Booth School of Business Ph.D. Program Guide

Question

I am starting the Ph.D. guide series to get you everything about Ph.D. programs at one place. As a matter of accuracy and authenticity, I will use only the school’s official website for any kind of information here. This thread will help members at GMAT Club in getting unified information, instead of juggling multiple websites online.

Table of Content

1. Introduction
2. Ph.D. Concentrations at Booth
3. Joint PhD Programs
4. Program Expectations and Requirements
5. Ph.D. Class Profile
6. How to Apply
7. Admissions Timeline
8. Application Checklist
9. Proof of English proficiency
10. Hardship Requests for Delayed Test Scores
11. Application Fee: Waiver Eligibility Requirements and Instructions
12. US Military Personnel
13. International PhD Applicants
14. Student Visas
15. PhD Financial Aid
16. Cost of Attendance
17. 2025-26 admission Guide Book

Introduction

As a PhD student at Chicago Booth, you will explore and cultivate your research interests from day one, wherever they lead you. In partnership with distinguished faculty at booth, you will develop your ability to conduct groundbreaking research. You’ll graduate with a business PhD and the tools to achieve academic and professional success.

The Booth Ph.D. program is highly competitive and highly rewarding. Approximately  20–25 new PhD students  matriculate each fall from an applicant pool of more than 1,000, and booth graduates are highly sought after at the world's most elite institutions of higher learning, in government, and at leading global businesses.

Ph.D. Concentrations at Booth

Booth has the following seven Ph.D. areas to research in.

1. Accounting
2. Behavioral Science
3. Econometrics and Statistics
4. Economics
5. Finance
6. Management Science and Operations Management
7. Marketing

Joint PhD Programs

Booth has the following three Joint Ph.D. Programs

1. Joint Program in Financial Economics 
Conduct research at the intersection of finance and economics in collaboration with faculty whose insights have shaped both fields.

2. Joint Program in Psychology and Business 
Combine the resources of a world-class PhD business program with the flexibility to follow your research interests wherever they lead.

3. Joint PhD/JD Program 
Leverage the strengths of two powerhouse schools and pursue independent research in business or law.

Program Expectations and Requirements

The Ph.D. Program at Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year.

Ph.D. Class Profile

The following figures reflect the 2025-26 admitted student cohort.

Average GPA:  3.84 
Average GRE Quantitative Score:  168 
Average GMAT Focus Score:  685 
Average Age:  24 
Countries Represented (including the United States):  18 
Percentage with an Advanced Degree:  39%

How to Apply

Admission is highly competitive. About 20-25 outstanding students enter the Ph.D. program each year. In evaluating applications, booth consider a wide range of factors, including your  academic background and performance ,  essays, research interest  and  potential ,  prior exposure to academic research, strength of recommendations, and standardized test scores . You may only apply to one dissertation area per year.

Applications open in the Fall and close on  December 15.

Applicants to the Doctoral Program, regardless of citizenship, must either meet one of Booth's waiver criteria or submit proof of English language proficiency. Non-US residents should also consult the International Applicants page to learn more about eligibility requirements.

Admissions Timeline

Early September:  The application for the academic year will become available.

December:  The application deadline is  December 15.

-After submitting, you can log into your online application to monitor the receipt of your test scores and letters of recommendation. You can also upload updated transcripts via your applicant status page.

-The Doctoral Program will process test scores validation and waiver requests after an application has been submitted.

-The timeline for application review varies by dissertation area, but can begin immediately after the deadline. Your application will be reviewed by the admissions committee of the dissertation area to which you applied.

-It is recommended that all materials (including test scores and recommendations) be submitted on time in order to guarantee they are considered along with the rest of your application.

January through early March:  Applicants will receive invitations to interview and/or offers of admission directly via email. On your application, please enter a contact email that you use regularly.

Dissertation area committees may invite applicants for virtual interviews. The areas that conduct interviews are: Accounting, Behavioral Science, Econometrics & Statistics, Finance, and Management Science/Operations Management.

Because each dissertation area has its own admissions committee and review process, decisions are not released simultaneously for all applicants. Until you receive a decision from the program, you are still under consideration.

Generally speaking, all applicants should have their decisions  by March.

