Last Updated on June 2, 2022
Literally, a business is an institution that is involved in commercial, industrial, or professional activities. Also, a business can be for-profit or non-profit organizations that function to achieve a charitable mission or promote a social cause.
On the other hand, a business can be defined as the organized efforts and activities of individuals to produce and sell goods and services for profit. Basically, a business structure can be sole proprietorships, partnerships, corporations, and limited liability companies. However, a sole proprietorship is the most common.
Right here on infolearners, you are privy to a litany of relevant information on best undergraduate business schools in chicago, types of business majors, types of business degree, chicago business school ranking, best mba programs in chicago, best undergraduate business schools in the world, and so much more. Take out time to visit our catalog for more information on similar topics.
What does a Business Manager do?
A business manager is someone that is responsible for overseeing and supervising a company’s activity and employees. Actually, the activities include hiring, training, and evaluation of new employees. Also, the business manager makes sure that a company or department is on track to meet its financial goals.
Similarly, business managers might also create and carry out budgets, prepare reports for senior management and ensure that departments observe the company’s policy. They also make sure that workers have the resources to complete their work.
On the other hand, some managers carry out human resource activities, like performance evaluations, hiring, and discipline for employees in their department. Also, business managers motivate workers through incentives and positive feedback.
How much does a business manager make?
Well, the salary of a business manager depends on the size of the company, the geographic location of the firm, and the area of the business the manager supervises.
Actually, the yearly average salary for a sales manager was $117,960 in May 2016 according to the Bureau of Labor Statistics. Besides, production managers earned an average salary of $97,140 during the same period.
Requirements to become a business manager
Firstly, most employers need at least a bachelor’s degree in business management to qualify for a position as a business manager.
Secondly, business managers must have excellent written and verbal communication skills to lead employees and manage the department.
Thirdly, managers must be problem solvers that can create work to overcome the challenges that may prevent a department or company from achieving its goals.
Finally, some companies might promote employees with great experience from within a department to lead the group.
How much will it cost me to get a degree in any of the best undergraduate business schools?
Actually, bachelor’s degree programs differ based on the school you study at. According to the recent College Board’s Trends in College Pricing, the average annual cost for a four-year, public institution is approximately $9,970 (in-state tuition) and $25,620 (out-of-state-tuition).
Similarly, the annual average cost for a four-year private philanthropic school is $34,740 and a private for-profit school is $16,000.
Furthermore, the tuition fee for a master’s degree program at an in-state public institution costs an average of $8,670 yearly. Also, the tuition for a doctorate program costs $10,830 yearly at an in-state public institution.
Types of Business degrees
An associate degree trains a student on the fundamentals of business management. However, it advances to providing you a wider professional knowledge which is near what you would get attending a four-year bachelor’s program.
However, it can also be an important step towards a bachelor’s degree programs. In fact, courses here focus majorly on accounting, management and software applications. Anyways, you will most likely apply the techniques you’ve acquired in a capstone course with real-world relevance. Usually, it takes two years to complete.
This type of degree is suitable for you if you wish to take a career in business management. You’ll get full knowledge taking courses that will set you on the right track on how to manage a business very well.
Thus, the course work for a bachelor’s degree program embraces management principles and practices such as:
- Business-oriented computer applications
- Business ethics
- Financial management
- Organizational leadership
- Resource management: people, money, time
- Strategic planning
The Bachelor’s program takes four (4) years to complete, after which you get a Bachelor of Business Administration (BBA) or Bachelor of Science in Business Administration (BSBA).
With an MBA degree, graduates pass for an extensive list of management functions. From corporate controllers to executive directors in charitable agencies through independent consultants to business owners, graduates of MBA degree programs place themselves for diverse professional opportunities throughout their careers.
MBA students can choose a full-time MBA or part-time MBA program. Full-time MBA programs basically take two years to finish. Also, undergraduate students can enter into a BA/MBA program where they get their bachelor’s degree and MBA in a total of five years.
Doctor of Business Administration (DBA)
A Doctor of Business Administration (DBA) prepares graduates to head, consult and teach in corporate and academic fields. However, it is designed for graduates with management experience. DBA degree programs build on skills gained through masters-level studies. Like a P.h.D, a DBA equips professionals with expertise in control and management principles and a higher level of competence in conducting research.
Similarly, students can obtain their DBA within three to six years. But it depends on whether they enroll in a full-time or part-time program.
DBA studies usually require classes in research and analytical methods; core management subjects such as strategic planning, managing change, and solutions-oriented leadership; and the student’s choice of specialization.
Types of business majors
A business degree may be focused in many different areas, and the best business schools will offer several different specialized majors under the “business” umbrella. We’ll describe a few of the most popular business majors for you.
