MbaMission Wharton Insiders Guide 2022-2023

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mbaMission’s Insider’s Guide

The Wharton School


University of Pennsylvania
Philadelphia, PA

2022–2023

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Introduction from mbaMission
In our more than two decades helping MBA applicants get into top business schools, we have gained a profound under-
standing of what can compel an admissions committee to send that coveted letter of acceptance. Selecting the right
MBA program for your needs and developing a true understanding of and familiarity with that program are crucial in
crafting a successful application. We have therefore invested hundreds of hours into researching and examining the
leading business schools—including speaking with students, alumni, and other representatives—to construct these
guides, with the express goal of helping applicants like you make informed decisions about this important step in your
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We hope you enjoy this guide and encourage you to visit us at www.mbamission.com for complete and detailed analy-
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contact us for a free 30-minute consultation. Our collaborative, full-time team of experienced consultants has been
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Powered by Kaplan—and hundreds more verified five-star reviews on GMAT Club than any other admissions consult-
ing firm, mbaMission prides itself on its high-touch client engagement model and robust library of free content that in-
cludes these Insider’s Guides as well as our Complete Start-to-Finish MBA Admissions Guide, Interview Guides, and Career
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clients. We look forward to supporting you on your journey to business school and beyond!

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mbaMission Insider’s Guide: The Wharton School · 2022–2023 4


Introduction from Poets&Quants
For more than ten years, Poets&Quants has been the foremost authority on the top business schools. Our mission has
always been to help young professionals with one of the most important—and potentially most expensive—decisions of
their lives: whether to pursue an MBA.

We are pleased to offer these guides to our readers as part of our editorial partnership between Poets&Quants and
mbaMission, the world’s leading MBA admissions consulting firm. We closely evaluated all such guides currently on the
market, and are confident that you will not find a more thorough analysis of an MBA program than mbaMission’s. These
in-depth reports are well researched and well written, offering the detail and examination applicants need to really un-
derstand a school’s culture, offerings, and outcomes. We are thrilled to offer these guides to our readers for free, thanks
to our partnership.

Moreover, the guides are a great complement to the daily coverage of MBA news, students, programs, and admissions
practices on PoetsandQuants.com. We hope you will visit our site often to stay informed about the programs that interest
you and the one you ultimately attend. We will continue to provide the most relevant and current resources on the MBA
world to help you make the best possible decisions on your path from school selection to career advancement.

I wish you the best of luck on your journey to what will undoubtedly be a transformational experience.

John A. Byrne
Founder & Editor in Chief
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mbaMission Insider’s Guide: The Wharton School · 2022–2023 5


Free Resources from mbaMission
The following guides are also available from mbaMission (online at www.mbamission.com/guides), and
more are being added regularly:

Admissions Guides Insider’s Guides

ƒ Complete Start-to-Finish MBA Admissions Guide ƒ Insider’s Guide to Columbia Business School
ƒ Brainstorming Guide ƒ Insider’s Guide to Cornell University’s Samuel Curtis Johnson
ƒ Essay Writing Guide Graduate School of Management
ƒ Executive MBA Program Guide ƒ Insider’s Guide to Duke University’s Fuqua School of Business
ƒ Fundamentals of an MBA Candidacy Guide ƒ Insider’s Guide to the Haas School of Business at the University
ƒ HBS 2+2 and Deferred Admissions Guide of California-Berkeley
ƒ Interview Guide ƒ Insider’s Guide to Harvard Business School
ƒ Letters of Recommendation Guide ƒ Insider’s Guide to INSEAD
ƒ Long-Term Planning Guide ƒ Insider’s Guide to the Kellogg School of Management at
ƒ MBA Student Loan Reduction Guide Northwestern University
ƒ Optional Essays Guide ƒ Insider’s Guide to the MIT Sloan School of Management
ƒ Personal Statement Guide ƒ Insider’s Guide to New York University’s Leonard N. Stern
ƒ Resume Guide School of Business
ƒ Selecting Your Target MBA Program E-Book ƒ Insider’s Guide to the Stanford Graduate School of Business
ƒ Social Media Guide ƒ Insider’s Guide to the Stephen M. Ross School of Business at
ƒ Waitlist Guide the University of Michigan
ƒ “What Matters?” and “What More?”: 50 Successful Essays for ƒ Insider’s Guide to the Tuck School of Business at Dartmouth
the Stanford GSB and HBS (and Why They Worked) (PAID) ƒ Insider’s Guide to the UCLA Anderson School of Management
ƒ Insider’s Guide to the University of Chicago Booth School of
Business
International Program Guides ƒ Insider’s Guide to the University of Virginia’s Darden School of
Business Administration
ƒ Cambridge Judge Business School Program Guide ƒ Insider’s Guide to the Wharton School of the University of
ƒ ESADE Program Guide Pennsylvania
ƒ HEC Paris Program Guide ƒ Insider’s Guide to the Yale School of Management
ƒ HKUST Program Guide
ƒ IE Business School Program Guide
ƒ IESE Business School Program Guide
ƒ IMD Program Guide
ƒ Ivey Business School Program Guide
ƒ London Business School Program Guide
ƒ Rotman School of Management Program Guide
ƒ Saïd Business School Program Guide

