new role of chancellor of the university. The university's endowment was the 12th largest among American educational institutions and state university systems in 2013 and was valued at $10 billion. Since 2016, the university's board of trustees has resisted pressure from students and faculty to divest its investments from fossil fuel companies. Part of former university President Zimmer's financial plan for the university was an increase in accumulation of debt to finance large building projects. This drew both support and criticism from many in the university community. Academics The academic bodies of the University of Chicago consist of the College, five divisions of graduate research, six professional schools, and the Graham School of Continuing Liberal and Professional Studies. The university also contains a library system, the University of Chicago Press, and the University of Chicago Medical Center, and oversees several laboratories, including Fermi National Accelerator Laboratory (Fermilab), Argonne National Laboratory, and the Marine Biological Laboratory. The university is accredited by The Higher Learning Commission. The university runs on a quarter system in which the academic year is divided into four terms: Summer (June–August), Autumn (September–December), Winter (January–March), and Spring (April–June). Full-time undergraduate students take three to four courses every quarter for approximately eleven weeks before their quarterly academic breaks. The school year typically begins in late September and ends in mid-June. Rankings The University of Chicago has an extensive record of producing successful business leaders and billionaires. ARWU has consistently placed the University of Chicago among the top 10 universities in the world, and the 2021 QS World University Rankings placed the university in 9th place worldwide. The university's law and business schools rank among the top three professional schools in the United States. The business school is currently ranked first in the US by US News & World Report and first in the world by The Economist, while the law school is ranked third by US News & World Report and first by Above the Law. Chicago has also been consistently recognized to be one of the top 15 university brands in the world, retaining the number three spot in the 2019 U.S. News Best Colleges Rankings. In a corporate study carried out by The New York Times, the university's graduates were shown to be among the most valued in the world. Undergraduate college The College of the University of Chicago grants Bachelor of Arts and Bachelor of Science