Chicago Booth School of Business MBA program – A complete guide

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The graduate business school at the University of Chicago is called the Chicago Booth or Booth School of Business. Chicago Booth is the second-oldest business school in the United States. It was founded in 1898, and it has more Nobel Prize winners in economics than any other business school in the world. The school’s endowment is the third biggest of all business schools. If Booth School of Business MBA program is your target MBA program then this article is for you. In this article, we have shared Information on the class profile of Chicago Booth MBA class of 2024, employment statistics of Booth MBA class of 2022 and much more.

Chicago Booth MBA

General Information on Chicago Booth School of Business

Location – 5807 S. Woodlawn Ave, Chicago, IL 60637 USA

Dean – Madhav Rajan

Admissions Office – MBA Admissions, Chicago Booth School of Business, 5807 S. Woodlawn Ave, Chicago, IL 60637 USA

Phone: +1-773-702-7369

Email: admissions@chicagobooth.edu

Social media – Facebook, Twitter, YouTube, Instagram, LinkedIn

Booth MBA – By the numbers

Here are a few important statistics for the latest class i.e. class of 2024 of the Chicago Booth School of Business

Applications Received4352
Class Size621
Median GMAT Score730
GMAT Range600-780
Median GRE Score327
GRE Range303-340
Average GPA3.60
Work Experience (Average)5 years
Tuition Cost for a Single Person$77,841
Percentage of students that received a job offer97%
Median Base Salary$175,000
Median Signing Bonus$30,000

Now, let’s take a look in detail at the latest incoming class i.e., the class of 2024 of Chicago Booth School of Business.

Booth MBA class profile 2024

Enrollment

A total of 4,352 people applied to be a part of the Chicago Booth class of 2024. However, Chicago Booth gave a chance to 14.2% of the applicants and 621 students enrolled.

  • Applications Received by Chicago Booth School of Business – 4352
  • Total Enrolled – 621
  • Enrollment rate – 14.2%

Diversity

Business Schools care a lot about maintaining diversity in the class. 40% of the Chicago Booth class of 2024 is female and 37% of students are international students. The biggest chunk of international students comes from Asia (15%) followed by Mexico, Central, and South America put together (12%). More details are below.

  • % women in the Chicago Booth class of 2024 – 40%
  • % international students in the Chicago Booth class of 2024 – 37%
Geographical Area% of Chicago Booth class of 2024
United States63%
Asia15%
Europe3%
Mexico, Central, and South America12%
Canada3%
Africa3%
Middle East1%

Test Scores and GPA

Chicago Booth School of Business is home to some of the brightest minds in the world. So, it’s quite understandable that the GPA and test scores will be on the higher side. The average GPA of the Chicago Booth class of 2024 is 3.6, the median GMAT score is 730, and the median GRE score is 327.

Average GPA – 3.6

GMAT Score

  • Median GMAT – 730
  • GMAT Range: 600-780

GRE Score

  • Median GRE – 327
  • GRE Range – 303-340
  • Median GRE Quant Median – 164
  • GRE Quant Range: 153-170
  • Median GRE Verbal – 163
  • GRE Verbal Range: 150-170
  • Percent applicants submitting GRE Scores – 26%

Undergraduate Major

The highest number of Chicago Booth class of 2024 students have a background in engineering (28%) followed by Business and Commerce (25%) and Economics (25%).

Booth MBA undergraduate major 2024 class

More details are in the table below:

Undergraduate MajorPercentage of Chicago Booth class of 2024
Engineering28%
Business/Commerce25%
Economics25%
Liberal Arts13%
Physical Sciences9%
Other4%

Pre-MBA industry of Chicago Booth MBA class of 2024

Every student of the Chicago Booth class of 2024 has some work experience. The average work experience being 5 years. 25% of the Chicago Booth class of 2024 has a background in Consulting followed by Financial services (19%) and Technology (13%).

