Chicago Booth School Guide: Everything You Need To Know

Here is everything you need to get into Chicago Booth.

This guide is designed to help you make a decision about whether Booth is a good fit for you. In it, we give an overview of the school and its MBA program, including location, information about the MBA community, and ranking. We then give you a detailed look into the MBA course, including program offerings, extracurricular activities, and post-MBA opportunities. 

This guide also includes a wealth of resources that will strengthen your Booth application, including essay guidelines, interview advice, and letter of recommendation planning support.

We know this guide will be helpful for you and your MBA journey, and we wish you the best in your decision and application process! If you have any questions after reading, please feel free to contact us.

 

School and Program Overview

Location: Chicago, Illinois

Located in the heart of Chicago’s business district, Booth is in an urban location with plenty of cultural and professional opportunities. 

Chicago is the third-largest city in the US and is located in the Midwest, making it a city full of diversity that attracts newcomers from the region and beyond. While the city is not located on the coast, it does have a lakefront in the center of town and offers easy access to many hikes and peaceful spots to appreciate nature outside of town.

While Chicago is certainly cheaper than New York City, costs of living are still relatively high. Off-campus apartments can cost anywhere from around $1400 to $2700 per month. Chicago Booth does not offer on-campus housing.

Overall, Booth’s location is one full of opportunities and unique experiences, but you will have to reflect on whether an urban experience matches your needs and desires.

 

Booth’s Community

Booth prides itself on the excellence of its students and therefore seeks candidates who have demonstrated a desire for growth and challenge. As the Booth Admissions team says, “Since 1898, we have produced ideas and leaders that shape the world of business. Today, we empower bold thinkers and inquisitive minds to dig deeper, discover more, and shape the future.” 

Class Size and Demographics

Out of 5,037 applicants for the Class of 2025, 637 were admitted and accepted their spots at Booth. 

42% of Booth’s Class of 2025 are women, 12% are LGBTQ, and 11% are veterans.

Photo courtesy of chicagobooth.edu 

37% of Booth’s Class of 2025 are international, hailing from 54 countries. 

Photo courtesy of chicagobooth.edu 

In general, Booth tends to admit applicants with 5 years of work experience, and the average age of incoming students is 28. Most students came in from financial services (19%) and consulting (18%) backgrounds, although a wide range of industries are represented, as illustrated in the chart below:

Photo courtesy of chicagobooth.edu 

The median GMAT score for the Class of 2025 was 730 and the average GRE was 163Q, 162V. 

 

Tuition

Currently, annual tuition at Booth is $80,961.

With living expenses included (assuming a moderate lifestyle), that number goes up to just over $122,160 for an individual.

Photo courtesy of chicagobooth.edu 

Note that Booth has a range of merit-based scholarships and fellowships available to students seeking financial aid.

 

Costs and Financing

Booth offers merit-based scholarships, which all applicants are considered for automatically. Decisions are made based on information provided in candidates’ essays and are communicated when the admission letter is sent. Considerations for scholarships include academic merit, prospective concentration, the quality of the interview, competitiveness, career goals, and life experiences. Learn more about Booth’s fellowships and support for finding loans and external scholarships here.

For information on how to get company MBA sponsorship, see our guide or visit this page. 

To search for third-party scholarships available for MBA candidates, click here.

For US nationals seeking federal loans, visit the US government website for financial aid. For private loans, see this list to see what firms are offering the best rates.

For international students interested in loans, we recommend the following institutions: Mpower Financing, Juno, or Discover.

 

Program Length

Booth’s full-time MBA is a 21-month program. However, Booth also offers two part-time options for those who need to continue working, including a weekend MBA and an evening MBA, each of which lasts 2.5-3 years. There is also a Booth Executive MBA offered in Chicago, London, or Hong Kong that lasts 22 months.

 

Ranking

Across multiple ranking sources, Booth is consistently placed at the very top. Financial Times has Booth at #4 globally for all MBA programs, while it is ranked in 1st place by US News.

