A Twofer: The New Becker Friedman Institute


The University of Chicago recently announced that their two economic research centers—the Milton Friedman Institute for Research in Economics and the Becker Center on Chicago Price Theory—will be joining forces to create the bigger and better Becker Friedman Institute.

In the past the Becker Center has run programs teaching graduate students about the important place of markets and incentives when it comes to comprehending economic behavior.  Meanwhile, the Milton Friedman Institute has been more of a research center, arranging conferences and bringing in visiting fellows. Now the institute and center will join forces to create a stronger entity, supported by both the University of Chicago Booth School of Business and the Law School.

The new institute’s major priorities will be: facilitating visits by renowned scholars; assisting young faculty and postdoctoral fellows with advanced professional training; and supporting “inquiry on price theory and on the interaction of economics, public policy and the law, historical strengths at Chicago.”

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MBA Admissions News Roundup


  • If you are on a waiting list in Round 3 of the application process then the Chicago Booth School of Business has an update for you.  They are now finishing up the interview process and reexamining their applicants.  On May 18th you will be told whether or not you have been admitted, waitlisted, or denied. If you have already been waitlisted then you will also find out if you have been admitted from the waitlist on the 18th.  Booth will continue to look at the waitlist over the summer, but there is not a high chance positions will open up; however, it is possible.
  • The Wharton School’s Wharton Entrepreneurial programs (WEP) has given out its 2011 Wharton Venture Awards to Support Entrepreneurial Students.  These awards provide $10,000 to Wharton undergraduate juniors and first-year MBA students to work on their business ventures during the summer break.  Four awards have been handed out to the following business ideas:
    • Osus, Inc.: Weight-lifting you can wear. Created by Steven Dong and Corey Lerch.
    • Coursekit: Coursekit lets students follow classes—assignments, lectures, and exams—in one place while keeping in touch with classmates. Created by Dan Getelman.
    • Gamma Basics: GrayCAD is a software application that helps hospitals assess their radiation safety compliance during capital equipment upgrades. Created by Mike Kijewski.
    • Mooblue: Mooblue is a real-time bidding mobile ad exchange. Created by Nimit Maru.
  • Johns Hopkins Carey Business School recently announced that its dean, Yash Gupta, will be leaving to become chief executive officer of a Canadian telecom company.  Gupta was the founding dean of Carey Business School, which is so young that the school has yet to graduate its first MBA class.  However, due to Gupta’s hard work, he is leaving the school with a strong foundation—the charter class of the Global MBA program is made up of 88 students.  The school will soon begin a national search for a new dean.  Executive Vice Dean, Phillip Phan, will serve as interim dean.
  • Georgetown University’s McDonough School of Business recently announced that they have a new dean.  David A. Thomas, a professor and former associate dean at Harvard Business School, will be taking over for George Daly, who is retiring after six years of working at McDonough.  Thomas has been at Harvard since 1990 working as a professor and director of faculty recruitment.  Georgetown President John DeGioia feels that as “a recognized thought leader in the area of strategic human resource management, David brings important academic and organizational leadership to his new role at Georgetown.”

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MBA Admissions News Round Up


  • UCLA’s Anderson School of Management, in honor of its 75th birthday, was awarded a $25 million gift from John E. and Marion Anderson, longtime supporters and namesakes of the Anderson School. The gift is the largest in the school’s history and brings the total gift amount from the Andersons to nearly $42 million. According to an Anderson Alumni Relations email, “This remarkable gift will enable us to chart that future by investing in research that advances management thinking and practice, curriculum initiatives that prepare our students to become global leaders, and student support that attracts the most talented candidates from around the world.”
  • In September 2011 University of Chicago Booth School of Business will begin increasing the scholarship support it gives to U.S. military veterans who are admitted for study on the school’s full-time MBA program. An article in The Financial Times, “Chicago Booth Increases MBA Scholarships to the ex-military,” explains how all veterans who are deemed eligible will receive $10,000 a year in scholarship support for the two-year degree, and the Department of Veterans Affairs will then match this funding with an additional $10,000. Associate dean for student recruitment and admissions, Kurt Ahlm, notes, “We are delighted to offer this additional support to veterans because they bring a unique depth and maturity to the MBA experience, enriching Chicago Booth and their classmates.” 
  • According to the The Wall Street Journal article, “Bringing Creativity into B-schools,” business schools are increasingly looking to the arts for inspiration in their classrooms.  Watching films, painting in class, and reading comic books, are some of the ways that professors encourage students to think creatively. This new direction has led to certain schools offering courses, concentrations and even specialized arts management MBAs for students looking for more artistic job opportunities. An example of such a program exists at the University of Manchester in northern England, where the business school and the School of Arts, Histories and Cultures collaborate on a two-year-old joint master’s degree in arts management. In addition, Cambridge’s Judge School has an MBA where students can concentrate in culture, arts and media management.
  • In the last four years, the number of business schools accepting the GRE General Test for MBA admissions has quadrupled. Educational Testing Service (ETS) announced that more than 500 MBA programs around the world now accept the GRE. Recent additions to the list include: the University of Missouri, Temple University, Case Western Reserve University, and the University of Oklahoma. In fact, the GRE General Test is now being accepted by 52 percent of the U.S. News & World Report top 100 U.S. MBA programs.  International additions include INSEAD, Central European University Business School, and Caucasus University.

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MBA Admissions News Roundup


  • Financial Times ran an interesting article on a social media gaming start-up founded by some Harvard Business School alumni. It details the evolution of the company and states that the founders attribute their success to their experience at HBS. However, they also say that becoming entrepreneurs requires more than just a business degree, mainly the trial and error experience that’s found only outside the classroom.
  • A Chicago Booth press release announced last week the appointment of Kurt Ahlm as associate dean of student recruitment and admissions. “I am delighted to take on these greater responsibilities and continue to help prospective students join our diverse and vibrant community,” said Ahlm.  “In the months ahead we intend to carry the Booth message to an even larger group of M.B.A. hopefuls across the U.S. and worldwide.”
  • Another new appointment was made last week in the world of b-school admissions, but this time across the world in Hyderabad, India, at the Indian School of Business. Adi Godrej will take on his new role as second Charman of the ISB immediately. Dean of the ISB, Ajit Rangnekar, says of Godrej, “Adi has been closely associated with the ISB since its inception. Over the years, he has provided valuable guidance towards making ISB one of the largest management institutions of quality in the world. As the Chairman of the Godrej Group, Adi has a strong reputation as a business leader and is committed to an inclusive India. We welcome Adi as our new Chairman.”

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U.S. News Ranks Best EMBA Programs

U.S. News & World Report just released its annual Execute MBA rankings, which we’ve posted below.

Top 10 Best Executive MBA Programs

1. University of Pennsylvania Wharton

2. Chicago Booth

3. Northwestern Kellogg

4. Duke Fuqua

5. Columbia

6. NYU Stern

6. UCLA Anderson

8. Michigan Ross

9. UC Berkeley Haas

10. UNC Kenan-Flagler

You’ll see that this list varies only slightly from the Poets & Quants best EMBA list that we posted yesterday. You can also compare this list to U.S. News‘ list of best business schools and you’ll find that if a school is regarded as the best for its MBA program, then it likely offers a top EMBA program as well. 

(Please see U.S. News‘ “Business School Rankings Methodology” for details on how these programs were chosen.)

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