Booth MBA class of 2024 Pre-MBA industries

More details are in the table below:

Pre-MBA industry% of Chicago Booth class of 2024
Consulting25%
Financial Services19%
Technology13%
Nonprofit/Government11%
Health Care6%
Venture Capital/Private Equity5%
Energy4%
Accounting2%
Consumer Products2%
Manufacturing1%
Others12%

MBA Application Deadlines

The application dates for the MBA Class of 2025 (incoming class of 2023) are

Application RoundDeadlineDecisions
Round 1Sep 22, 2022Dec 1, 2022
Round 2Jan 5, 2023Mar 23, 2023
Round 3Apr 11, 2023May 25, 2023

The application deadline for 2023 Chicago Booth Scholars applicants is:

Application RoundDeadlineDecisions
Chicago Booth ScholarsApr 11, 2023Jun 15, 2023

Now that you know the education and industry background of the latest class of Chicago Booth School of Business, you must have an idea of where you stand compared to them. To get into Chicago Booth School of Business try to match or exceed these numbers. Now, let’s take a look at the compensation that Chicago Booth MBA students get after they graduate.

Chicago Booth MBA employment statistics – Class of 2022

The Chicago Booth School of Business class of 2022 received a median base salary of $175,000. Moreover, the class received a median signing bonus of $30,000.

Here are the details:

  • Median Base Salary – $175,000
  • Median Signing Bonus – $30,000
  • 97% received an offer within 3 months of graduating

Employment by Industry

35.5% of the Chicago Booth MBA class of 2022 found employment in consulting followed by 35.1% in Financial Services, and 14.9% in Technology. More details are in the below table.

IndustryPercent of HiresNumber of Hires
Aerospace/Aviation0.4%2
Agribusiness0.4%2
Arts/Media/Entertainment0.4%2
Automotive/Transportation Equipment0.4%2
Consulting35.5%191
Consumer Products2.2%12
Education0.4%2
Energy0.6%3
Financial Services35.1%189
Diversified Financial Services7.2%39
Hedge Funds0.6%3
Insurance0.6%3
Investment Banking/Brokerage10.8%58
Investment Management/Research3.5%19
Private Equity7.1%38
Search Funds0.2%1
Venture Capital5.2%28
Government0.4%2
Healthcare4.1%22
Law2.0%11
Manufacturing/Chemicals0.4%2
Non-Profit0.2%1
Real Estate1.7%9
Recreation/Leisure/Sports0.4%2
Retail0.7%4
Technology14.9%80
Ecommerce & Internet9.1%49
Financial Technology1.5%8
Hardware0.4%2
Services0.9%5
Software3.0%16
All100.0%538

Median Salary by Industry

Candidates finding employment in Consulting and Financial Services received the highest median salary of $175,000.Technology companies paid a median salary of $146,500 to the Chicago Booth MBA class of 2022 students.

IndustryMinimum SalaryMaximum SalaryMedian SalaryMedian Sign-On Bonus
Consulting$71,000$230,000$175,000$30,000
Consumer Products$110,000$152,000$125,800$40,000
Financial Services$110,000$300,000$175,000$50,000
Healthcare$112,000$250,000$135,000$30,000
Technology$110,000$275,000$146,500$35,000
All$71,000$300,000$175,000$30,000

Employment by function

36.8% of the Chicago Booth MBA class of 2022 found employment in Consulting, followed by 36.2% in Finance, and 7.8% in Product Management.

More details are below:

Job Function% of HiresNumber of Hires
Analytics/Data Science0.7%4
Business Development1.9%10
Consulting36.8%198
Corporate Strategy/Strategic Planning3.7%20
Engineering0.2%1
Finance36.2%195
Company Finance (Analysis/Treasury)1.9%10
Investment Banking15.4%83
Investment Management/Research4.1%22
Mergers & Acquisitions within a Company0.6%3
Private Equity8.4%45
Real Estate0.9%5
Structured Finance0.2%1
Venture Capital4.8%26
General Management5.8%31
Customer Relations Management0.2%1
General Management5.4%29
Project Management0.2%1
Law2.0%11
Marketing4.1%22
Brand/Product Management3.7%20
Sales0.4%2
Operations - Production/Supply Chain Mgmt/Logistics0.7%4
Product Management (Tech)7.8%42
All100.0%538

Median Salary by function

Chicago Booth class of 2022 students who found employment in Law received the highest median salaries of $215,000 followed by Consulting and Finance ($175,000), and Business Development ($155,000).

