Wharton School of the University of Pennsylvania
|The Wharton School of the University of Pennsylvania|
|Type||Private business school|
|Location||Philadelphia, Pennsylvania, U.S.
|Affiliations||University of Pennsylvania|
The Wharton School is the business school of the University of Pennsylvania, a private, Ivy League university in Philadelphia, Pennsylvania. Wharton is the United States' oldest business school and the world’s first business school affiliated with an institution of higher learning. It was established in 1881 through a donation from Joseph Wharton. The University of Pennsylvania, Wharton's parent institution, is among America's first universities, founded by statesman Benjamin Franklin. The school's faculty is the world’s most published and most cited among business schools.
Wharton is widely considered to be one of the world's best business schools. Both Business Week and Financial Times have consistently ranked Wharton among the world's top institutions for business education. Its undergraduate program has been ranked first in the United States by U.S. News & World Report since the rankings' inception. Wharton's MBA program has been ranked the best in the world by the Financial Times from 2000 to 2009 and again in 2011, tied with London Business School. In addition, Wharton usually receives the highest reputation scores from academics and recruiters.
Alone and in conjunction with the other schools and colleges of the university, Wharton grants B.S. and MBA degrees, offers a Ph.D. program, and houses or co-sponsors several diploma programs. With the most electives of any business school, Wharton 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 publishes an online journal, Knowledge@Wharton and has a newly established publishing house, Wharton School Publishing, in partnership with Pearson publishing company. Wharton maintains financial, economics, management, marketing, and public policy data warehouses accessible through web-based data management services, called Wharton Research Data Services(WRDS).
The Wharton School was founded in 1881 by Philadelphia industrialist and philanthropist Joseph Wharton and is the world's first business school affiliated with a university. A native Philadelphian, Wharton became a leader in industrial metallurgy and built a fortune through his American Nickel Company and Bethlehem Steel Corporation.
The anvil, the school's symbol, reflects Wharton's pioneering work in the metal industry. Wharton envisioned creating a new foundation in order to produce educated leaders of business and government. From the founding of the school, he defined that the goal of the Wharton School of Finance and Economy was "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."
As Wharton's business grew, he recognized that business knowledge in the United States was only taught through an apprenticeship system, and such a system was not viable for creating a wider economy during the Industrial Revolution. After two years of planning, Wharton in 1881 founded the Wharton School through a $100,000 initial pledge. In his intentions the school would have been named the "School of Finance and Economy". The school was meant to train future leaders to conduct corporations and public organizations in a rapidly evolving industrial era. Wharton was quoted as saying that the school was mean to "instill a sense of the coming strife [in business life]: of the immense swings upward or downward that await the competent or the incompetent soldier in this modern strife."
Early on, the Wharton School faculty was tightly connected to an influential group of businessmen, bankers and lawyers that made up the larger Philadelphia School of Political Economy. The faculty incorporated social sciences into the Wharton curriculum, as the field of business was still under development.
1881 to 1915
Wharton School's first business professor was an attorney, Albert Bolles. At the time, there were no other business schools, and consequently no business professors could be recruited elsewhere. Bolles, a lawyer by education and training, and business journalist by career, seemed to be the best option for Joseph Wharton. Bolles started his career as lawyer in Connecticut in the second half of the nineteenth century. After resigning from his law firm, he started pursuing a new career in business journalism and was promoted to the editor role of Bankers Magazine in 1880, a trade publication. Upon joining the Wharton School, he began teaching business with classes on the law of governing finance and on the processes of commercial banking. Bolles' instruction in finance were influenced by his previous experience in the Bankers Magazine: he stressed conservative business practices, drawing on business history as much as he could. In his classes, inflationist Congressmen were "self-interested debtors". Besides teaching, Bolles advocated for several national reforms, including the uniform banking law. Wharton historian Steven A. Sass wrote about him, "Bolles thus fulfilled Joseph Wharton's pedagogic expectations and … got the new school off to a respectable start by the spring of 1883." In 1884, the first five business students were awarded a Bachelor of Finance degree. One graduate, Shiro Shiba, returned to Japan where he would become a member of the Diet (the Japanese parliament), and another, Robert Adams, Jr., later was named U.S. ambassador to Brazil.
