University of Chicago Booth

MBA Program Announcements Roundup

We’ve rounded up and summarized this summer’s MBA program announcements below.

Essay Tips: The University of Chicago Booth School of Business

The full-time MBA program at the University of Chicago Booth has just released its 2023-2024 application submission dates and application requirements. It’s never too early to get started!

Round Submission Deadline Decision Notification

Round 1 21 September 2023 30 November 2023

Round 2 04 January 2024 21 March 2024

Round 3 04 April 2024 23 May 2024

*Materials must be submitted by 11:59 pm CST on the designated date.

For Booth’s essay questions, prepare to get a bit vulnerable as you showcase not just what you want to do and how your previous path has inspired your goals, but also who you are outside of the classroom or boardroom.

Essay 1: How will a Booth MBA help you achieve your immediate and long-term post-MBA career goals? (Minimum 250 words, no maximum.)

This prompt asks you to explain how a Booth MBA will bridge your past accomplishments and your future goals. To do this, you will want to anchor this essay in the past. Because what you’ve already done, learned, and achieved is far more important than what you haven’t—what you say you want to do in the future. In order to fully satisfy the objective of this prompt, go into your backstory and detail the key moments that influenced you and the formation of your goals. Then transition into what you have yet to learn, and why a Booth MBA is your next step. Prove to them that their program is the perfect intersection between where you’ve been and where you want to go. Which courses, professors, experiential learning opportunities, etc. are most interesting to you? Choose three or four that differentiate Booth from other business schools you’re considering and explain why you’re so eager to engage and participate. This essay is about connecting the dots; once the reader has taken the trip to your past, your proposed path forward will make much more sense.

Essay 2: An MBA is as much about personal growth as it is about professional development. In addition to sharing your experience and goals in terms of career, we’d like to learn more about you outside of the office. Use this opportunity to tell us something about who you are… (Minimum 250 words, no maximum.)

It’s time to show some personality! Booth is looking for students who will be collaborative and form lasting personal and professional relationships, so exposing a bit of vulnerability to show a quirky or sentimental side is a good idea, especially because your other essay delved deeply into your professional and/or academic interests and abilities. You could also write about how you will contribute to the diversity of the class and what you will offer your classmates. Are you a passionate environmentalist who spends weekends leading group hikes? Do you organize food drives with a local non-profit? Do you spend all of your vacation time traveling to a specific region of the world? Are you an avid guitar player? Show the admissions committee who you are and what you are most passionate about.

Optional: Is there any unclear information in your application that needs further explanation? (Maximum 300 words.)

This essay is for additional context around a weak spot in your application. Did you get a C in calculus? Or withdraw from your courses your sophomore year to help a family member? Do you feel that your lackluster GMAT score isn’t indicative of your abilities?

If you are going to address a low grade in an analytical course or a low GMAT score, don’t make excuses. Spend the majority of your word count demonstrating your ability to excel in rigorous academic or professional environments by using specific examples. Provide information on similar classes in which you achieved excellent grades or give details about a professional pursuit that resulted in success.

If you are speaking to a more sensitive situation, perhaps a big mistake or legal issue that impacted your GPA, spend approximately 20 percent of your essay addressing the situation. Then use the remaining 80 percent on the actions you took to improve and what happened as a result. Again, do not make excuses. Simply address the situation, placing the emphasis on what you learned. Everyone makes mistakes. Taking accountability and moving forward demonstrates maturity.

The Writing Process

Begin with a brainstorm. Do not underestimate the importance of this step. Document your experiences, positive and negative, that prompted an evolution in your perspective—you know, those “ah-ha!” moments without which you would be a different student, professional, and/or person today. Then, record those experiences that will show the reader your abilities in innovation (critical/creative thinking and problem solving), leadership, and teamwork, as well as those experiences that reinforced your interest in business school. Capture as many details as possible, paying particular attention to what you thought, felt, said, and did in each situation. Your focus should be on adult experiences (from the start of college and later), though stories from your youth could comprise up to 20 percent of this brainstorm.

