Wharton School of the University of Pennsylvania
The Wharton School
| Mission | Apply unparalleled intellectual resources to prepare business leaders who fuel the growth of industries and economies throughout the world |
|---|---|
| Established | 1881 |
| Official name | The Wharton School |
| University | University of Pennsylvania |
| School type | Private |
| Endowment | $691 million |
| Dean | Thomas Robertson |
| Faculty | 304 |
| Undergraduates | 2,305 |
| Graduates | 1,671 |
| Alumni | 81,000 |
| Location | Philadelphia, PA, USA |
The Wharton School is the business school of the University of Pennsylvania, a member of the Ivy League, in Philadelphia, Pennsylvania. It was established in 1881 through a donation of Joseph Wharton and is the world’s first collegiate business school. It is widely considered to be one of the world's most highly-esteemed and influential business schools and is generally viewed as the most prestigious business program in the world at the undergraduate level and a preeminent school at the graduate and doctoral levels.
In conjunction with the other schools and colleges of the university, Wharton grants B.S., M.B.A., offers a Ph.D. program,[2] and holds several diploma programs. With the most electives of any business school,[3] 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.
Since the 1990s, the popular and financial press has consistently ranked Wharton as one of the world's top institutions for business education.[4] Moreover, it has been ranked the best business school in the world by the Financial Times in every year in which the newspaper has ranked business schools, except for 2005, when it tied with Harvard Business School.[5] Wharton usually receives the highest reputation scores from academics and recruiters.[6] According to Forbes Magazine, 90% of billionaires with M.B.A.s obtained their master's degree from one of three schools: Harvard, Columbia Business School or Wharton.[7]
The school currently has 278 faculty members, translating to an 17:1 student-to-faculty ratio. The school's faculty are the world’s most published and most cited among business schools.[8] Research published in the peer-reviewed Academy of Management Journal ranked Wharton as top institution in the simultaneous pursuit of scholarly achievements and excellence in teaching.[9] Most recently, the Chronicle of Higher Education rated Wharton's Marketing and Management departments as the first and second in the world for research productivity, respectively.[10]
The admissions process at Wharton is highly selective — it is one of the most competitive business schools in the U.S. A high GPA, high GMAT score, and very strong non-quantitative credentials are typically prerequisites to admission.
The School publishes an influential[11] on-line journal, Knowledge@Wharton, that is "the envy of every other school",[12] and a newly established publishing house Wharton School Publishing. Wharton maintains the world's largest[13] financial, economics, management, marketing, and public policy data warehouses accessible through state-of-the-art web-based data management services, called WRDS.
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[edit] History
The Wharton School, the world’s first business school,[14] was founded in 1881 by Philadelphia industrialist and philanthropist Joseph Wharton. 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, 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 Commerce (its original name) 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."
[edit] Undergraduate program
[edit] Admissions
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, 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.[15] 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, with admissions statistics comparable to those at Harvard, Yale, or Princeton. Wharton's yield, or the percent of students who matriculate after being accepted, is usually around 80%, a number matched only by Harvard (76%).[16]. 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 Report, the most widely used undergraduate ranking table in the United States, since the ranking's inception.[17]
A very small percentage of students from the College of Arts and Sciences, School of Engineering, or School of Nursing may also apply for transfer into Wharton after their freshman year. The transfer process into Wharton is very objective: students with near-perfect GPAs after their freshman year are ranked and selected in descending order. Conversely, Wharton students may also transfer out of the business program into CAS or SEAS, although this process is significantly less competitive.[citation needed]
[edit] 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 (although the University of Pennsylvania also offers a traditional economics degree 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 MGMT 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. Dual degree programs require significantly more work than a double major or double concentration because students must complete as many as 40% more credits than a single degree student.
[edit] Graduation
Upon graduation, Wharton students earn one of the highest starting salaries for college graduates in the nation.[18] Over 45% of the typical class of 500 go into investment banking with the majority employed at a bulge bracket firm, earning a base salary of approximately $65,000, an $8,000 signing bonus, and an additional $50,000 to $70,000 typical first year analyst bonus.[19] This combined salary of around $130,000 only one year after college makes these Wharton graduates in investment banking perhaps the highest paid students in the nation. Wharton and Harvard are generally considered the top two schools in terms of recruiting in business and finance-related fields, with Princeton, Stanford, and Yale a close second. In 2008, Goldman Sachs was the top employer at Wharton, with 36 accepted offers. The next most common industry after investment banking is consulting, with firms like McKinsey & Co. or Deloitte Consulting hiring approximately 20% of the students.[20]
[edit] Graduate programs
[edit] Wharton MBA program
Nineteen majors are available to Wharton MBA students, who can also elect to pursue double majors or individualized majors. During their first year students pursue a required core curriculum. After completing the first year, electives are available. The MBA program offers nearly 200 electives within Wharton's 11 academic departments, the largest selection of any business school.[21] Thousands of other University electives are also offered through other Penn schools. MBA students may also spend term time at INSEAD's Fontainebleau and Singapore campuses.
Wharton also offers the MBA Program for Executives, which is a two-year, weekend residential program with the same curriculum and same credit requirements as regular MBA program.[22] This is one of most highly sought programs with very low acceptance rate (high selectivity). The executive program is offered in two locations: at the Wharton campus in Philadelphia and San Francisco.
Wharton's required pre-term 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.
Offered on a quarterly schedule throughout the first year, core courses cover traditional management disciplines finance, marketing, statistics, and strategy, as well as the leadership, ethics, and communication skills needed at senior levels of management.
[edit] Academic honors for MBA program
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.
Only grades earned from courses taken at Wharton qualify for academic honors. Courses taken Pass/Fail or electives taken outside of Wharton do not count towards the eligibility for academic honors, but do count towards the MBA degree.
