The Booth School of Business is one of the most prestigious schools in the entire world. It boasts famous business leaders and Nobel laureates among its alumni and staff. Securing a place at this institution will make you one of the most desirable graduates in the MBA market. The only catch is securing that place. A world-class institution means world-class applicants, and there are thousands of them. Booth regularly draws in the best and brightest of the business community and selects the best few into its programs. This article will explore the Booth Business School, how to get into it, and how it could benefit you and your career.
About the Booth School of Business
To give you a good idea of what the Booth School of Business stands for, let’s go right to the source by looking at their mission statement:
“At Booth, our mission is to create knowledge with enduring impact, and influence and educate current and future leaders. Leaders like you.”
The Booth School of Business can help you become the best business leader that you can be, enhancing your abilities and career significantly. It is a part of the prestigious M7 or ‘magic 7’ group, a collection of some of the best business schools in the world. It consistently ranks as one of the finest business education institutions in the world by top business publications such as Forbes and US news. Graduating with an MBA from the Booth School of Business would give a significant boost to your career and an almost guaranteed salary of hundreds of thousands of dollars.
The school is probably best known for its emphasis on quantitative methods, with 31 Nobel laureates in the field of economics within its faculty, researchers, and alumni. Working with data is a huge part of the Booth experience, meaning that their programs will be great for the number-oriented and for those looking to get into the fields of finance or economics. If you think this learning style is a match for you and your career ambitions, the prestige of having an MBA from the Booth School of Business is a sure way to give yourself an edge in a data-focused industry.
The Booth School of Business offers both full-time, part-time, and executive MBA courses to suit any needs or capabilities of their potential students. Flexibility is a vital part of the Booth educational experience, with their present programs only including one mandatory class (Leadership Effectiveness and Development) for all of their students. This means that you are more or less free to decide your priorities as a student at Booth, but it could also be a drawback. If you are less certain of your career path and how a Booth MBA would benefit you, the wide degree of choice might leave you lost. If you want to know more about the character of the Booth School of Business and if it would be the right fit for you, check out our complete guide to the school.
What is the Level of Competition Like At Booth School of Business?
As one of the most prestigious institutions in the world, getting into the Booth School of Business is demanding. The school wants to only take in the best students available, meaning only a select few of thousands of applicants are accepted into their programs each year. But, being in that successful few will pay dividends, with MBA graduates from the Booth School of Business earning an average salary of $150,000 after their studies. Later in this article, we will discuss the process and requirements of applying to the Booth School of Business, but first, let’s take a look at the recent class profile to give you an idea of the typical Booth MBA student.
Very appropriately for the Booth School of Business, we’re going to be diving into the numbers here. As you can see, Booth has a low acceptance rate and a small class size. And this exclusive club is populated by some of the most competitive candidates around, with an average GMAT score of 724 and an average GPA of 3.6.
The average age and work experience of Booth students are typical for other M7 business schools, with many entering in their late 20s after having gained a good number of years of hands-on business experience. Most accepted candidates have a background in consulting, financial services, or technology, comprising 25, 20, and 11 percent of this year’s intake respectively, but this doesn’t mean that they exclusively take in students from these industries! Booth doesn’t require specific industry backgrounds from its candidates and accepts a wide variety of students from a wide variety of both personal and professional backgrounds.
Complete Requirements and How to Apply
The application process varies according to the specific program you are applying for at the Booth School of Business, so try and assess which course would be best for you before starting on your application process. That being said, all the courses at Booth typically have a few core requirements.
You’ll generally need the work experience and GMAT scores that we have been discussing above to give yourself a competitive chance at acceptance. These will usually be given in the form of a transcript of your grades, a resume explaining your relevant work experience, and your test scores.
Applications to the Booth School of Business usually take place in three rounds that stretch from September to May. For each round of applications, you will know if your application was successful around two months later. Applications also require an approximate $175 fee.
Your test scores and work experience will provide a quantitative assessment of your career and abilities thus far, but it is in your college essay and letters of recommendation that the school will get the best sense of your personality, a vital part of the application process. We’ll be providing more direct advice on making a successful application to the Booth School of Business, but it should suffice to say here that the essay and letters of recommendation form a vital part of the school’s assessment of your fit for their programs.
Top Tips on How to Get Into Booth School of Business
There are some pretty clear ways to boost your chances of getting into the Booth School of Business. First off, make sure your test scores are competitive to show the admissions committee your capabilities and commitment to learning. The average GMAT score for a Booth School of Business student is 724 and the average GPA is 3.6 — if your scores are lower than this, it doesn’t mean that you have no chance of acceptance it just shows the typical student that the school admits. So taking the time and effort to improve your scores to get into the bracket of typically successful applicants will not guarantee you acceptance, but it is one of the clearest means for you to gauge the likelihood of your success when applying and gives a clear way to improve your application.
