The
Wharton School is the
business schoolA business school is a university-level institution that confers degrees in Business Administration. It teaches topics such as accounting, administration, economics, entrepreneurship, finance, information systems, marketing, organizational behavior, public relations, strategy, human resource...
of the
University of PennsylvaniaThe University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
, an
Ivy LeagueThe Ivy League is an athletic conference comprising eight private institutions of higher education in the Northeastern United States. The conference name is also commonly used to refer to those eight schools as a group...
university in
Philadelphia, PennsylvaniaPhiladelphia is the largest city in the Commonwealth of Pennsylvania and the county seat of Philadelphia County, with which it is coterminous. The city is located in the Northeastern United States along the Delaware and Schuylkill rivers. It is the fifth-most-populous city in the United States,...
. Wharton was the world’s first collegiate business school and the first business school in the United States. It was established in 1881 through a donation of
Joseph WhartonJoseph Wharton was a prominent Philadelphia merchant, industrialist and philanthropist, who was involved in mining, manufacturing and education...
.
Alone and in conjunction with the other schools and colleges of the university, Wharton grants B.S. and
MBAThe Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
degrees, offers a
Ph.D.A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
program, and houses or co-sponsors several diploma programs. With the most electives of any business school, Wharton's MBA program offers concentrations in accounting, business and public policy, entrepreneurial management, environmental management, finance, health care systems, human resource and organizational management, insurance and risk management, legal studies and business ethics, management, marketing, multinational management, operations and information management, real estate, retailing, statistics and strategic management.
The school currently has 278 faculty members, translating to a 17:1 student-to-faculty ratio. The school's faculty are the world’s most published and most cited among business schools. Research published in the peer-reviewed
Academy of Management JournalThe Academy of Management is a professional association for scholars dedicated to creating and disseminating knowledge about management and organizations. The Academy of Management was established in 1936...
ranked Wharton as the top institution in the simultaneous pursuit of scholarly achievements and excellence in teaching. Most recently,
The Chronicle of Higher EducationThe Chronicle of Higher Education is a newspaper and website that presents news, information, and jobs for college and university faculty, staff members and administrators....
rated Wharton's Marketing and Management departments as the first and second in the world for research productivity, respectively. In terms of MBA program ranking, the
Financial TimesThe Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
has placed the Wharton School as the top business school in the world for eleven out of twelve years from 2000 to 2011.
The admissions process at Wharton is highly selective; it is one of the most competitive business schools in the world. A high GPA, high
GMATThe Graduate Management Admission Test is a computer-adaptive standardized test in mathematics and the English language for measuring aptitude to succeed academically in graduate business studies. Business schools use the test as a criterion for admission into graduate business administration...
score, and very strong non-quantitative credentials are typically required for admission.
The school publishes an online journal, Knowledge@Wharton, that is "the envy of every other school" according to
The EconomistThe Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843...
, and has a newly established publishing house,
Wharton School PublishingWharton School Publishing is a publishing house, a division of The Wharton School and Pearson Education. The imprint brings together a variety of business educators and corporate executives on a list that features works in many formats, including print, audio, electronic documents, CD-ROM and video...
. Wharton maintains the world's largest financial, economics, management, marketing, and public policy data warehouses accessible through state-of-the-art web-based data management services, called WRDS.
History
The Wharton School, the world's first collegiate business school, was founded in 1881 by Philadelphia industrialist and philanthropist
Joseph WhartonJoseph Wharton was a prominent Philadelphia merchant, industrialist and philanthropist, who was involved in mining, manufacturing and education...
. A native Philadelphian, Wharton became a leader in industrial metallurgy and built a fortune through his American Nickel Company and Bethlehem Steel Corporation. The
anvilAn anvil is a basic tool, a block with a hard surface on which another object is struck. The inertia of the anvil allows the energy of the striking tool to be transferred to the work piece. In most cases the anvil is used as a forging tool...
, a School symbol, reflects Wharton's pioneering work in the metal industry. Joseph Wharton envisioned creating a new collegiate foundation that would produce educated leaders of business and government. From the beginning, he defined the goal of the Wharton School of Finance and Economy to be "to provide for young men special means of training and of correct instruction in the knowledge and in the arts of modern Finance and Economy, both public and private, in order that, being well informed and free from delusions upon these important subjects, they may either serve the community skillfully as well as faithfully in offices of trust, or, remaining in private life, may prudently manage their own affairs and aid in maintaining sound financial morality: in short, to establish means for imparting a liberal education in all matters concerning Finance and Economy."
