University of Chicago Graduate School of Business
From Wikipedia, the free encyclopedia
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The University of Chicago Graduate School of Business |
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| Established | 1898 |
| Type | Private |
| Dean | Edward A. Snyder |
| Faculty | 175 |
| Undergraduates | No |
| Postgraduates | 1088 |
| Location | Chicago, Illinois, USA |
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The University of Chicago Graduate School of Business, also known as Chicago 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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[edit] Programs
Full-time MBA, Part-time MBA, Weekend MBA and Executive MBA programs are offered and the University is also a major center for educating future academics offering the A.M. and Ph.D. in several fields.
The Full-time MBA, Part-time MBA and Weekend MBA, allow 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. The program differentiates itself 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)[1], which students take in their first quarter. 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 MBA, 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:
- Accounting
- Analytic Finance
- Econometrics and Statistics
- Economics
- Entrepreneurship
- Finance
- General Management
- Human Resource Management
- International Business
- Management and Organizational Behavior
- Marketing Management
- Operations Management
- Strategic Management
The school's Executive MBA program is unique in that students may elect to spend the required residential periods on all three of the school's campuses world-wide (London, Chicago, Singapore), while also employing the cohort system.
[edit] 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 after 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. The MBA was first offered in 1936, 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 role in the development of the "Chicago School", an economic philosophy focused on free-market, minimal government involvement, due to faculty and student interaction with members of the university's influential Department of Economics. In general, the GSB has been a first mover in many areas of business school education [2]:
- 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
- Students found the National Black MBA Association, 1972
- First business school to have a Nobel laureate on its faculty (George Stigler, 1982)
- First business school to have had six Nobel Prize winners: George Stigler, 1982; Merton Miller, 1990; Ronald Coase, 1991; Gary Becker, 1992; Robert Fogel, 1993; and Myron Scholes, 1997
- 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.
[edit] 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:
| 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | Exec. MBA | Part-Time MBA | ||
| BusinessWeek | 1 | 2 | 2 | 3 | |||||
| Economist | 4 | 6 | 6 | 5 | 4 | ||||
| Financial Times | 6 | 6 | 6 | 4 | 6 (*1 in Asia) | ||||
| Forbes | 3 | 3 | 4 | ||||||
| USA Today | 3 | ||||||||
| US News | 6 | 8 | 6 | 2 | 2 | ||||
| WSJ | 11 | 13 | 5 | 5 | 6 |
Recruiters also voice a strongly positive opinion of MBA students. According to BusinessWeek's 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.[3] "
[edit] 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. [4] Some of university'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
- Gary Becker, Nobel prize winning economist, considered to have coined "human capital" and "rotten kid theorem," known for price theory [5]
- Ronald Coase, Nobel prize winning economist, known for work in contract theory
- 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
- Milton Friedman, Nobel prize winning economist, proponent of unfettered free market economics
- Austan Goolsbee, economist, Fulbright Scholar researching Internet taxation in the US and European Union
- Anil Kashyap, professor of economics and finance, known for his research on the Japanese financial system and business cycles
- Randall Kroszner, professor of economics, currently (2006-2008) on leave serving on the Federal Reserve Board of Governors
- Steven Levitt, economist, author of Freakonomics, John Bates Clark Medal recipient and director of the Becker Center on Chicago Price Theory [6]
- Merton Miller, Nobel prize winning economist (also alumnus, M.B.A. and Ph.D.)
- Kevin M. Murphy, economist, John Bates Clark Medal recipient and MacArthur Fellow
- Raghuram Rajan, chief economist of the International Monetary Fund, winner of the Fischer Black Prize and co-author (with Luigi Zingales) of "Saving Capitalism From The Capitalists"
- Luis Rayo, economist known for his work with Gary Becker on developing an economic framework for explaining the state of happiness
- Myron Scholes, Nobel prize winning economist, co-originator of the Black-Scholes options pricing model
- 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, considered "father of behavioral finance", cited as significant influence on bridging psychology and economics in decision models by Daniel Kahneman (2002 Nobel laureate in Economics)
Strategic Management
- James O. McKinsey, founder of McKinsey & Company in 1926, pioneered budgeting as a management tool
- 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
- Christopher K. Hsee, professor of marketing and behavioral science, conducts research in hedonomics, the study of happiness.
