The roots of the University of Chicago Booth School of Business trace back to the late 1800s, making it the second-oldest business school in the U.S. after Wharton. The school’s rich history includes nine faculty members or alumni awarded the Nobel Prize in economics since 1982. Graduates typically have their pick of the litter on job placements after securing a Booth M.B.A.
Add one more accolade: For the first time, Chicago Booth tops Forbes’ 11th biennial look at the best American business schools. The ranking is not based on any reputational surveys but instead focuses solely on the return on investment for graduates. Booth grads from the Class of 2014 entered school with a median compensation of $83,000 and banked $245,000 last year for a “five-year M.B.A. gain” of $94,400 after tuition and fees.
Freddy Elorza arrived at Booth in 2012 after four years as a high school math and engineering teacher in Miami. His two years in Chicago proved valuable in and out of the classroom. “As a career switcher (education to consulting), the education I received at Booth has paid dividends over and over,” says Elorza. “The school does not focus on preparing for a specific career. Instead, the focus is on the skills you need as a business leader. I didn’t realize how powerful that was.”