Jobs in finance also received the highest median performance bonus of $50,000.

Job FunctionMinimum SalaryMaximum SalaryMedian SalaryMedian Sign-On Bonus
Business Development$120,000$180,000$150,000Insufficient data
Consulting$71,000$230,000$175,000$30,000
Corporate Strategy/Strategic Planning$80,000$275,000$147,500$30,000
Finance$110,000$300,000$175,000$50,000
General Management$100,000$250,000$137,500$35,000
Law$202,500$215,000$215,000Insufficient data
Marketing$110,000$190,000$128,000$30,000
Product Management (Tech)$82,597$185,000$148,500$39,000
All$71,000$300,000$175,000$30,000

Employment by Location

Majority (94.1%) of the Chicago Booth MBA class of 2022 found employment in the United States. A mere 5.9% chose to work outside the US. In the US, 30.9% found jobs in the Mid West (27% around Chicago Area) and 29.2% in the North east (25.1% in New York). 

More details are below.

Region% of HiresNumber of HiresMedian Salary
United States94.1%506$175,000
Midwest30.9%166$175,000
Northeast29.2%157$175,000
West20.1%108$175,000
Southwest5.6%30$180,000
Mid-Atlantic4.5%24$153,000
South3.9%21$151,000
International5.9%32$129,500
Asia3.0%16$132,500
Latin America and the Caribbean1.5%8$120,000
Europe0.7%4Insufficient data(1)
Canada0.6%3Insufficient data(1)
Middle East and North Africa0.2%1Insufficient data(1)
All100.0%538$175,000

Hiring trend at Chicago Booth School of Business

The median base salary has consistently increased since 2013 increasing by 52% from 2013 to 2022. More details in the table below.

YearTotal Median CompensationMedian Base SalaryMedian Sign-On Bonus% Getting Bonus
20221966001750003000072
20211784501550003500067
20201701001500003000064
20191680601450003000063
20181497501300002500063
20171447501250002500063
20161440801250002500060
20151430601250002500060
20141391601200002500060
20131329701150002500060

Consulting and Technology jobs have seen an increase in their share since 2013. However, there has been a dip in tech-related jobs from 2021 to 2022 where their share decreased from 22.9% to 14.9%.

YearFinancial Services (%)Consulting (%)Technology (%)
20133530.712.3
201436.427.913.5
201535.232.115.2
20163627.516.7
201729.932.618.7
201831.63120.3
201931.333.720.7
202030.938.216.3
20212734.422.9
202235.135.514.9

This table shows how the share of different industries has changed from 2014 to 2022.

Industry2022 Percentage of Booth Hires20212020201920182017201620152014
FINANCIAL SERVICES35.10%27.00%30.90%31.30%31.60%29.90%36.00%35.20%36.40%
I-Banking/Brokerage10.80%7.20%10.30%11.30%10.50%13.60%13.60%16.70%15.60%
Diversified7.20%6.10%5.30%6.50%6.40%3.90%7.70%5.20%5.10%
I-Mgt./Research3.50%4.10%5.30%5.70%5.60%5.50%6.70%6.00%7.30%
Private Equity7.10%6.80%6.40%5.90%5.60%4.70%5.10%4.80%5.90%
Venture Capital5.20%2.20%2.60%2.00%2.80%1.80%1.20%0.80%2.00%
Insurance0.60%0.20%0.40%NA0.60%0.40%1.20%1.00%NA
Commercial BankingNANANANA0.20%NA0.40%NANA
CONSULTING35.50%34.40%38.20%34.80%31.00%32.60%27.50%32.10%27.90%
TECHNOLOGY14.90%22.90%16.30%20.70%20.30%18.70%16.70%15.20%13.50%
eCommerce & Internet9.10%13.50%8.80%11.70%10.70%9.40%9.40%6.30%5.70%
Software3.00%6.50%4.80%4.60%5.60%4.30%3.10%3.30%4.00%
Hardware0.40%0.70%1.80%1.70%1.90%3.90%3.70%4.20%3.20%
FinTech1.50%0.90%0.70%NA1.50%0.60%NANANA
TelecomNA0.40%0.20%NA0.60%0.40%0.60%1.50%0.60%
Services0.90%NANANANANANANANA
CONSUMER PRODUCTS2.20%4.40%4.80%4.60%4.30%5.30%6.90%5.00%6.10%
HEALTHCARE4.10%3.30%3.50%1.10%2.10%2.90%3.30%2.90%2.20%
TRANSPORTATION0.80%1.10%0.90%1.10%1.90%1.20%NANANA
MEDIA/ENTERTAINMENT0.40%0.90%NA0.90%1.70%1.00%1.20%0.80%1.60%
REAL ESTATE1.70%1.50%2.00%2.80%1.70%NA1.00%NA1.20%
ENERGY0.60%1.10%0.90%0.90%1.50%0.80%1.10%2.10%2.80%
RETAIL0.70%0.70%NA1.50%0.90%1.80%1.20%1.00%1.50%
AGRIBUSINESS0.40%NANANA0.90%1.20%NANANA
MANUFACTURING0.40%0.90%NA0.90%0.90%2.00%1.60%1.70%2.20%
EDUCATION/GOVT/NONPROFIT0.60%1.10%0.70%NA0.60%1.40%1.60%1.70%2.20%