As you can see from the tables discussed in this article already, the Booth School of Business generally expects their students to have a significant amount of business experience before they apply. In the case of the executive MBA, decades of experience could be expected alongside being a currently practicing businessperson. As such, making sure that you have the work experience required before applying is a must. The Booth MBA program is not designed to necessarily benefit a fresh-faced student just coming from their Economics 101 course. It is designed to build on the knowledge and experience you already have from several years of work and develop those skills to make you a successful business leader.
Another good way to improve your chances of admission is by improving your entrance essay. Aside from test scores and work experience, the Booth School of Business will be looking at the character of its applicants to try and assess if they will be a good match for their business education experience. For this reason, your entrance essay, as one of the only times you can express your personality before interviews, offers a crucial opportunity to express yourself to the school and why you would be a great fit for their MBA program. If you want to work specifically on your essay writing skills, our guide will show you have to create an excellent MBA essay.
Something that is vital to your application to the Booth School of Business, that you should be trying to express in your entrance essay (so yet another reason to take a look at our essay guide!), is your motivation for attending. The school will be looking for students that will demonstrably benefit from their MBA courses, so try and show how your desired course would enhance your career. Read this short passage from Rachel Waites, the director of recruitment and admissions for the Executive MBA program at the Booth School of Business:
“... motivation is very important – we want to understand why someone has chosen Chicago Booth, how they plan to fit the program around their work and family life and how the Executive MBA can help them meet their mid and long-term goals.”
Your reasons for attending are a vital part of the considerations that go into recruitment at the school. You need a clear picture of how attendance at the school will benefit your career so that you can present that picture convincingly to people like Ms. Waites. You also need to choose the right course for you. The full-time, part-time, and executive MBA programs are suited to very different candidates with different personal situations, so assessing which one would best fit you before you apply is an absolute necessity.
How Good is the Booth School of Business?
As we’ve already discussed, the Booth School of Business is considered one of the top institutions not only in the US, but in the world. It is a part of the prestigious M7 group and is regularly ranked highly by major business education publications. However, its quality and usefulness for your career must be qualified by your individual needs. We’ve mentioned the quantitative emphasis of Booth — this is great if you are looking for a data-heavy MBA program and career. To assess the quality of the Booth School of Business for you and your career, try looking at the rankings and specialties of the school and comparing them to your own needs. After all, Booth isn’t the only business school out there, and if you aren’t looking for the specializations offered by Booth, there are plenty of other world-class MBA programs on offer at other institutions that would benefit you and your career.
1. How much does it cost to attend the Booth School of Business?
The average per-year cost of tuition for Booth is around $70,000, although the school estimates the total per-year cost of their MBA program, including health insurance, accommodation, and other living necessities, to total at around $110,000 on average.
2. Does the Booth School of Business offer financial aid?
Booth offers a range of scholarships and financial aid, depending on your circumstances and the course you are applying for. You can find more information on this topic here.
3. What is the Booth School of Business known for?
Booth is known for its emphasis on quantitative methods, boasting more Nobel laureates in economics than any other business education institution. This means that almost every class at the school will have discussions and learning using data at its core.
4. What are the ‘M7’ business schools?
The ‘M7’, short for ‘magic 7’ or ‘magnificent 7’ is a group of the top business schools in the United States, including the Booth School of Business. It is similar to how the Ivy League is known for being a grouping of top US universities.
5. How diverse is the class at the Booth School of Business?
The most recent class at Booth has 38% international students, 43% US ethnic minority students and 38% women, as you can see in the class profile table earlier in this article. If you would like a more detailed breakdown of the class profile at the Booth School of Business, take a look at the school website.
6. How long is a Booth MBA program?
For the full-time and executive MBA programs, the typical study time is 21 months. For the evening or weekend MBA programs, 2-3 years is typical.
The Booth School of Business is one of the most prestigious business education institutions in the world, so you are no doubt going to have a lot of competition when applying. But successfully applying and securing a Booth MBA for yourself would hugely benefit your career not just in terms of increased salary (though that is a definite consideration), but in the recognition that you would no doubt receive from having attended such an esteemed institution.
The key emphasis of Booth is on quantitative methods and study. It’s still a world-class institution in nearly every other area, but if you are choosing between other top-grade schools and aren’t interested in getting that quantitative emphasis, Booth might not be for you. If you want to apply, this article should have given you a good breakdown of the process and typical requirements that you should expect. None of the average scores or qualities should make you feel disqualified from applying. More than anything, the Booth School of Business is looking for exceptional business leaders to form their MBA students, measures such as GMAT scores are only one of the means that they use in their assessment.
If you believe you are a candidate fit to study at one of the best business education institutions in the world, demonstrating your personality and motivation in your college essay and letters of recommendation should earn you your place.
About Inspira Futures
At Inspira Futures, our sole focus is to get you accepted at your dream business school. Our team of experts consists of former admission committee members and alums from Harvard Business School, Stanford GSB, and other M7 schools. Our goal is to help you write great essays, ace interviews, and win scholarships. Without any stress or hassle. Our clients have gone on to secure admits at the world's top business schools while also being winners of some of the most prestigious scholarships like Stanford Knight Hennessy, HBS Baker Scholars, and many others.