mbaMission Insider’s Guide: The Wharton School · 2022–2023 6


Interview Guides Career Guides

ƒ Chicago Booth School of Business Interview Guide ƒ Asset Management Career Guide
ƒ Columbia Business School Interview Guide ƒ Consulting Career Guide
ƒ Dartmouth Tuck Interview Guide ƒ Hedge Fund Career Guide
ƒ Duke Fuqua Interview Guide ƒ Investment Banking Career Guide
ƒ Haas School of Business Interview Guide ƒ Marketing Career Guide
ƒ Harvard Business School Interview Guide ƒ Private Equity Career Guide
ƒ INSEAD Interview Guide ƒ Real Estate Investment & Development Career Guide
ƒ London Business School Interview Guide ƒ Tech Career Guide
ƒ Michigan Ross Interview Guide ƒ Venture Capital Career Guide
ƒ MIT Sloan School of Management Interview Guide
ƒ Northwestern Kellogg Interview Guide
ƒ NYU Stern School of Business Interview Guide
ƒ Stanford GSB Interview Guide
ƒ Wharton School of the University of Pennsylvania Interview
Guide
ƒ UCLA Anderson Interview Guide
ƒ UVA Darden Interview Guide
ƒ Yale School of Management Interview Guide

Follow Us!

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mbaMission Insider’s Guide: The Wharton School · 2022–2023 7


Table of Contents

9 The Wharton School


9 Summary
10 Class Size: Smaller Versus Larger
12 Curriculum: Flexible Versus Mandatory Core
15 Pedagogy: Lecture Versus Case Method
17 Academic Specializations/Recruitment Focus: Resources and Employers
19 Professional Specializations
19 Consulting
19 Entrepreneurship, Private Equity, and Venture Capital
22 Finance
23 General Management/Leadership
25 Health Care
26 International Business
28 Marketing
30 Media and Entertainment
30 Real Estate
31 Social Impact
33 Location: Urban Campus Versus College Town
35 Facilities: Shaping the Academic/Social Experience
37 Alumni Base: Opportunities to Engage
38 Rankings and Reputation: Important Metrics or Arbitrary Measures?
42 The Dean: Erika H. James
43 Notable Professors and Unsung Heroes
44 Social/Community Life
47 Academic Summary
49 Admissions Basics
53 University of Pennsylvania (Wharton) Essay Analysis, 2022–2023

57 Appendix: Wharton Facts and Figures


57 Basics
58 Class Profile (Class of 2023)
58 Employment Statistics (Class of 2021)
University of Pennsylvania
The Wharton School

Summary

Established in 1881, the Wharton School of the University of Pennsylvania is not only the oldest business school in the
United States, but also the world’s first collegiate business school. In addition, it is one of the largest graduate busi-
ness programs in the country, with nearly 1,800 full-time MBA students, more than 240 professors, nearly 200 elective
courses spanning ten departments, and nearly 30 research centers and initiatives.

Perennially ranked among the top business schools in the world, Wharton appears to be best known for its reputation in
finance—as its original name, the Wharton School of Finance and Commerce, would indicate. Nevertheless, the school
seems to pride itself on its breadth and depth of expertise in a multitude of business areas. In that spirit, the school pos-
sesses strong programs in other fields, such as marketing, leadership, and management. Any applicant concerned about
Wharton’s versatility need look no further than the school’s standing in the 2023 U.S. News &World Report MBA rankings
by specialty, as listed in the rankings section.

The school also offers a consistently top-ranked real estate program, as well as a top-notch health care program and a
strong focus on leadership development. According to our research for this guide, for many students, the one thing they
would change about Wharton’s MBA program is that it has a reputation for excellence in finance only. Indeed, we would
agree that dismissing Wharton as simply a “finance school” would be a mistake.

According to a second year with whom we spoke, two other popular misconceptions about Wharton are that its students
are “cocky” and that the atmosphere is “cutthroat.” This same student added that visitors are often surprised to find
a student body full of “incredibly down-to-earth” individuals who tend to end up asking themselves, “How did I get ac-
cepted?” Rather than fostering an overly competitive environment, we learned, Wharton manages to cultivate a highly
collaborative, friendly culture. What one recent alumnus we interviewed liked best about the program was that even
though the class is large, students enjoy almost endless opportunities to make a real, positive impact on the program and
on their classmates. A first-year student we interviewed commented, “I am far more impressed than I expected in terms
of the quality of my peers and what they’ve done in the past, and their intellectual and social capabilities.”

Since 2012, Wharton has offered the Semester in San Francisco program, a pilot program for its Wharton/San Francisco
campus. Designed for full-time second-year MBA students, the program takes advantage of Wharton’s Hills Brothers
Plaza facility on the Embarcadero in San Francisco, which is largely vacant during the week, given that it is used primarily
for an Executive MBA program.

