Tag Archives: Chicago Booth School of Business

Chicago Booth Receives $20M Gift for Social Sector Innovation

The University of Chicago Booth School of Business has received a $20 million gift from Tandean Rustandy to support expanded research and programming in social innovation and entrepreneurship at the newly named Rustandy Center for Social Sector …

Major gift to Chicago BoothThe University of Chicago Booth School of Business has received a $20 million gift from Tandean Rustandy to support expanded research and programming in social innovation and entrepreneurship at the newly named Rustandy Center for Social Sector Innovation.

Rustandy’s gift comes as the center is developing an increasingly ambitious approach to research that informs best practices in organizations geared toward social impact. It will build upon successful programs such as the John Edwardson, ’72, Social New Venture Challenge, training programs for nonprofit board members, and research that advances social innovation and entrepreneurship.

The Rustandy Center will advance social innovation in five areas:

  • Research on social sector institutions
  • Training and networks for nonprofit board members
  • Development of innovative and experiential curriculum
  • Resources for students and alumni interested in social impact careers
  • Programs related to social entrepreneurship and social venture funding

For Rustandy, the gift offers another opportunity to use his business success to make a positive impact. After completing his undergraduate degree in the U.S. in 1987, Rustandy returned to his native Indonesia and worked in the timber industry. But he left the position after just three years, finding the company’s vision and mission didn’t align with his ideals.

“I don’t believe in companies that just exist to make a profit. A company should also serve and guide people,” says Rustandy, who is a member of the Chicago Booth Council and Booth Global Advisory Board Asia cabinet.

Rustandy is the founder of Jakarta, Indonesia-based PT Arwana Citramulia Tbk, one of the best-performing ceramic tile manufacturing companies in world. His belief in a socially beneficial approach to business was the driving force behind Rustandy’s decision to support the University of Chicago and help advance the future of Chicago Booth’s social impact research and programs.

Serving as a hub at the Booth School of Business for students, alumni, and faculty tackling complex social and environmental problems, the new center builds on the school’s grounding in business fundamentals, experiential learning and research-based insights.

“The Rustandy Center will provide a rigorous setting for students, faculty and colleagues to confront pressing challenges through social enterprise and innovation. The generosity of Tandean Rustandy will help to expand research, training and support in this emerging area for years to come,” President Robert J. Zimmer says.

The center will also work with nonprofit, for-profit and government organizations, serving as a resource for the University community as well as nonprofit leaders, social entrepreneurs and others committed to social impact. The center, previously known as Chicago Booth’s Social Enterprise Initiative, has been renamed in recognition of Rustandy’s generosity and its expanded mission.

“As one of the most successful alumni of our Executive MBA Program in Asia, Tandean was able to apply his Booth MBA education to expanding his already successful business. This most generous commitment from Tandean will secure the future of Booth’s social enterprise activities,” says Doug Skinner, Chicago Booth interim dean and Eric J. Gleacher Distinguished Service Professor of Accounting.

“Our students and alumni are becoming increasingly interested in using their business training to solve social problems, and the Rustandy Center will serve as the venue for all of our efforts in this area.”

Because many organizations focused on solving social and environmental problems lack the necessary resources to address these issues, the Rustandy Center will assist nonprofits to recruit and train effective board members; help students and alumni pursue meaningful careers in the social sector; and share lessons from research and experts.

“I’ve been blessed by God so what I have I need to give back – and I want to give to an institution that can create so much – not just for the U.S. but for all the world. That is why I want to give this gift to the University of Chicago and to Booth,” Rustandy says.

Photo by Heidi Zeiger, courtesy of University of Chicago Booth School of Business

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Planning for Your MBA Expenses

Business school is an expensive investment, and it’s never too early to start figuring out how to pay for it, even if you are not thinking of applying until a year or two from now. Fortunately, …

Paying for your mba

Business school is an expensive investment, and it’s never too early to start figuring out how to pay for it, even if you are not thinking of applying until a year or two from now. Fortunately, schools want to work with students to find a solution to financing school through a combination of loans and scholarships.

