DEFINITION of 'Booth School of Business'

Booth School of Business of the University of Chicago is considered one of the leading business schools in America. The University of Chicago Graduate School of Business was founded in 1898 and holds the distinction of being the second oldest business school in the U.S. and the first to offer executive MBA and PhD programs in business. The institution sold out naming rights in 2008 to alumnus David G. Booth when he offered a $300 million donation. The business school is now formally known as The University of Chicago Booth School of Business and colloquially called Chicago Booth.

BREAKING DOWN 'Booth School of Business'

Boasting multiple study programs and research and learning centers, Chicago Booth is a top-flight academic institution that attracts students and business researchers who seek rigorous quantitative training and resources that the school has built its reputation on. In addition to the full-time MBA program, Chicago Booth runs PhD, Executive MBA (EMBA), weekend MBA and evening MBA programs. It also offers a "Summer Business Scholars" program and executive education classes. The admission rate for the full-time program is roughly 20%-25% each year.

Among the 12 research and learning centers at Chicago Booth are Fama-Miller Center for Research in Finance, George J. Stigler Center for the Study of the Economy and State, and Becker Friedman Institute for Research in Economics - all institutes bearing the names of illustrious individuals famous for their ground-breaking work at the University of Chicago.

Chicago Booth currently has over 47,000 alumni in over 100 countries. Recognizable names are Satya Nadella, Howard Marks, Myron Scholes, Thomas Pritzker, James McKinsey (founder of the eponymous consulting firm) and Peter G. Peterson. Not surprisingly, given the school's reputation, a large proportion of incoming students are from the world of finance. After they complete their studies at the institution, many relaunch back into finance at higher levels.

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