Celebrating 125 Years of Community, Collaboration, and Diverse Perspectives

The School Is Renamed the College of Commerce and Administration
The newly established College of Commerce and Politics had no separate faculty, administration, or curriculum of its own, but it was issued a budget of $5,800 to operate. That changed in 1902. On March 15, a university senate committee laid the groundwork for establishing the new division of the university, and the faculty of the new College of Commerce and Administration held their first meeting on April 26, 1902.

School’s Name Changes, and It Receives an Unexpected Gift
In 1916, the college was renamed the School of Commerce and Administration, a name it kept until 1932. The year 1916 also brought significant and unexpected financial support to the school. Hobart W. Williams, a philanthropist who had no ties to the university but believed in the importance of business education, gave the university property at Wabash and Monroe in Chicago for the purposes of “instruction in commercial or business studies.” The gift was worth $2 million at the time.

The Journal of Business Is Launched
The first scholarly journal to focus on business-related topics, the Journal of Business of the University of Chicago played a key role in positioning business as a serious academic discipline. Early issues published research on everything from collegiate business education and Canadian labor law to the personal automobile “as an instrument of injury and death.” Published quarterly, the journal was available at an annual subscription price of $4. (Canadian subscribers paid an additional 15 cents in postage.) The journal ceased publication in 2006 after nearly 80 years of breaking new ground on wide-ranging topics such as stock market manipulations, corporate payouts, and debt maturity.

The First Woman to Earn a PhD in Business Does So Here
Ursula Batchelder Stone, PhD ’29, made history when she became the first woman to earn a PhD in business from an American university. A Bryn Mawr graduate, Stone focused her research on consumer economics and wrote her dissertation on the baking industry “with special reference to the bread-making industry in Chicago.” After graduating, she cofounded a consulting firm, fought for women’s rights, helped revitalize Hyde Park, and taught at George Williams College. Today, with this history in mind, Booth remains at the forefront of advancing women in business.

The World’s First Executive MBA Program Begins Here
The world’s first executive MBA program began at the University of Chicago in 1943, with a group of 52 students meeting two nights a week at 19 South Michigan Avenue. The program was “an immediate success story,” according to professor Walter David “Bud” Fackler, who would later become director of the program. “There was an important market niche to be served,” Fackler added, “and there was a good product presented by a small but excellent faculty.” Today, we bring The Chicago Approach to more than 240 Executive MBA Program students in Chicago, London, and Hong Kong.

The Inaugural Management Conference Takes Place
In 1948, Booth alumni from the Executive MBA Program came together and created the Executive Program Club. The club built on the strong bonds within cohorts and stimulated ongoing learning through enduring events, such as the Business Forecast Luncheon (now Economic Outlook). Then, in 1952, the club organized the first Management Conference in order to share new thinking, perspectives, and trends in business with alumni. Today, Management Conference takes place each year in the spring and features alumni, faculty members, and thought leaders in business.

Business Forecast—Today Known as Economic Outlook—Is Created
Booth is renowned for faculty whose insights and analyses reshape the face of business, markets, and the global economy. The strength of our global business school’s unique perspective is reflected in one of the school’s most venerable traditions, Economic Outlook, which was established in 1954 as Business Forecast. Each year, faculty members and other thought leaders, including Booth alumni, come together to evaluate emerging trends and share key insights with attendees about the state and future of the global economy. Today, events are held in Chicago, London, and Hong Kong each year.

The Center for Research in Security Prices Launches
In 1960, professor James H. Lorie, PhD ’47, led the establishment of the Center for Research in Security Prices (CRSP), a complete and accurate stock database to support financial and economic research. Lorie helped collect and research the accuracy of each piece of stock data, including prices, dividends, and rates of return on all stocks listed and trading on the New York Stock Exchange since 1929. The project allowed the average rate of return to be measured for the first time. Today, nearly 500 academic institutions in 35 countries rely on CRSP data to support academic research and classroom instruction, and it is a wholly owned subsidiary of the University of Chicago. CRSP retains a strong affiliation with both the University of Chicago and Booth.

