Ready to learn everything you need to know about business masters degrees at Chicago Booth School of Business? You're in the right place!
Chicago offers all the amenities of big-city living with a mix of small-town, Midwest ideals. And, it does it along the shores of Lake Michigan and with easy access to the rest of the country. The University of Chicago is renowned for its professional schools, like the Booth School of Business, which together share 98 Nobel Laureates within the ranks of professors, faculty and alumni.
Within Booth, you’ll find 13 MBA concentrations, although only 1 course is a requirement (Leadership Effectiveness and Development). There are more than 70 student-led groups and a wealth of alumni experience to draw into your network. If you’re looking for an MBA that can take you places, Booth might just be the one to open the doors for you.
Where is the University of Chicago?
City: Chicago, Illinois (IL)
City population: 2.7 million, with a metropolitan population of 9.5 million
Region: Midwest
Climate: Hot-summer humid continental climate. Winters are cold (Jan avg low: -7.7°C/18.2°F) with some snow. Summers are hot and humid (Jul avg high: 29°C/84.2°F).
Nearest airport: Chicago O’Hare International Airport (ORD)
Time zone: CST from November-March (GMT -6); CDT from March to November (GMT-5)
University of Chicago fast facts
Public university
University enrollment: 16,227
Living Booth alumni: 51,000+ in 108 countries
A quick look at the latest MBA class
MBA students: 591
International MBA students: 30%
MBA countries represented: 52
Average work experience: 5 years
Average GMAT score: 731
Female MBAs: 42%
Average age: 28
What can you study at Chicago Booth?
Chicago Booth sits high on every MBA ranking list. U.S. News & World Report puts the full-time MBA in a tie for third place and gives their EMBA the top spot. Part-time MBA programmes at Booth are equally highly regarded.
MBA applicants looking to specialise in finance, accounting or marketing will find themselves in good company, with plenty of classes to choose from and classmates with similar interests (from diverse backgrounds) to work with.
| Degree | Rankings | Duration |
|---|---|---|
| Degree Full-time MBA | Rankings U.S. News & World Report: 3 Financial Times: 7 | Duration 21 months |
| Degree Evening MBA | Rankings U.S. News & World Report: 1 | Duration 2.5 - 3 years |
| Degree Weekend MBA | Rankings U.S. News & World Report: 1 | Duration 2.5 - 3 years |
| Degree Executive MBA | Rankings U.S. News & World Report: 1 Financial Times: 24 | Duration 21 months |
Chicago Booth job placement
Helping MBAs find their perfect post-grad career is something Chicago Booth takes very seriously. They have full-service career development and research departments and ensure that each candidate gets the assistance they want and need.
In fact, nearly 85% of recent Booth grads accepted their post-MBA jobs through school-facilitated activities, including:
- School-arranged internships
- On-campus interviewing
- Career treks
- Student organisation contacts
- Booth job postings
Salaries are typically high, and almost 90% of Booth MBAs accept their first post-grad job offer in the US. However, only a third remain in the Midwest area, showing the scope of recruiters wanting to hire Booth MBAs.
98.4%
MBAs with job offers 3 months after grad
84.4%
MBAs who found jobs with help from Booth
$130,000
Median salary for 2018 graduating MBAs
87.3%
International MBAs with job offers before graduation
Curious to know what you could earn in the long run?
Studying abroad is an investment, and it’s important to know the return on investment of your masters degree. There’s a lot to consider, so we’ve put together a calculator which will help you estimate the potential returns over 20 years.
What's it like to live at the University of Chicago?
While the majority of Booth MBAs live off-campus in rented apartments, about 20% live in university-provided residence halls or apartments located in the Hyde Park area (very close to campus). Because of high demand and low supply for these units, you’ll need to get your application in quickly if you want a chance at one of them.
There is an international house affiliated with the school which also offers a variety of living options, though mostly dorm-styled (with shared bathrooms). If your school-offered accommodation closes over the summer and you need to remain in Chicago for your internship, this might be your best option during this time.
If you’re looking for the most affordable off-campus housing options, you’ll want to check out Millennium Park Plaza in the downtown area. Though the apartments here aren’t considered as posh as those in suburbs like South Loop, The Loop, Near Northside and others, the rents are often significantly cheaper.