During your brainstorm, don’t limit yourself by worrying about a cohesive narrative, the quality of your writing, and/or the number/length of your stories. Simply focus on collecting those situations that helped to guide your path to this point and impacted your decision to apply to the Booth MBA program.

Craft an outline. Select the key stories you will use to anchor your narratives. Remember that you’ll use your essays to go deep into experiences that demonstrate the traits you want to emphasize. 

Write. Keep in mind that you must be showing, not telling the reader who you are. In contrast to your resume, which provides a general overview of your experiences, your essay responses should go deep into a story that allows the reader to come to their own conclusions about some of your character traits and abilities. Highlight how you’ve struggled, triumphed, learned, and how these experiences have developed you into the person you are now.  

Review. Revise. Repeat. Confirm your word count and read your essay aloud noting where you stumble. Make revisions as necessary. Once it reads smoothly, set it down and walk away for at least 24 hours. Then re-read it. Is it you? Is it personal and authentic? You want the reader to see the real person behind the applicant number. While we caution against “oversharing,” being appropriately vulnerable will create connection. 

Related:

Essay Tips: Harvard Business School

Essay Tips: The Stanford Graduate School of Business

Essay Tips: Haas School of Business at the University of California, Berkeley

Essay Tips: The Wharton School of the University of Pennsylvania

Essay Tips: Columbia Business School

Essay Tips: NYU Stern School of Business

Essay Tips: The Yale School of Management

Essay Tips: The University of Michigan Ross School of Business

Chicago Schools Come Out on Top in U.S. News’ Best MBA Rankings

University of Chicago Booth took the top spot in the newly released U.S. News and World Report’s “Best MBA” ranking. Booth was followed by Northwestern Kellogg at number two. University of Pennsylvania Wharton dropped to number three after sharing the top rank with Booth last year. This year’s rankings utilized an updated methodology with a greater emphasis on outcomes, which caused some shifts within the top 15. Highlights include:

  • Dartmouth Tuck saw the largest uptick, moving from the 11th rank in 2022 to share the 6th rank with Stanford. 

  • USC Marshall climbed four spots to the 15th rank, which it holds alongside Cornell Johnson.

  • Harvard maintained its 5th rank position for the third consecutive year.

  • Stanford, Columbia, and Berkeley Haas all dropped three spots from their positions last year. Columbia and Berkeley fell out of the top 10 into a three-way tie for the 11th rank with Duke Fuqua.

Along with the rankings, U.S. News shared key updates to its methodology, which increased the weight for “Placement Success,” to 50 percent of the overall rank. This is up significantly from 35 percent last year and includes two employment metrics as well as the mean starting salary and bonus for graduates. The overall rank de-emphasized the “Quality Assessment” to 25 percent of the total, down from 40 percent, and includes a peer and recruiter assessment score. “Student Selectivity” makes up the final 25 percent of the rank. It includes undergraduate GPA and acceptance rate, weighted slightly more than in previous years, and standardized test scores, weighted slightly less. 

Rank/School

1 University of Chicago (Booth)

2 Northwestern University (Kellogg)

3 University of Pennsylvania (Wharton)

4 Massachusetts Institute of Technology (Sloan)

5 Harvard University

6 Dartmouth College (Tuck)

6 Stanford University

8 University of Michigan--Ann Arbor (Ross)

8 Yale University

10 New York University (Stern)

11 Columbia University

11 Duke University (Fuqua)

11 University of California, Berkeley (Haas)

14 University of Virginia (Darden)

15 Cornell University (Johnson)

15 University of Southern California (Marshall)

17 Emory University (Goizueta)

18 Carnegie Mellon University (Tepper)

19 University of California--Los Angeles (Anderson)

20 University of Texas--Austin (McCombs)

20 University of Washington (Foster)

22 Indiana University (Kelley)

22 University of North Carolina--Chapel Hill (Kenan-Flagler)

24 Georgetown University (McDonough)

24 Rice University (Jones)

How to Approach University of Chicago Booth’s Essays

The admissions team at University of Chicago Booth is, of course, interested in your abilities in leadership, critical thinking, and collaboration. But they also want to see you, a person with a unique path, who may even be able to embrace and celebrate your own “weirdness.”