The National Black MBA Association Is Established
In an effort to build community and promote inclusion at a time when most business schools lacked diversity, a group of Black students at Booth put together a two-day conference of their peers from nearly 30 MBA programs across the country. “All of a sudden, we weren’t isolated,” said Alexander Gabbin, ’70, one of the founders, in a 2020 interview. “We explored what we could do, and what we should do, to promote Black inclusion in business.” The group was incorporated in 1972 and grew into the National Black MBA Association, the leading business organization for Black professionals in the United States.

George P. Shultz Is Appointed the 60th US Secretary of State
Shultz, who joined the Booth faculty in 1957 and was dean from 1962 to 1969, served on president Dwight D. Eisenhower’s Council of Economic Advisers and held three cabinet-level posts in the Nixon administration. As secretary of state, he played a key role in the Reagan administration’s efforts to promote peace between Israel and its neighbors and resolve the Cold War. In January 1989, Shultz was awarded the Presidential Medal of Freedom, the nation’s highest civilian honor.

Booth Pioneers Experiential Leadership Education
In 1989, a group of enterprising students with an appetite for experimentation created LEAD, one of the first experiential leadership development programs at a major business school. Today, LEAD is central to the Booth experience in our Full-Time, Part-Time, and Executive MBA Programs. The program allows students to forge lifelong friendships and gain the tools that they need to enhance their self-awareness and interpersonal effectiveness.

Booth Expands Its Academic Offerings to Europe
Today, the Robert Rothman, ’77, London Campus in the heart of London’s business district serves as a hub to build on Booth’s commitment to facilitate world-class business education, leadership insights, and partnerships in London and throughout Europe, the Middle East, and Africa. But our official presence in the region can be traced to 1993 when, in June of that year, Booth and Argentaria, a banking and financial services company in Spain, announced the launch of the International Executive MBA Program, which was based in Barcelona. One year later, the first cohort of international Executive MBA Program students began classes at the new campus in Barcelona. The school relocated to London in 2005.

The Downtown Chicago Campus Opens
Nearly 100 years ago, the site of what is today called Gleacher Center looked entirely different. It was a warehouse that served as a storage facility for Hibbard, Spencer, Bartlett, and Co. At the time, the 14-story, 900,000-square-foot structure was the country’s largest warehouse that stored hardware only. That building is gone, replaced by a state-of-the-art facility that houses our Evening MBA and Weekend MBA Programs, as well as Executive Education offerings, administrative offices, and events. The building opened in 1994. Two years later, a generous gift from Eric Gleacher, ’67, led to the facility being renamed Gleacher Center.

School Launches Capital Ideas—Precursor to Chicago Booth Review
Chicago Booth Review traces its origins back to the 1960s, when the Graduate School of Business began publishing Selected Papers, written by faculty members for a general audience. Then, in 1997, the school launched Capital Ideas, a separate newsletter that featured articles about faculty research. After evolving into a business magazine of the same name, it rebranded as Chicago Booth Review in 2016. Today, Chicago Booth Review shares research-driven insights on business, policy, and markets with a global audience via its print magazine and its website, where it regularly publishes new articles, videos, and data visualizations.

The Business Accelerator Program Begins
The Polsky Center for Entrepreneurship and Innovation at the University of Chicago began serving the Booth community in 1998. Now serving the entire UChicago entrepreneurship ecosystem, the Polsky Center provides a wide array of resources around innovation, and it supports the commercialization of groundbreaking research at UChicago. Its top-ranked business accelerator program, the New Venture Challenge, has supported more than 330 startups, which have achieved more than $7.5 billion in mergers and exits.

Booth Expands into Southeast Asia
When Booth established a presence in Singapore in 2000, it became the world’s first business school with permanent campuses on three continents: North America, Europe, and Asia. Our campus was located in the historic House of Tan Yeok Nee. Renovations began in 1999 to restore and modernize the then 115-year-old mansion. Jack Wadsworth, ’63, then chairman of Morgan Stanley Dean Witter Asia Limited and chairman of the W.L.S. Spencer Foundation, and his wife, Bette Sue Pendery-Wadsworth, helped defray the cost. The school moved its Executive MBA Program from Singapore to Hong Kong in 2014, and the lease on the House of Tan Yeok Nee expired in 2015.

