create a deep sense of community among UCLA Anderson
the students. UPenn Wharton
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 17In contrast, those who would argue in favor of a more flexible curriculum feel that students benefit from Average GMAT of Incoming
Students (Class of 2021)
the opportunity to specialize immediately—that time is short, and students need power and choice in
preparing for their desired careers. So if, for example, a student intended to enter the world of finance, Chicago Booth 730
an advocate of flexibility would argue that the student should be able to study finance in depth through-
Columbia Business School 727
out the MBA program, possibly even from day one, so as to gain as much experience as possible in this
Cornell Johnson 696
area—especially before interviewing for a summer internship. Furthermore, proponents for flexible
curricula caution that experienced students could end up “wasting” hours taking courses in subjects Dartmouth Tuck 723
in which they already have expertise. Finally, they would assert that a flexible schedule allows students Duke Fuqua NA
the opportunity to meet a greater number and wider variety of their classmates.
Harvard Business School1 730
The academic calendar at Chicago Booth is divided into three ten-week quarters (fall, win- Michigan Ross 719
ter, and spring), and students take three to four courses per quarter, for a total of 21 class- MIT Sloan 727
es (including LEAD) over 21 months. Although a great deal of flexibility does indeed exist
Northwestern Kellogg 730
within the Chicago Booth curriculum, students do not enjoy a truly “open buffet.” Beyond
LEAD, the school breaks its first-year course selection down into different categories, and NYU Stern 721
students must choose from among the options within each category to fulfill certain re- Stanford GSB 734
quirements. Although these course categories are required for all students, approved sub-
UC Berkeley Haas 725
stitutes may be taken in areas where students may have prior experience.
UCLA Anderson 719
First, students must take three Foundation courses, one from each of the following three UPenn Wharton 732
divisions: financial accounting, microeconomics, and statistics. Each of these divisions in-
UVA Darden 713
cludes between four and six course options from which students may choose.
Yale SOM1 720
Foundation (one course from each of the three categories): 1
Represents median rather than average.
• Financial Accounting
• Microeconomics
• Statistics
Second, students must complete six Functions, Management, and Business Environment courses, which are
divided into seven subsections. The Functions subcategories include finance, marketing, and operations;
Management includes decisions, people, and strategy; and Business Environment includes just one business
environment subcategory. Each subsection offers between three and nine courses from which students may
choose. Thereafter, 11 elective options remain for students among the 21 total courses (including LEAD) they
need to graduate. With faculty permission, students may waive the prerequisites for some courses.
Functions, Management, and Business Environment (six courses chosen from seven categories):
• Functions
Finance
Marketing
Operations
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 18• Management
Decisions
People Booth's approach
Strategy is “choose your own
• Business Environment
adventure”—students
who thrive at Booth
Although this flexibility has its advantages, it also requires students to make certain aca-
demic choices early on. One Chicago Booth second year told us, “I was lucky. I knew what I
have the maturity
wanted to do after school and had a clear academic path in mind to meet my needs from day and independence to
one, which is when I had to make my academic choices. I felt that some who were unsure determine their own
of their paths were at a disadvantage with such limited structure.” Another second-year course of study, yet
student with whom we spoke said that she, too, felt fortunate to have a defined path. Still, also have the curiosity
she seized the opportunity to discuss her academic and career plans with second-year stu- and confidence to take
dents via the Career Advisor program—a peer advisor program in which experienced and
on challenging courses.
trained second years talk through career options and approaches with first years—and felt
that it was of such benefit that she became one herself in her second year.
Kate Richardson, mbaMission
Senior Consultant and Booth
In a 2011 Bloomberg Businessweek online chat, a second-year student noted, “Booth’s flex- Alumna
ible curriculum enables each individual to tailor his or her individual experience. I think
being able to customize your MBA is a differentiating feature of the program.” One recent
graduate with whom we spoke credited the program’s flexibility with his ability to obtain
a banking internship in a difficult economy. He told mbaMission that he overloaded on quantitative and finan-
cial courses in his first semester to allay recruiter concerns about his rather qualitative background and then
planned to take marketing, operations, and strategy courses thereafter.
Further, the Graduate Business Council (student government) offers what is called The Mentor Program—a
kind of first year/second year buddy system—to help incoming students acclimate to life at Chicago Booth. So,
candidates who are attracted to the school but have concerns about whether they can manage the flexibility
should know that they will have resources available to help them effectively navigate and shape their Chicago
Booth experience.
