The University of Chicago’s Law School and Booth School of Business announced Tuesday they are accepting applications for a new three-year J.D./MBA track program.

While UChicago already had a four-year J.D./MBA option, the new program will be the school’s first fully integrated dual program, said Ann Killian Perry, associate dean of admissions and financial aid.

“The University of Chicago Law School and Chicago Booth are premier institutions in their fields and an education combining both of them has no equal,” Law School Dean Thomas J. Miles said in a written statement Tuesday. “The program’s students obtain an immersive, interactive and comprehensive legal and business education and the opportunity to complete this in three years is extraordinary and exciting.”

The school will continue to offer the existing four-year program for students “interested in more specialized legal and business education,” according to the statement.

“What’s unique to our school is the fact that we’re on the same campus,” Perry said.

“This is a fantastic combination from an intellectual standpoint. Through a curriculum spanning two pre-eminent institutions, students gain tools and problem-solving approaches to serve as key leaders and advisers in increasingly complex global environments,” Chicago Booth Dean Madhav Rajan  said in a written statement.

In U.S. News & World Report’s most recent academic rankings, UChicago Law was ranked the fourth-best law school in the country, while Chicago Booth tied for third-best business school.

The university expects about 15 to 20 students in each class will be enrolled in the dual program.

The program will incorporate clinical opportunities and leadership training at Booth’s Leadership Effectiveness and Development program.

Prospective students must apply directly to the join program. Applications are due in January.