Admissions
Prospective Wharton candidates apply in their senior year of high school either through the
early decisionEarly decision is a common early admission policy used in college admissions in the United States for admitting freshmen to undergraduate programs. It is used to indicate to the University or College that the candidate considers that institution to be his or her top choice...
(ED) process or regular decision (RD) process. Unlike many other undergraduate business programs where students transfer in after their freshman or sophomore year (University of Virginia's McIntire, Emory's Goizueta, UC Berkeley's Haas), Wharton applicants apply specifically for Wharton during their senior year of high school. These candidates are then grouped with a pool of applicants separate from those applying to University of Pennsylvania's College of Arts and Sciences (CAS), School of Engineering and Applied Science (SEAS), or School of Nursing. Though some of the admissions criteria for admissions into Wharton, CAS, and SEAS overlap, the admissions committee, when selecting Wharton students, also looks for qualities that fit with the business school's unique undergraduate culture.
The admissions process for Wharton's undergraduate program is extremely competitive. Wharton's acceptance rate in 2009 was 9%. Wharton's yield, or the percent of students who matriculate after being accepted, is about 77%, a number matched only by Harvard (76%). Princeton's yield in 2009 was 60% and Yale 69%. Through its selective admissions process and consistently strong performance, Wharton has maintained its position as the top undergraduate business program in
U.S. News & World ReportU.S. News & World Report is an American news magazine published from Washington, D.C. Along with Time and Newsweek it was for many years a leading news weekly, focusing more than its counterparts on political, economic, health and education stories...
since the ranking's inception.
Students in the other three undergraduates schools who satisfy certain prerequisites may apply to transfer into Wharton or pursue a dual degree after their freshman year. The transfer/dual degree process is subjective. Students with the necessary coursework must fill out a three question application to be considered by a panel of Wharton faculty. The application questions include reason for interest in transferring, intended course of study in Wharton, and extracurricular activities and hobbies with which the applicants occupied their time in and out of high school. Only those applicants who achieve a cumulative GPA of 3.40 or above are considered by the panel, though the GPA of accepted applicants will typically exceed 3.70. Conversely, Wharton students may also transfer out of the business program into CAS or SEAS.
Academics
The specialized program at Wharton focuses on a broad range of business or finance-related subjects. Though students graduate with a B.S. in Economics, Wharton's curriculum is very different from that of a typical economics major (which the University of Pennsylvania offers through its College of Arts and Sciences). Wharton emphasizes teaching students the skills they need to obtain and succeed in many careers as opposed to general economics theory.
At the same time, undergraduate students are given a general liberal arts education to complement their business concentration. Potential concentrations include Actuarial Science, Business and Public Policy, Environmental Policy & Management, Finance, Health Care Management and Policy, Insurance and Risk Management, Management, Marketing, Operations and Information Management, Real Estate, Statistics, and Transportation. Second concentrations are also available in more specialized topics such as Entrepreneurship & Innovation or Retailing. Emphasis is placed on an international perspective, aided by the geographically diverse student body. Leadership and communication skills are also an area of focus with many core classes incorporating group projects and all freshmen enrolled in Management 100, a course in which student teams complete a semester project benefiting a partner Philadelphia community organization.
A small group of students also choose to apply for a dual degree, allowing them to graduate with two degrees—a B.S. in Economics from Wharton as well as a B.S. or B.A. in another subject taken at the University of Pennsylvania such as Engineering or Mathematics.
Graduation
Over 50% of Wharton's typical undergraduate class of 500 students go into
investment bankingAn investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
with the majority employed at a
bulge bracketThe bulge bracket comprises the "big banks," the world's largest and most profitable multi-national investment banks.- Technical meaning :The term 'bulge bracket' refers to the first group of investment banks listed on the "tombstone" notifying the public of a financial transaction or deal...
firm earning a typical base salary of $70,000, a typical signing bonus of $10,000, and a year-end bonus for first year analysts as high as $100,000. The next most common industry after investment banking is consulting, with firms like McKinsey & Co.,
Boston Consulting GroupThe Boston Consulting Group is a global management consulting firm with offices in 42 countries. It is recognized as one of the most prestigious management consulting firms in the world. It is one of only three companies to appear in the top 15 of Fortunes "Best Companies to Work For" report for...