[edit] Wharton doctoral programs
Wharton offers PhD in business degrees (as opposed to some programs, which grant DBAs.) However, unlike other departments in Wharton, "the Wharton School name will not appear on your diploma", as "the University of Pennsylvania awards all degrees"[7]. It takes approximately four to six years to complete the program. Eleven fields of specialization are offered by the program: Accounting, Business and Public Policy, Ethics and Legal Studies, Finance, Health Care Systems, Insurance and Risk Management, Management, Marketing, Operations and Information Management, Real Estate, and Statistics. The entering class of 2005 contained 34 students, half of which were U.S. citizens. The average age of an entering student is 26. All Wharton doctoral students are funded.[23]
[edit] 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 an INSEAD alliance.
[edit] Dual and joint degrees
Wharton MBA students may pursue a dual degree with Lauder Institute, Johns Hopkins' School of Advanced International Studies, John F. Kennedy School of Government at Harvard University, or in one of the graduate schools at the University of Pennsylvania:
- Biotech - MBA/MB with the Penn School of Engineering and Applied Science
- Design - MBA/MArch, MBA/MLA, MBA/MCP, MBA/MHP with Penn School of Design
- Education - MBA/MS with Penn Graduate School of Education
- Engineering - MBA/MSE with the Penn School of Engineering and Applied Science
- International Studies - MBA/MA with The Lauder Institute
- Medical Sciences - MBA/MD with Penn School of Medicine, MBA/DMD with Penn School of Dental Medicine, and MBA/VMD, MBA/PhD,and MBA/MS with Penn School of Veterinary Medicine
- Law - MBA/JD with Penn Law School
- Nursing - Nursing and Health Care Management, MBA/MSN, MBA/PhD with the Penn School of Nursing
- Social Work - MBA/MSW with the Penn 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.
[edit] General academics
The school has 304 standing and associated faculty, 11 academic departments and 20 research centers and initiatives. The institutional mission of the Wharton School is to apply unparalleled intellectual resources to prepare business leaders who fuel the growth of industries and economies throughout the world.
[edit] Academic departments
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[edit] Research centers
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[edit] Alumni network
A recent Forbes publication announced that the University of Pennsylvania has the third most billionaire alumni at 27 (20 of whom graduated from Wharton). Harvard is ranked first on the list with 50, followed by Stanford with 30. Following the University of Pennsylvania are Yale, with 19, and Columbia, with 15.[24]
Wharton alumni network has 81,000+ members in 142 countries around the world. There are eighty-two alumni clubs providing support to the School. 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.
[edit] Rankings
On December 5, 2003 Wharton enacted a policy of declining to actively participate in the rankings of business school programs,[25] citing concerns for alumni and students' privacy.[26] Some recent rankings were:
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | |
| Business Week (MBA/USA) | 4 | 2 | 3 | 5 | 1 | 1 | 1 | 1 | |||||||
| Business Week (Undergraduate/USA) | 1 | 1 | 1 | ||||||||||||
| Financial Times (MBA/Worldwide) | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | ||||
| US News (MBA/USA) | 3 | 3 | 3 | 2 | 2 | 2 | 3 | 4 | 3 | 2 | 2 | 2 | 3 | 3 | 2 |
| US News (Undergrad/USA) | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Wall Street Journal (MBA/USA) | 11 | 7 | 6 | 4 | 1 | 5 | 18 | ||||||||
| CNN Expansion (MBA/WORLDWIDE) | 3 | 3 | 3 |
[edit] See also
- Ivy League business schools
- List of United States business school rankings
- List of business schools in the United States
[edit] References
- ^ Facts at a Glance - The Wharton School of the University of Pennsylvania
- ^ The school does not grant PhD degrees. These are granted exclusively by the Graduate Division of the School of Arts and Sciences at the university. See http://phd.wharton.upenn.edu/
- ^ Elective information; "The Wharton School", 23.06.2008
- ^ Business school rankings; Business Week, 16.10.2000
- ^ Business school rankings; Financial Times, 22.01.2007
- ^ Best Graduate Schools; U.S.News & World Report, 27.04.2006
- ^ Forbes: Billionaire Clusters.
- ^ Faculty and Research; The Wharton School; 23.06.2008
- ^ Trieschmann, James S.; Dennis, Alan R.; Northcraft, Gregory B. and Niemi, Albert W. , Jr. "Serving Multiple Constituencies in Business Schools: M.B.A. Program Versus Research Performance." Academy of Management Journal, 2000, 43(6), pp. 1130-41
- ^ Research Productivity; The Chronicle of Higher Education, 15.10.2006
- ^ Experience Wharton: The Finest Faculty; The Wharton School, 29.05.2008
- ^ Business-school rankings; The Economist, 22.09.2005
- ^ WRDS FAQ; WRDS Website, 23.06.2008
- ^ Wharton Facts; The Wharton School, 03.05.2008
- ^ [1]; Wharton School, 01.09.2006
- ^ [2]
- ^ [3]; Wharton School, 01.09.2006
- ^ [4]
- ^ [5], 04.18.2009
- ^ [6]; Wharton School, 01.09.2006
- ^ MBA curriculum; Wharton School, 01.09.2006
- ^ http://www.wharton.upenn.edu/mbaexecutive
- ^ Doctoral Program Quick Facts; Wharton School, 01.09.2006
- ^ http://www.forbes.com/2008/05/19/billionaires-harvard-education-biz-billies-cx_af_0519billieu.html
- ^ Why Harvard And Wharton Are Wrong; Business Week, 19.04.2004
- ^ Why Wharton and Harvard Are Missing; Business Week, 29.09.2005
[edit] 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.
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