The Booth application requires all candidates to submit responses to two short-answer questions, which will provide you the best opportunity to demonstrate your unique qualities through stories from your past, and give the admissions committee a view into the person and professional behind the experiences and accomplishments listed on your resume. They also provide an optional third question.

Short Answer Question 1: How will a Booth MBA help you achieve your immediate and long-term post-MBA career goals? (Minimum 250 words, no maximum.)

Although the question asks about your future goals and how a Booth MBA will help you achieve them, you will want to anchor this essay in the past. Because what you’ve already done, learned, and achieved is far more important than what you haven’t—what you say you want to do in the future. In order to fully satisfy the objective of this prompt, go into your backstory and detail the key moments that influenced you and the formation of your goals. Your resume will provide an overview of your professional path to date, but this is your chance to provide a deep dive into your most pivotal experiences. Once the reader has taken this trip to your past, your proposed path forward and why Booth is the perfect fit, will make much more sense. 

The Writing Process

Begin with a brainstorm. Do not underestimate the importance of this step. Document your experiences, positive and negative, that prompted an evolution in your perspective—you know, those “ah-ha!” moments without which you would be a different student, professional, and/or person today. Then, record those experiences that will show the reader your abilities in innovation (critical/creative thinking and problem solving), leadership, and teamwork, as well as those experiences that reinforced your interest in an MBA program. Capture as many details as possible, paying particular attention to what you thought, felt, said, and did in each situation. Your focus should be on adult experiences (from the start of college and later), though stories from your youth could comprise up to 20 percent of this brainstorm.

During your brainstorm, don’t limit yourself by worrying about a cohesive narrative, the quality of your writing, or the number/length of your stories. Simply focus on collecting those situations that helped to guide your path to this point and impacted your decision to apply to the Chicago Booth MBA program.

Craft an outline. Select the key stories you will use to anchor your narratives. Remember that you’ll use your essays to go deep into experiences that demonstrate the traits you want to emphasize. Think about your application as a whole and use your responses to strategically cover any qualities that may not be adequately addressed in other aspects of your application. 

Write. Keep in mind that you must be showing, not telling the reader who you are. Invite the reader into your life by highlighting sensory details, such as smells and sounds, and don’t hesitate to engage your readers emotionally. Sprinkle in humor (if you feel comfortable doing so) or hit a poignant note. In contrast to your resume which provides a general overview of your experiences, your essay responses should go deep into a story that allows the reader to come to their own conclusions about some of your character traits and abilities. Highlight how you’ve struggled, triumphed, learned, and how these experiences have developed you into the person you are now.  

Review. Revise. Repeat. Confirm your word count and read your essay aloud noting where you stumble. Make revisions as necessary. Once it reads smoothly, set it down and walk away for at least 24 hours. Then re-read it. Is it you? Is it personal and authentic? You want the reader to see the real person behind the applicant number. While we caution against “oversharing,” being appropriately vulnerable will create connection.  

Short Answer Question 2: An MBA is as much about personal growth as it is about professional development. In addition to sharing your experience and goals in terms of career, we’d like to learn more about you outside of the office. Use this opportunity to tell us something about who you are… (Minimum 250 words, no maximum.)

It’s time to showcase some personality! Booth is looking for students who will be collaborative and form lasting personal and professional relationships, so exposing a bit of vulnerability to show a quirky or sentimental side is a good idea, especially because your other essay delved deeply into your professional and/or academic interests and abilities. You may also want to showcase how you will contribute to the diversity of the class and what you will offer your classmates. Are you a passionate environmentalist who spends weekends leading group hikes? Do you organize food drives with a local non-profit? Do you spend all of your vacation time traveling to a specific region of the world? Are you an avid guitar player? Show the admissions committee who you are and what you are most passionate about. 