April 15:  Admitted applicants are required to return their responses. Offers not acknowledged by  April 15  may be rescinded.

May:  The Doctoral Program will contact incoming students with information on matriculation, international student visas, and other items of interest.

September:  All admitted students will need to be in residence for the program.

Application Checklist

· Application for admission
· Nonrefundable application fee ($80)
· Transcripts from all institutions attended after high school
· Two letters of recommendation
· Resume/CV
· Statement of Purpose
· Optional writing sample
· Official GMAT or GRE scores
· Proof of English proficiency

Proof of English proficiency

Applicants to the Doctoral Program, regardless of citizenship, must either meet one of the waiver criteria (below) or submit proof of English language proficiency. Only the TOEFL iBT or IELTS Academic tests are accepted as proof of proficiency.

Waiver Criteria

There are two ways to receive a waiver from the proof of proficiency requirement:

Primary Language Waiver:  If English has been a primary language of communication and schooling for you since childhood, you may attest to this on the application. The program cannot assist you in determining if this is the case for you. Falsifying this information, as with any other information on the application, may lead to revocation of an offer of admission.

Education Waiver:  If you were enrolled for at least one full academic year in the last ten years, as a full-time, degree-seeking student at an accredited English-medium post-secondary institution in one of the following countries or territories:

Antigua and Barbuda, Australia, Bahamas, Barbados, Canada, Dominica, Grenada, Guyana, Hong Kong, Ireland, Jamaica, New Zealand, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Singapore, South Africa, Trinidad and Tobago, the United Kingdom, the United States.

Education in English-medium institutions in any countries or territories not listed here does not qualify for the exemption.

Only full-time coursework in a degree program at a college or university in one of these countries or territories qualifies. Remote study, lab or research work, non-degree programs, intensive English language courses, or high school/secondary school do not qualify. The qualifying academic year must be completed – i.e., if you are now in a program and are planning to have completed a year by the time you enroll, it will not meet the requirement.

Acceptable Tests: 
In order to meet the proof of proficiency requirement, students may submit either:

Test of English as a Foreign Language (TOEFL) internet-based test (iBT),  including tests taken online at-home, or in a testing center. The minimum test score requirement for the TOEFL is 100 overall score, no subsection requirements. The school does not currently accept aggregate scores such as the TOEFL MyBest scores.

International English Language Testing System (IELTS) Academic 
The minimum test score requirement for the IELTS is an overall score of at least 7, with sub scores of at least 7 each. The school does not accept any other proficiency tests, exams, equivalent coursework, certificate/certifications, endorsement from faculty, and/or other measurement other than the TOEFL iBT or IELTS Academic. This includes the IELTS  “Indicator”  test and the TOEFL ITP Plus as well as Duolingo.

The school does not currently accept aggregate scores such as the IELTS One Skill Retake.

Validity:

TOEFL or IELTS score reports are  valid for two years ; scores will be considered expired if the test was taken more than two years prior to the application deadline. If you send us a score and it expires prior to the deadline you are applying under, you will need to send a more recent score.

Photocopies or PDFs of TOEFL or IELTS Score Reports will not be considered valid or accepted in lieu of an official score report from the agency. An offer admission cannot be made without an official score report on file.

It is the responsibility of all applicants to ensure that test scores are submitted to the Doctoral Program by  December 15.  While the school accept test scores received after the application deadline, they cannot ensure your application will still be in review by the time they arrive.

Hardship Requests for Delayed Test Scores:  
 
Applicants for whom a recent  natural disaster  or other major,  widespread disruption  has affected their ability to submit required components may submit  a Hardship Request  as described below. Please note all applicants have to submit their application by the deadline regardless of if they've been granted more time to fulfill an individual component.

If the impact of the incident or disruption makes it difficult for you to submit one or more required components such as GRE scores, TOEFL scores, transcripts, etc. by the deadline, please complete your application to the best of your ability and then submit a formal hardship request. If deemed eligible, the school may approve a temporary delay of test scores and allow you to submit your application without one or more required application materials (e.g. GRE or TOEFL scores), although it does not waive the requirement(s).