- 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
- Jean-Pierre Dube, associate professor of marketing, focuses on pricing strategy
- 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
- Scott F. Meadow, clinical professor of entrepreneurial finance and private equity, known primarily for 40% career IRR and "Meadow Ratio"
- Luigi Zingales, professor of entrepreneurial finance and private equity, and co-author (with Raghuram Rajan) of "Saving Capitalism From The Capitalists"
Accounting
- Raymond Ball, professor of accounting, inaugural winner of the American Accounting Association's Seminal Contribution Award (widely considered the highest honor for academic research in accounting)
- Douglas Skinner, professor of accounting, winner of 2004 Jensen Prize from The Journal of Financial Economics, former faculty chair at University of Michigan (2001-2003)
- 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
- Marvin Zonis, professor emeritus of business administration, known for work on leadership theory and political risk
- Warren L. Batts, clinical professor of "Taking Charge," former CEO (1980-1996) of Dart & Kraft (the large conglomerate consisting of Kraft Foods, Duracell, Avon Products, Hobart/Kitchen Aid, West Bend Housewares) as well as former CEO of several other large corporations (Mead Corporation, Tupperware and Primark International)
- 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"
- Wayne E. Baker, associate professor of Business Policy and Sociology, wrote "Networking Smart". He is now at the Ross School of Business and the Institute of Social Research at the University of Michigan.
[edit] Research and learning centers
The GSB promotes and disseminates research through numerous centers and institutes:
- Becker Center on Chicago Price Theory [7]
- Center for Decision Research [8]
- Center for Population Economics
- Center for Research in Security Prices (CRSP) [9]
- George J. Stigler Center for the Study of the Economy and the State [10]
- Institute of Professional Accounting
- Michael P. Polsky Center for Entrepreneurship [11]
- James M. Kilts Center for Marketing [12]
[edit] Notable Chicago GSB alumni
Over 37,000 living alumni. Prominent alumni include:
Banking and Financial Services
- Roger C. Altman, Chairman, Co-CEO and Co-Founder of Evercore Partners; former Vice Chairman of The Blackstone Group; former Deputy U.S. Treasury Secretary under the Clinton administration; former Assistant U.S. Treasury Secretary under the Carter administration
- Norman Bobins, President and CEO of LaSalle Bank Corporation
- Archie R. Boe, former Chairman and CEO of the Allstate Corporation
- Jon Corzine, former CEO of Goldman Sachs, Governor of New Jersey
- John Davidson III, Chief Development Officer of the Chicago Mercantile Exchange
- Brady Dougan, CEO of Credit Suisse Group
- David W. Fox, Chairman and CEO of the Northern Trust Corporation
- Paul Idzik, COO of Barclays
- Rob Levin, Chief Business Officer of Fannie Mae
- Paul E. Purcell, Chairman and CEO of Robert W. Baird
- Philip J. Purcell, former Chairman and CEO of Morgan Stanley
- Pete Ricketts, Vice-Chairman of Ameritrade and candidate for the U.S. Senate in Nebraska
- Frederik "Frits" Seegers, CEO of Global Retail and Commercial Banking at Barclays
- Jon Winkelried, President and Co-Chief Operating Officer of Goldman Sachs
Private Equity
- Peter G. Peterson, Founder and Chairman of The Blackstone Group, one of the world's largest buyout firms; U.S. Secretary of Commerce (1972-73); Co-founder of the Concord Coalition
- William E. Conway, Jr., Founding Partner and Managing Director of The Carlyle Group
- Todd E. Warnock, Founding Partner of RoundTable Healthcare; formerly Head of U.S. Health Care Investment Banking at Credit Suisse First Boston
- Joseph Nolan, Senior Partner of GTCR with $6 billion under management
- James Quella, Senior Operating Partner of The Blackstone Group
Investment Management
- John Meriwether, Founder and CEO of JWM Partners; Founder of Long-Term Capital Management, one of the world's most influential hedge funds
- Roger G. Ibbotson, Founder of Ibbotson Associates
- Michael Larson, Investment Manager of Bill Gates
- George (Gus) Sauter, Chief Investment Officer of The Vanguard Group
- Joseph Mansueto, Founder and Chairman of Morningstar, Inc.
- Rex Sinquefield, Co-Founder along with David Booth and Eugene Fama of Dimensional Fund Advisors, the $86-billion-asset money management firm considered to have started the “passive” stock market investing industry
- Clifford S. Asness, Founder of AQR Capital; previously with Goldman Sachs as Director of Quantitative Research
- 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
- Daniel Smaller, Head of Middle East/North Africa/Pakistan for Deutsche Asset Management
- Charles G. Callard, co-founder of Callard Madden & Associates and a pioneer developer of corporate valuation models
Marketing
- James M. Kilts, Vice Chairman of Procter & Gamble and former Chairman, CEO, and President, The Gillette Company[13]
- Julie Roehm (MBA 1995), former Senior Vice President of Marketing Communications at Wal-Mart, formerly at DaimlerChrysler
- 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
- Rishad Tobaccowala, CEO of Denuo, a new media company from Publicis Groupe; formerly Chief Innovation Officer at media arm of Leo Burnett; called "one of new oracles of Madison Avenue" by BusinessWeek (Oct. 17, 2005)
- 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 start up companies, frequent speaker and as a notable blogger.