The MBA admissions blog at the Chicago Booth School of Business recently posted a great article with tips from the Financial Aid Office that will help orient potential b-school applicants no matter where they ultimately plan to apply. The first step is knowing what expenses to expect.

Begin by checking out the tuition rate at your target schools online, and take note also of the typical cost of attendance on top of tuition, which includes housing, textbooks, health insurance, living expenses, etc. that all students need to pay for.

While the school’s published cost of attendance is a clear starting point that factors in tuition as well as cost of living estimates, you may need to cover additional costs before, during and after your program.

To address the before costs, you’ll want to assess your personal financial situation carefully to see what your cost of attendance really entails. For example, it might cost you money to relocate to a new city or commute to campus.

You also might still have recurring bills that can’t be changed, such as an installment loan on a large purchase. Even updating your business wardrobe to prepare for interview season can amount to several hundred dollars if you’re not planning carefully.

Prior to even starting their MBA, many students create a savings goal for how much money they want to set aside by the time school begins. The rationale being that every extra dollar you save now is one you won’t have to borrow.

“Your MBA costs, however, won’t be limited to tuition and the necessities mentioned above,” the article notes, since “Many programs also offer endless travel opportunities – academic, career-related, and purely social.”

In fact, the travel and networking experiences that MBA students have at their fingertips is just one of the many amazing benefits of business school. Whether the motive is a tech trek to Silicon Valley, an finance industry conference in New York, or a trip bonding with peers in Belize, these adventures can make quite a dent in a student’s wallet.

And don’t forget that “You will also likely get involved with several student groups, which generally have fees to join,” the Financial Aid Office adds.

While it can be daunting to pay hundreds of thousands of dollars to earn an MBA, most business school graduates experience a substantial salary increase. The vast majority report having greater job satisfaction and the ability to advance quickly and, therefore, earn more in shorter time.

“Your lifestyle during your time as an MBA student can vary wildly based on your choices and, ultimately, you can control how far your money will take you,” the Booth financial aid team notes. “Be mindful in choosing the right balance for you and plan to be strategic with your spending. “

The article concludes with advice on other funding options for MBA hopefuls, so click over for more information that’s Booth-specific.

If you have any financing questions at all, you should contact your prospective school’s financial aid office. You can also get advice through admissions events. Financial aid officers are an amazing resource; they’ve seen it all before, and they want to ensure qualified candidates can pay for a degree.

Starting early – about three months before applying – is also really helpful if you’re pursuing scholarships, fellowships or grants. Since scholarships are free money, competition can be fierce, and you’ll benefit from having the extra time to create strong scholarship applications and from knowing the key deadlines so that opportunities don’t pass you by.

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TransparentCareer Releases MBA Startup Recruiting Guide

If you haven’t heard of it already, it’s time to become acquainted with TransparentCareer, the career management platform and brainchild of Chicago Booth School of Business MBAs Mitch Kirby and Kevin Marvinac. Frustrated by the lack of …

startup salaries

If you haven’t heard of it already, it’s time to become acquainted with TransparentCareer, the career management platform and brainchild of Chicago Booth School of Business MBAs Mitch Kirby and Kevin Marvinac.

Frustrated by the lack of relevant compensation and satisfaction data available to MBA students, they created their company in 2015 to provide both industry and company-specific info on effective hourly wage across a multitude of post-MBA roles, and took the idea through Chicago Booth’s New Venture Challenge (NVC), a top-ranked accelerator program that has helped to fund over 140 successful businesses.

On the website you’ll find out which are the best tech companies and consulting firms, the top companies ranked by women, and the top ten MBA jobs ranked by salary and satisfaction. You’ll also find data-driven career guides, company rankings, and scoring of the top MBA programs based on employment outcomes.

But that’s not all. “Since we started TransparentCareer last year, we’ve received hundreds of inquires about MBA startup compensation, equity vs. salary tradeoffs, work-life balance, and recruiting strategies,” says Marvinac.

