WIXLIB

The MBA Program in Context:Choosing Chicago BoothOver the years, we have met many aspiring MBA students who have tried toidentify their target schools and quickly become overwhelmed, wondering,“How are the top MBA programs really different?” and “How do I choose theone that is right for me?”Frustrated, some applicants ultimately choose schools based simply onrankings or the opinions of friends or alumni. Although these inputs have aplace in your evaluative process, you should also do the necessary researchYou may not find asingle program thatmeets all your needsand preferences, butyou should be able toidentify ones that fulfillthe factors that aremost important to you.to find the program that is truly best for your personality and professionalneeds. In doing so, you will find significant differences between, for example, programs that have a class size in the low 200s and those that have classes of more than 900 students. As youare undoubtedly already aware, an MBA is a significant investment in the short term and a lifetime connection toan institution in the long term. We therefore strongly encourage you to take time now to think long and hard aboutthis 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 eightspecific characteristics (in no particular order) that shape MBA programs:1. Location: Urban Campus Versus College Town2. Class Size: Smaller Versus Larger3. Curriculum: Flexible Versus Mandatory Core4. Pedagogy: Lecture Versus Case Method5. Academic Specializations/Recruitment Focus: Resources and Employers6. Alumni Base: Opportunities to Engage7.Facilities: Shaping the Academic/Social Experience8. 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 thisguide is intended to familiarize you on a deeper level with this particular school, nothing will prove more valuablein 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.9mbaMission Insider’s Guide: Booth School of Business · 2017–2018

Note: The authors and editors at mbaMission have made every effort to ensure the accuracy and timeliness of theinformation included in this guide. However, some discrepancies may exist or develop over time between what ispresented here and what appears in the school’s official materials, as well as what may be offered by other contentproviders in print or online. For the most up-to-date information, always check with your target school directly. Theopinions expressed by the people interviewed are those of the attributed individuals only and may not necessarilyrepresent 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 timeto provide valuable input for this guide.1. Location: Urban Campus Versus College TownPursuing an MBA can be quite intense, and the environment and communitysurrounding the campus can profoundly affect and even shape your MBAexperience. 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 NewYork City’s West Village. Now imagine walking outside after a course at theTuck School of Business at Dartmouth and being surrounded by the tranquility and natural beauty of New Hampshire’s Upper Valley. Neither scenario isThe environmentand communitysurrounding yourchosen school canprofoundly affect andshape your MBAexperience.necessarily “better” than the other, but one might appeal to you more.An urban campus can undoubtedly offer social and cultural opportunities that a college town simply cannot match.This is not to suggest, however, that college towns are devoid of culture—indeed, intense intellectual and culturalprograms exist in college towns precisely because the academic institution 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 asetting, this environment can be welcoming for some students and overwhelming for others. In contrast, urbancampuses are more decentralized, with students often living in various parts of a city and even in the surroundingsuburbs. 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 enrollingUrban Campus SchoolsUrban/College Hybrid SchoolsCollege Town SchoolsChicago BoothColumbia Business SchoolHarvard Business SchoolMIT SloanNYU SternUCLA AndersonUPenn WhartonNorthwestern KelloggStanford GSBUC Berkeley HaasYale SOMCornell JohnsonDartmouth TuckDuke FuquaMichigan RossUVA Darden10mbaMission Insider’s Guide: Booth School of Business · 2017–2018

in business school—may already have well-developed social groups, and this scenario may again be better forthose 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 isweather. Although factoring climate into your school choice may initially seem superficial, if you know you cannotcomfortably manage frigid conditions or soaring temperatures, certain programs should be stricken from yourlist. We encounter many applicants each year who wisely stave off a potentially miserable experience by choosingto not apply to certain schools in locations they just do not feel are “livable” for them.In addition, housing costs are one expense that many applicants do not stop to consider before choosing a schoolto target. By researching real estate prices at the top programs, we found that the cost differential between renting a one-bedroom apartment in a Midwestern college town and renting one in New York City, for example, canbe quite significant—adding up to tens of thousands of dollars on a cumulative basis across two years. This is animportant factor to include as you weigh your options and calculate your projected budget.In summary, a college town can be appealing for some candidates because its smaller size tends to create strongbonds within the business school’s community, though for others, the lack of privacy could be undesired or overwhelming. Furthermore, some find a slower pace of life calming and comfortable, whereas others crave the energyand bustle of a city. If you strongly prefer one or the other, you should be able to quickly eliminate certain schoolsfrom your list.Average Monthly Rent for a One-Bedroom ApartmentNYU SternNew York, NY 3,395within .27 mile radius of campusMIT SloanCambridge, MA 3,149within .49 mile radius of campusHarvard Business SchoolCambridge, MA 2,631within .59 mile radius of campusColumbia Business SchoolNew York, NY 2,563within .54 mile radius of campusStanford GSBStanford, CA 2,521within 1.15 mile radius of campusUCLA AndersonLos Angeles, CA 2,336within .96 mile radius of campusUC Berkeley HaasBerkeley, CA 1,984within .57 mile radius of campusNorthwestern KelloggEvanston, IL 1,772within .69 mile radius of campusDartmouth TuckHanover, NH 1,727within .38 mile radius of campusUPenn WhartonPhiladelphia, PA 1,418within .78 mile radius of campusYale SOMNew Haven, CT 1,232within .30 mile radius of campusChicago BoothChicago, IL 1,222within 1.05 mile radius of campusCornell JohnsonIthaca, NY 1,092within .58 mile radius of campusMichigan RossAnn Arbor, MI 976within .46 mile radius of campusDuke FuquaDurham, NC 916within 1.8 mile radius of campusUVA DardenCharlottesville, VA 827within 1.26 mile radius of campusAccording to Rentometer.com, accessed April 2017.11mbaMission Insider’s Guide: Booth School of Business · 2017–2018

