MBA on the Lake: Higher Learning in Chicago & Toronto
To have some type of natural source to balance out the cacophony of city life is crucial to a healthy mind. Not every major city is a concrete jungle, completely broken off from its former natural self or its surroundings. It might surprise city slickers the amount of wilderness opportunities that exist just outside their doorstep.
Take Toronto, for instance. Situated on the shoulder of Lake Ontario, Toronto is surrounded by plateaus, deep forest, ravines, and three rivers. While other Canadian cities may beg to differ, Toronto is the financial and cultural capital of the country. It has long been a hub for migration since the days of the Huron and Iroquois and houses the five largest financial institutions in Canada.
As the heart of American transportation and distribution, Chicago’s metropolitan reputation belies its abundance of natural splendors. Located at the toe of Lake Michigan, the Second City plays host to a wide array of green spaces—arboretums, nature centers, conservatories, and botanical gardens—as well as lakeside walking and biking paths.
Both Chicago and Toronto are world centers for higher education and research, yet offer resplendent surroundings to maintain a balanced state of mind. Both offer much more affordable living situations than New York or San Francisco and are highly underrated for their cultural appeal. Whichever you choose, you will find established, reliable education in your pursuit for the proper MBA. Last month, we analyzed the best part-time offerings in both metros, but let’s take a closer look at the full-time MBA options.
Our Favorite Toronto Full-Time MBA Programs
York University – Schulich School of Business
The Schulich School of Business at York University offers 18 MBA specializations. In addition to full-time programs, the school also accommodate working students with part-time programs that offer both day and evening courses. Students are also able to switch between full and part-time status during their tenure to suit their needs. In 2016, 89 percent of students were hired within three months of graduation by 140 companies. Graduates were employed with an average salary of $91,860 USD and an average signing bonus of $12,050.
McMaster University – DeGroote School of Business
DeGroote School of Business at McMaster University offers full-time and part-time options, as well as a three-year paid work term co-op schedule. Full-time applicants are required to have one year of full-time continuous managerial, professional, or technical work experience (this is where the Co-op plan can come in handy—work as you go). The school offers seven specializations and International study. About 94 percent of recent graduates were employed within six months (over the last two years) with an average starting salary of $71,930 USD.
Western University Canada – Ivey Business School
The Western University Canada Ivey Business School is technically located just outside of Toronto, in London, Ontario. The school offers a full-time program that gives students an opportunity to work with over 200 recruiters, with about 66 percent of graduates finding jobs in Canada. In 2017, 91 percent of the graduating class received a job offer by September 1. Average starting salaries were typically around $90,000 USD with an average signing bonus of $15,000. Other compensations averaged at $9,875.
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University of Toronto – Rotman School of Management
Students in the Rotman School of Management full-time MBA program are offered 16 major options and more than 90 electives to allow for a very customizable experience. Between 2016 and 2017, 85 percent of full-time Rotman MBA students were employed within six months of graduation and 80 percent landed jobs just within three months. Average starting salaries were $85,000 USD with an average signing bonus of $13,500.
Ryerson University – Ted Rogers School of Management
MBA applicants at the Ted Rogers School of Management at Ryerson University are given two full-time options: the Global MBA or an MBA in the Management of Technology and Innovation (MBA-MTI). Their Global MBA program strives to help their graduates “understand the global context of various industries and have the knowledge necessary to drive innovation and deliver as capable and confident leaders.” The MBA-MTI helps students “gain the skills needed to manage within companies that are focused on tech and innovation.” Last year, about 80.3 percent of graduates found employment within three months of graduation and earned an average starting salary of $89,250 USD.
Our Favorite Chicago Full-Time MBA Programs
Booth School of Business – University of Chicago
The University of Chicago Booth School of Business offers what the school calls the “world’s most flexible MBA program,” and is regarded by U.S. News & World Report as the third best full-time offering in the U.S. The curriculum consists of 20 classes—nine mandatory and 11 courses tailored to personal interest—plus a Leadership Effectiveness and Development (LEAD) program. As of September 2017, an absurd 97.1 percent of graduates reported having received full-time job offers within three months, with 95.3 percent accepted offers in that time. Average starting salaries were an impressive $125,000 with an average starting bonus of $25,000.