The following question is optional: Is there any unclear information in your application that needs further explanation? (Maximum 300 words.)

This essay is for additional context around a weak spot in your application. Did you get a C in calculus? Or withdraw from your courses your sophomore year to help a family member? Do you feel that your lackluster GMAT score isn’t indicative of your abilities?

If you are going to address a low grade in an analytical course or a low GMAT score, don’t make excuses. Spend the majority of your word count demonstrating your ability to excel in rigorous academic or professional environments using specific examples. Provide information on similar classes in which you achieved excellent grades or give details about a professional pursuit that resulted in success.

If you are speaking to a more sensitive situation, perhaps a big mistake or legal issue that impacted your GPA, spend approximately 20 percent of your essay addressing the situation. Then use the remaining 80 percent on the actions you took to improve and what happened as a result. Do not make excuses, simply address the situation, placing the emphasis on what you learned. Remember, everyone makes mistakes, taking accountability and moving forward demonstrates maturity.

Related: 

US News Ranks Chicago Booth and UPenn Wharton as Best Business Schools

The US News and World Report published its 2023 Business School Rankings today with University of Chicago’s Booth and University of Pennsylvania’s Wharton taking the top spot, previously held by Stanford’s Graduate School of Business. Stanford fell to the third rank, which it shares with Northwestern University’s Kellogg. Generally, the top ten looks similar to last year, although there was some movement. Notably, University of Michigan’s Ross moved to the 10th spot from 13th last year, and Dartmouth’s Tuck and NYU’s Stern, who were tied at 10th last year, dropped to 11th and 12th respectively. NYU Stern shares the 12th ranking with Duke’s Fuqua. 

Find the complete 2023 Best Business Schools ranking.

Chicago’s Booth also took the top spot in the part-time MBA program rankings. As per usual, there was no movement within the top five ranked part-time programs, with each program retaining its rank from last year. In fact, the top five ranked part-time MBA programs have been consistent for the past four years of rankings. 

Find the complete 2023 Best Part-time MBA ranking.

University of Pennsylvania’s Wharton Named Top MBA by the Financial Times

The Financial Times just released its 2022 MBA rankings and University of Pennsylvania’s Wharton school is at the top. This marks the school’s eleventh return to the first rank, after last receiving the honor in 2011. Columbia placed second, which is its highest-ever showing in the Financial Times ranking. U.S.-based MBA programs had a strong showing overall, taking ten out of the top fifteen spots.

Declining MBA Applications Prompt Business Schools to Change Program Delivery Models

Late last month the University of Illinois at Urbana-Champaign announced its decision to shut down its two-year MBA program and reallocate funds to its online MBA. Just prior to this announcement, earlier in May, the last two-year MBA class graduated from the University of Iowa Tippie School of Management.

And they’re not the only ones. Wake Forest University, Virginia Tech, and Stetson University in Florida have also cut their two-year MBA programs. According to a recent Wall Street Journal article, “Between 2014 and 2018, the number of accredited full-time M.B.A. programs in the U.S. shrank nine percent to 1,189, with schools reporting 119 fewer two-year degrees in the most recent survey by the Association to Advance Collegiate Schools of Business.”

At the University of Illinois, the numbers told a clear story: In 2015 the incoming full-time, two-year MBA program had 74 students, in 2018 it had 49, and the current matriculation for the fall of 2019 is 38 students. Applications for the online MBA program, however, have tripled since 2016. Jeffrey Brown, dean of the business school at the University of Illinois, said the full-time MBA program will lose two million dollars this year. “This was an easy business decision to make, and a relatively easy educational decision, but it was an extremely hard call to make from the emotional side of things,” said Brown.

With the documented lackluster application volume to MBA programs and amidst a strong economy, some schools are focusing on offering competitive online MBA programs, as well as more specialized master of science degrees. The Wall Street Journal noted that among the business schools included in the aforementioned AACSB survey, there were 140 new specialized master’s programs in 2018, a 16 percent jump from 2014. And the number of online MBA programs doubled to 390.