Worldwide Booth Night (Now Global Booth Day) Begins
Each year, Chicago Booth alumni and students gather on the same day at in-person and virtual events around the world to celebrate their common connection and show their Booth pride. Launched by a pair of Booth students in 2001, Worldwide Booth Night—now Global Booth Day—brings together Boothies in cities across the globe for faculty talks, happy hours, art tours, and more.

The Charles M. Harper Center in Chicago Opens
Booth’s global headquarters is a one-of-a-kind building that offers an unmatched level of amenities and resources. Designed by world-renowned architect Rafael Vinõly, Harper Center is located in Chicago’s Hyde Park neighborhood in the heart of the University of Chicago campus. The design of the 415,000-square-foot building is inspired by Frank Lloyd Wright’s famed Robie House and the university’s iconic Rockefeller Chapel, each across the street from Harper Center. The soaring atrium in the middle of the building is a favorite gathering space, and the building is home to an outstanding contemporary art collection with works by more than 120 artists.

Booth Opens First Campus in London
Booth expanded its global footprint to Europe in 1993 by launching the Executive MBA Program in Barcelona, but it wasn’t until 2005 that the European program relocated to London. “The GSB belongs in Europe’s business center,” said Edward Snyder, AM ’78, PhD ’84 (Economics), who was dean of the school at the time. “London is home to 86 corporate headquarters, and it’s no accident that business leaders rank London as the top European city in which to conduct business.” The state-of-the-art campus was located at Woolgate Exchange in the heart of the city’s financial district, making Booth the first American business school with a permanent campus in the City of London.

The Business School Receives an Unprecedented Gift from David Booth, ’71. The School Is Renamed.
When David Booth gave a gift valued at $300 million to the business school in 2008, it was the largest gift in the history of the University of Chicago. It was also the largest gift ever given to any business school in the world. An extraordinary expression of support, the gift has been transformative in building and sustaining Chicago Booth’s position as the leading academic business school in the nation. At the time of the gift announcement, Booth said it was a gesture of gratitude for what the school had given him. In recognition of Booth’s historic gift, the school was renamed the University of Chicago Booth School of Business.

The School Creates Booth Women Connect
Booth Women Connect began in 2010 as an initiative to build a collaborative network and attract more women applicants to Booth. It has evolved into a suite of programming that includes an annual conference that brings together sought-after expert speakers with hundreds of alumnae, students, and Chicago business leaders for a day of collaboration, learning, and growth. Speakers at the conference have included world-renowned Booth professors and thought leaders including journalist Ann Curry, Ellevest cofounder Sallie Krawcheck, and cognitive scientist Sian L. Beilock.

Booth Becomes a Hub for Social Sector Innovation
The Rustandy Center for Social Sector Innovation—launched by Booth in 2012 as the Social Enterprise Initiative—is a destination for those committed to helping solve complex social and environmental problems. The Rustandy Center leads the charge to build a better world through launching new social impact ventures, funding faculty research, and expanding opportunities at Booth’s Asia campus.

Reconnect Begins
In May 2013, Booth combined class reunions, Alumni Celebration, and Management Conference into a single, weekend-long program of activities. Designed to foster alumni connections and learning, the inaugural Reconnect featured a thought-provoking debate on the future of central bank policies along with a variety of opportunities to meet new people and come together with old friends. Today, Reconnect brings alumni from all over the world to Chicago each spring.

The Asia Campus Relocates from Singapore to Hong Kong
After 13 years in Singapore, Booth moved its Executive MBA Program Asia to Hong Kong in an effort to expand and strengthen the school’s presence across the region. “Thanks to the success of our Asia program, Chicago Booth has built great momentum in Southeast Asia and developed a strong alumni base in the region,” said Sunil Kumar, who was the school’s dean at the time. “Expanding into Hong Kong allows us to have impact on future leaders in business and build new corporate relationships in North Asia as well, complementing our activities.” The government allocated land for the new Booth campus in historic Mount Davis, but for the first several years classes were held in a temporary location.