,
Bain & CompanyBain & Company is a global management consulting firm headquartered in Boston, Massachusetts. Bain is considered one of the most prestigious consulting firms in the world, with 47 offices in 30 countries and over 5,500 professionals on staff globally...
and many other firms hiring approximately 30% of the students. A number of students also enter the buy-side with offers from top hedge funds such as Citadel LLC or private equity firms such as
Silver Lake PartnersSilver Lake is a US-based private equity firm focused on leveraged buyout and growth capital investments in technology, technology-enabled and related industries...
or
Blackstone GroupThe Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
. A number of students, particularly those in the M&T Program, enter the technology industry with offers from places such as
GoogleGoogle Inc. is an American multinational public corporation invested in Internet search, cloud computing, and advertising technologies. Google hosts and develops a number of Internet-based services and products, and generates profit primarily from advertising through its AdWords program...
and
MicrosoftMicrosoft Corporation is an American public multinational corporation headquartered in Redmond, Washington, USA that develops, manufactures, licenses, and supports a wide range of products and services predominantly related to computing through its various product divisions...
.
Wharton MBA program
Wharton School's differentiation lies in its 19 majors, over 250 faculty members, 11 academic departments, nearly 200 electives, 24 research centers and initiatives, and a strong alumni network.
The school offers two paths, an MBA for full-time students and an MBA for executives. Students can elect to pursue double majors or individualized majors. During their first year, all students pursue a required core curriculum that covers traditional management disciplines—finance, marketing, statistics, and strategy—as well as the leadership, ethics, and communication skills needed at senior levels of management. Students pick electives in the second year.
Wharton MBA's required pre-term for full-time students includes coursework, waiver testing, and the "Learning Team Retreat". Coursework includes introductory and review courses in financial accounting, microeconomics, statistics, and financial analysis. Preparatory courses cover material not included in fall coursework that students are expected to understand. In addition, pre-term includes classes on business history and languages, as well as short seminars in communication skills, computing technology, trading simulations, and career management. Students may also spend term time at
INSEADINSEAD is an international graduate business school and research institution. It has campuses in Europe , Asia , and the Middle East , as well as a research center in Israel...
's Fontainebleau and Singapore campuses.
Wharton's MBA for Executives is a two-year, lockstep, weekend residential program with the same curriculum, campus classroom time, credit requirements and elective choices as the full-time MBA program. As such, this is one of the most highly sought and rigorous programs with very high selectivity (low acceptance rate). This program, for more experienced professionals, has the same campus classroom time and credit hours as the full-time program by having longer classroom hours during residential periods and running full terms during summers (when full-time students are interning). Wharton admits only one class with a single entry point every year.
In July 2009 Wharton School announced that they would also accept the Graduate Record Exam (GRE) for future admission to its MBA program in addition to GMAT scores.
Academic honors for MBA program
Though Wharton MBA students receive grades, students have for years enacted a policy of grade non-disclosure whereby such grades are not disclosed to or discussed with others. The school, however, does recognize students at the very top of the class. The top academic honor in the Wharton MBA Program is the Palmer Scholar designation, given to the top 5% of the graduating MBA class. Students who rank in the top 20% of the graduating class after both their first and second years are awarded Graduation with Honors. Students who rank in the top 20% of their class after the first year are awarded First Year Honors. The student or students with the top cumulative GPA at the end of the first year of the MBA program is awarded the Ford Fellowship.
Wharton doctoral program
Wharton offers Ph.D. degrees in
applied economicsApplied economics is a term that refers to the application of economic theory and analysis. While not a field of economics, it is typically characterized by the application of economic theory and econometrics to address practical issues in a range of fields including labour economics, industrial...
and managerial science (as opposed to some schools, which grant
DBAThe degree of Doctor of Business Administration, abbreviated, or and equivalent to , is a research doctorate in business administration. The D.B.A...
s.) However, unlike other programs at Wharton, "the Wharton School name will not appear on your diploma", as "the University of Pennsylvania awards all research Ph.D. and master's degrees." It takes approximately four to six years to complete the doctoral program.
