Why Study in Chicago, Illinois?

Chicago stands out as one of the top study destinations for graduate education in the United States. The city has a lot to offer. It is home to excellent universities and colleges. Moreover, the city opens doors to diverse career opportunities. It is a vibrant, culturally rich metropolis. As the nation’s third-largest city, it is home to nearly three million people, including former president Barack Obama. It has over 100 neighbourhoods. Moreover, it is a melting pot of diverse cultures, home to over 180 nationalities.

There is plenty to do and see. It is home to creatives, sports fans, and food lovers alike. In a city like Chicago, there is something for everyone. It is an attractive option for master’s students seeking a big city atmosphere. And while Chicago is certainly not cheap, it is a more affordable alternative to cities like New York, San Francisco, or Los Angeles.

Does this sound like something for you? Then read our guide to learn everything you need to know about studying in Chicago, Illinois.

The Top 5 Colleges and Universities in Chicago

Below you will find a comprehensive list of the top 5 universities and colleges located in Chicago.

1. Booth School of Business, The University of Chicago (Chicago Booth)

The University of Chicago’s Booth School of Business, also known as Chicago Booth, is a renowned institution. With over 60,000 alumni in over 120 countries, it has an expansive and supportive network. Alongside numerous MBA programs, it offers two unique specialized master’s programs focusing on management or finance. 

Impressively, Chicago Booth’s faculty includes 10 Nobel Prize-winning professors. The school champions its unique teaching style, “the Chicago approach”, lifelong learning, academic freedom, and global thinking. Their global approach is evident in their diverse community and global campuses.

Key Points:

2. Kellogg School of Management, Northwestern University

Northwestern University’s Kellogg School of Business is a globally recognized institution known for fostering innovation based on collaboration, intentional purpose, empathy, and creativity. The school has campuses in Evanston, Illinois, and Chicago. Moreover, the school offers students plenty of experiential learning opportunities, both in local and international settings. There are numerous global opportunities through exchange programs and school initiatives.

Key Points:

  • Location: Evanston, Chicago, and Miami
  • Type of School: Private
  • Master’s Programs: Master in Management (MiM) (10 months)
  • Rankings: #2 in Best Business Schools (tie with Stanford University) (U.S. News)
  • Tuition: $69,129 (2025-2026 – excluding additional costs)
  • Highlights: Collaborative culture, downtown Chicago campus, excellent rankings, practical learning & global opportunities

3. Driehaus College of Business, DePaul University

DePaul University’s Driehaus College of Business is located right in the center of Chicago’s financial and business district. The college includes the Kellstadt Graduate School of Business​. Impressively, Driehaus College of Business is AACSB-accredited, an accreditation that has been earned by less than 5% of schools worldwide. The college has close ties with Chicago’s extensive business community.

Key Points:

  • Location: Chicago
  • Type of School: Private
  • Master’s Programs: Business Analytics (MS), Digital Marketing (MS), Management (MS), Marketing (MS), Sustainability in Business (MS), Marketing Analysis (MS), Real Estate (MS), Supply Chain Management (MS), etc.
  • Rankings: Recognized in various rankings for its business excellence
  • Tuition: Tuition and fees vary per program
  • Highlights: AACSB-accredited, central Chicago campus, local business connections with companies

4. Quinlan School of Business, Loyola University Chicago

Quinlan School of Business, Loyola University, integrates a 500-year-old Jesuit tradition with rigorous business education. The school prides itself on shaping leaders who can cultivate the positive power of business. Located in central Chicago, the school blends academics with all that the city has to offer, including internships at top companies. Students learn from academic experts and local industry leaders. The school is home to various centers and labs that offer support in all areas.

Key Points:

  • Location: Chicago
  • Type of School: Private
  • Master’s Programs: Accountancy MS (MSA), Business Analytics MS (MSBA), Finance MS (MSF), Human Resources MS (MSHR), Marketing MS (MSM), Supply Chain Management MS (MSSCM)
  • Rankings: Highly ranked regionally and nationally
  • Tuition: $1,760.00 Per Credit Hour (All Programs except MBA in Healthcare Management and Executive MBA) – tuition fees vary per college and program
  • Highlights: Jesuit values, strong industry connections, leadership focus, extensive resources

5. Chicago College of Business, University of Illinois (UIC)

The Chicago College of Business, University of Illinois (UIC) is a public research institute. It is a Top 50 Public University (#36) as determined by U.S. News. It is home to 36,00 students. At its core, the college prioritizes social mobility, inclusivity, sustainability, and research. It is an affordable choice for master’s students looking to live and work in Chicago without high tuition fees. The Graduate College offers 100 master’s programs.

