How to Get Into Chicago Booth School of Business
- Chicago Booth Program Overview
- Chicago Booth Curriculum
- Chicago Booth Statistics
- Chicago Booth Acceptance Rate
- Application Requirements for Chicago Booth
- Extracurriculars at Chicago Booth
- Notable Professors and Classes at Chicago Booth
- How to Answer Chicago Booth’s 2024−2025 Essay Prompts
- Chicago Booth FAQ
Chicago Booth Program Overview
The unofficial slogan of the University of Chicago Booth School of Business, “Challenge Everything,” permeates student life, both in and out of the classroom. Much more than a simple “finance school,” Booth has recently strengthened its focus on marketing and entrepreneurship. But at its core, the school’s culture centers on rigorous thought and data-driven thinking. As you think about your fit for Booth, consider these things: Would your peers describe you as intellectually curious? Are you willing to challenge the status quo? Do you seek opportunities to give back whenever you can? Do you have a passion for leadership? Do new problems excite you as much as the opportunity to solve them? If your answer to these questions is “yes,” Booth may be the place for you!
“The Chicago Approach” is Booth’s educational philosophy, which is rooted in inquiry and curiosity. Booth has a high regard for opinions and facts that are substantiated by rigorous thought and data, and the school seeks students who are humble and enthusiastic about academics. Because Booth values analytical thinkers who are passionate about innovation, the school offers its LEAD program—an experiential course that begins at orientation and runs through the first quarter of studies. Incoming students work on their communication styles and team-building skills via hands-on exercises led by second-year students, and participants exit the program as better leaders. Given that innovation is at the heart of the school, the Polsky Center for Entrepreneurship and Innovation is one of Booth’s most notable and active centers, offering such resources as mentorship, the Fabrication Lab, the Polsky Exchange startup hub, and the annual New Venture Challenge. Twenty-two students (3.8%) from the Class of 2021 started their own ventures after graduation.
Beyond the classroom, Boothies can join any of the 80+ clubs on campus, which range from special interest, sports, and social themes to professional groups and cultural/regional clubs. There’s even a club that offers support, information, and activities to students’ significant others. In addition, the school’s central location in Chicago provides Boothies with access to world-class culture, sports, and dining right outside campus. The campus culture is strong, and Boothies look out for each other. “The ‘pay it forward’ culture was very real and far exceeded my expectations,” a Booth student and former Stratus client told us. “People were shockingly helpful and continue to be helpful. I have approximately ten Booth alums on my team at work; I love working with them and get a lot of support and mentorship,” they said.
Each year, Booth conducts career-oriented and recreational treks across the United States and the world so students can explore industries and locations of interest to them. The school also values philanthropy among its students and their commitment to serving causes larger than themselves. If you are ready to “Challenge Everything,” consider Booth!
Chicago Booth Curriculum
Chicago Booth’s full-time MBA program features a highly flexible curriculum, allowing students to take courses suited to their own interests and career goals. No specific courses are required—students choose one course from each “foundation area” category (Financial Accounting, Microeconomics, and Statistics) and one from seven of the following eight categories:
- Functions
- Finance
- Marketing
- Operations
- Strategy
- Leadership and Management
- Decisions
- People
- Business Environment
- Economy
- Society
Students also take ten electives and the experiential LEAD program. Students may choose one or more concentrations, although none are required. Popular choices include Analytic Finance, Strategic Management, and Entrepreneurship. The following concentrations are available:
- Accounting
- Analytic Finance
- Behavioral Science
- Business Analytics
- Econometrics and Statistics
- Economics
- Entrepreneurship
- Finance
- General Management
- International Business
- Marketing Management
- Operations Management
- Strategic Management
The LEAD program is the only required part of Booth’s curriculum. LEAD is hosted by second-year students and begins during the two-week orientation period, continuing throughout the first quarter of studies. Students use hands-on exercises to build their leadership and communication skills. Beyond LEAD, students can develop their leadership skills through such courses as “Innovation Leadership,” “Leadership Studio,” and “Interpersonal Dynamics.”
The Polsky Center for Entrepreneurship and the Rustandy Center for Social Sector Innovation are among the most popular resources on campus.
One Booth student and former Stratus client mentioned a trek as one of the highlights of their Booth journey so far, saying, “I really enjoyed the Start-Up Trek run by the Entrepreneurship and Venture Capital Group in the winter; it is much smaller than the Tech Trek and you get to interact with founders of many companies. We spoke to the CEO of Lime when it was in a high-growth phase—it was super interesting to see their drive and philosophy to shape the transportation environment.” Another student noted that the Social New Venture Challenge (SNVC) was among their highlights: “The [SNVC] was probably my most meaningful experiential learning opportunity at Booth—it was interesting to see the impact side of venture.”