Believing that one component of the decline in applications may be due to the steadily increasing costs of the two-year MBA, Harvard Business School and University of Chicago’s Booth School of Business have both decided to hold tuition costs steady while also increasing scholarship funds.  An article in Forbes recently noted that the “decades-long steady march of escalating price increases” has been consistent across almost all business schools and has typically exceeded the cost of inflation. The article notes that last year, tuition costs increased at variable rates from 11 percent at MIT’s Sloan to 1.6 percent at UCLA’s Anderson. Chicago Booth’s decision to freeze tuition garnered praise from Dean Edward Snyder of the Yale School of Management who said, “I think that is a brilliant move… It’s not because of weakness. It’s because of strength, and it’s the first school that is stepping back and saying we are not going to keep going down this path... It doesn’t indicate how the business model is going to get redone, but it is a signal that it needs to change.”

While online models may not be able to offer the corporate recruiting and networking opportunities, or prestige that the full-time, two-year MBA provides, the programs appear to meet a need in the market for developing business skills. And they do so with added flexibility and without the high costs of tuition and time out of the workplace.

This is good news for prospective students. The online route is providing a closer substitute for educational delivery than we’ve seen in the past. And for those still interested in the full-time, two-year model, lower application volume could mean a higher likelihood of securing both a coveted spot at a top ten school, as well as scholarship money.

MBA Application Essays: Prompts Designed to Get Beyond Applicants’ Professional Experiences to Gauge Creativity and Assess Values

Throughout the MBA admissions process, schools’ admissions committees are looking to get to know applicants as fully as possible so they can put together a diverse but cohesive group of students. Thus, many schools will require you to respond to “out of the box” essay prompts designed to explore your creativity, communication skills, and values. We examine some such prompts below, as well as some strategies you could consider when responding to them.

Booth Moments Presentation/Essay

University of Chicago Booth

 Exercise:  Booth asks applicants to choose a photograph or “moment” from a small collection that resonates with them, then explain why in an essay or slideshow.

Strategy: While this essay is an invitation for you to showcase your personality and interests to the admissions committee, it is also the only essay requested, which means you must convey a lot of information. We recommend that you organize your essay content prior to selecting a photograph. You’ll want to consider your past experiences and future goals, how the Booth MBA will help you to achieve your goals, and what you will offer the Booth community. Then, look through the photographs and determine the one that will allow you to transition smoothly from the “moment” to the rest of your content. While you do not want the photograph to seem like an afterthought, you do want to make sure that it serves as a means to an end.

Tactics: As a rule of thumb, your essay should be approximately 750 to 1,000 words in length. We recommend the slideshow option only for applicants who are exceptionally well versed in creating this type of visual.

From the Admissions Committee: https://www.chicagobooth.edu/blog/ftadmissions/2017/201718-essay

Video Questions

Kellogg School of Management and Yale School of Management

 Exercise: Kellogg and Yale ask applicants to respond to several short video essay questions, in order to exhibit their personality, grasp of the English language, and what they could bring to the MBA community.

Rationale: Kellogg states that the video essay questions are “designed to bring to life the person we have learned about on paper.” Student culture is a key focus in Kellogg’s admissions efforts, and they want to get to know applicants as fully as possible to ensure they construct a close-knit and collaborative class. Similarly, Yale is looking to gauge your communication skills and your ability to think on your feet. This is an opportunity to demonstrate your values, interests, creative thinking ability, and goals rather than worrying too much about the “correct” or expected response. 

Your Strategy: While the video essay may feel uncomfortable at first, it is an excellent opportunity for the admissions committee to get to know you better. Prior to participating in the video essay, review your submitted application and think through your personal goals and interests and how those align with the MBA program. While you do not want to look scripted in your responses, you do want to be prepared, which will help you to relax and show your personality and communication skills.

Tactics: Both Kellogg and Yale provide practice questions that will help you to get comfortable with the format and technology, and we recommend taking advantage of this. You can also practice with a friend using Skype to get a feel for the interview format.