The school's initial curriculum was close to a course of accounting and trade for medieval Italians trained as merchants. Classes in business and finance abounded at the school, but it was lacking in any other areas of business interest. Edmund James, with a doctorate from the University of Halle in Germany, reinvigorated the school's curriculum, starting classes on political finance and administration. Later in 1885, James argued for redesigning the course of study at Wharton with elements of German higher education. He wanted to include training in "banking, railroading, merchandising,manufacturing and other similar branches" and expand the course's length to four years from the initial three. Joseph Wharton in November 1893 pledged an additional $75,000 to the school in order to implement James' ideas in the school's curriculum. A more comprehensive study plan was then rolled out. Between 1895 and 1915, James started teaching at Wharton the new fields of finance and management as they were developing in the business world. The Wharton School improved its reputation from "a bunch of academic misfits and some of its rose in United States business world".
1915 to 1970s
Wharton began awarding MBA degrees in 1921. In 1942, during World War II, in the same fashion of other schools, Wharton's full-time faculty dropped dramatically from 165 to 39 by 1944. According to school historians, members of the faculty were called upon for special posts. In 1959, The Wharton School adopted the curriculum which is now taught in most major business schools: the program was changed with liberal arts education doubling to almost half of the curriculum, and the social sciences department was moved to the University of Pennsylvania School of Arts and Sciences in 1975. Since then, Wharton faculty have focused exclusively on business education.
1970s to 2000s
In 1983, following a shift in its business teachings to international trade, Wharton faculty created the world's first MBA/MA program in international management. The program, called the Joseph H. Lauder Institute of Management and International Studies, was the first program designed in a business school to combine an MBA with a master's degree in language and international studies. In the intentions of the school, the course plan would have been a mix of management education and exposure to foreign countries' culture and language. In 1998, the School launched the WRDS (Wharton Research Data Services) through the Computing and Information Technology department. The service was a web-based data management system to help businesses, faculty, and students retrieve information from a variety of financial, economic, and marketing sources. The program originated from the school's early research in "heuristics" that aimed at eliminating lengthy data processing through mathematical extrapolation. After being licensed for use, it was adopted at more than 200 business schools and financial institutions around the world, including INSEAD, Harvard University, London Business School, and Stanford University.
Prospective Wharton candidates apply in their senior year of high school either through the early decision (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 2012 was 10%. 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 Report 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.
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.
Almost 60% of Wharton's typical undergraduate class of 600 students goes into financial services, with the top sectors being investment banking, sales and trading, investment management, and the buy side. The next most common industry after investment banking is management consulting, which hires more than 20% of the students. A number of students enter marketing, sales, and the technology industry, particularly in Silicon Valley.
In 2012, Wharton graduates who accepted full-time employment earned an average base salary of $66,916, with an average signing bonus of $8,732 and a projected average annual bonus of $28,756. The top 10 employers were Goldman Sachs, Boston Consulting Group, Credit Suisse, Morgan Stanley, Barclays, McKinsey & Company, BlackRock, Citi, JPMorgan Chase, and Bain & Company.
Wharton MBA program
The 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 INSEAD's Fontainebleau and Singapore campuses.
The top academic honor in the Wharton MBA program is the Palmer Scholar designation reserved for those graduating in the top 5% of the class. The Palmer Scholar GPA cutoff is usually around 3.85. Students may also be awarded the MBA degree with honors if they graduate in the top 20% of the class. The student who receives the highest grades in the first year of the program is awarded the Ford Fellowship and is known as the Ford Fellow.
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.
San Francisco campus
In 2001 Wharton launched a new campus in San Francisco, California. Located in the Hills Brothers Plaza, the San Francisco campus will serve as a hub on the West coast for its students and alumni. As of 2012, the campus is open to Executive MBA students exclusively, and through an experimental pilot program to MBA students, who can decide to spend the second year of the MBA program in either San Francisco or Philadelphia campuses.
The campus accommodates about 100 MBA students and 90 executive MBA students, along with the staff of the Wharton Executive Education and Wharton Entrepreneurial Programs.