Chicago, Illinois, known as the “Second City” (a nickname established when the city was the second mostpopulous one in the country after New York City), boasts a population of just over 9.5 million in its greatermetropolitan area. So, rather than discussing everything that a city the size of Chicago has to offer—and itindeed offers plenty in terms of arts and entertainment (several major sports teams, the world-renownedArt 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 University ofChicago Booth School of Business primarily study and live, starting with Hyde Park, where the businessschool is located.For years, Hyde Park was maligned as a dangerous part of Chicago, but the neighborhood has gentrifiedsignificantly and appears to have even earned some cachet. Hyde Park is now perhaps best known forbeing 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 thearea is fairly quiet at night and that students who do not live downtown might miss out on all that Chicagohas to offer. Still, Hyde Park has its charms, being a neighborhood where both professors and studentfamilies live, and it is economical, with one-bedroom apartments costing approximately 1,100 per month(according to real estate Web site Trulia.com), compared with approximately 1,800 per month downtown.Students who live in the neighborhood told mbaMission about eating at Medici on 57th, a pizzeria with arooftop balcony, and hanging out toward the end of the week at The Pub at the University of Chicago’s IdaNoyes Hall.Within Hyde Park, a notable number of students reside in the Regents Park high-rise complex, wheremonthly rents for studio apartments start at 1,250, and three-bedroom apartments start at 2,350.Booth Partners, the school’s club for the significant others and families of Chicago Booth students, reportsthat 60% of students live downtown in the Loop/Lakeshore East area and approximately 12% live in SouthLoop. The Gold Coast/Streeterville and River North areas attract approximately 10% of students each, androughly 5% of students live both in the Hyde Park and the Lincoln Park/Wicker Park/Logan Square areas.A popular housing option for Chicago Booth students, according to the club, is a building called Aqua, aspectacular 87-story high-rise, built to comply with LEED green building certification from the U.S. GreenBuilding Council. Students who want to relax after a tough day can swim in one of the facility’s pools, watcha movie in the media room, work out in the fitness center, or just enjoy the view from the observationdeck. At Aqua, which is located approximately 35 minutes from campus on the “L” (Chicago’s elevated subway system), students pay between approximately 1,800 and 2,550 per month for a studio and between 3,200 and 4,100 per month for a two-bedroom apartment.Commenting on the preference many students have for downtown living, one first year wrote in an April2013 post on her personal blog, “MBAs have been out of school for at least 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 lifestyle12mbaMission Insider’s Guide: Booth School of Business · 2017–2018

