PhD Frequently Asked Questions
Do you have questions about the PhD Program at Chicago Booth? See our frequently asked questions below for answers to some of the questions we hear most often.
No. The program is full time and takes about five years to complete:
- First Year: Students take a full schedule of courses (9–12 courses) and work on a research project during the Summer Quarter.
- Second Year: Students take a full schedule of courses (9–12 courses), work on a research project during the Summer Quarter, namely the curriculum paper, and must register for and attend the weekly workshop in their dissertation area all three quarters.
- Third Year: Students take only a partial schedule of courses (if needed) and begin their dissertation proposal in the Spring and Summer Quarters, and must register for and attend the weekly workshop in their dissertation area all three quarters.
- Fourth Year: Students take courses (if needed) and make substantial progress on their dissertation proposal. Often they propose their dissertation.
- Fifth Year: Students devote their full time to writing a dissertation and proposal (if they haven't already) and defending their dissertation.
Yes. If you take all the required courses for the MBA, you may receive the degree after you successfully propose your dissertation.
Students are generally awarded a fellowship that includes tuition, student-only premiums for the university’s student health insurance plan, and a stipend. Visit the Financial Aid page for additional information.
No. Prior coursework at the graduate level will not reduce your time to degree. There is very little overlap between MBA and PhD level coursework (even if your MBA was earned from Chicago Booth).
Approximately 20–25 new PhD students matriculate each fall, selected from around 800 applicants. All applications are reviewed at the same time and in comparison with each other following the submission deadline of December 15. The application reviewers base their decisions on all the information in an applicant’s file including the essay, academic background and performance, research interest and potential, prior exposure to academic research, the strength of the recommendations, and scores on the GMAT or the GRE. The review process takes place between December 15 and February 28, with admissions decisions sent out by email in early March.
Yes. Depending on the intended dissertation area, applicants for the PhD Program MUST take either the GMAT or the GRE.
- For Economics, the GRE is required.
- For Finance, the GRE is preferred; the GMAT is acceptable.
- For the Joint Program in Business and Psychology, the GRE is preferred; the GMAT is acceptable.
- For the Joint Program in Financial Economics, the GRE is required.
- For all other areas, the GRE or the GMAT are accepted.
There is no minimum cutoff score for the GRE/GMAT in order for your file to be reviewed.
If I already have an MBA or other advanced degree, do I still have to submit GRE or GMAT scores to apply?
Yes. Prior coursework or degrees at the graduate level do not exempt you from submitting either a valid GRE or GMAT score.
Your scores will be considered expired if the test was taken more than five years prior to the application deadline. If you took the test before December 15, 2015, you must retake the test for us to consider your application for Fall 2021 admission. The PhD Program Office retains received test scores for two years.
What is the latest date to take the GRE or the GMAT to get the official scores to your office on time?
Test scores must reach our office by the application deadline, December 15. Therefore, applicants should consider taking the test by September, since the results of later tests may not be available until after our admissions deadline.
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 TOEFL/IELTS waiver policies, please see the International Applicants page.
TOEFL/IELTS scores are valid for two years. Your score will be considered expired if the test was taken more than two years prior to the December 15 deadline.
We require all applicants to submit a minimum of two letters of recommendation (preferably from academic sources) as part of their application, although we will accept up to four.
Yes. You must submit both original (native) language records and official English translations. All translations must be literal and complete versions of the original records, and must be prepared or verified by your institution or someone whose position requires knowledge of both English and the original language (e.g., a certified translator).
Unofficial transcripts and facsimiles of transcripts are not acceptable. If your institution’s teaching medium is English, you should submit the transcript with an official letter from your institution stating that they provide transcripts only in the English language.
Our application fee is $80, is nonrefundable, and must be paid online by credit card.
The fee is required of all applicants, except for students currently registered in a degree program at the University of Chicago. Under no circumstances will an application fee be refunded, nor can the fee be waived or deferred. Applications received without a fee will not be considered for admission.
No. Because of the large number of applications we receive, we are unable to notify students when we receive applications and if they are incomplete. Chicago Booth uses a "self-managed application" for the PhD Program. Once you have submitted your online application, you will be able to check the status of your application and supplementary materials by logging back into the online application system and clicking "Open Application." From this screen, you will be able to determine the status of your application (submitted, received, etc.) and which, if any, of your supplementary materials have not been received.
Applicants from the previous year should complete a new application online for 2021 (available by September 1, 2020). The deadline will be December 15, 2020. Reapplicants should also contact the PhD Office to indicate that they are reapplying. Reapplicants must complete the following sections of the application:
- Program information
- Personal information
- Test scores - GMAT/GRE taken within five years of application deadline; TOEFL/IELTS taken within two years of application deadline (send any updated test scores)
- Academic background (upload previous and updated transcripts)
- Work experience/resume (updated since last application)
- Updated letters of recommendation (optional, but recommended)
- Updated essays (optional, but strongly recommended)
We can use the test scores from your previous application (as long as the test scores are still valid). We recommend that you get new letters of recommendation and write a new essay, but that is optional. Reapplicants are required to pay the $80 application fee.