Kellogg School of Management – Northwestern University
The Kellogg School of Management at Northwestern University offers two full-time MBA variations, either to be completed in one or two years. The school’s 2017 employment report, which can be downloaded here, detailed that 94.1 percent of graduates received job offers within three months and 90.8 percent of those grads accepted job offers. The average starting salaries for graduates with three-to-five years of work experience was an unsurprisingly lavish $128,686.
Like the Booth School of Business, when comparing Chicago and Toronto programs, financial gain is clearly an advantage for those who elect to study in the U.S. However, perhaps unsurprisingly, schools like Kellogg come with a steeper tuition cost. Applicants for the One Year full-time program should expect to pay more than $133,000 for the entire program, while those in the Rotman School of Management will have to pay around $75,000 USD.
Kellstadt Graduate School of Business – DePaul University
At the DePaul University Kellstadt Graduate School of Business, students can obtain a full-time MBA with the availability of 100 courses in 20 MBA concentrations and 17 specialized Master degrees. In 2016, within six months 89 percent of surveyed graduates were employed, 14 percent being entrepreneurial, contract or freelance. Average starting salaries were about $82,200.
Liautaud Graduate School of Business – University of Illinois at Chicago
The Liautaud Graduate School of Business at the University of Illinois at Chicago full-time MBA is a 13.5 course program, with six courses designed to deepened functional business knowledge, while the remaining 7.5 are geared towards allowing students to customize their experience towards their personal career interests. They provide twelve concentrations in their MBA program.
Mendoza College of Business – Notre Dame
The Mendoza College of Business at Notre Dame University offers two traditional full-time MBA options, which can be taken in two years, or just one in a more accelerated format. According to employment statistics recently released by the business school, about 88 percent of Two-Year full-time students were given a job offer within three months of graduating, with about 86 percent of those graduates accepting the offers. Like many of the major business schools located in the Chicago metro (although, yes, Notre Dame is technically in Indiana), full-time MBA grads enjoyed a lush base salary upon employment, with an average salary of $105,000 for the Class of 2017. Median signing bonuses also ranked in the higher end of the schools on this list, coming in at around $20,000.
The Mendoza College of Business is one of the many business schools in the U.S. that has seen a dramatic shift in terms of graduates moving into the tech industry. Three industries in particular dominated when it came to employing Mendoza MBA grads: tech, financial services, and consulting. However, a slim majority (24.7 percent) joined the tech industry, enjoying salaries slightly higher than the Mendoza average, coming in at $110,000.
Quinlan School of Business – Loyola University
The Quinlan School of Business offers full-time MBA offering is one of the most affordable high-quality Chicago options out there, with the most recent full-cost of the program coming in at $73,422; comparable to many of the aforementioned Toronto programs. And unlike many of the programs on this list, Quinlan isn’t located in some quaint suburb. Rather, the school is centered right on the historic Magnificent Mile in Chicago, fully integrated into the vibrant city.
This Notre Dame Professor Was Named The World’s Leading Entrepreneur Expert
Notre Dame Mendoza College of Business professor Dean Shepherd was recently recognized as the leading scholar in entrepreneurship research, according to a recent study published in Journal of Small Business Management.
“Contributing Forces in Entrepreneurship Research: A Global Citation Analysis“—co-authored by Chang Xu of Renmin University, Yining Chen of Western Kentucky University, Ann Fung of University of Washington and Kam C. Chan of Western Kentucky University—concluded that Shepherd contributed to entrepreneurship research more than any other academic figure.
The study used a sample of more than 2,000 entrepreneurship articles published in leading journals between 2002 and 2013. Shepherd was identified as both the most prolific author with 54 total articles and the most impactful, as measured by a weighted normalized citation count.
Entrepreneurship is a relatively new field of research, and therefore presents “as a unique opportunity for a wider range of institutions and scholars to collaborate and develop expertise and leadership research,” according to the study.
With that being said, Shepherd has had his work published in top entrepreneurship, general management, strategic management, operations management, and psychology journals and has written or edited more than 20 books.
One of his more recent papers is titled “The Surprising Duality of Jugaad: Low Firm Growth and High Inclusive Growth” and explores entrepreneurship in resource-poor environments. According to a press release, “jugaad” is a Hindi word that means finding a low-cost, intelligent solution to a problem by thinking constructively and differently about innovation and strategy. The paper was published in the Journal of Management Studies.
Shepherd is the Ray and Milann Siegfried Professor of Entrepreneurship at Notre Dame’s Mendoza College of Business. He received his doctorate and MBA from Bond University in Australia.