To answer those many inquiries, look no further than their newly released MBA Startup Recruiting 101. Billed as, “Everything you’ve ever wanted to know (and probably more) about recruiting for startups and high-growth companies as an MBA,” the guide uses hard data to paint a picture of what the median opportunity for an MBA looks like.

The guide addresses common questions such as:

  • What kind of startups hire MBAs?
  • Where do MBAs fit within a typical startup?
  • How much can a startup pay me?
  • What are top MBA programs doing about the trend toward startup recruiting?

The founders share that the platform, less than two-years-old, is already used by 40% of all current US-based MBAs. This is definitely a site worth bookmarking, as the intel can greatly help those considering business school figure out just what type of salary bump they can look forward to based on the industry or company they plan to target upon graduating.

You may also be interested in:

Maximize the ROI of Your B-School Decision: Are You Thinking Deep Enough?

 

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US News Announces 2018 Ranking of Best Business Schools

U.S. News & World Report has released the 2018 Best Graduate Schools rankings, designed to help prospective students research programs across six disciplines and evaluate the potential return on their investment. In this year’s full-time MBA rankings, …

U.S. News & World Report has released the 2018 Best Graduate Schools rankings, designed to help prospective students research programs across six disciplines and evaluate the potential return on their investment.

Harvard Business School interview

In this year’s full-time MBA rankings, Harvard Business School and the University of Pennsylvania’s Wharton School have tied for the No. 1 program in the country. The University of Chicago Booth School of Business holds the No. 3 spot, and the Stanford Graduate School of Business drops from last year’s second place to share fourth place with MIT Sloan School of Management and Northwestern’s Kellogg School of Management.

Among part-time MBA programs, the UC Berkeley Haas School of Business once again retains the top spot, followed by Chicago’s Booth School of Business at No. 2. The NYU Stern School of Business and UCLA Anderson School of Management tie at third place.

US News’s Best Business Schools

  • Harvard Business School (#1 tie)
  • Wharton School (#1 tie)
  • Chicago Booth School of Business (#3)
  • Stanford Graduate School of Business (#4 tie)
  • MIT Sloan School of Management (#4 tie)
  • Kellogg School of Management (#4 tie)
  • UC Berkeley Haas School of Business (#7)
  • Tuck School of Business (#8)
  • Columbia Business School (#9 tie)
  • Yale School of Management  (#9 tie)

The six graduate disciplines U.S. News ranks annually are evaluated on factors such as employment rates for graduates, starting salary and standardized test scores of newly enrolled students. Because each graduate program is different, the rankings methodology varies across disciplines.

Different output measures are available for different fields, U.S. News explains, saying that in business, they use starting salaries and the ability of new MBAs to find jobs upon graduation or three months later.

“A graduate degree can lead to professional advancement and a potential salary increase,” says Anita Narayan, managing editor of Education at U.S. News. “Whether you are interested in pursuing a full-time program or taking classes part-time, the grad school rankings and advice offer guidance on finding programs that help you fulfill your personal goals.”

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Meet Madhav Rajan, New Dean of Chicago Booth

The Chicago Booth School of Business announced today that Madhav Rajan, former senior associate dean at Stanford’s Graduate School of Business, has been appointed the next dean, effective July 1, 2017. Rajan served as senior …

Chicago Booth Dean Madhav RajanThe Chicago Booth School of Business announced today that Madhav Rajan, former senior associate dean at Stanford’s Graduate School of Business, has been appointed the next dean, effective July 1, 2017.

Rajan served as senior associate dean for academic affairs at the Stanford GSB from 2010 to 2016. That role included leadership of Stanford’s MBA program, with oversight of admissions, curriculum, the student experience and career management. He launched new joint-degree programs with Stanford’s engineering school and rolled out initiatives for tighter integration with the rest of the university.

“We sought the most outstanding candidate whose values, ambition and abilities fully comport with the distinctiveness of Chicago Booth as one of methodological rigor in its research and education, and through that commitment one of high impact on the world,” President Robert J. Zimmer and Provost Daniel Diermeier wrote in announcing the appointment. “We are confident that Madhav will be an outstanding leader for Chicago Booth in the coming years.”