Wharton doctoral program
Wharton offers Ph.D. degrees in finance, applied economics and managerial science (as opposed to some schools, which grant DBAs.) 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.
Options for international study and experience include the Lauder Institute, the Global Immersion Program, Leadership Ventures, Global Consulting Practicum, and exchange programs with schools in 11 countries, including the alliance with a leading international business school, INSEAD.
Dual and joint degrees
Wharton MBA students may pursue a dual degree with the Lauder Institute, Johns Hopkins University's Paul H. Nitze School of Advanced International Studies (SAIS), the John F. Kennedy School of Government at Harvard University, or in one of the graduate schools at the University of Pennsylvania:
- Bioethics – MBA/MBE with Perelman School of Medicine Department of Medical Ethics & Health Policy
- 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
- Medical Sciences – MBA/MD with Perelman School of Medicine, MBA/DMD with School of Dental Medicine, and MBA/VMD, MBA/PhD,and MBA/MS with the school of Veterinary Medicine
- Law – MBA/JD with the law school.
- 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 Technology, international business through the Huntsman Program in International Studies and Business, Nursing & Health Care Management, and a joint program in life sciences and business through the Roy and Diana Vagelos Program in Life Sciences and Management. 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.
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.
The school has 304 standing and associated faculty, 11 academic departments and 20 research centers and initiatives.
|School rankings (overall)|
|U.S. undergraduate business|
|U.S. News & World Report||1|
|U.S. News & World Report||3|
The popular and financial press has consistently ranked Wharton as one of the world's top institutions for business education. Its MBA program has been ranked the best in the world by the Financial Times from 2000 to 2009, and was again ranked No. 1 in 2011 (tied with London Business School). Wharton usually receives the highest reputation scores from academics and recruiters. According to Forbes, 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 School, Columbia Business School, or Wharton.
In the most recent aggregated "ranking of rankings" of US business schools, Wharton ranked #3 in the Financial Times and #4 with Poets&Quants. Each of these rankings is a composite of five major MBA rankings published by Bloomberg BusinessWeek, The Economist, The Financial Times, Forbes, Wall Street Journal and/or U.S. News & World Report which is meant to eliminate anomalies and other statistical distortions that are often present in any single ranking.
Wharton alumni network has over 88,000 members in 150 countries Alumni have formed 82 alumni clubs. In addition to the annual campus-based Wharton reunion, Wharton partners with its alumni clubs to mount between two and three annual Global Alumni Forums around the world. Wharton organizes the Global Alumni forums in selected locations, comprehending public conferences and debates on particular themes or economic topics. The 2012 Global Alumni Forums were held in:
- Milan – "Switching Gears"
- Jakarta – "Indonesia, ASEAN and the World: Concentric Circles of Growth" 
- Byrne, John. "Poets&Quants’ Top 100 MBA Programs in the U.S.". Retrieved 2011-03-11.
- "Wharton History | The Wharton School of the University of Pennsylvania". Wharton.upenn.edu. Retrieved 2012-10-04.
- Faculty and Research; The Wharton School; 2008-06-23
- Business school rankings; Business Week, 2000-10-16
- Business school rankings, Financial Times, 2007-01-22
- Best Graduate Schools, U.S.News & World Report, 2006-04-27
- The school does not grant Ph.D. degrees. These are granted exclusively by the Graduate Division of the School of Arts and Sciences at the university. see: http://www.wharton.upenn.edu/doctoral-inside/facts-dates.cfm
- Elective information; "The Wharton School", 2008-06-23
- WRDS FAQ; WRDS Website, 2008-06-23
- About Wharton; The Wharton School, 2008-05-03
- Joseph Wharton: Quaker industrial ... – Google Books. Retrieved 2010-08-09.
- "Wharton: A Century of Leadership". Wharton.upenn.edu. Retrieved 2012-10-04.
- "History: School of the Wharton School of Business, University of Pennsylvania University Archives". Archives.upenn.edu. Retrieved 2012-10-04.
- "Wharton: A Century of Leadership". Wharton.upenn.edu. Retrieved 2012-10-04.
- "Wharton: A Century of Leadership". Wharton.upenn.edu. Retrieved 2012-10-04.