Cost of Attendance

The standard cost of attendance at Chicago Booth includes tuition and MBA fees, books, rent, food, personal expenses, transportation, and a computer allowance. As you develop your budget, we encourage you to account for additional costs for transformational experiences beyond the classroom, such as Random Walks, Industry Treks, student groups, and events.

Tuition*$77,841
Student Services Fee$1,347
Administrative Service Fee$2,600 (first year only)
Lifetime Transcript Fee$75 (a one-time fee charged in fall of the first year)
Books$684 (includes $25/class Course Materials fee)
Housing & Food$22,185 ($2,465 per month)
Personal**$7,086 (includes health insurance costs)
Transportation$1,944
Computer Allowance$1,300 (first year only)
Total$115,062

*Total tuition for the two-year program is $155,682 and includes up to 2200 units of coursework, of which 2000 units are required for graduation.

**Estimated Number

Chicago Booth Scholarships

The majority of our students fund their Chicago Booth MBA through student loans, repaying them within 10 years of graduation. The school also offers merit-based scholarships for MBA students and fellowships to select admitted students.

Merit-Based Scholarships

Booth offers a plethora of merit-based MBA scholarships to promising students. There is no formal application process for these awards—all applicants are considered, and decisions are based solely upon the information provided in the application. Awards are communicated at the time of admission and recipients are chosen based on academic merit, prospective concentration, the quality of the interview, competitiveness, career goals, and life experiences.

Global Innovator Fellowships

Global Innovator Fellowships are awarded to students with bold ambitions and a demonstrated passion for driving unique and lasting impact in the world. These individuals aspire to use their Booth MBAs to challenge the status quo—pursuing personal and professional goals focused on developing markets, underserved industries, or marginalized individuals. Global Innovators can hail from any country and work across a range of industries. Similar to merit-based awards, there is no additional application process for these fellowships—all applicants are considered and decisions are based solely upon the information provided within the application.

Industry Awards

Canfield Private Equity Fellowship

Established in 1998 by Phil Canfield, ’96, managing director at GTCR, this fellowship is awarded to incoming students with prior investment banking or private equity experience who plan to pursue a career in private equity. The Canfield Fellowship is granted to students who have a demonstrated commitment to a career in private equity, past academic achievement, and a track record of professional accomplishments. The Canfield Fellowship includes a financial award, as well as the opportunity to meet Phil Canfield.

Herman Family Fellowship for Women Entrepreneurs

This fellowship was established in 1995 to advance the interests of women in entrepreneurship. In addition to joining the fellows group, recipients have an opportunity to participate in annual reunions hosted by the Herman family and the Polsky Center for Entrepreneurship and Innovation at the University of Chicago. 

Kilts Marketing Fellowship

These fellowships are awarded to students pursuing a career in marketing who plan to concentrate in marketing management. The award includes mentorship from senior alumni.