The University of Chicago has one of the best housing information resources available, with information about each area of town - including the best way to get to campus via public transport. Check it out early in your MBA budgeting process as it covers everything from timing to finding roommates.
TIP: If you need to buy any furniture or kitchenware, you’ll usually be able to pick these up from graduating students. Check Facebook groups, chat with the housing department and make the most of school message boards to take advantage of these offers.
There are plenty of on-campus dining options, including a gourmet cafe at Harper Center (where Booth students spend plenty of time - both in and out of class). Selecting a basic meal plan is often an excellent idea for saving money while enjoying lunch with your classmates on-campus. But, you’ll find a diverse range of grocery stores throughout the city if you prefer to prepare your own meals at home.
But, of course, the real drawcard of life in Chicago are all the theatres, museums, clubs, restaurants, parks and Lake Michigan. Whether you get out in the city or get out of it altogether (with easy flights from both O’Hare and Midway airports), there’s truly no shortage of diversions at your doorstep.
How to get into Booth School of Business
The Chicago Booth School of business makes it clear what they’re looking for in an ideal candidate - and how you can demonstrate the skills and qualities they desire in your MBA application. Once you’ve established that Booth is a good fit for you, check out their evaluation criteria to make sure your application reflects their priorities.
As a top-ranked MBA (no matter which resource you consult), you can bet Booth is exceptionally selective, with an acceptance rate at 22%. In 2019, the admissions teams received 4289 applications for the full-time MBA programme and accepted 983.
When you’re preparing your essays (known as application questions at Booth), keep these numbers in mind:
- Average undergrad GPA: 3.6
- Average GMAT scores: 731
- Average years of work experience: 5
If you fall below average in these areas, especially if your GMAT score is lower than you’d like, your essay responses can make the difference between moving to the interview stage and an MBA ding (in other words, that dreaded rejection letter).
Chicago Booth MBA admissions details
Application fee: $250
Resume and unofficial transcripts: required
Required essays: 2
Recommendations: 2
GMAT test: required, no min score specified
GPA: no min specified
Language test: required for non-native English speakers. Waivers are available for applicants with undergrad studies in English or who are citizens of countries where English is an official language; TOEFL, IELTS and PTE scores are accepted
- Min TOEFL score: 104 iBT, 600 pBT
- Min IELTS score: 7
- Min PTE score: 70
MBA cost of attendance (for 2019/20 academic year)
Tuition: $72,000
Student services fee: $1248
Health Insurance (estimated): $4600
Administrative Service Fee: $2,500*
Lifetime Credentials Fee: $75*
Books: $684
Room and board: $22,185**
Personal: $2286
Transportation: $1944
Computer allowance: $1300
Total CoA for 1 year: $108,882
*These fees are only charged during the first year of study
**This is an estimate for an academic year (nine months) only
Does Chicago Booth offer scholarships to international students?
Yes. While most Booth MBAs use loans to fund their degrees, you’ll find there are merit-based scholarships available - though they are competitive. This is just as true for international students as for their American classmates.
In addition to industry and leadership awards, you’ll also find regional scholarships for international MBAs at Booth.
Funding your master’s degree at Booth School of Business
Prodigy Finance offers loans for international masters students at the Booth School of Business at the University of Chicago.
Students from supported countries pursuing masters programmes that can be completed in less than 2 years are eligible to apply.
- Maximum loan amount for full-time students: up to 90% of the school-provided cost of attendance (tuition plus living expenses), less scholarship and sponsorship
- Maximum loan amount for part-time students: up to 80% of the school-provided cost of attendance (tuition plus living expenses), less scholarship and sponsorship
- Minimum loan amount: $15,000
- All loans disbursed directly to the university according to due dates
Prodigy Finance also supports loans for University of Chicago students pursuing masters degrees in these schools:
Ready to transform your future with an MBA from Chicago Booth?
Prodigy Finance provides loans to international masters students pursuing their masters degrees at Chicago Booth School of Business.
If you want to go ahead and know the difference between master of science and master of engineering, or if you want to know what and where to study, try our Study Centre which is filled with expert opinions on a range of topics.
For any other information about Prodigy Finance, or our student loan process, feel free to browse through our site, or register for a webinar to have your questions answered by one of our team.