Statistics
Class Profile (Class of 2023)
- Class Size: 620
- Average Work Experience: 5 years
- Average GPA: 3.54
- Women: 42%
- US Minorities: 51%
- International Citizenship: 39%
- Average GMAT: 732
- GMAT Range: 590–790
- Average GRE Verbal: 162
- Average GRE Quant: 163
Career Placement (Industries, Class of 2021)
- Consulting: 34.4%
- Financial Services: 27.0%
- Technology: 22.9%
- Consumer Products: 4.4%
- Healthcare: 3.3%
- Real Estate: 1.5%
- Energy: 1.1%
- Transportation Services/Equipment: 1.1%
- Arts/Media/Entertainment: 0.9%
- Manufacturing/Chemicals: 0.9%
- Education: 0.9%
- Retail: 0.7%
- Law: 0.4%
- Environment/Natural Resources: 0.2%
- Hospitality: 0.2%
- Government (International): 0.2%
Geographic Placement (Class of 2021)
- International: 7.8%
- Asia: 3.3%
- Latin America and the Caribbean: 2.6%
- Europe: 1.3%
- Middle East and North Africa: 0.4%
- Canada: 0.2%
- United States: 92.2%
- Midwest: 29.6%
- West: 26.8%
- Northeast: 21.8%
- Southwest: 5.2%
- South: 4.6%
- Mid-Atlantic: 4.1%
Chicago Booth Acceptance Rate
As is the case with all top-ranked business schools, Booth has a competitive acceptance rate. In 2021, the school received 5,037 applications and admitted 1,140 applicants. This means that approximately 22.6% of applicants received an invitation to join the program. Out of the 1,140 applicants who were admitted, 620 decided to enroll.
Application Requirements for Chicago Booth
Bachelor’s degree and transcripts
Chicago Booth requires all applicants to have completed an undergraduate degree (or its equivalent if the applicant graduated outside of the United States) and to provide unofficial academic transcripts with their application. The school states on its site that it looks for “academic preparedness,” “intellectual curiosity,” and “communication skills,” so make sure to highlight any academic recognition, merit-based scholarships, and extracurricular interests in your application. If an applicant is granted admission to Booth, they will need to provide official transcripts.
Resume
All Booth applicants must submit a resume with their application. According to the Booth website, the school looks for such qualities as “a track record of success,” “resourcefulness,” “a sense of personal direction,” “time-management skills,” and “realistic expectations for the MBA” in applicants’ resumes. “Your resume should highlight the professional and volunteer activities that make you a good candidate for the Full-Time MBA Program,” the school’s website notes further.
Recommendations
Booth requires two recommendation letters from all applicants, including re-applicants. In business school applications, obtaining a recommendation from a direct supervisor or a manager is usually the best option. Booth requires at least one letter of recommendation to come from a supervisor. If you currently do not have a direct supervisor or manager, consider past supervisors, colleagues, or clients, based on your work situation. Family members, friends, and professors are typically not suitable recommenders. Booth asks those who cannot provide a recommendation from a supervisor to explain their circumstances in the optional essay.
For the second recommendation, Booth suggests asking “another professional contact or … someone who has worked with [the applicant] in an organization or club, or on a volunteer project” to submit the letter. According to the school, the only guideline for the second recommendation is “that it should add new and valuable insight to [the applicant’s] candidacy.”
Test scores
Booth accepts the GMAT and the GRE to fulfill the test score requirement. The school accepts self-reported scores for the application but asks for official reports if a candidate is admitted. For the Class of 2024, the average GMAT score was 729 and the middle 80% range was 600–780, while the average GRE Quantitative score was 164 and the average Verbal score was 163. International applicants are also required to provide a TOEFL, IELTS, or PTE score.
Anything else?
An interview and two essays are also required of Booth applicants. Interviews are conducted on an invitation-only basis, typically by specially trained second-year MBA students and alumni who have only reviewed the applicant’s resume beforehand—not their application. During the pandemic, Booth interviews have largely been conducted virtually. These are some of the questions that are commonly asked during Booth interviews:
- Take me through your resume/tell me about yourself.
- Why did you choose your college major?
- Why did you make specific career moves?
- Why are you getting an MBA and why specifically Booth?
- What are your short-term and long-term career goals?
Extracurriculars
Of the more than 80 clubs on campus, some of the more active professional clubs include the Investment Banking Group, Healthcare Group, and Private Equity Group. Clubs are student-run, and the level of engagement tends to vary based on the activeness of recruitment within the industry—for example, the Healthcare Group is growing as a result of the increased opportunities in the industry. Professionally oriented treks are typically conducted in November and December by first-year students seeking summer internships and comprise between 8 and 25 people, depending on interest. Other clubs that have an active presence on campus include the Wine Club, Booth Coffee Club, Net Impact, and the Chicago Booth Basketball Club. These clubs are also student-run, and membership fluctuates based on each incoming cohort.
The Booth Women Connect Conference welcomes more than 1,400 female business leaders, students, and faculty to network at the annual event on campus. The 2022 event, which was conducted both in person and virtually, carried the theme “Investing in Each Other for Unparalleled Impact” and welcomed activist Reshma Saujani as the keynote speaker. Panel discussion and fireside chat topics included “Chats for Charity” and featured such speakers as the CEO of Black Opal Cosmetics.