(lack of income and debt be damned), we’re going to do it. Hyde Park is lovely, but most of us just aren’tabout 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.”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 advantageof everything Chicago has to offer is reportedly quite easy. Said one first year in a January 2012 admissionschat, “Most Booth students live downtown in the Loop, due to more access to activities, restaurants, andshopping, and make use of the Metra [the northeast Illinois commuter rail system] to get to campus on adaily basis.” And in January 2015, a student contributor to The Booth Experience blog discussed the advantages and disadvantages of living in Hyde Park , referring to the area simply as “the perfect place to live.”In recent years, Booth Partners has claimed that approximately 20% of students with families live in university housing. Graduate student housing is offered in 28 buildings on a first-come, first-served basis andis 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 toall students at the University of Chicago, although the residence population is largely made of graduatestudents. Annual rents at International House range from approximately 8,211 for a double to 9,435 fora single or a suite.One international student with whom mbaMission spoke cautioned that some prospective students maynot realize how expensive the city of Chicago can be: his rent in the typically pricey Gold Coast area, in thenorth side of the city, was 1,700 per month for a one-bedroom apartment. He added that he also had tostop taking public transportation to campus because the trip was taking him a full hour; instead, he boughta car, which reduced his commute to 35 minutes.Chicago Booth represents an urban campus within a large city, thereby offering its students both neighborhood 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, applicantsmight consider whether the general ambience of a major metropolis is ideal for their personal lifestyle aswell as their study style.2. Class Size: Smaller Versus LargerAnother element that affects the character of a school’s MBA experience is class size. You might want to reflect onyour high school, college, and work environments to help you determine whether you would be more comfortablein a larger class or a smaller one—or whether this is even a consideration for you at all.13mbaMission Insider’s Guide: Booth School of Business · 2017–2018

Students at smaller schools (which we define as having approximately 350students or fewer per class) tend to interact with most of their peers andprofessors at some point during the typical two-year MBA period. Thus, thesmaller schools are generally considered more “knowable,” and their communities tend to be quite closely knit. Also, consider that assuming a leadership position is easier in a smaller environment, because, for example, theFinance Club may have only one president at both a small school and a largeschool, but competition for such a position would obviously be greater in thelarger program.Reflect on your pastacademic and workenvironments todetermine whetheryou would be morecomfortable in a largeror smaller class—orwhether this is aconsideration for youat all.Some individuals might prefer to be at a larger school where they can bettermaintain their anonymity if they so choose. A student at a school with closeto 900 people or more in each class will not likely getClass Sizeto know each and every one of his/her classmatesby the end of the program, and some people might900 to 1,000prefer this. Further, advocates of larger classes tout800 to 900UPenn Whartonthe advantage of being able to interact with more700 to 800Columbia Business School1people during one’s MBA experience—and to thereby500 to 600Chicago Boothdevelop a broader and more robust network of peers.400 to 500Northwestern KelloggDuke FuquaStanford GSBMichigan RossMIT Sloan300 to 400NYU SternUCLA AndersonUVA DardenYale SOM200 to 300Dartmouth TuckCornell JohnsonUC Berkeley HaasNote that many schools divide students into smallergroups—called “sections,” “clusters,” “cohorts,” oreven “oceans”—in which approximately 60–90 students take certain classes together, and this approach can help foster a stronger sense of community within the larger programs.With a class of approximately 580 (585 in theClass of 2018), Chicago Booth is one of theHarvard Business Schoolcountry’s larger MBA programs. Although aSchools are listed in order from largest class to smallest withinclass of this size is too big to allow every stu-each category.dent to truly get to know one another, Chicago1Includes J-Term students.Booth is contained within a single building—the Harper Center—which has a massive public meeting space at its core, and this helps facilitate andencourage student interaction.Chicago Booth does not divide its incoming students into dedicated sections for the first full year of itsMBA program, but all students must participate in the LEAD (Leadership Effectiveness and Development)Program and are divided into sections of approximately 60 for that purpose. LEAD begins two to threeweeks before the start of the first semester and ends just before the semester ends. In the LEAD class,14mbaMission Insider’s Guide: Booth School of Business · 2017–2018

School (Class of 2018)WomenInternationalMinoritiesChicago Booth42%36%29%1Columbia Business School38%48%31%1Cornell Johnson31%33%15%Dartmouth Tuck44%30%18%1Duke Fuqua235%40%20%Harvard Business School43%35%25%1Michigan Ross40%31%24%MIT Sloan40%39%NANorthwestern Kellogg41%35%26%1NYU Stern35%31%430%Stanford GSB41%UC Berkeley Haas38%38%32%1UCLA Anderson32%38%25%UPenn Wharton44%32%32%1UVA Darden39%33%20%1Yale SOM43%46%28%140%3,429%11Specified as U.S. minorities.2Fuqua had released no official figures for the Class of 2018 by the publication of this guide but offers statistics on its site to represent a“typical” class.3Includes permanent residents.4Includes dual citizens.students are further divided into small squads (of six to eight members) and participate in a variety ofteam-building experiences on- and off-site. A second year wrote in a 2016 Booth Experience blog post thatthe LEAD program “is a dynamic course where first-year students

65 University of Chicago (Booth) Essay Analysis, 2016-2017 68 Insider Interview: Alumna, University of Chicago Booth School of Business, Class of 2012 74 Appendix: Chicago Booth Facts and Figures 74 Basics 74 Class Profile (Class of 2018) 75 Employment Statistics (Class of 2016) 78 Bibliography