General Management
- Tom Schoewe, CFO of Wal-Mart, the largest corporation in the world by sales according to the Fortune Global 500
- Joseph Neubauer, Chairman and CEO of ARAMARK Corporation
- Mark A. Ernst, CEO of H&R Block
- Bill Osborne, CEO of Ford Canada
- Don Civgin, CFO of OfficeMax
- Peter Leemputte, CFO of Brunswick Corporation
- David Crane, CEO and owner of Crane Paper Company
- Scott Griffith, CEO of ZipCar
- Melvin Goodes, retired Chairman and CEO of Warner-Lambert
- Robert P. Gwinn, former Chairman and CEO of The Sunbeam Corporation
- Charles M. Harper, former Chairman and CEO of ConAgra Foods, Inc.
- David W. Johnson, former President and CEO of the Campbell Soup Company
- Dennis J. Keller, Chairman and CEO of DeVry Inc.
- Mark Loughridge, CFO of IBM[14]
- Jean Claude Monty, former Chairman and CEO of Bell Canada
- Joseph A. Pichler, former Chairman and CEO of The Kroger Company
- Richard Teerlink, former Chairman and CEO of the Harley-Davidson Motor Company
- Robert Goldman, former CFO of Conoco
- Perry Weine, Assistant Treasurer of Sears Holdings Corporation, the result of the combination of Sears, Roebuck and Kmart in early 2005.
- Carlton Charles, Vice President and Treasurer of Moody's Investor Services
- Michael Jennings, CFO of Frontier Oil Corporation
Government / Public Service / Non-Profit
- Muna Nijem, Economics Minister of Jordan
- Katerina Chumachenko Yushchenko, first lady of Ukraine[15]
- Jon Corzine, Governor of New Jersey, and former CEO of Goldman Sachs
- Peter G. Peterson, (1972-73) U.S. Secretary of Commerce; Chairman of The Blackstone Group
- Roger C. Altman, former Deputy Secretary of the U.S. Treasury under the President Bill Clinton administration; former Assistant Secretary of the U.S. Treasury under the President Jimmy Carter administration; Chairman, Co-CEO and Co-Founder of Evercore Partners, a leading M&A advisory investment bank; former Vice Chairman of The Blackstone Group
- Andrew Alper, former President of the New York City Economic Development Corporation
- Beryl Wayne Sprinkel, Chairman of the Council of Economic Advisors, 1985-1989
- Arnold Donald, President and CEO of the Juvenile Diabetes Research Foundation
- Alisa Miller, President and CEO of Public Radio International
- Erroll Davis, Jr., Chancellor of University System of Georgia; retired CEO of Alliant Energy Corporation
- Charles Phelps, Provost at University of Rochester and noted economist in the health care sector
- Emil Skodon, US Ambassador to Brunei Darussalam
- George Jirotka, Federal Judge for Florida's Sixth Circuit
Technology
- Watts Humphrey, developer of the Capability Maturity Model and winner of the National Medal of Technology (2005)
- Jaime Chico Pardo, Chairman of the Board of Telmex
- Jennifer Ceran, Vice President and Treasurer of eBay
- Robert Whittington, Chief Information Officer at Wendy's
Venture Capital
- John Hershey, Managing Director of Hercules Technology Growth Capital; formerly Managing Director of Infinity Capital and of the technology group at Banc of America Securities
- Kathryn Gould, Co-Founder and General Partner, Foundation Capital
Healthcare / Pharmaceuticals / Biotechnology
- Karen Katen, President of Pfizer Human Health [16]
- Glen Laschober, COO of Omnicare, a Fortune 500 pharmaceutical care operator
- Gary Mecklenburg, CEO of Northwestern Memorial Hospital
- Cragin Tooman, CFO of Enzon Pharmaceuticals
Consulting
- Fred G. Steingraber, retired CEO of A.T. Kearney
- Thomas Phelps, head of European consulting, Cutter Associates
- 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
- Greg Palast, journalist and best-selling author
- Sara Paretsky, novelist and creator of the V.I. Warshawski mystery series
- John Vitanovec, Executive Vice President of Tribune Broadcasting
Entertainment
- Richard H. Steiner, Broadway producer, three-time Tony Award winner (Hairspray, The Producers, and Big River)