 

Employment Information

Another important consideration to make when deciding whether any business school is right for you is the MBA’s ROI – where graduates go and how well they succeed. You want to ensure that the investment you make in your MBA, both in terms of time and money, gets you the career boost you’re aiming for!

The first key indicator of the school’s preparation and reputation is how many students receive job offers immediately after graduation (this is usually within three months). Secondly is the median base salary, which shows the value that employers see in candidates as a combination of their previous experience and skills and knowledge gained during the MBA. Employers are willing to pay candidates more when they can trust that the MBA has provided them with solid leadership skills. We provide the median base salary for all MBA graduates, but we also recommend looking at Booth’s latest employment report to see detailed post-MBA salary information for your industry.

You will also want to consider each school’s career services and any resources they offer to support your post-MBA success. Part of the investment you make towards your MBA includes ensuring that you are getting the help you need to prepare for interviews, salary negotiations, and network-building. We include information about Booth’s career services below.

 

Key Statistics

Of the members of the Class of 2023 who sought employment after completing their MBAs, 95.6% received an offer within three months. The top two functions that graduates pursued were consulting (38.6%, median base salary of $192,000) and investment banking (11.1%, median base salary of $175,000).

93.2% of graduates received jobs in the US. 29.8% ended up in the Midwest, while 27.2% accepted jobs in the Northeast.  

 

Employment Services and Resources

Booth also offers excellent career services to support students and alumni in their post-MBA journeys. Booth’s Career Services helps students and graduates create customized career plans, develop their hard and soft skills, make strategic decisions, and achieve their career goals. 

Booth provides resources for career advancement, career changes, and entrepreneurship. Career Services staff also provide personalized assistance and access to the school’s job board.

 

Is Booth Right for You?

Now you’ve got the basics of what Booth is all about. Before you read on to the details of Booth’s MBA program, you may be wondering if the school is really right for you and your situation.

Our team here at Ellin Lolis Consulting is always excited to support our clients in deciding which MBA is right for you. From mapping out your business school brand and objectives to planning your visit to your top-choice schools, we get to know you so we can offer you the best support along each step of the decision-making process.

Learn more about our all-in consulting services here!

 

Academics at Chicago Booth

Now you’ve got the basics of what Booth is all about. Before you read on to the details of Booth’s MBA program, you may be wondering if the school is really right for you and your situation.

Considering the fact that you can only do one MBA, choosing where to apply is the most important decision you will make during your application process. 

Though there are many components to a successful business school application, it’s important to know what you want out of your MBA. One of the most important aspects of an MBA program is academics. After all, you’ll spend most of your time in the classroom, preparing for class, or studying for exams!

In this section, we go into depth about just what you can expect during your Chicago Booth MBA. 

 

Curriculum

Booth’s MBA curriculum is multidisciplinary and famously flexible. While there are core categories that students must fulfill, students have choices within each category to personalize their courses to their interests. Students also take electives that fit their career path.

Photo courtesy of chicagobooth.edu 

The core curriculum is focused on accounting, economics, psychology, sociology, and statistics.  The first category requirement for the MBA curriculum is the foundational one, in which students can choose one of multiple courses in each of the following topics: accounting, microeconomics, and statistics. Next, students choose seven courses for their “Functions, Leadership & Management, and the Business Environment” requirement, which includes courses in finance, marketing, operations, strategy, decisions, people, economy, and society. 

Finally, students choose ten electives to explore their personal areas of interest further, six of which can be courses from other schools within the University of Chicago. Just to give an idea of the range of topics, here are some elective courses offered by Booth: Energy Policy Practicum, Chinese Economy and Financial Markets, Diversity in Organizations, and Storytelling and Narratives in Business. 

While it is not required to focus on any certain number of topics, students who do choose to do so earn multiple concentrations. Concentrations are available in accounting, analytical finance, behavioral science, business analytics, econometrics and statistics, economics, entrepreneurship, finance, general management, international business, marketing management, operations management, and strategic management.