You will still be required to submit the missing item(s) as soon as circumstances allow. Please note the school cannot extend an offer of admission before all materials (including official test scores) have been submitted.

Application Fee: Waiver Eligibility Requirements and Instructions

Upon submission of an application, applicants will be prompted to pay the  $80 processing fee.  You may be eligible to receive an application fee waiver if you meet at least one of the below requirements. Note that you'll only be able to submit a waiver request and supplementary documentation within the application. You can find more information about the approval and notification process on  FAQ page.

Fee Waiver Categories: 
 Category A:  Current University of Chicago student or University of Chicago alumni from degree programs (includes current non-degree visiting students and past non-degree visiting students). You'll be instructed to upload your transcripts as verification.

Category B:  Current University of Chicago Staff (including full-time research professionals).

Category C:  Current undergraduates receiving need-based financial aid from a U.S. institution:
If you are currently (as of the date of the application deadline for this program, i.e. December 15) enrolled as an undergraduate student at an institution within the United States and are receiving need-based financial aid from your current institution, you may be eligible for an application fee waiver. A copy of the institution’s financial aid letter or a letter from the institution’s financial aid office is required.

Category D:  Individuals experiencing financial hardship:
 Applicants who are experiencing financial hardship and are not eligible for a fee waiver under any of the other categories may be considered for a fee waiver. Applicants requesting an application fee waiver on the basis of financial hardship must upload a brief written statement which explains their financial hardship and how they intend to cover their pre-matriculation expenses (e.g. moving expenses) if admitted.

Application fees are non-refundable.  If you are requesting an application fee waiver, do not pay the application fee while your request is under review. You should only pay the fee if you receive an email from us indicating that your request has been denied. If your request is approved, the school will manually waive the fee once they have determined your eligibility.

Application fee payment will not be refunded if:
You pay the application fee before receiving our fee waiver request decision, and later have your waiver request approved.
You do not complete the fee waiver request form inside the application and pay the fee; then later realize you were eligible for a fee waiver.

Fee Waiver Decision Notification 
The school will not be reaching out to applicants whose request for a fee waiver has been approved. You will only be notified via email if your request has been denied. The school does not make any determinations before your application to the Doctoral Program has been submitted, so please make sure to do so by the application deadline.

US Military Personnel

Admitted students who are called to active duty prior to matriculation will be granted a  deferral of admission  and Chicago Booth financial aid to the following year. Deferrals will be reviewed/extended on an annual basis.

The Ph.D. Program at Chicago Booth accepts up to three courses in transfer credit from other approved institutions. These credits can only be used toward the coordinated sequence requirement. The Ph.D. Program does not grant credit for experiential learning or online courses.

International PhD Applicants

The Doctoral Program welcomes applicants from across the world. In global community at Booth, you’ll collaborate with world-class researchers and build lifelong connections.

An international applicant is anyone who is not a US citizen or permanent resident of the United States at the time of application to the Chicago Booth School of Business. Here’s what you need to know about the requirements for international applicants seeking admission into the Doctoral Program.

Academic Requirements 
To be considered for admission, you must have the equivalent of a bachelor’s degree from an accredited university (or expect to receive one by the time you enter the program).

Chicago Booth reserves the right to review the academic records of all international applicants to determine whether their academic credentials from a non-US institution are comparable to a US bachelor’s degree.

Applicants holding only professional diplomas or higher certificates or members of professional associations such as the Institute of Chartered Accountants are not qualified to apply for admission unless they also hold recognized university degrees.

Academic Records 
You must submit academic records (transcripts or mark sheets) with grading scales for each year of college or university education completed or in progress, as well as copies of degrees awarded. Records must provide information on the content and quality of your performance, courses taken each year, and grades received. Class rank should be noted whenever possible.

You must submit  both original 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 someone whose position requires a knowledge of  both English and the original language.  All supporting materials must also be in English.

Upload all required academic records to the online application system. If you are admitted, you will be required to submit official academic records and official copies of degrees awarded (and official English translations where applicable). Photocopies and facsimiles of the documents are not acceptable.