4. Pedagogy: Lecture Versus Case Method
Students will likely encounter multiple styles of learning while in business school—including participating in simulations,
listening to guest speakers, and partaking in hands-on projects—but the two most common MBA learning styles are case
method and lecture.
Pioneered by HBS, the case method, or case-based learning, requires students to read the story (called a “case”) of either
a hypothetical or a real protagonist who is facing a managerial dilemma. As the student reads, the student explores the
protagonist’s dilemma and has access to various quantitative and qualitative data points meant to facilitate further anal-
ysis. (Cases can vary in length but are typically 10–20 pages long.) After reading and studying the entire case, the student
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 19generally understands the profundity of the problem and is typically asked a simple question: “What
would you do?” In other words, how would the student act or react if they were in the protagonist’s
place? What decision(s) would the student make? Students will encounter
many different styles
After completing their independent analysis of the case, the student typically meets with the mem-
of learning during
bers of their study group or learning team (if the school in question assigns such teams) for further
their time at business
evaluation. Together, the group/team members explore and critique one another’s ideas and help
those students who may have had difficulty understanding particular aspects of the issue or pro-
school, but the two
gressing as far on their own. Often, though not always, the team will establish a consensus regarding most common are case
the actions they would take in the protagonist’s place. Then, in class, the professor acts as facilita- method and lecture.
tor and manages a discussion of the case. Class discussions can often become quite lively, and the
professor will guide students toward resolving the dilemma. Sometimes, the professor will ultimately
reveal the protagonist’s decision and the subsequent results—or even bring the actual protagonist
into the classroom to share and discuss the case’s progression and outcomes in person. Average GPA of Incoming Students
(Class of 2021)
In short, the case method focuses primarily on the analytical process and illustrates that the prob- Chicago Booth 3.60
lems presented have no clear-cut right or wrong responses. For a student to disagree with the pro-
Columbia Business School 3.60
tagonist’s chosen path—even after it has proved to be successful—is not unusual. After all, another
Cornell Johnson 3.41
approach (or even inaction) may have produced an even better result.
Dartmouth Tuck 3.52
Note that case-based learning is not specific to one academic discipline. Cases are available in fi-
Duke Fuqua NA
nance, strategy, operations, accounting, marketing, and still other areas. Further, many cases are
Harvard Business School 3.70
interdisciplinary, meaning that they address more than one area at a time, such as requiring students
to think about how a financial decision might affect the operations of a manufacturing company or Michigan Ross 3.50
the ways in which a marketing decision might involve significant financial considerations. Impor-
MIT Sloan 3.60
tantly, students in case environments are often graded on their “contribution” to the class discus-
Northwestern Kellogg 3.60
sion (measured by the level of one’s participation in discussions and analysis, not on the frequency
with which one offers “correct” answers), so the case method is not for those who are uncomfortable NYU Stern 3.54
speaking in class. However, it can be incredibly helpful for those who want or need to practice and
Stanford GSB1 3.70
build confidence speaking publicly.
UC Berkeley Haas 3.67
Lecture is the method of learning that is familiar to most people—the professor stands in front of UCLA Anderson NA
the class and explores a theory or event, facilitating discussion and emphasizing and explaining UPenn Wharton 3.60
key learning points. Often, students have read chapters of a textbook beforehand and have come to
UVA Darden 3.50
class with a foundation in the specific area to be examined that day. Although the case method gives
students a context for a problem, those who favor lecture tend to believe that the case method is Yale SOM2 3.66
too situation specific and therefore prefer a methodical exploration of theory that they feel can be 1
U.S. schools, 4.0 scale only.
broadly applied across situations. In lecture classes, the professor and their research or theory are 2
Represents median rather than average.
technically paramount, though students still participate, challenge ideas, and debate issues.
Note that at some schools, professors may alternate between cases and lectures within a single semester of classes.