“The values I have in research and education are deeply valued at Chicago Booth,” Rajan said. “People come here to do rigorous, empirically based research and analysis, which provides the basis for a transformative student experience and an extremely effective MBA curriculum. We have an exciting opportunity to take Booth’s deep strengths and leverage them here and around the world. I am thrilled to have the chance to be dean at what is unquestionably the greatest academic business school.”

Rajan’s primary research interest is the economics-based analysis of management accounting issues, especially as they relate to the choice of internal control and performance systems in firms. He served as editor of The Accounting Review from 2002 to 2008 and is co-author of Cost Accounting: A Managerial Emphasis, the leading cost accounting textbook used around the world.

In 2000, Rajan won the David W. Hauck Award, the highest undergraduate teaching award at the University of Pennsylvania’s Wharton School. This April he will receive the Robert T. Davis Award for lifetime service and achievement, the highest faculty recognition awarded by the Stanford Graduate School of Business.

Rajan completed his bachelor’s degree at the University of Madras, India. He holds a PhD and two master’s degrees from Carnegie Mellon University. Before going to Stanford in 2001, Rajan held faculty positions at the Wharton School. He held a visiting professorship at Chicago Booth in 2007-08.

Rajan succeeds former Dean Sunil Kumar, who was named provost of Johns Hopkins University in July 2016. His appointment follows a national search informed by a Booth faculty committee.

Image courtesy of Stanford Graduate School of Business

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Applying for an MBA as an Early Career Candidate

Is there such a thing as a right time to apply for an MBA? Here at SBC, clients frequently ask if they’re too young to apply to some of the world’s top business schools. While …

advice for early career applicantIs there such a thing as a right time to apply for an MBA? Here at SBC, clients frequently ask if they’re too young to apply to some of the world’s top business schools. While there’s no one-size-fits-all answer, many b-school hopefuls consider pursuing an MBA straight out of undergrad or with scant work experience a no-brainer, as they avoid putting their lives on hold for two years—and forgoing a potentially significant salary to do so.

But what kind of early career candidate has a shot of admission into a top MBA program? Basically, those who are talented, motivated, and exhibit a track record of leadership and initiative. Though they may not have the years of formal work experience under their belts, these younger applicants have gained skills through internships, community service, entrepreneurial ventures or extra-curricular activities.

In a recent piece published on the Booth Insider blog at the University of Chicago Booth School of BusinessMegan Stiphany, Senior Associate Director of Admissions and Program Director of Summer Business Scholars, offers advice to early career candidates on finding those growth opportunities that will set you up for future success.

Professional or academic internships are a great place to begin, since they allow you to try a new career on for size and help lay the foundation for a strong professional network. This can be especially helpful for applicants with a lighter quant background in college.  You’ll build new skills, crystallize your career goals, and become more sure about whether an MBA is the next logical step. As an added bonus, Stiphany says future employers and graduate programs alike appreciate the value of internship experiences.

Programs such as Booth’s Summer Business Scholars Program (SBSP) allow those thinking about pursuing an MBA to test out the b-school experience. “No matter your background, spending three weeks this summer at Booth will give you tangible business skills that you can use right away, and give you a great taste of the business school experience,” she says.

“Recruiters and graduate programs are attracted to candidates who have explored diverse areas of study, and who can join their organization with strong leadership, business, and communication skills in place,” Stiphany adds.

Schools are becoming increasingly open to all ages, and realize that candidates have a lot to contribute in different ways at various life stages. If you can demonstrate maturity, highly focused career goals, leadership skills, and enough life experience to contribute to an incoming class, your age or thin amount of work experience become far less important.

Your job as an MBA applicant therefore is to search internally for what you have to offer.

“There are many roads you can take as part of your career journey,” says Stiphany. “Take the time to explore each option in order to truly evaluate which is right for you – and when!”

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