Booth Launches the Civic Scholars Program
Supported in part by the Neubauer Family Foundation, the Civic Scholars Program offers scholarships to Booth MBA students who work in the government or nonprofit sectors. The program, which seeks to bring broader perspectives to the classroom and community, was initially designed for students seeking to enroll in the Weekend MBA Program. Today, the expanding program also supports students in the Full-Time MBA and Evening MBA Programs.

The New Hong Kong Campus Opens
In 2018, Booth moved its Asia programs to The Hong Kong Jockey Club University of Chicago Academic Complex | The University of Chicago Francis and Rose Yuen Campus in Hong Kong. Built on a historically important site at Mount Davis, the stunning campus combines modern functionality with a deep respect for the site’s heritage. The Hong Kong campus provides a home for the Executive MBA Program Asia, and for Executive Education non-degree courses for local professionals. It also houses The Hong Kong Jockey Club Programme on Social Innovation, which is operated by Chicago Booth with support from the Rustandy Center for Social Sector Innovation, as well as programming efforts operated by the Polsky Center for Entrepreneurship and Innovation.

Booth Creates D&I Dialogues
Amid a national reckoning around issues of race and equity, Booth introduced D&I Dialogues, a series of events that bring Booth alumni together for conversations about diversity in work and in life. Featuring speakers from a variety of backgrounds, the series explores issues ranging from social justice and unconscious bias to the business case for diversity.

The New London Campus Opens
The Robert Rothman, ’77, London Campus serves as a hub for innovative thinkers from across Europe, the Middle East, and Africa to forge new connections and take on the world’s most complex problems. In the heart of the city’s financial district, the modern new building sits on the doorstep of the historic Smithfield Market. Featuring expanded space for interactive courses and events, this state-of-the-art building houses our Executive MBA Program Europe and Executive Education classes. It also houses our London Conference Centre, which offers an array of exceptional facilities for corporate conferences and events.

Booth Launches Its Diversity and Inclusion Action Plan
The Diversity and Inclusion Action Plan seeks to evaluate and strengthen school-wide efforts to address racism and create positive change through a series of steps in a broad range of areas, including student admissions, curriculum, faculty and staff, communications, employer relations, and engagement. The plan continues to guide the school’s efforts today. “While there is much work to be done, we are so proud of the incredible commitment and passion exhibited by our community to improve the school’s D&I efforts in meaningful ways,” said Madhav V. Rajan, dean and the George Pratt Shultz Professor of Accounting, in 2021.

Booth Partners with the University and Creates the University of Chicago Obama Foundation Scholars Program
Designed for promising civic leaders from around the world, the University of Chicago Obama Foundation Scholars Program empowers students with the education, skills, relationships, and perspectives needed to address societal challenges facing communities across the globe. The one-year co-curricular program is open to graduate students at Booth, the Harris School of Public Policy, and the Crown Family School of Social Work, Policy, and Practice. “The University of Chicago has always meant a lot to Michelle and me, and we are excited to work with them to help lift up a new generation of leaders,” said former president Barack Obama in announcing the partnership. “Our hope is to inspire our Scholars to take the lessons they learn here back to their own communities and keep making a difference.”

Our Global Presence Today Is as Strong as It's Ever Been
With thriving campuses in North America, Asia, and Europe, Chicago Booth takes a truly global approach to business education and leadership. We bring The Chicago Approach to a global audience of accomplished students and executives who represent nearly 50 nationalities. Our faculty’s research has a worldwide impact on policy, business, and society, and our vibrant, 57,000-strong alumni community extends to more than 120 countries. Our new facilities in Asia and Europe are helping position our school, faculty, alumni, and students to succeed in a global economy, and to have even greater impact in all regions of the world.