The University of Chicago history

In 1892 it established the United States’s first department of sociology.

The University of Chicago Laboratory Schools, begun in 1896 by American educator John Dewey, offer a progressive education program for students from kindergarten through high school.

Since our founding in 1898, Chicago Booth has remained an incubator for curious, boundary-pushing individuals to bring their ideas to fruition.

Cultural institutions located on or near campus include the Museum of Science and Industry, the DuSable Museum of African American History, the David and Alfred Smart Museum of Art, and the Frederick C. Robie House (1909; designed by Frank Lloyd Wright).

Created the World’s First PhD Program in Business The scientific study of business started here in 1920, with the creation of the nation’s first doctoral program in business.

In 1929, the university's fifth president, 30-year-old legal philosophy scholar Robert Maynard Hutchins, took office.

Launched the World’s First Executive MBA Program Prompted by a wartime shortage of managers on the home front, Booth established the world’s first Executive MBA Program in Chicago in 1943.

Since 1946, the debate has tried to settle the age-old question: Which staples of Jewish cuisine are superior? Faculty, including Nobel Prize winners and UChicago presidents, have spoken at the tongue-in-cheek event.

To revitalize the neighborhood, the university worked with local residents to create the Hyde Park– Kenwood Community Conference in 1949.

Measured the Average Rate of Return on Stocks In 1960, James H. Lorie, PhD ’47, helped create Chicago Booth’s Center for Research in Security Prices.

Redefined How Investors Approach Investing Eugene F. Fama, MBA ’63, PhD ’64, published his landmark paper “Efficient Capital Markets: a Review of Theory and Empirical Work” in 1970.

Revolutionized How Stock Options Are Valued In 1973, the first sound mathematical formula for valuing stock options was published in the Journal of Political Economy.

Laid the Groundwork for Modern Banking Theory Then an assistant professor at Booth, Douglas W. Diamond published “Bank Runs, Deposit Insurance, and Liquidity” in 1983.

Pioneered Experiential Leadership Education In 1989, a group of enterprising students with an appetite for experimentation created LEAD, one of the first experiential leadership development programs at a major business school.

Created a World-Class Business Accelerator Program The Polsky Center for Entrepreneurship and Innovation at the University of Chicago began serving the Booth community in 1998.

In 1999, then-President Hugo Sonnenschein announced plans to relax the university's famed core curriculum, reducing the number of required courses from 21 to 15.

In 2008, the University of Chicago announced plans to establish the Milton Friedman Institute, which attracted both support and controversy from faculty members and students.

In 2009, planning or construction on several new buildings, half of which cost $100 million or more, was underway.

Since 2011, major construction projects have included the Jules and Gwen Knapp Center for Biomedical Discovery, a ten-story medical research center, and further additions to the medical campus of the University of Chicago Medical Center.

Became a Hub for Social Sector Innovation The Rustandy Center for Social Sector Innovation—launched by Booth in 2012 as the Social Enterprise Initiative—is a destination for those committed to helping solve complex social and environmental problems.

In 2013, Fama shared the Nobel Prize in Economic Sciences with fellow UChicago economist Lars Peter Hansen.

In 2014 the university launched the public phase of a $4.5 billion fundraising campaign.

In September 2015, the university received $100 million from The Pearson Family Foundation to establish The Pearson Institute for the Study and Resolution of Global Conflicts and The Pearson Global Forum at the Harris School of Public Policy.

In 2019, the university created its first school in three decades, the Pritzker School of Molecular Engineering.