Read “Contributing Forces in Entrepreneurship Research: A Global Citation Analysis” from the September edition of the Journal of Small Business Management and check out his 2014 Ted Talk “How Do We Learn From Failure?” below.
How Chicago Business Schools are Helping Low-Income Students
Business school doesn’t come cheap, which often means that prospective students who could benefit the most from the lucrative career opportunities that come with an MBA either don’t end up at top tier programs or don’t end up applying at all.
The flip side is that MBA programs now more than ever desperately need more diverse perspectives in their classrooms—yet it seems the same ol’ folks end up in these slots every year. Many in academia are woefully ill equipped to meet the challenges of a more diverse and inclusive business landscape but there are a handful of MBA programs that have begun to catch up and take strides to make business educations more accessible to qualified low-income applicants.
The Chicago metro just so happens to be packed to the gills with high-ranking MBAs that take initiative to help promising candidates. Let’s take a deeper dive into four of our favorite Chicago MBA programs that have historically lent a hand to low-income students.
Northwestern’s Kellogg School of Management
Situated just above the city limits on Chicago’s North Shore (see: John Hughes movies), the Kellogg School of Management is among the nation’s most coveted MBA programs—and among the most generous too. Kellogg offers a variety of different scholarships based on merit or financial need for newly admitted students and rising second-year students, as well as external scholarship resources through the Office of Fellowships for Graduate Students.
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Director of Admissions Melissa Rapp explains that Kellogg understands that funding a business school education can be challenging. “To help students meet this challenge, a variety of merit scholarships are offered, including diversity scholarships, such as James P. Gorter Scholarship which is awarded to under-represented backgrounds in the Two-Year MBA or MMM program, and academic, professional or special interest scholarships, such as the Health Enterprise Management Scholarship which is awarded to an outstanding student interested in pursuing a career in healthcare.”
UIC’s Liautaud Graduate School of Business
UIC Business provides opportunities to empower graduate students with a dynamic, proven, business education, and an immersive city experience that enhances both quality of life and career opportunities. Many UIC Business students have financial need and the school makes a point to acknowledge its dedicated staff of advisors who help every student navigate the financial aid process. Alanna O’Connor, Assistant Dean for Student Recruitment and Sid Balachandran, Program Director, explains:
“As a state institution we strive to maintain costs for students and are committed to providing a world-class business education at a campus nationally recognized for its diversity. We offer our competitive programming at a more affordable value than some of our peer schools. The affordability of our program is an important part of providing a high return on investment. Multiple tuition waivers, scholarships, assistantships—teaching or research—are also are available for students who qualify.”
Notre Dame’s Mendoza College of Business
The Mendoza College of Business walks the walk when it comes to a socially engaged, community-centered vision of business. Part of that mission entails actively courting and supporting stellar applicants who might demonstrate need, particularly women through the Forte fellows program.
“As a sponsor school for the Forte Foundation, Notre Dame is committed to launching women into successful business careers. Forte Fellows are recognized for their academic aptitude, leadership, and future potential,” the school notes. “Forte Fellows are granted special access to the Forte community, including leadership conference access, mentoring and career development opportunities, and network development.”
It also means that students with deep interests in corporate social responsibility might do well to apply to Mendoza. According to Mendoza, it awards more than 65 percent of one-year MBA students merit-based fellowships based on “academic performance, prior work experience, GMAT or GRE scores, leadership potential, letters of recommendation, and each applicant’s personal statement.”
Lake Forest Graduate School of Management
In its commitment to “attract and develop outstanding leaders who change lives,” Lake Forest has a number of MBA-centric fellowships and scholarships:
- The President’s Scholarship supports “proven leaders who have achieved measurable results, demonstrate a high level of self-awareness and adaptability, and are committed to developing their leadership potential.”
- The Emerging Leaders scholarship supports students who “demonstrate exceptional leadership potential and show the ability and desire to deliver meaningful results, think innovatively, and gain a heightened level of self-awareness.”
- The $3,510-7,000 Leadership Scholarship supports students who demonstrate financial need and “strong leadership potential, verbal and written communications skills, intellectual ability, and motivation.”
- The Yomine Scholarship supports students “are employed in a manufacturing position” who demonstrate financial need
- The $3,510 Tuition Assistance Grant supports “candidates who are not eligible to receive tuition assistance from their employer.”
- The Gariano Scholarship supports “women with an undergraduate nursing degree” who demonstrate financial need.
