GMAT AND GRE
Applicants must also complete the Graduate Management Admission Test (GMAT) or the Graduate Record
Examinations (GRE). For most areas of study, applicants may take either the GMAT or GRE. Exceptions are:
• For Economics—GRE is required
• For Finance—GRE is preferred; GMAT is acceptable
• For the Joint Program in Financial Economics—GRE is required
Applicants must indicate the correct institution codes when taking the tests to have scores sent directly to the
Chicago Booth PhD Program. For the GMAT, the PhD Program institution code is H9X-9F-05. For the GRE, the
PhD Program code is 1501. It is the applicant’s responsibility to ensure that test scores are submitted to Chicago
Booth’s doctoral program before January 1. To meet the application deadline, we recommend applicants
take the required tests by September. GMAT and GRE Scores are valid for five years; older scores will not be
considered. Prior coursework or degrees at the graduate level (e.g., MBA or master’s degrees) do not exempt
you from submitting either the GRE or GMAT as part of your application.
For more details on the admissions policy at Chicago Booth, as well as information on how to apply to the joint
PhD programs, please visit
FLUENCY IN ENGLISH
The Test of English as a Foreign Language (TOEFL) or the International English Language Testing System (IELTS)
is required of international applicants whose native language is not English. For details on TOEFL/IELTS score
requirements and our waiver policy, please visit the International Applicants page on our website.
All students who are admitted to the PhD Program are automatically considered for financial assistance consisting
of a tuition grant for five years of full-time study, stipend support, and health insurance. Financial assistance
is granted on the basis of the student’s potential for scholarship and creative research and is conditional on
satisfactory progress in the program.