Booth vs Kellogg for ETA?

May 24, 2023

by a searcher from Northwestern University in Chicago, IL, USA

Hi all,

I’m a Northwestern undergrad with 5 years of work experience in mechanical engineering/manufacturing, and I’m looking to get an mba and do a search fund. I’d like to stay in Chicago, so I’m debating between Kellogg or booth. Any ideas on how the two compare in terms of entrepreneurship through acquisition?

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Reply by an investor
from The University of Chicago in Naples, FL, USA

Wow, this question puts me in such an awkward position - I'm a Booth grad but my husband teaches ETA at Kellogg... Trust me when I say that we have argued about this very question ad nauseum at our house... When it comes right down to it, your ETA experience will be a portion - but not all - of your MBA experience. Fit matters, and if you have the luxury of choosing between both programs, I would talk to the professors and attend the visit day with all of the admits to get a feel for who you mesh with. Also look at what other classes get you interested. While you will be spending your time on ETA, look at what other classes get you excited or will push you out of your comfort zone. The main Kellogg ETA lecturers - Alex Schneider and Matt Littell - are pretty cool (I mean, kind of biased here), but I have only the most amazing things to say about the crew at Booth - Brian O'Connor and Mark Agnew. They are all entrepreneurs who will give you the unfiltered view of ETA, not just theory. You're going to have a great group of peers, and both schools have very active ETA clubs. Also - you should know that the ETA clubs have been known to do joint events (like the Booth/Kellogg ETA Conference), so there is some socialization between the two. Kellogg has the Zell program, which is both intense and well worth your time. But you have to put in the effort no matter what school you go to. Regardless of where you go, you should be doing lots of internships, meeting with investors, other searchers (current and past), and doing the work. Effort matters.

Reply by a searcher
from Oklahoma State University in Wichita, KS, USA

Hi Jonathan, great responses to your thread. Sharing another path to consider in the interest of expanding your options.

Why not do the search now?

Speaking from experience going this route as a non-traditional searcher. Using a hybrid model of self-funding and raising from family offices/high net worth individuals I was able to design some benefits that can be meaningful. I have a specific thesis that the investors want exposure too as well as some prior work experience in the field (commodities, trading, manufacturing, tech)

Pro:
+ Better terms than 25%
+ Benefit from step-up if you invest in your own fund
+ If lacking some capabilities that completing an MBA would fill, then there is an opportunity to hire experts through consultants or advisors
+Start 2 years earlier

Con:
- Educate your investors / longer raise period
- Building credibility with sellers (Easier in industries you know already)
-/+ If going traditional, less guidance from those who have already done it which traditional investors could provide. Searchfunder.com is a great substitute though.

Make you're own luck!

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