The admissions process for the Wharton doctoral program is extremely competitive. In 2010 the Ph.D. program received over 1,300 applicants for 35 spots. Applicants are expected to demonstrate exceptional quantitative abilities and most matriculants have perfect GRE Quantitative scores. Although verbal skills are somewhat less emphasized, matriculants average close to the 90th percentile on GRE Verbal scores. Most graduates of the Wharton doctoral program pursue academic careers after graduation, though some graduates choose to work in public or private sectors as well.
Nine fields of specialization are offered by the program: Accounting, Applied Economics, Ethics & Legal Studies, Finance, Health Care Management & Economics, Management, Marketing, Operations & Information Management, and Statistics. The entering class of 2010 contained 35 students, more than half of whom were U.S. citizens. The average age of the entering student was 26. Three fourths of the 2010 class were men. All Wharton doctoral students are fully funded.
International study
Options for international study and experience include Wharton's Lauder Institute, the Global Immersion Program, Leadership Ventures, Global Consulting Practicum, and exchange programs with schools in 11 countries, including the alliance with the leading international business school,
INSEADINSEAD is an international graduate business school and research institution. It has campuses in Europe , Asia , and the Middle East , as well as a research center in Israel...
.
Dual and joint degrees
Wharton MBA students may pursue a dual degree with the
Lauder InstituteThe Joseph H. Lauder Institute of Management & International Studies is part of a dual degree program at the University of Pennsylvania, combining an MA in International Studies from the School of Arts & Sciences with an MBA from The Wharton School or JD from the Law School...
,
Johns Hopkins UniversityThe Johns Hopkins University, commonly referred to as Johns Hopkins, JHU, or simply Hopkins, is a private research university based in Baltimore, Maryland, United States...
's
Paul H. Nitze School of Advanced International StudiesThe Paul H. Nitze School of Advanced International Studies , a division of Johns Hopkins University based in Washington, D.C., is one of the world's leading and most prestigious graduate schools devoted to the study of international affairs, economics, diplomacy, and policy research and...
(SAIS), the
John F. Kennedy School of GovernmentThe John F. Kennedy School of Government at Harvard University is a public policy and public administration school, and one of Harvard's graduate and professional schools...
at
Harvard UniversityHarvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
, or in one of the graduate schools at the University of Pennsylvania:
- Biotech – MBA/MB with the School of Engineering and Applied Science
- Design – MBA/MArch, MBA/MLA, MBA/MCP, MBA/MHP with PennDesign
- Education – MBA/MS with the Graduate School of Education
- Engineering – MBA/MSE with the School of Engineering and Applied Science
- Environmental Studies – MBA/MES with the School of Arts and Sciences
- International Studies – MBA/MA with the Lauder Institute
The Joseph H. Lauder Institute of Management & International Studies is part of a dual degree program at the University of Pennsylvania, combining an MA in International Studies from the School of Arts & Sciences with an MBA from The Wharton School or JD from the Law School...
- Medical Sciences – MBA/MD with Perelman School of Medicine, MBA/DMD with School of Dental Medicine
The University of Pennsylvania School of Dental Medicine is one of twelve graduate schools at the University of Pennsylvania, an Ivy League university located in Philadelphia, Pennsylvania...
, and MBA/VMD, MBA/PhD,and MBA/MS with the school of Veterinary Medicine
- Law – MBA/JD with the law school
The University of Pennsylvania Law School, located in Philadelphia, Pennsylvania, is the law school of the University of Pennsylvania. A member of the Ivy League, it is among the oldest and most selective law schools in the nation. It is currently ranked 7th overall by U.S. News & World Report,...
.
- Nursing – Nursing and Health Care Management, MBA/MSN, MBA/PhD with the School of Nursing
- Social Work – MBA/MSW with the School of Social Policy and Practice
Wharton undergraduates may pursue joint degrees in engineering through the
Jerome Fisher Program in Management and TechnologyThe Jerome Fisher Program in Management and Technology is a joint-degree program offered at the University of Pennsylvania for undergraduates.-About the program:...
, international business through the
Huntsman Program in International Studies and BusinessThe Huntsman Program in International Studies & Business, formerly known as the IS&B Program, is a four-year undergraduate course of study, which integrates business education, advanced language training and a liberal arts education at the University of Pennsylvania. It one of four joint-degree...