- "About WRDS Home". Wrds-web.wharton.upenn.edu. Retrieved 2012-10-04.
- ; Wharton School, 2006-09-01
- ; Wharton School, 2006-09-01
- "2012 Wharton Undergraduate Career Survey". Retrieved 6 October 2012.
- "Wharton eMBA: Compare Wharton’s Executive MBA & Full MBA Education". Wharton.upenn.edu. Retrieved 2010-08-09.
- "Core: Curriculum: MBA Resource Guide – The Wharton School of the University of Pennsylvania". Wharton.upenn.edu. 2009-07-13. Retrieved 2010-08-09.
- "Course Index: MBA Resource Guide – The Wharton School of the University of Pennsylvania". Wharton.upenn.edu. 2009-07-17. Retrieved 2010-08-09.
- MBA Channel: "Wharton joins the club", 2009-07-31
- "Wharton San Francisco | New Campus 2012". Wharton.upenn.edu. Retrieved 2012-10-04.
- "About WDP – Did you know?". Wharton University of Pennsylvania – Doctoral Inside. Wharton School, University of Pennsylvania. Retrieved 2012-010-04.
- "Wharton Doctoral Programs: Frequently Asked Questions". Wharton.upenn.edu. Retrieved 2010-08-09.
- "Wharton Doctoral Programs: Class Profile". Wharton.upenn.edu. Retrieved 2010-08-09.
- Doctoral Program Quick Facts; Wharton School, 2006-09-01
- "Executive Education Programs at Wharton: Premier Executive Education". Executiveeducation.wharton.upenn.edu. Retrieved 2010-08-09.
- "Almanac, 07/14/87, Vol. 34, No. 01" (PDF). Retrieved 2010-08-09.
- "Wharton: Your Global Partner — Wharton Executive Education". Executiveeducation.wharton.upenn.edu. Retrieved 2010-08-09.
- "Business School Rankings and Profiles: Undergraduate". Bloomberg BusinessWeek. 2012. Retrieved 2011-1-19.
- "Best Undergraduate Business Programs". U.S. News & World Report. 2010. Retrieved 2011-1-19.
- "Business School Rankings and Profiles: MBA". Bloomberg BusinessWeek. 2012. Retrieved 2012-1-19.
- "Best Business Schools". Forbes. 2012. Retrieved 2011-10-16.
- "Best Business Schools". U.S. News & World Report. 2012. Retrieved 2012-03-13.
- "Ránking Global de las Mejores Escuelas de Negocios". América Economía. 2011. Retrieved 2011-10-30.
- "The World's Best Business Schools". Business Insider. 2011. Retrieved 2011-11-25.
- "Ranking:Los Mejores MBA en el mundo 2010". CNN Expansion. 2010. Retrieved 2011-10-30.
- "Which MBA". The Economist. 2011. Retrieved 2011-10-16.
- "Global MBA Rankings". Financial Times. 2012. Retrieved 2012-2-14.
- "Why Harvard And Wharton Are Wrong". Businessweek. Bloomberg LP. 2004-04-19.
- Di Meglio, Francesca (2005-09-29). "Why Wharton and Harvard Are Missing". Businessweek. Bloomberg LP. Retrieved 2012-10-04.
- Greenberg, Duncan (2009-04-02). "Billionaire Clusters". Forbes.
- "QS Global 200 Business Schools Report 2010 North America".
- "Financial Times Ranking of Rankings". The Financial Times. 2007. Retrieved 25 October 2012.
- "Poets&Quants’ Top 100 MBA Programs in the U.S.". Poets&Quants. 2011. Retrieved 25 October 2012.
- "Alumni Network | The Wharton MBA Program". Wharton.upenn.edu. Retrieved 2012-10-04.
- "The Wharton Global Alumni Forum Milan". Whartonmilan12.com. 2012-06-01. Retrieved 2012-10-04.
- "The Wharton Global Alumni Forum Jakarta". Whartonjakarta12.com. Retrieved 2012-10-04.
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.
- The Wharton School of the University of Pennsylvania
- Wharton's Timeline
- Wharton San Francisco Campus