Loyola’s Quinlan School of Business
The Loyola Quinlan School of Business offers two merit-based scholarships to MBA students: the Dean’s Merit Scholarship, which typically covers 1-2 courses, awards “stellar academic performance” and the $1,000-10,000 Graduate Business Student Scholarship, which supports students “who have proven academic success and demonstrated financial need.”
Notre Dame Mendoza College of Business Announces Robert K. Wilmouth Lecture Series
The Mendoza College of Business family lost a beloved member last month after the passing of Robert K. Wilmouth, a longtime Trustee of the University of Notre Dame and past chair of its Investment Committee. Wilmouth died on September 14. Continue reading…
Chicago’s Best 1-Year MBA Programs
Many of the obstacles to earning an MBA can make the process worrisome for even the most eager student. Factors like cost and salary loss as a student can be prohibitive for many potential MBAs. However, one solution may be shortening the amount of time it takes to earn the degree, which can reduce both the overall cost as well as the time without a full-time salary. Through accelerated or One-Year MBA programs, students can get all the benefits of an MBA degree in half the time.
If you are looking to pursue an MBA in the Chicago metro area, one of the country’s top business and cultural hubs, you may want to opt for a one-year MBA program to keep costs low and get to graduation day even faster. Below, we’ve rounded up the best Chicago One-Year MBA programs.
Kellogg School of Management – Northwestern University
The Kellogg School of Management at Northwestern is one of the top business schools in the country, taking the fourth spot in U.S. News‘ “Best Business School” ranking. The one-year accelerated MBA at Kellogg is the fastest path to earning a degree from this top-ranked school. Beginning in June, this rigorous program gives students an opportunity to immerse themselves in the Northwestern community of business professionals, build leadership experience and learn from some of the world’s top teachers. The accelerated MBA at Kellogg is one of the first One-Year MBA programs in the nation, offering students the chance to bypass core courses and choose from over 200 advanced studies courses.
Mendoza College of Business – Notre Dame University
The Mendoza College of Business at Notre Dame University is consistently rated as one of the top schools in the country, ranking 29th in U.S. News and World Report’s ranking of the “Best Business Schools.” Mendoza’s One-Year MBA offers students a strategic business education in just 12 months.
The benefits of a Notre Dame MBA are numerous, with access to a close knit community of business students and access to Notre Dame’s global alumni network including more than 270 alumni clubs. The one-year program includes 46 credit hours with the chance to also participate in an International Immersion experience. The program begins with a 10-week summer intensive, and then allows students to select from a number of possible concentration tracks, such as business analytics, consulting, corporate finance or marketing.
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Liautaud Graduate School of Business – University of Illinois at Chicago
The Liatuaud Graduate School of Business at the University of Illinois at Chicago, which consistently ranks among the top 25 percent of business schools across the country, offers students the option of earning their MBA in as little as one year through their full-time Accelerated Cohort Program. The accelerated program at Liautaud can be completed entirely on campus through daytime classes, focusing on building a strong peer network, and community of business leaders.
The Liatuaud MBA focuses on the foundations of business and management, offering a 54 credit program composed of 26 credits of core courses. The core curriculum is comprised of: corporate finance, financial accounting, marketing, microeconomics, operations management, enterprise strategy, and organizational behavior.
Northern Illinois University College of Business
The Northern Illinois University College of Business offers a One-Year MBA designed for students to enhance their skills in communication and leadership over the course of 12 months. The program focuses particularly on collaboration, encouraging teamwork by having each year’s cohort begin together and take the same courses together throughout the year. Students will also participate in the One-Year MBA Capstone Project—a live case competition that challenges students to develop a business plan for a real company and with a real business situation.
“The decision to choose NIU’s One-Year MBA program was a very simple one,” said Northern Illinois alum Jennifer Rave. “Not only is it one of the most affordable programs in the area, but the lockstep program that allows you to develop life-long relationships with your professors and peers is just as appealing.”
Chicago Business Schools Prepare Students For Future Careers in Nonprofits
According to the Chicago Tribune, Windy City nonprofits reported a surge in spending and staffing in recent years. An annual survey by the CBRE Group, one of the world’s largest real estate companies, showed that 35 percent of Chicago-area nonprofits planned on expanding staff or office space, up from 24 percent reported in 2011. Additionally, 20 percent reportedly planned on increasing advocacy and marketing budgets, outpacing national averages. Continue reading…