 

Joint Programs

For full-time MBA students interested in studying at the intersection of business and other fields, there are many options available at Booth – in fact, Booth offers ten joint degree or certificate programs with other University of Chicago schools, from computer science to Middle Eastern studies. 

The eight dual-degree programs include a JD/MBA (law), an MBA/Master of Arts in Eastern European and Russian Eurasian Studies, an MBA/Master of Arts in International Relations, an MBA/Master of Arts in Middle Eastern Studies, an MBA/MD (healthcare), an MBA/Masters Program in Computer Science (MPCS), an MBA/Master of Public Policy (MPP), and an MBA/Master of Arts in Social Work, Social Policy, and Social Administration from Crown Family School. 

There are also two certificate programs: University of Chicago Obama Foundation Scholars, a program that brings U of Chicago students together to solve urgent issues in their communities, and an MBA/Graduate Program in Health Administration and Policy (GPHAP). 

 

Notable Faculty

Chicago Booth’s faculty is full of renowned business professionals and academics. Here are just a few of them: 

Austan D. Goolsbee was a chief economist during Barack Obama’s presidency in the US. What’s more, he is considered one of Booth’s best professors, having been named a star professor by Businessweek twice.

Marianne Bertrand is a professor of economics and researcher at the National Bureau of Economic Research, the Center for Economic Policy Research, and the Institute for the Study of Labor. Her research in labor economics, corporate finance, and development economics has been published in numerous prestigious journals such as the Quarterly Journal of Economics and the American Economic Review. She also directs Booth’s Rustandy Center for Social Sector Innovation and the Pritzker Director of the Inclusive Economy Lab. She has received several awards and honors, including the 2004 Elaine Bennett Research Prize, awarded by the American Economic Association to recognize and honor outstanding research in any field of economics by a woman at the beginning of her career.

Randall Kroszner served as a Governor of the Federal Reserve System from 2006 until 2009 and is now a professor of economics at Booth. With experience drafting responses to the financial crisis and initiatives to improve consumer protection and disclosure, he has a wealth of invaluable knowledge to share with his students. He has also written multiple award-winning/bestselling articles and books. He is also a frequent commentator in the media and provides advice to financial institutions, government organizations, and central banks around the globe.

 

Pedagogy

Instruction style

In general, there are three primary teaching styles: case studies, experiential learning, and lectures. Booth’s MBA combines all three. Depending on the class, professors may employ any combination of these approaches. As Booth’s website says, “From hands-on lab courses to case studies to lectures to group projects, you’ll learn in a wide variety of ways—and you’ll develop the skills and agile thinking you need to thrive in today’s complex global business world.”

Given Booth’s value for critical thinking and intellectualism, students are expected to study the theories taught in class and debate them extensively with one another. In addition, classes often employ team projects or experiential learning opportunities to test out theories and ideas.

Labs

Booth has a large number of labs and research initiatives that allow students to pursue projects and real-world practice in their particular areas of interest during their MBA studies.

Booth’s countless labs are available to students as both core and elective courses and extracurricular activities. Lab topics include Entrepreneurial Discovery and Healthcare Analytics.

There are also multiple research centers aimed at exploring and innovating on some of the most pressing developments in the business world and beyond. For example, the Polsky Center for Entrepreneurship and Innovation empowers students to prepare for successful disruptive companies, and the Rustandy Center for Social Sector Innovation focuses on solutions to some of the most significant social and environmental problems. Other centers include the Center for Decision Research and the Center for Applied Artificial Intelligence.

International study programs

Apart from the international experience that all MBA students have access to due to Booth’s globally-minded curriculum and joint degree opportunities, there are multiple global study opportunities available.

Photo courtesy of chicagobooth.edu 

First, there are the Booth Industry Treks, in which students get to visit companies across the world to gain real-world experience in foreign industries and locations. Students have recently traveled to many countries including China, UAE, and India.