Leadership Awards

Distinguished Fellowship

Selected for their potential to make a meaningful mark on the Booth community and the business world, students awarded this full-tuition fellowship receive a stipend and mentorship from Harry L. Davis, the Roger L. and Rachel M. Goetz Distinguished Service Professor of Creative Management. Students also explore how leaders in various settings make an enduring and positive impact on their organizations and society.

Forté Foundation Fellowship

These fellowships are awarded each year to students who have exhibited exemplary academic, team, community, and/or creative leadership and are committed to advancing the interests of women in business. Awards amounts vary and winners are expected to participate in Forté Foundation and Admissions recruiting events.

Marvin Zonis International Scholarship

Named for Booth’s first professor to teach a course on the effects of digital technologies on global business, this fellowship is awarded to an international student from an emerging economy who demonstrates outstanding leadership, academic, and extracurricular achievements.

Zmijewski Scholarship

This award provides support to a student who embodies the spirit and qualities of Mark E. Zmijewski, the Charles T. Horngren Professor of Accounting Emeritus, including a strong work ethic, demonstrated leadership, and professional tenacity. In addition to being in good standing with the university, this scholarship gives preference to students who did not follow a traditional path to graduate studies and for whom the award could be maximally transformative.

Military Awards

David W. Fox Scholarship

This full-tuition fellowship is awarded to a student who served—or is currently serving—in the US military. Students must demonstrate outstanding leadership, academic and extracurricular achievements, and a commitment to advancing the interests of those having served in the military.

Regional Awards

A. H. Tobaccowala Fellowship

This fellowship was established by a Chicago Booth alumnus and innovative business leader in memory of his father, a 1952 Chicago Booth graduate. The fellowship is awarded to students whose primary home is in India at the time of admission.

Chicago Booth Mexico Opportunity Scholarship

This scholarship gives preference to Mexican graduates of Mexican universities who have a demonstrated interest in entrepreneurship and in supporting and contributing to the advancement of the Mexican economy as both a student and an alumnus.

Dennis W. and Jane B. Carlton Fellowship

This annual full-tuition fellowship was established for students from Israel, particularly those who have served in the Israeli military. It includes a stipend, mentoring, and professional development from business leaders in the Chicago area, facilitated by the Jewish United Federation. Recipients of this fellowship are expected to return to reside in Israel within five years of graduation.

Ehara Scholarship

Established by John Ehara, ’78, cofounder of Unison Capital, this award provides annual expendable scholarship support with preference to candidates from Japan or those who are likely to advance the interests of Japan.

He Family Scholarship

Established by Hao “Jimmy” He, ’02, and Lingling Gong, this award provides annual scholarship support to a full-time student and is matched with students from China.

The Nelson Germanos Fellowship

This fellowship is awarded to students with a demonstrated multinational, multicultural life focus and an interest in sharing knowledge generously, as well as very high ethical standards. There is a preference for students from Brazil.

Ramakrishnan Family Scholarship

Funded by an endowment established by Guru Ramakrishnan, ’88, and Anupama Ramakrishnan, this scholarship gives preference to candidates who are Indian nationals.

Awards For Second-Year Students

Siebel Scholars Program

Each year, the Siebel Scholars Program awards scholarships to second-year students. The annual scholarship program recognizes outstanding students from the world’s leading graduate institutions in business and other fields.

The University of Chicago Obama Foundation Scholars Program

This one-year program is for students entering their final year of study at Chicago Booth, the Crown Family School, or the Harris School. It brings together an interdisciplinary group of promising and eligible UChicago scholars to gain the education, skills, relationships, and perspectives needed to tackle their communities’ most pressing challenges.

Final Thoughts

Getting an MBA from Chicago Booth School of Business is a dream for most MBA applicants. Chicago Booth School of Business is one of the best business schools in the world, so getting into it can be hard. Even though there is no foolproof method to ensure admission to Chicago Booth, you can improve your chances significantly by working diligently on your application. We can help you get into Chicago Booth School of Business. Our consultants include Chicago Booth alumni who will give you the most accurate advice and guidance you’ll need to get into Chicago Booth. So, get started now.

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