From the Admissions Committees:

http://som.yale.edu/apptips-video-questions

http://www.chicagobusiness.com/article/20140823/ISSUE02/308239995/how-to-ace-the-new-trend-in-mba-admissions-online-video-essays

Video Statement

MIT Sloan

Exercise: Sloan requests applicants to provide a 60 second video statement introducing themselves to their future classmates. It is important to note that the video will only be used during the admissions process and will not be shown more widely.

Strategy: Familiarize yourself with the Sloan values and culture and then take time to clearly link your own values, passions and goals with those of the greater Sloan community. The Admissions Committee should gain a clear understanding of why you want to attend the school and what you will bring to your class.

Tactics: Create an outline of ideas that you want to express in your video and practice saying the content aloud. While we do not recommend memorizing a script, as you will want to sound natural in the video, we do want you to feel confident with your talking points prior to making the recording. Finally, take advantage of the fact that you can record the video as many times as you want.

From the Admissions Committee: https://mitsloanadmissions.com/2017/09/06/advice-for-mba-applicants-how-to-master-the-video-statement/

25 Facts

Duke Fuqua

Exercise: Fuqua asks applicants to create a list of 25 (numbered) facts about themselves, not to exceed two pages.

Rationale: Duke believes that their program is served by putting together a diverse community from each applicant class and that “different types of people, points of view, and experiences bring out the best in everyone”. To get to know you better, beyond your professional and academic background, they are looking for 25 facts that will provide them insight into your likes/dislikes, passions, and hobbies.

Strategy: You will want to use this space to differentiate yourself from other applicants and to provide the admissions committee insight into how you can bring a unique perspective, skill set, or passion to the incoming class. Spend some time thinking through potential facts and talk to your friends, family, and others to brainstorm ideas. While your facts may involve inspirational figures in your life, be sure to keep the focus on yourself. And, while it is perfectly acceptable to use facts spanning your entire life, it is important to note that most should be inspired by experiences you’ve had as an adult (18+).

Tactics: While this is an atypical essay type, remain conscientious about your use of grammar in the facts. They may take on a more conversational writing style, but each one should be technically correct.

From the Admissions Committee: https://blogs.fuqua.duke.edu/duke-mba/2012/07/19/megan-lynam-overbay/application-essays-change-to-gain-greater-insights?category=admissions#.WjKlE7pFyuU

Pick Six

NYU Stern  

Exercise: Stern asks applicants to describe themselves to the admissions committee and future classmates using six images, a brief introduction, and image captions.

Rationale: This format is reflective of current social media trends, and is becoming a more common form of expression for individuals and brands; the admissions committee is looking for your competency in putting together such a deliverable.  

Strategy: Think of your response to this prompt as you would an advertising campaign or curated art exhibition. Individual pieces should be able to stand on their own, but they must also meaningfully connect and contribute to a larger story. Prior to looking through images, consider first what you could convey overall. Keep in mind the themes of the business school application: innovation, leadership, and teamwork. But also explore other possibilities: a unique passion, a personal mantra, your life’s unique path to this point, future aspirations, and/or how you will contribute to the Stern Community. Additionally, consider a cohesive theme that could bind your images together. To choose your theme, consider your interests and passions, and how you could incorporate them into your image selections. If you are an artist, you may want to select images of your own work, while a movie buff may choose to incorporate screenshots of famous scenes, to represent their strengths and future goals. If you’re an analytical type, don’t let this exercise overwhelm you. Your images don’t have to be pictures, but can also be graphs, maps, or word clouds. Try to find a mix that feels true to you, while ensuring that each image gives the admissions committee insight into your personality.

Tactics:  Do not let the captions become an afterthought. While it is easy to get attached to an image, remember that the words and images must work together to tell your story.

From the Admissions Committee: https://poetsandquants.com/2017/06/12/nyu-stern-unveils-big-changes-mba-app/2/

Your story set apart.