Next, Random Walks allow students to visit another country for 10 days, with the objective of cultural immersion and bonding with fellow students. 

Lastly, there are multiple study abroad opportunities through the International Business Exchange Program. Students in the Full-Time MBA, Evening MBA, and Weekend MBA Programs can apply to spend a full quarter studying abroad, choosing from 30 partner schools in 20 countries. Shorter-term exchange programs are also available. 

 

Networking and Extracurricular Activities

The quality and extent of any business school’s community and network are key to assessing how the MBA will support your goals and objectives. While the MBA’s academic offerings are certainly one of the most important considerations, the influence and support of others connected to the school are one of the most influential aspects of getting an MBA. 

Photo courtesy of chicagobooth.edu 

In clubs and extracurricular activities, you will meet others who can expand your perspectives, give you innovative ideas, and potentially become future business partners. When exploring each school’s extracurricular opportunities, see whether there are activities that align with your goals, values, skill gaps, or general interests.

As for the school’s networks and alumni community, some programs have stronger connections than others. You will want to consider whether the school has good connections to the regions and/or industries that you are aiming for, and whether or not alumni networks exist where you are headed post-MBA. Not only will this be a chance for you to stay connected after graduation, but it can also get you lifelong career support and opportunities.

 

Extracurricular Activities and Clubs

With plenty of student-led clubs and extracurricular activities available at Booth, there are many ways to refine leadership, networks, and skills during the MBA.

Photo courtesy of @chicagoboothafrica on Instagram

Whether you are interested in networking with others from your region or social group (e.g. Asian-American Student Association, Emerging Markets Summit Group, Chicago Women in Business), exploring your industry/background further (e.g. Innovation and Design Club, Retail and Luxury Group, Chicago Booth Fintech), or simply finding others with similar personal interests (e.g. Booth Coffee Club, Booth Soccer Club), there are certainly a number of clubs that fit your profile and objectives.

 

Networking and Alumni Opportunities

In addition to experiencing Booth’s tight-knit student community, MBA students and grads have access to the school’s one-of-a-kind alumni community. Booth’s alumni network has more than 54,000 members with around 90 groups across the globe. 

 

What Makes Booth Special?

Apart from being a consistently well-ranked school with an excellent reputation among employers, there are a few key aspects that make Booth unique:

• Excellence in research, analytics, and ideas: Admitting students with excellent academic track records and demonstrated value for intellectualism, Booth produces graduates who excel in innovative thinking. This is demonstrated by the number of research opportunities, quant-heavy curriculum, and balance between theory and practice. 
• Flexible curriculum: Booth’s core curriculum only has one required class; while students are required to fill out categories for graduation, they have a lot of choice in what those courses can be. This means that students have a lot of autonomy in how their degree is shaped and how the MBA prepares them for their particular futures.
• Multiple program options: Unlike other top schools like HBS and Stanford GSB, Chicago Booth has a wide array of part-time options for students who have multiple responsibilities to juggle but still want immersive opportunities and the ability to form sustainable relationships with other professionals.

 

Booth Resources To Help You Get Accepted

Now that you know just about everything there is to know about Booth and its opportunities, you may be considering applying. Luckily, our expert team at Ellin Lolis Consulting has a wealth of Booth-specific resources to make your application stand out and succeed. We’ve compiled them below:

 

Booth Essay Analysis

Receiving more than 5,000 applications per year, and with an acceptance rate of around 20%, Booth is a highly selective MBA program. 

This guide, which includes tips from our expert essay editing team, will help you use your Booth admissions essays to stand out. You’ll find an analysis of who Booth is looking for, the essay questions, and what to (and not to!) do. We’ve also included sample essays. All in all, using this guide will ensure you give your Booth application your best shot.

Access the guide here. 

 

Booth Interview Prep

The Booth interview is one of the most sought-after – and most difficult – interviews to land in the business school world. Luckily, we’ve created this exclusive guide to help you prepare for a Booth interview that stands out among the competition.

