Massachusetts Institute of Technology ( MIT) is a private research institute located in Cambridge, Massachusetts in the United States of America.
The first classes of MIT were held in 1865 despite the ongoing American civil war of the time. In 1863, the Massachusetts Agricultural College was founded (eventually named the University of Massachusetts at Amherst). MIT was informally called “Boston Tech” and despite financial challenges, the institute prospered in the 19th century under President Francis Amasa Walker as other programs in chemical, electrical, marine and sanitary engineering were introduced. There were as many as six attempts to absorb MIT into Harvard University due to financial problems. MIT and Harvard were merged for some time but the decision by the Massachusetts Supreme Judicial Court put an end to this. The institute later received funding and it has kept pace and managed to advance to the digital age since.
The institute of technology was founded in 1861 as a result of the increased industrialization in the USA. The institute was also founded as part of the Morrill Land-Grant Colleges Act to fund institutions. A charter of incorporation of the MITproposed by William Barton Rogers signed by the governor of Massachusetts was issued on April 10, 1861. MIT adopted a European polytechnic system and stressed on laboratory science.
MIT is a private research institute governed by a privately appointed board of trustees referred to as the MIT Corporation. They consist of 43 members elected for a 5-year term. MIT has five schools: School of Science, Engineering, Architecture and Planning, Management, and Humanities, Arts and Social Sciences. It also has one college (Whitaker College of Health Sciences and Technology). MIT operates on a 4-1-4 academic calendar and the research institute has 5 subject library systems, one museum (the MIT Museum) and independent research organizations in Boston areas such as Charles Stark, Draper Laboratory and the Whitehead Institute for Biomedical Research.
MIT ranges between top ten positions in many universities overall rankings. Nationally, the MIT was ranked 4th by the Academic Ranking of World Universities (ARWU) and ranked the 5th by Forbes Magazine of America’s Best Colleges. Globally, ARWU ranked MIT the 5th, the Times Magazine ranked it 5th and QS World University Rankings ranked the institute as the 1st. In 2015, MIT was ranked as the third in the USA as per report “Beyond College Rankings”.
MIT has over 120,000 alumni who have had considerable success in scientific research, public service, business, and education. As of 2014, 27 of MIT alumni have won the Nobel Prize, 61 have been selected as Marshall Scholars and 47 have been selected as Rhodes Scholars. Some of the MIT alumni include the former President of Colombia Virgilio Barco Vargas, President of the Europe Central Bank Mario Draghi, former Foreign Affairs Minister ofIran Ali Akbar Salehi and Israel’s Prime Minister Benjamin Netanyahu among many others. The MIT alumni have formed over 25,800 companies and created many employment opportunities worldwide. Prominent institutions such as Harvard University and the University of California are also led by MIT alumni.