, Nursing & Health Care Management, and a joint program in life sciences and business through the Roy and Diana
Vagelos Program in Life Sciences and ManagementThe Vagelos Program in Life Sciences and Management is a 4-year dual-degree undergraduate program of the School of Arts & Sciences and the Wharton School of the University of Pennsylvania. Students of the program graduate with both a B.S. in Economics from the Wharton School as well as a B.A...
. Undergraduates may also, independent from these programs, pursue dual degrees with any of Penn's three other undergraduate schools.
Wharton lists three types of degrees on their interdisciplinary lineup: Undergraduate programs, MBA programs and the Executive Masters in Technology Management Program. Wharton co-sponsors the EMTM Program with SEAS. This degree prepares engineers and scientists for leadership roles in technology-based organizations. Graduates receive a master's of science in engineering (MSE) in the management of technology from Penn Engineering.
Aresty Institute
The Wharton School operates the Aresty Institute of Executive Education, a highly regarded center for post-graduate and professional advancement. Sharing its faculty with the full-time Wharton degree programs, the institute offers open-enrollment, semester, and custom programs in Executive Development, Advanced Management, Financial Wealth Management, and a wide variety of evolving fields.
Founded in 1987, the Aresty Institute has expanded its reach from the Wharton campus to a worldwide network of programs offered under its "Global Wharton" umbrella in Asia, India, Europe, and the Middle East.
Leadership in the Business World program
"Leadership in the Business World" is a summer program for high school seniors. The program is four weeks in length, held in the month of July. All of the classes are taught by Wharton faculty.
LBW gives students an introduction to undergraduate business education at Wharton. Through in-class discussions, lectures, team projects, site visits, and the final business plan project, high school students gain a business education foundation before entering college.
Wharton Sports Business Academy
The Wharton Sports Business Academy is a summer program for high school students sponsored by the Wharton School and the Wharton Sports Business Initiative at the University of Pennsylvania. The program, which is for high school juniors and seniors, is 4 weeks long and held in the month of July.
WSBA provides students with an introduction to ownership, sports agents, and celebrity endorsements in the sports industry. The program links general business education to topics within the sports industry, including the collegiate, professional, and Olympic levels.
General academics
The school has 304 standing and associated faculty, 11 academic departments and 20 research centers and initiatives.
Rankings
On December 5, 2003, Wharton enacted a policy of declining to actively participate in the rankings of business school programs, citing concerns for alumni and students' privacy.
The popular and financial press has consistently ranked Wharton as one of the world's top institutions for business education. Moreover, it has been ranked the best business school in the world by the
Financial TimesThe Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
from 2000 to 2009, and was again ranked #1 in 2011 (tied with
London Business SchoolLondon Business School is an international business school and a constituent college of the federal University of London, located in central London, beside Regent's Park...
). Wharton usually receives the highest reputation scores from academics and recruiters. According to
ForbesForbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
, approximately 90% of billionaires with MBAs who derived their fortunes from finance, obtained their master's degree from one of three Ivy League schools:
Harvard Business SchoolHarvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
,
Columbia Business SchoolColumbia Business School is the business school of Columbia University in Manhattan, New York City. It was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students...
, or Wharton.
In the 2010
QS Global 200 Business Schools ReportThe QS Global 200 Business Schools Report identifies the most popular business schools in each region of the world. It aims to serve employers seeking MBAs at a regional level. It originated in the early 1990s under the partnership Quacquarelli Symonds. The TopMBA Career Guide was made in 1990, and...
the Wharton School of the University of Pennsylvania was placed second in North America, maintaining its 2009 position.
Alumni network
Wharton alumni network has over 81,000 members in 142 countries. Alumni have formed 82 alumni clubs. In addition to the annual campus-based Wharton reunion, Wharton partners with its alumni clubs to mount three annual Global Alumni Forums around the world.
See also
Books on Wharton
- Nicole Ridgway, The Running of the Bulls: Inside the Cutthroat Race from Wharton to Wall Street, Gotham, 2005.
- Steven A. Sass, Pragmatic Imagination: A History of the Wharton School, University of Pennsylvania Press,1983.
- Emory Richard Johnson, The Wharton school: Its fifty years, University of Pennsylvania Press, 1931.
External links