Student Visas

Visa eligibility forms are issued upon admittance to the program. Depending on your nationality and particular circumstances, you will receive either the  I-20 or the DS-2019 form . These forms enable you to obtain an  F-1 or a J-1 visa , respectively, when presented to a US consul. You will need to verify financial support before a visa eligibility form can be issued. A financial resource statement will be sent upon admittance.

PhD Financial Aid

All admitted PhD students at Chicago Booth enjoy generous financial assistance consisting of a tuition grant, a stipend, student health insurance, a computer or computer subsidy, and access to research and travel funding. You’ll also have guaranteed teaching assistantships in your third and fourth years

Tuition Grants 
All PhD students receive full tuition support for five to six years of full-time study, conditional on satisfactory progress in the program.

Stipend and Fees 
All PhD students also receive stipend support for five to six years of full-time study, conditional on satisfactory academic progress. For students who entered the Doctoral Program in Fall 2025, the awarded funding package is  $55,000  per year (guaranteed through years 1-5), with funding available for a 6th year if needed. In addition, the program cover student-only premiums for the university’s student health insurance plan, as well as the Graduate Student Services Fee.

Teaching and Research Assistantships 
During your third and fourth years in the Program, you have the opportunity to work as a teaching assistant. First and second year students generally don't TA so they can devote all of their energy to their studies.

You may also work as a research assistant at any time during the Program to gain additional research experience.

Other Resources 
As a PhD student, you may request funding (up to $3,000 per academic year) for research and conference travel on an annual basis. You may also apply to the Program or to Booth’s research centers for additional funding for larger research projects.

First year students are also provided with either a one-time $2,000 computer stipend (accounting students will receive a free high-end research-quality computer workstation or laptop  instead).

The Program also conducts a call for proposals twice a year. PhD students may apply for additional funding in support of a specific project that can be put towards data, fieldwork, etc.

External Fellowship Support 
The program encourages you to explore external sources of funding such as government agencies and corporations. For example, current Booth PhD students have received external funding from the NSF Graduate Research Fellowship Program and from the UniCredit Foundation’s US PhD Scholarship.

Cost of Attendance

The table below provides an estimate of the nine-month cost for a single student to attend the program. Costs may vary depending on individual circumstances.
    
   Years 1-5 (Nine Months)  
 
   Years 1-5 (Twelve Months)

Tuition  
 $75,780 (Three quarters, covered by Program) 
 $75,780 (Three quarters, covered by Program) 
 
   Student Services Fee  
 $1,452 (Three quarters, covered by Program) 
 $1,452 (Three quarters, covered by Program) 
 
   Lifetime Credentials Fee  
 $78 (One time, covered by Program) 
 $78 (One time, covered by Program) 
 
   Health Insurance (Basic)  
 $4,998 (covered by Program) 
 $4,998 (covered by Program) 
 
   Books and Course Materials  
  $549 
 
  $549

Housing and Food  
  $26,010 ($2,890 per month) 
 
  $34,680 ($2,890 per month

Misc. Personal Expenses  
  $7,250 
 
  $9,672

Transportation  
  $1,800 
 
  $2,400

Total  
  $117,917 
 
  $129,609

Out of Pocket Expenses  
  $35,609* 
 
  $47,301*

*PhD Stipend can be used to cover out of pocket expenses program.

2025-26 admission Guide Book

Download the Booth Ph.D. 2025-26 admission guide book  here.

Good luck!

Booth School of Business Ph.D. Program Guide

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My Rewards

	Years 1-5 (Nine Months)	Years 1-5 (Twelve Months)
Tuition	$75,780 (Three quarters, covered by Program)	$75,780 (Three quarters, covered by Program)
Student Services Fee	$1,452 (Three quarters, covered by Program)	$1,452 (Three quarters, covered by Program)
Lifetime Credentials Fee	$78 (One time, covered by Program)	$78 (One time, covered by Program)
Health Insurance (Basic)	$4,998 (covered by Program)	$4,998 (covered by Program)
Books and Course Materials	$549	$549
Housing and Food	$26,010 ($2,890 per month)	$34,680 ($2,890 per month
Misc. Personal Expenses	$7,250	$9,672
Transportation	$1,800	$2,400
Total	$117,917	$129,609
Out of Pocket Expenses	$35,609*	$47,301*