Established in 1898, the University of Chicago Graduate School of Business is the second oldest business school in the world. Since its establishment, the school has gained a reputation as a leader amongst business schools, and currently offers one of the most prestigious MBAs in the country. Much of Chicago’s great reputation in business academia can be attributed to the school’s excellent faculty, which includes more Noble Prize winners than the faculty of any other business school. Chicago’s equally impressive reputation among major companies and firms throughout the world is of great benefit to the school’s students, who can look forward to drastically improved career prospects upon graduation.



Admissions and Tuition:

Given the University of Chicago Business School’s stellar reputation in the business world, it should come as no surprise that the school practices a high level of selectivity in its admissions process. Up to 4,000 highly qualified applicants petition for entry into the school’s full-time MBA program each year, where only about 900 are offered admission. With an admissions process this selective, no applicant can truly be sure that he or she will be admitted, but certain measures can be taken to maximize one’s chances of admission at Chicago Business School. Perhaps most importantly, applicants should spend ample time in writing and editing their essays, ensuring that each is specifically tailored for Chicago Business School. Ample time should also be dedicated to GMAT preparation, evidenced by the fact that one recent entering class of the school boasted an average GMAT score of 709. Work experience is, of course, also crucial, as applicants are judged on both the quantity and quality of their full-time work experience. Chicago Business School’s entering students bring with them an average of 5 years of full-time work experience, and almost all of these students have at least some full-time experience. Applications that are strong in these areas will have the greatest chance of approval, though of course, many strong applications will become casualties of the selectivity of Chicago’s admissions process.

Like most elite business schools, the University of Chicago Business School charges a relatively high and ever-increasing rate of yearly tuition. For the 2008-2009 academic year, tuition for students in the school’s full-time MBA program was $44,500 while the total cost of attendance including living expenses was estimated at $75,848. According to BusinessWeek, students of the school can expect a total program cost of nearly $300,000 when foregone salary is taken into consideration. Of course, this is a price that Chicago Business School students are happy to pay, as most realize that their MBAs will likely be worth much more in the long run.



Academics and Curriculum:

Any discussion of academics at University of Chicago Business School should include prominent mention of the school’s truly top-notch faculty. Chicago can legitimately lay claim to the most decorated business school faculty in the world, as it employs more Nobel Prize winners than any other business school. Needless to say, this is a great boon for Chicago students, who can spend two years learning from and collaborating with some of the foremost minds in business academia. This academic experience is further enhanced by the school’s grade nondisclosure policy, which eliminates cutthroat competition and thereby creates a cooperative and collegial environment in classrooms. Chicago Business School is also known for its flexible curriculum, which allows students to choose from various courses in fulfilling their core requirements while providing them with an impressive selection of elective courses. To ensure that students can secure a seat in their most desired courses, a bidding system is used in which each student receives a certain amount of points that he and she can spend in course selection. The workload for Chicago Business School students is said to be rigorous throughout, and most students are likely to experience their most demanding academic years while working towards their MBA.

Quality of Life:

Although Hyde Park, the neighborhood in which the University of Chicago Business School is located, is often said to be an undesirable place, recent graduates and current students of the school seem very pleased with the quality of life. Straying off-campus at night may not be the wisest idea, but campus patrols ensure that the University of Chicago campus is safe at all times, and students generally have no problems with safety or crime. The University of Chicago has the third largest police force in the state of Illinois, providing the positive of safety but the negative is that this level of security is needed.
The newly built Chicago Business School campus likely makes up for the shortcomings of Hyde Park with its impressive architecture and technology, providing students with an extraordinary home base. Students live throughout Chicago’s neighborhoods, with an increasing number choosing downtown Chicago as their place of residence in recent years. Those who choose to live closer to the school won’t have much difficulty in traveling to the Windy City’s downtown to socialize and take advantage of the city’s countless nightlife establishments, as the city’s public transportation allows for quick and efficient commutes to and from Hyde Park. The school also does its part in providing social opportunities for students by hosting numerous social networking events throughout the year, ensuring that students will run out of free time before they run out of events to attend and things to do.

Employment Prospects:

Employment prospects for the University of Chicago Business School’s students are among the strongest in the nation. Major firms and companies from throughout the world consider Chicago students to be among the most polished and prepared business students in the world and visit Hyde Park each year to recruit these students. Students for whom on-campus recruiting is not fruitful can look to the school’s career services office, which is widely commended by students and graduates, as well as its impressive alumni network, which is said to be loyal and responsive. Student looking to change careers will likely find all that they need for a smooth transition at the school’s career services office, which orchestrates specific programs for such students. A testament to the effectiveness of the school’s efforts in placing graduates is the fact that a nearly-unmatched 87% of the graduates of a recent class at Chicago Business School landed jobs through school-facilitated activities. Overall, about 95% of Chicago graduates are typically employed within 3 months of graduation, approximately half of whom choose to enter the finance fields. For graduates of the most recent Chicago class for which statistics are available, the average first-year salary was $126,818 including bonuses.

In Sum:

Around the world, the University of Chicago Graduate School of Business is counted among the very finest business schools. Applicants fortunate enough to be admitted to the school’s MBA program can look forward to learning from an unrivaled faculty, as well as tremendously improved career prospects.

Contact Information:

5807 South Woodlawn
Chicago, IL 60637
773.702.7369
admissions@chicagogsb.edu
http://www.chicagogsb.edu

Quick Reference:

2009 U.S. News Ranking: 4th (tied with Sloan and Kellogg)
Average GMAT score: 709
Average undergraduate GPA: 3.5
Application fee: $200
Entering class size: 550 (full-time)
Yearly Tuition: $44,500 (2007-2008)
Percent of graduates employed 3 months after graduation: 95%
Average starting salary and bonus: $126,818