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The University of Chicago Graduate School of Business, also known as Chicago GSB, or simply The GSB, is one of the world’s leading business schools and the second oldest in the United States. Its flagship campus is located in the Hyde Park neighborhood of Chicago, Illinois on the grounds of the university at large, while maintaining additional campuses in London, Singapore and Chicago’s Magnificent Mile. While recognized for the excellence of its graduate business programs in general, the GSB's reputation is particularly notable in the fields of finance, economics, quantitative marketing and accounting.
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Programs
The Chicago GSB offers: Full-time MBA, Part-time MBA, Weekend MBA and Executive MBA programs, and is also a major center for educating future academics offering the A.M. and Ph.D. in several fields.
The Chicago based programs: the Full-time MBA, Part-time MBA and Weekend MBA, allow their students to largely structure their own course of study within a broad set of requirements. This is in contrast to other top-tier business schools, which impose a cohort or learning team system that includes a pre-determined order of coursework. Thus, the Chicago GSB differentiates itself from other programs by providing students with the flexibility to construct a program of study that is tailored to their needs and can be as broad or deep as they choose. There is only one required course for full-time program students: LEAD (Leadership Effectiveness and Development)*, which students take in their first quarter at the GSB. LEAD focuses on the fundamental skills of leadership: motivating people, building relationships, and influencing outcomes. Students in the full time program may earn an international, or IMBA, by studying abroad on exchange with another business school, taking certain electives, and by demonstrating non-native, second language oral proficiency.
Students in these programs can elect to concentrate in one or more areas of study, although some concentrations' required coursework requires schedule modifications by part-time learners:
The school's Executive MBA program is unique insofar as student may elect to spend the required residential periods on all three of the school's campuses world-wide; it does, however, employ the cohort system.
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History
The University of Chicago Graduate School of Business was launched by faculty member James Laurence Laughlin in 1898 as the second-oldest business school in the United States. The school was chartered officially as the College of Commerce and Administration. It was intended to be an extension of the University of Chicago’s founding principles of “scientific guidance and investigation of great economic and social matters of everyday importance,” as echoed by founding president William Rainey Harper. Patterned on the Wharton School of the University of Pennsylvania, it originally served as a solely undergraduate institution until 1916, when academically oriented, research masters and later doctoral level degrees were introduced. However, it was not until 1936 that the MBA was offered, resulting in an eight year transition to the institution’s graduate-only status completed in 1950. In 1943 the school presaged the success of executive education programs in management education, launching the first ever executive MBA program. The school is also notable in that, during the later half of the twentieth century, it was known for its association with the "Chicago School" of free-market, economic thought, due to faculty and student interaction with members of the university's influential Department of Economics. In general, the GSB has been first mover in many areas of business school education *:
First business school to initiate a PhD program in business, 1920
First academic business journal is founded, 1928
First university to grant a PhD in business to a woman, Ursula Batchelder Stone, 1929
First program to educate hospital administrators, 1933
First Executive MBA (EMBA) program for experienced managers, 1943
Dean George P. Shultz develops first minority scholarship program at a business school, 1964
Chicago GSB students found the National Black MBA Association, 1972
First business school to have a Nobel laureate on its faculty (George Stigler, 1982)
First to offer EMBA program in Europe and Asia, and the only business school to have campuses on three continents.
The GSB and its otherwise named predecessors has moved several times across the campus. The school currently occupies a recently completed, modern center for teaching and research, having spent its prior history in historic buildings located on the university's Main Quadrangle.
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Ranking and reputation
Chicago GSB has consistently ranked among the top business schools in the world. Recent historical rankings of the full-time MBA program, as well as the most recent rankings of the Executive and Part-Time MBA programs, in BusinessWeek, The Economist, Financial Times, Forbes, USA Today, US News & World Report, and the Wall Street Journal include:
Recruiters also voice a strongly positive opinion of MBA students. According to BusinessWeeks biannual MBA rankings:
"Chicago's grads were hands-down favorites in our survey of companies that hire MBAs. More than just a factory for churning out economic whiz kids, the school's capacity for shaping students' thinking was at the top of recruiters' minds.* "
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Notable faculty members
Distinguished faculty, including Nobel Prize winners, teach MBA students not only established best practices, but also the findings of their latest research. *
Some of Chicago GSB's most prominent scholars and professors, past and present, include:
Economics and Finance
Robert Z. Aliber, developer of the Program of International Studies in Business and the Center for Studies in International Finance
Eugene Fama, “Man Who Launched Modern Finance” - financial economist and originator of efficient market theory and co-originator of Fama & French Three Factors Model (also alumnus, M.B.A. and Ph.D.)
Robert Fogel, Nobel prize winning economist, known for work in population economics
Anil Kashyap, professor of economics and finance, known for his research on the Japanese financial system and business cycles
Merton Miller, Nobel prize winning economist (also alumnus, M.B.A. and Ph.D.)