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 20True to Chicago Booth’s reputation for flexibil-
ity, the school allows its professors to decide
which method of instruction they prefer on a Most people know Booth as a school with academic
class-by-class basis. Some professors use rigor and an intense multidisciplinary approach
cases, others use lectures, and still others use
to tackling business problems, which stems
both, switching back and forth from course to
from its tradition of teaching the theoretical
course. Assessing the ratio of lectures to case
method classes is difficult, because the choice
underpinnings of business. But Booth is so
of approach varies from professor to professor much more than that. The school’s offerings in
and courses are constantly being revamped. experiential learning and entrepreneurship offer
a very contrasting approach, helping students
One recent graduate with whom we spoke noted connect theory to practice in an earthy, common
the advantages of flexibility as it pertains to sense, nuts-and-bolts style. The highlight of
pedagogy. He felt that he was able to specifi-
my own time at Booth was Waverly Deutsch’s
cally target classes in which case-based learn-
“Building the New Venture”—a no-nonsense, funny,
ing would be more effective and then engage
in lecture courses when he wanted more of a
thought-provoking, actionable, and relatable class
theoretical grounding. And a recent alumna we where she takes students through the stages of
interviewed reported that she felt the variety a simulated business in the most brutal, comical,
of teaching methods used allowed for better and enlightening way. Jim Schrager’s “New Venture
accessibility of some the subjects covered. “I Strategy” is another gem—I still have notes from his
would say that it was a really good mix of class- class and regularly use them to advise my friends
room teaching and case studies,” she said. “I
outside the business school world on their start-up
thought it was really helpful to get lectures on
and small business problems.
certain topics and then to use a case study as
an application of them. I just thought, for me, it
Harshad Mali, mbaMission Senior Consultant and Booth Alumnus
made a ton of sense to learn some of the theo-
ries first and then to do more applications of
them, do real-world scenarios.”
A first year with whom we spoke emphasized that no matter which teaching method is used from one course
to the next, the school’s curriculum overall is generally heavy on quantitative analysis, saying, “Be ready to
be challenged. Even the intro foundation classes at Booth are not easy by any means. Booth is analytical and
proud of it.”
5. Academic Specializations/Recruitment Focus: Resources and Employers
Schools’ brands and reputations develop over time and tend to endure, even when the programs make efforts to change
them. For example, many applicants still feel that Kellogg is only a marketing school and that Chicago Booth is only for
people interested in finance, even though both programs boast strengths in many other areas. Indeed, this is the exact
reason mbaMission started producing these guides in 2008—we wanted applicants to see beyond these superficial “mar-
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 21ket” perceptions. Make sure you are not merely accepting stereotypes but are truly considering the
breadth and depth of resources available at each school.
Do not merely accept
We have dedicated the majority of this guide to exploring the principal professional specializations stereotypes but truly
for which resources are available at this particular school, and we encourage you to fully consider
consider the breadth
whether the MBA program meets your personal academic needs by supplementing the information
and depth of resources
here with additional context from the school’s career services office, by connecting with the heads of
relevant clubs on campus, and perhaps even by reaching out to alumni in your target industry.
available at each
school.
Although Chicago Booth’s reputation as a “finance school” may be warranted—given that
many of its standout theorists have made names for themselves in this area and a large
portion of the program’s students aspire to enter this field—the school certainly offers more than a finance
education and has been making a concerted effort to broaden its reputation beyond this industry.
In fact, in an exclusive interview with mbaMission, then-Associate Dean of Student Recruitment and Admis-
sions (and current Chief Marketing and Communications Officer) Kurt Ahlm noted, “Our graduates are analyti-
cal problem solvers who can apply what they learn here to successful careers in any number of fields. Booth
Most Common Pre-MBA Industry (Class of 2021) School Top Industry for % Entering
2019 Graduates the Industry
Chicago Booth Consulting 25%
Chicago Booth Consulting 33.7%
Columbia Business School Financial Services 29%
Columbia Business School Financial Services 34.3%
Cornell Johnson NA NA
Cornell Johnson Financial Services 37.0%
Dartmouth Tuck Financial Services 25%
Dartmouth Tuck Consulting 38.0%
Duke Fuqua Financial Services 18%
Duke Fuqua Consulting 32.0%
Harvard Business School Venture Capital / Private 16%
Equity Harvard Business School Financial Services 29.0%
Michigan Ross Consulting 26% Michigan Ross Consulting 32.0%
MIT Sloan Consulting 26% MIT Sloan Consulting 30.7%
Northwestern Kellogg Consulting 27% Northwestern Kellogg Consulting 31.0%
NYU Stern Financial Services 29% NYU Stern Consulting 37.1%
Stanford GSB Consulting 20% Stanford GSB Finance 33.0%
UC Berkeley Haas Tie: Consulting; Finance 20% UC Berkeley Haas Technology 32.9%
UCLA Anderson Finance 26% UCLA Anderson Technology 29.5%
UPenn Wharton Consulting 25% UPenn Wharton Financial Services 35.8%
UVA Darden NA NA UVA Darden Consulting 35.5%
Yale SOM Financial Services 20% Yale SOM Consulting 37.2%
mbaMission Insider’s Guide: Booth School of Business · 2020–2021 22You can also read