- Accounting: An accountant does more than bookkeep or crunch numbers. Accountants are responsible for analyzing business finances and creating reports for business partners—so strong communication skills are key. In an accounting major, students learn accounting information systems, study tax law, and evaluate risk or profitability in real business case studies.
- Finance: Students who major in finance will choose a further specialty area like real estate, investment analysis, or corporate finance. They’ll learn to make wise long-term financial plans, understand and predict the economy, create a responsible budget, and work with complex computer systems.
- Business administration or management: Business owners, managers, or administrators must have strong communication and leadership skills. Students focusing on this area of business will learn how to run an organization—including planning, organizing, and directing its long-term and day-to-day functions.
- Marketing: Popularized by shows like Mad Men, marketing careers are fast-paced and ever-evolving. Marketing majors study consumer trends and psychology, branding, various mediums—think radio vs. Facebook ads—and how to build successful advertising campaigns.
- Management information systems: This career is ideal for students wanting to apply their technical skills in a growing business field. MIS majors will study the use of information systems, build databases, develop computer programs, and learn how to explain complex technology to non-techie people.
- International business: In an increasingly global world and economy, internationally-minded business people are in constant need. They might help a local business expand operations to other countries or manage multinational businesses. International business majors will study global economies, explore other cultures, and learn how to sell products around the world.
Best undergraduate business schools in chicago
7. Saint Xavier University Graduate School of Management
The MBA program at Saint Xavier University provides practical application and a comprehensive foundation of coursework for its students.
The School of Management is accredited by the Association to Advance Collegiate Schools of Business, a standard of excellence that only 5% of business schools worldwide have met. This standard promises high-quality faculty, a challenging curriculum, and unique career opportunities.
MBA students can choose from four different concentrations to further their careers, management, financial fraud examination, forensic and investigative accounting, and healthcare management.
Developed by the Chicago Mercantile Exchange, the finance courses are guaranteed to be industry-relevant.
The faculty in the graduate school of management are leaders in their industry and willing to connect students to exciting opportunities. The BEST Mentoring Program at SXU allows MBA students to learn from experienced executives while creating professional relationships.
6. Northeastern Illinois University College of Business and Technology
Northeastern Illinois University provides MBA students with the tools to achieve their professional goals. MBA students graduate with a network of over 80,000 alumni spread throughout local and national financial institutions.
No matter your situation, NEIU has a variety of flexible formats for working professionals. MBA classes are held in the evening or on the weekend. In addition, there are online, in-person, full-time, and part-time options to match any student’s availability.
According to the US News World Report, NEIU graduates have some of the lowest student debt among MBA students. The program utilizes per-credit tuition rates for part-time graduate students and below-average tuition. This ensures an excellent return on investment while receiving a quality education.
Outside of class, there are a variety of student groups where MBA students can apply their knowledge and skill in a hands-on setting. The International Business Conference, Accounting Associates Club, Financial Management Association, and many other organizations allow students to further their business interests.
5. Illinois Institute of Technology Stuart School of Business
As the only business school in a Chicago tech-focused university, the Stuart School of Business provides a unique educational experience. The MBA program shares the university’s emphasis on an applied education. Students are prepared to lead industries from global financial markets to sustainable enterprise.
While at Illinois Tech, MBA students gain the intellectual agility to handle complicated business challenges. The unique curriculum focuses exclusively on one course at a time, emphasizing project-based learning and hands-on technology application. There are electives in artificial intelligence, IoT, and Blockchain to keep students at the cutting edge of business and technology.
The Stuart School of Business performs collaborative research across a wide range of business topics. Mentored by world-class faculty, MBA students participate in research experiences that end up in scholarly journals or business competitions. Illinois Tech research covers product placement, corporate social responsibility, bankruptcy, sustainability, work practices, data regulation, and ethics in automated financial markets.
MBA students have access to Illinois Tech’s wide range of career resources, including career fairs, employer information sessions, mock interviews, and guest lectures. Using these resources, MBA graduates have gone on to work at Bank of America, Kraft Inc., Merrill Lynch, and many other big names.
4. Loyola University Chicago Quinlan School of Business
The Baumhart Scholars MBA program is a highly selective, unique opportunity for business leaders interested in social impact.
Ranked as the #7 nonprofit MBA program in the nation, students benefit from a specialized curriculum, one-on-one mentorship, and international recognition. Students in this program receive a scholarship of $20,000 for their commitment to using their degree to advance the greater good.
MBA students have plenty of opportunities for hands-on practice while studying at Loyola. The university’s Business Leadership Hub creates an interdisciplinary team of faculty and students to solve business challenges. The center focuses on research, recruitment assistance, solution-based events, consulting, and more.
