Business Education Statistics
Chicago is one of America's leading destinations for international businesses and investors. Much of this is due to the fact that Chicago has a very favorable approach toward helping businesses develop within its boundaries. However, another major contributor to this is the fact that Chicago has an enormous and vibrant community of top-quality colleges churning out highly-educated workers. These two factors coalesce to make Chicago a premiere destination for international business owners and new start-ups alike. There are a lot of ways to digest the many statistics of business education in Chicago, so it's best to interpret them individually.
No Lack of Excellent Institutions
The Chicago metropolitan area is host to more than 140 business education institutions. These include traditional colleges, universities and a myriad of other business education organizations. This number includes such storied schools as the Kellogg School of Management at Northwestern University and the Booth School of Business at the University of Chicago. These schools offer MBA programs that rank among the top in the nation. In fact, the Financial Times and The Economist have both rated the MBA programs offered at these schools among the top twenty in the nation. There is no doubt that a highly motivated, highly educated workforce is being steadily developed in Chicago.
Educated Workers Stay in Chicago
After graduation, many students around the country migrate away from their school toward other states in search for jobs. In Chicago, it's been found that the exact opposite is occurring. Chicago has a high rate of retention for graduates coming out of business programs. A recent study found that 75 per cent of all people over the age of 25 living in downtown Chicago had a bachelor's degree or higher. This number is very close to being three times larger than the national average. The same study found that more than one-third of all people over the age of 25 living in downtown Chicago have a graduate degree of some kind. This number is actually more than three and a half times larger the current US average.
The so-called "Chicago Loop" is considered to be the largest college town in the United States. There are more than 65,000 students living within its boundaries and many of these students are business majors.
Immense Diversity is an Asset in Chicago
Chicago is home to an extremely diverse range of workers who enhance the fabric of the business community. Over four million workers populate the Chicago metro area, working in a broad variety of businesses with a wide range of disciplines. A large percentage of these workers are students who stayed in Chicago after getting their business degrees. According to GradSpot.com, Chicago is the number one city in the United States in terms of graduate retention. Not only do students choose to stay in Chicago after school, but they also flock to Chicago after graduation. A study by Universum found that over 60,000 graduates from the top 400 colleges in the United States choose to work in Chicago after graduating. This leads to a strong amount of diversity that brings unique perspectives to business development in Chicago.
Strong Workforce Development Programs
Chicago is also well-known for its extensive independent business education and workforce development programs. These are not necessarily college or university-based education programs. They are programs that are developed by government-funded agencies or independent non-profits in the area. Classes can cover topics that run the gamut of everything a person need to know to start a business in Chicago. The idea here is to make business ownership accessible to the most people possible. This way, even people who can't afford to attend expensive business schools can still take a shot at starting a business in Chicago.
Education is a Top Priority
Chicago understands the position it holds in the world economy and this is not something that city officials take lightly. There is an inherent understanding of just how tenuous this position can be in the long run. This is why the city of Chicago takes its business and education climates very seriously. Education is a primary driving force behind what keeps a city moving forward with economic development. This is why Chicago has dedicated so many resources to not only furthering localized education but also attracting educated workers from other states. In the end, business education in the city of Chicago is a vital part of the economy and it is treated as such.