Key Points:

  • Location: Chicago
  • Type of School: Public
  • Master’s Programs: Various master’s/graduate programs
  • Rankings: #36 in National Universities (tie) (U.S. News)
  • Tuition: Fees vary per program, in-state or out-of-state residency, and per credit hours
  • Highlights: Affordable, research focus, inclusive community, variety of master’s programs

What Is It Like to Study in Chicago?

Big City Atmosphere & Access to Fortune 500 Companies

Master’s students living in Chicago enjoy urban living at its finest. Chicago is a financial and business hub, one of the biggest in the Midwest. It is home to various corporate headquarters, including Fortune 500 and Fortune 1000 companies. The city has strong career pathways to industries in finance, logistics, healthcare, and manufacturing.

Getting Around Chicago

As a student, it is easy to get around the city. It is a big but walkable city. The city is also well-connected by its Chicago Transit Authority (CTA) system, including subways, “L” trains, and buses. Train fare is $2.50 per ride, or a monthly student CTA pass is around $100. There are also water taxis available for more scenic routes. 

Not to mention, Chicago is great for biking, with plenty of protected bike lanes across the city. Various bike share programs make it easy to hop on a bike when needed. Or, better yet, you can invest in your own bike and get around easily and sustainably.

Where to Live in Chicago & Realistic Living Costs

Wondering where to live? Here are some tips for the top student neighborhoods in Chicago:

  • Hyde Park – a favourite among students as it is near Washington Park and Lake Michigan, offering green spaces nearby and historic charm
  • Pilsen – known for its unique and artistic atmosphere
  • Lincoln Park – picturesque and 20 minutes from downtown
  • The Loop – right in downtown, although it may be more pricey
  • Evanston – these are the suburbs around Chicago and are just 30 minutes away from the city

The average living cost for one person in Chicago is $1,291.3, excluding rent. The average rent price for one person is approximately $3,080 monthly. Keep in mind that rent prices vary greatly in Chicago, depending on whether you live in or outside of the city center. The neighborhood and type of accommodation you live in are also important factors.

Each neighborhood is unique, offering its own charms and atmosphere. Ultimately, you should pick what best fits your budget, lifestyle, and desired distance from campus and downtown.

Chicago’s Rich Culture

Chicago offers iconic cultural experiences that go beyond the classroom. From the famous deep-dish pizza to a breathtaking skyline, Chicago has plenty of highlights. There is easy access to shops and boutiques, restaurants, nightlife, and museums. Local museums include the Art Institute of Chicago, the Field Museum of Natural History, and the Museum of Science and Industry. 

There is a passionate sports crowd in Chicago, especially for baseball, basketball, and American football fans. On the other hand, there is a lot of arts & culture available. There are yearly festivals, as well as plenty of film and theater exhibitions. Not to mention, nature lovers enjoy the green spaces, bike-friendly city design, and nearby nature. It is safe to say, it is not a city you will easily get bored in.

Is Chicago the Right Study Destination for You?

Chicago has its own unique assets and drawbacks. Depending on what you’re looking for, it could be the right study destination for you. Here are some quick pointers to help your decision-making process:

Pros: 

  • Top-ranked universities with diverse master’s program options
  • Career & networking opportunities – home to Boeing, McDonald’s, and Walgreens
  • More affordable than New York, San Francisco, or LA 
  • Rich cultural life
  • Bike-friendly, easy transportation, green spaces
  • International cuisine
  • Exciting sports culture

Cons: 

  • Cold, snowy winters and a windy climate
  • Intense competition for top positions at schools
  • A big city atmosphere may be overwhelming if it doesn’t suit you
  • More expensive than smaller cities or towns

Ultimately, Chicago is ideal for master’s students seeking prestigious credentials and a big city study experience. There are many diverse communities to join and lots of activities to participate in. And while we highlighted the top 5 universities in Chicago, the city offers plenty of excellent colleges and universities in the area to choose from. Furthermore, many top employers are based in the region and work closely with schools for internships and hiring.

Let Yourself Be Blown Away by the Windy City

Chicago offers academic excellence, career opportunities, and cultural diversity all in one place. Known for its stunning architecture, deep-dish pizza, vibrant sports culture, and beautiful waterfront, Chicago provides an exceptional quality of life to graduate students. Now that you know the top 5 universities in Chicago, you can pick the school that best suits your budget, lifestyle, and learning style.

Who knows? Maybe Chicago has been the big city study adventure you’ve been dreaming of!

Get real insight into studying a master’s in the United States and discover top schools in Chicago.