For entrepreneurial students, the Ignite Lab helps MBA students develop new business ideas and launch their own ventures. Through mentorship, networking opportunities, legal services, and other workshops, the center helps incubate a variety of startups.
3. University of Illinois Liautaud Graduate School
Over the past 50 years, the UIC business school has evolved its offerings to meet the demands of students. Today, the school is home to nearly 150 faculty members and 300 graduate students.
At UIC, MBA students have the flexibility to tailor a program to their specific needs and interests. There are accelerated, weekend, flexible, and online curriculums to fit the life of any working professional. In addition, students can choose to concentrate in a variety of subjects from business analytics to entrepreneurship.
While in classes, MBA students can choose from many unique courses to gain the hard and soft skills necessary to stand out. An improv and leadership course is available for students to experiment and determine their executive presence. For more technical skills, business students can study fundamental web analytic skills and learn how to apply software tools.
MBA students at UIC have the opportunity to participate in study abroad programs from Brazil to Normandy. In these programs, graduate students meet with local businesses, study local business issues, and attend presentations.
2. DePaul University Kellstadt Graduate School of Business
The MBA program at DePaul provides transformative education for solving business challenges. Students can choose from 16 different concentrations including business strategy, entrepreneurship, international business, strategy, and many more. This specialized education gives students an edge in their future careers.
MBA students are surrounded by world-class employers and entrepreneurs. Graduates can leverage this network for internships and employment opportunities. 92% of Kellstadt graduates were employed, continuing education, or pursuing alternative goals within six months of graduation.
Outside of the classroom, MBA students at DePaul can participate in unique opportunities to practice their business skills. The Kellstadt Case Competition allows students to work in teams to develop a business strategy and pitch their ideas to a panel of respected judges.
In 2018, MBA students engaged in a “pitch” competition, with executives at Microsoft judging.
1. University of Chicago Booth School of Business
All of the MBA programs at UChicago employ the renowned “Chicago Approach.”
This method provides theoretical frameworks that help business students define problems, seek out specific answers, and create innovative solutions. After graduating, 92% of MBA alumni feel confident that they can tackle business programs that they have never seen before.
Aspiring executive MBA students can choose to advance their career from UChicago’s London, Hong Kong, or Chicago campus. At any location, students will learn from renowned faculty and join a global community of business professionals. UChicago is the only US business school that has campuses on three different continents.
Along with analytical abilities and a global outlook, UChicago MBA students graduate as qualified leaders in business. LEAD was one of the first experiential leadership development programs offered by a top MBA school. This innovative program helps students become more effective leaders in their fields.
Best undergraduate business schools in the world
#1. Massachusetts Institute of Technology (MIT)
Massachusetts Institute of Technology (MIT) is a private research university in Cambridge, Massachusetts. Actually, it is a small university with an enrollment of 4,510 undergraduate students. The alumni of MIT go on to earn a starting salary of $82,300.
Besides, the Sloan School of Management which is known as MIT Sloan offers business programs at MIT. In fact, business courses at this best undergraduate business school cover a lot of topics such as operations research, consulting, entrepreneurship, finance, information technology, product development, and marketing.
Also, this best undergraduate business schools in the world have an acceptance rate of 8% and a graduation rate of 94%. Though the student-faculty ratio is 3:1, its tuition fee is $48,452.
Accreditation: New England Commission of Higher Education (NECHE)
Address: 77 Massachusetts Avenue Cambridge, MA 02139
#2. Stanford University
Stanford University is a private research university in Stanford, California. This institution has one of the largest university campuses in the US.
Actually, this institution being one of the best schools for undergraduate business in the world has an acceptance rate of 4%. Also, the graduation rate is 95%.
With a student-faculty ratio of 12:1, this universities tuition fee is $51,354.
Accreditation: Commission for Senior Colleges and Universities of the Western Association of Schools and Colleges (WASC)
Address: 50 Serra Mall, Stanford, CA 94305, United States.
#3. University of Oxford
In fact, Oxford University is a collegiate research university in England and the oldest university in the English-speaking world.
Also, the school of business at Oxford deals with business, management, and finance. Similarly, it offers an MBA program, an executive MBA program, a Ph.D. in management studies and master’s degrees in financial economics, law and finance, and strategic management.
Furthermore, it has an acceptance rate of 17.5%. The student-faculty ratio is 17:1 while the tuition fee is $9,250.
Accreditation: Privy Council
Address: Oxford OX1 2JD, United Kingdom
#4. University of Cambridge
The University of Cambridge is the second-oldest university in England and it was founded in 1209.
Actually, the Cambridge Judge Business School offers courses that cover MBA, master of finance, master of accounting and a number of MPhil programs.