Luis Rayo, economist known for his work with Gary Becker on developing an economic framework for explaining the state of happiness
George Shultz, economist and former dean, also former U.S. Secretary of Labor, U.S. Secretary of the Treasury, and U.S. Secretary of State
Richard Thaler, behavioral economist, cited as significant influence on bridging psychology and economics in decision models by Daniel Kahneman (2002 Nobel laureate in Economics)
Strategic Management
Ronald S. Burt, professor of sociology and strategy, known for his study of brokerage in social networks and the social structure of competitive advantage; author of Brokerage and Closure: An Introduction to Social Capital
James E. Schrager, Clinical Professor of Entrepreneurship and Strategic Management, teaches New Venture Strategy. Expert on the Porsche 356 - Author of Buying, Driving, and Enjoying the Porsche 356.
Decision Models
John Birge, professor of operations management, former dean (1999-2004) of the McCormick School of Engineering and Applied Sciences at Northwestern University
Marketing
Pradeep Chintagunta, professor of marketing, known for quantitative research on purchasing patterns
Sanjay Dhar, professor of marketing, known for work in brand management, advertising and promotion, was named by Economic Times as one of dozen "big guns" in marketing from India
Peter Rossi, professor of marketing, founding editor of "Journal of Quantitative Marketing and Economics" in 2003 along with the annual Quantitative Marketing and Economics (QME) Conference
Puneet Manchanda, associate professor of marketing, researches quantitative metrics of marketing communication effects
Stephen J. Hoch, professor of marketing and behavioral science, researched retail merchandising and pricing and co-authored the influential article "EDLP, Hi-Lo and Margin Arithmetic". He is now at the Wharton School
Private Equity
Steven N. Kaplan, professor of entrepreneurial finance and private equity, known primarily for empirical research of buyouts and venture capital
Luigi Zingales, professor of entrepreneurial finance and private equity, and co-author (with Raghuram Rajan) of "Saving Capitalism From The Capitalists"
Accounting
Roman Weil, professor and co-author of popular textbooks "Handbook of Cost Management," 2nd ed. (2006); "Financial Accounting," 12th ed. (2007); "Managerial Accounting," 8th ed. (2006); "Litigation Services Handbook," 4th ed. (2007)
Leadership
Howard G. Haas clinical professor of "The Practice of Leadership in Business," former CEO and Chairman, Sealy Incorporated, 1967-86; co-author with Bob Tamarkin of "The Leader Within"
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Research and learning centers
The GSB promotes and disseminates research through numerous centers and institutes:
Becker Center on Chicago Price Theory *
Center for Decision Research *
Center for Population Economics
Center for Research in Security Prices (CRSP) *
Institute of Professional Accounting
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Notable Chicago GSB alumni
Chicago GSB has over 35,000 living alumni. Prominent alumni include:
Banking and Financial Services
Jon Winkelried, President and Co-Chief Operating Officer of Goldman Sachs
Private Equity
Joseph Nolan, Senior Partner of GTCR with $6 billion under management
Investment Management
Mark Carhart and Ray Iwanowski, Portfolio Managers of Goldman Sachs $10 billion hedge fund called Global Alpha
Tom Kalaris, CEO of Barclays Wealth Management
Joseph Hill, Managing Principal of hedge fund Halcyon
Marketing
David Slump, Chief Marketing Officer at General Electric Energy Division
Ann Mukherjee, Vice President of Marketing at Pepsico
Mason Reay, Director of Marketing (Europe, Middle East, Africa) at Dell Computer Corporation
Philip Kotler, author of textbook "Marketing Management: Analysis, Planning, Implementation and Control," the most widely used marketing book in business schools worldwide, received his Master's Degree in economics and did post-doctoral work in behavioral science at the University of Chicago
Todd Tillemans, General Manager of US Skin Business at Unilever
Kenneth Feldman, Vice President for loyalty and e-commerce at United Airlines
David Dalka, noted for emerging customer listening and retention strategies in high growth companies and as a notable blogger.
General Management
Mark Loughridge, CFO of IBM*
Jean Claude Monty, former Chairman and CEO of Bell Canada
Robert Goldman, former CFO of Conoco
Government / Public Service / Non-Profit
Muna Nijem, Economics Minister of Jordan
Andrew Alper, President of the New York City Economic Development Corporation
George Jirotka, Federal Judge for Florida's Sixth Circuit
Technology
Jennifer Ceran, Vice President and Treasurer of eBay
Robert Whittington, Chief Information Officer at Wendy's
Venture Capital
Kathryn Gould, Co-Founder and General Partner, Foundation Capital
Healthcare / Pharmaceuticals / Biotechnology
Karen Katen, President of Pfizer Human Health *
Cragin Tooman, CFO of Enzon Pharmaceuticals
Consulting
Tim Jenkins, Co-Founder of Point B. Solutions Group
Strategic Management
Debbie Ferruzzi, Executive Vice President of Corporate Strategy for Equity Office Properties Trust, the largest publicly held office building owner and manager in the U.S.
Journalism / Publishing / Media
Entertainment
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See also
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