In this guide, we’ve rounded up not only our best tips from our interview team, but have also included sample Booth interview questions.

Access the guide here.

 

Additional Booth Resources 

Looking for even more resources to ensure you get into Booth?

Our MBA Resource Center is the perfect tool to start – or improve! – your Booth application. In our MBA Resource Center, you get access to:

• Dozens more successful Booth essays
• An exclusive essay brainstorming guide
• Letter of recommendation guides and templates
• Résumé templates 
• Additional resources like interview mocks and sample interview essays 

 

Our clients get admitted to Booth

If your eyes are set on Booth, you may be wondering about how you’ll prepare and execute a successful application. As one of the most selective MBA programs out there, getting admitted to Booth is no easy task. Luckily, Ellin Lolis Consulting is here to offer our comprehensive expertise to you.

From brainstorming your ideas for your essays to negotiating your scholarships, our all-star team ensures that you get exactly the support and guidance you need along every step of the application process.

Don’t just take our word for it – take a look at the following testimonials from some of our clients who were admitted to Booth:

Landing a spot at Booth is no easy task. Now is the time to make sure your accomplishments truly shine. 

Ellin Lolis Consulting began with one mission: provide the best possible service to our clients and get them the best possible results. We know that applying for an MBA can be a difficult, long process, but our goal is to take away as much of the stress as possible by acting as your ally in the process. 

So if you need much more than just a few comments on your essay, but instead want focused help shaping how you present your life’s greatest hits to one of the world’s toughest critics, you can count on us. 

That’s why we have a 98.9% success rate. We love digging deep into your story, finding what makes you unique, and sharing your accomplishments and why you belong at Booth, all without losing your voice.

Additional MBA Resources To Help You Secure Your Spot

While preparing your MBA application, the following resources created by Ellin Lolis Consulting will help you ensure you are not just doing everything right, but developing an outstanding and competitive application.

Deciding and Planning 

• How to Decide Where to Apply to Business School
• Your Complete Timeline for MBA Application Success
• How to Create Your Business School Brand
• When Should You Start Preparing Your MBA Application?
• MBA Application Rounds: When Should You Apply?
• 3 Key Ways MBA Consultants Help You Build a Better Application Strategy

Writing your Essays and Résumé

• Your Complete Guide to Writing Winning MBA Essays
• How to Choose Your MBA Essay Stories (webinar)
• How to Write an MBA Goals Essay that Lands You an Interview
• 3 Reasons MBA Consultants Are Critical When Identifying and Telling MBA Essay Stories
• How to Use Storytelling to Write Standout MBA Essays
• How to Highlight Uniqueness in Your MBA Essays
• How to Discuss Failures and Weaknesses in Your MBA Essays
• How to Write an MBA CV

Letters of Recommendation

• How to Choose the Best Recommenders for Your Application
• How MBA Consultants Can Help you Obtain Better Letters of Recommendation
• How to Secure MBA Letters of Recommendation

MBA Interview Prep

• How to Be an Interview Rockstar and Leave a Great Impression
• The 5 Toughest MBA Interview Questions and How to Ace Them
• 5 Critical MBA Interview Mistakes Non-native English Speakers Make (And How to Stop Making Them)
• Ask These Questions During Your MBA Interview
• 3 Key Ways MBA Consultants Can Help You Prepare for Your MBA Interviews
• The 3 Most Common MBA Interview Mistakes (and How to Avoid Making Them) (webinar)

After Getting Accepted

• You’ve Just Been Accepted to Business School! Now What?
• MBA Application Fundamentals: What To Do After You’re Admitted

 

Get Expert Help

We hope you have enjoyed this guide to the Chicago Booth MBA.

I know that applying for an MBA can be a difficult, long process, but arming yourself with information about your top-choice programs, planning ahead, and finding your application ally can take away as much of the stress as possible in the process. 

So, whether you need help developing your Chicago Booth essay or guidance shaping how you present your greatest hits to one of the world’s toughest critics, you can count on my amazing team and me.