Also, Cambridge University has an acceptance rate of 21% and a graduation rate of 83%. On the other hand, the student-faculty ratio is 4:9. Also, this institution has a tuition fee of 9,250 GBP (in-state) and 21,732 GBP (out-of-state).
Accreditation: New England Commission of Higher Education (NECHE)
Address: Old Schools, Trinity Ln, Cambridge CB2 1TN, United Kingdom.
#5. The University of California, Berkeley
Well, the University of California, Berkeley is a public research university in Berkeley, California founded in 1868. Well, it is a large school with an enrollment of 29,351 undergraduate students.
Actually, the business school at UC Berkeley is known as the Haas School of Business. This school of business is the second-oldest business school in the United States and it was founded in 1898.
Also, admission to this best undergraduate business school is highly competitive. The Haas School of Business gives courses across the academic spectrum. Actually, these courses cover full-time MBA, evening and weekend MBA, MBA for executives, master of financial education and undergraduate degrees.
Above all, the alumni of UC Berkeley go on to make a starting salary of $48,700.
However, UC Berkeley has an acceptance rate of 17% and a graduation rate of 91%. Similarly, the student-faculty ratio is 18:1. Actually, this best undergraduate international business school has a tuition fee of $14,184 (California residents) and $43,176 (out-of-state students)
Accreditation: Western Association of Schools and Colleges (WASC).
Address: 200 California Hall, Berkeley, CA 94720, United States.
#6. London School of Economics & Political Science
Actually, this institution is known as an international center of academic excellence and innovation. However, LSE which is one of the best schools for undergraduate business in the world is known for studying real-world issues, from economics, politics, law, sociology, anthropology, accounting, and finance.
Furthermore, it has an acceptance rate of 9% and a graduation rate of 91%. Also, the student-faculty ratio is 6 while the tuition fee is 9,250 GBP(local) and 18,408 GBP (International tuition).
Accreditation: Privy Council
Address: Houghton St, Holborn, London WC2A 2AE, United Kingdom
#7. Duke University
This is a private research university in Durham, North Carolina founded in 1838 by Methodists and Quakers in the present-day town of Trinity. Actually, the institution moved to Durham in 1892.
However, popular majors are public policy, economics, biology, biomedical engineering, and psychology. Also, Duke University requires undergraduates to live on campus for the first three years of their study. Similarly, about 95 percent of the students graduate within four years of enrolling.
Above all, Duke University which is one of the best undergraduate international business schools in the world has an acceptance rate of 11% and a graduation rate of 95% of students. Actually, the student-faculty ratio is 6:1 while the tuition fee is $57,980.
Accreditation: Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)
Address: Durham, NC 27708, United States
#8. University of Chicago
Well, the University of Chicago is a private research university founded in 1890. However, this school has been shaping the intellectual lives of undergraduates for several years now.
Also, this university has produced 91 Nobel laureates, the largest number affiliated with any American university. Besides, students of the University of Chicago were the first to split the atom, measure the speed of light, and create the field of sociology.
Moreover, UChicago has an acceptance rate of 8% and a graduation rate of 93%. Similarly, the student-faculty ratio is 5:1. This best undergraduate business school in the world has a tuition fee is $58,230.
Accreditation: Higher Learning Commission
Address: 5801 S Ellis Ave, Chicago, IL 60637, United States
#9. University of Pennsylvania
The University of Pennsylvania is a private Ivy League research university in Philadelphia, Pennsylvania. Also, Penn is a large university with an enrollment of 10,496 undergraduate students.
Thus, Penn which is amongst the best undergraduate business schools in the world has produced 25 Nobel Laureates including physicist Raymond Davis Jr and economist Lawrence Klein. It has also produced several heads of state.
Furthermore, the acceptance rate in this undergraduate business school in the world is 9% while the graduation rate is 96%. The student-faculty ratio is 6:1. Also, the tuition fee is $55,584.
Accreditation: Middle States Commission on Higher Education
Address: Philadelphia, PA 19104, United States
#10. Havard University
Havard University is a large private Ivy League research university in Cambridge, Massachusetts. Nonetheless, it has an enrollment of 7,147 undergraduate students.
On the other hand, Havard University has produced eight US presidents, several foreign heads of state, 62 living billionaires, 359 Rhodes Scholars, and 242 Marshall Scholars. In fact, some of the alumni of this institution are winners of Pulitzer Prizes, Nobel Prizes, and Academy Awards.
Actually, the acceptance rate of Havard University is 5% and the graduation rate is 96%. Similarly, the student-faculty ratio is 7:1. with a tuition fee of $47,074.
Accreditation: New England Commission of Higher Education (NECHE)
Address: Massachusetts Hall Cambridge, MA 02138