Learn how Stratus’ team approach can get you into Chicago Booth. Start with a FREE consultation with an admissions specialist today!
Notable Professors and Classes
Kevin Murphy
Professor Murphy received the MacArthur Fellowship in 2005, making him the first business school professor to be chosen for the prestigious fellowship. Murphy has taught at Booth since 1984 and is currently the George J. Stigler Distinguished Service Professor of Economics. His research interests include inequality, unemployment, and the economics of growth and development. At Booth, Professor Murphy teaches such classes as “Advanced Microeconomic Analysis,” “Big Problems,” and “Sports Analytics.”
Eugene F. Fama
Nobel laureate Eugene F. Fama is one of the best-known professors in Booth’s faculty and has helped to establish the finance department’s reputation as one of the best in the country, if not the world. Like Professor Murphy, Professor Fama is no stranger to Booth: Fama has been at the school since 1963. In recent years, he has taught the “Research Projects: Finance” course, which is oriented toward PhD students and MBA students who are interested in research.
“Designing a Good Life”
Booth students recently voted the “Designing a Good Life” course as one of their favorites. The course description notes that it “is primarily an ethics course, but not a typical ethics course” and that the class discussions revolve more around how ethical behavior is connected to well-being in life. “I loved this class with Professor Nicholas Epley because it acts as a capstone for everything that you learn at Chicago Booth that we typically apply to business, but also how it applies to your own ethical framework,” a Booth student wrote in a post on the school’s blog.
“Leadership Studio”
Another student favorite, this course is designed to build students’ leadership strengths and to teach them further leadership skills. The class is divided into three tracks: classroom, rehearsal hall, and fieldwork, with the latter two allowing students to practice hands-on learning. “This class taught me how to apply a lifelong learning model and actually use it on the job,” a Booth student wrote on the school’s blog, adding, “The class was one where the value of the class depended on how much of yourself you gave to the class. It helped me develop a plan for how to continue to grow and learn after Booth.”
How to Answer Chicago Booth’s 2024−2025 Essay Prompts
Chicago Booth, while well known for its quantitative approach and highly flexible curriculum, continues to use the application process to identify strong qualitative thinkers who offer a broad diversity of experiences that will bring variety to class discussions and add complexity to the team dynamics the school emphasizes. Indeed, through this attempt to “play against type” by making its main essays open-ended and emphasizing the whole person (Essay Two), the program is attempting to broaden its appeal and warm up its overall image.
ESSAYS
Essay One
- How will a Booth MBA help you achieve your immediate and long-term post-MBA career goals? (Minimum 250 words, no maximum.)
Essay Two
- 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… (Minimum 250 words, no maximum)
Optional Question
- Is there any unclear information in your application that needs further explanation or additional details you would like to share with the Admissions Committee? If so, please use this section to clarify. (300-word maximum)
Re-applicant Question
- Upon reflection, how has your perspective regarding your future, Chicago Booth, and/or getting an MBA changed since the time of your last application? (300-word maximum)
Click here to read our advice on Chicago Booth’s essay questions.
Chicago Booth FAQ
What is Chicago Booth best known for?
Chicago Booth is perhaps best known for its strengths in the finance area. Indeed, such legendary finance experts and Nobel laureates as Eugene F. Fama, Lars Peter Hansen, and Merton Miller teach or have taught at the school. The Booth website describes the finance department as having an “unmatched legacy of award-winning research and innovation.” The Booth financial curriculum includes a finance concentration, numerous research centers, and extracurricular offerings. However, Booth is far from “just a finance school”: entrepreneurship, for example, is also strong at the school. From the Polsky Center for Entrepreneurship and Innovation to the Edward L. Kaplan New Venture Challenge, Booth’s entrepreneurship options have something for everyone!
How much does tuition cost?
Tuition for the Chicago Booth full-time MBA program is $115,062 for the 2022–2023 academic year. This includes program charges for three semesters, room and board, health insurance, and such additional fees as transportation, computer allowance, and books.
How difficult is it to get accepted into Chicago Booth?
As is the case with all top-ranked business schools, Booth has a competitive acceptance rate. In 2021, the school received 5,037 applications and admitted 1,140 applicants. This means that approximately 22.6% of applicants received an invitation to join the program. Out of the 1,140 applicants who were admitted, 620 decided to enroll.
Chicago Booth may be best known for its strengths in finance, but do not let a school’s reputation steer you elsewhere if it doesn’t seem like a perfect match right away! Booth graduates also accept positions in such fields as financial services, consulting, and technology. The school’s central location in Chicago exposes students to a plethora of opportunities and sets them steadily on their chosen career paths.
Are you considering applying to Booth? Whether you are looking for comprehensive MBA admissions consulting, hourly help, or perhaps interview prep, we at Stratus Admissions Counseling can help you! Sign up for a free consultation today!