Through the Semester in San Francisco program, which accepts approximately 70 students each year, participants fo-
cus on various topics of interest and network with West Coast executives and alumni. Electives are determined using
surveys completed by students who have expressed interest in program. Noting that “venture initiation is getting stron-

mbaMission Insider’s Guide: The Wharton School · 2022–2023 9


ger at the school,” the second year we interviewed felt that the program has particular appeal to students interested in
entrepreneurship because of San Francisco’s reputation as a haven for start-ups. Students are responsible for their own
housing during their time in San Francisco, and at the culmination of the program, they rejoin their classmates at Whar-
ton’s campus in Philadelphia.

In 2022, Wharton achieved another milestone: 52% of its incoming class were women. This percentage represented an
all-time high for the program. Dean Erika James, who stepped into the role of dean in 2020, made increasing diversity
within the student population a priority in her leadership. “Oftentimes it really just takes committed leadership to diver-
sity. It’s a continued focus on diversity as a part of thinking about how we want to create a portfolio of students,” James
told the Wall Street Journal in a 2021 interview.

Class Size: Smaller Versus Larger

One element that affects the character of a school’s MBA experience is class size. You might want to
reflect on your high school, college, and work environments to help you determine whether you would
be more comfortable in a larger class or a smaller one—or whether this is even a consideration for Reflect on your past
you at all. academic and work
environments to
Students at smaller schools (which we define as having approximately 350 students or fewer per
determine whether
class) tend to interact with most of their peers and professors at some point during the typical two-
year MBA period. Thus, the smaller schools are generally considered more “knowable,” and their com-
you would be more
munities tend to be quite closely knit. Also, consider that assuming a leadership position is easier in comfortable in a larger
a smaller environment, because, for example, the Finance Club may have only one president at both or smaller class—or
a small school and a large school, but competition for such a position would obviously be greater in whether this is a
the larger program. consideration for you
at all.
Some individuals might prefer to be at a larger school where they can better maintain their anonymity
if they so choose. A student at a school with close to 900 people or more in each class will not likely
get to know each and every one of their classmates by the end of the program, and some people might
prefer this. Further, advocates of larger classes tout the advantage of being able to interact with more people during
one’s MBA experience—and to thereby develop a broader and more robust network of peers. Note that many schools
divide students into smaller groups—called “sections,” “clusters,” “cohorts,” or even “oceans”—in which approximately
60–90 students take certain classes together, and this approach can help foster a stronger sense of community within
the larger programs.

With a class size in roughly at least the mid-800s (897 for the Class of 2023, 916 for the Class of 2022, and 856
for the Class of 2021), Wharton is one of the largest MBA programs in the world. It is contained predominantly
within a single building—the state-of-the-art Huntsman Hall—which fosters student interaction through its
numerous meeting, study, and social spaces.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 10


Year-Over-Year Class Class Class Class Class Class Class Class Class Class Class Class Class
Class Profile Data: of of of of of of of of of of of of of
Wharton 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011

Number of Applicants 7,338 7,158 5,905 6,245 6,692 6,679 6,590 6,111 6,036 6,408 6,442 6,819 7,493

Number of Full-Time 897 916 856 862 863 851 861 859 837 837 845 817 862
Students

Average GMAT 733 722 732 732 730 730 732 7281 7251 720 720 720 7201

GMAT Range NA NA 500– 500– 530– 570– 620– 620– 630– 560– 560– 540– 680–
790 790 790 780 790 780 790 790 790 790 760

Average Years of 5 5 5 5 5 5 5 51 51 5 4 4 51
Work Experience

Female 52% 41% 46% 43% 44% 44% 43% 40% 42% 42% 45% 40% 40%
Representation

U.S. Students of 35% 40% 36% 33% 33% 32% 30% 30% 30% 28% 33% 32% 29%
Color

International 36% 19% 30% 33% 33% 32% 32% 31% 35% 37% 36% 36% 37%
Representation

1
Represents the median rather than the average.

Although 800–900 students is too large a class to allow students to become close friends with every one of their
classmates, one of the rewards of attending such a large program is the sheer number of social opportunities
it offers. When asked what advice he would offer someone applying to Wharton, a second-year student told us,
“Visit the school and meet current students to get an understanding of whether you’d fit into the culture. Some-
times the class of 800–900 feels too big, and you need to make sure you are okay with that size community.”

On the other hand, an alumnus we interviewed relished that no matter how many friends and acquaintances
he had already made in the program, he always had the opportunity to meet more. In fact, several alumni told
mbaMission that they never stopped meeting new people at Wharton, and many pointed out that they met
some of their closest friends during their second year at the school. Moreover, Wharton MBAs mix regularly
with students from the 11 other graduate schools at Penn—both formally (through university-sponsored mix-
ers) and informally.

At Wharton, each incoming class is segmented into four “clusters” of approximately 215 students who share
common faculty and staff, and who are further divided into three “cohorts”—equivalent to “sections” at other
programs—of approximately 70 students each (for a total of 12 cohorts, identified by the letters “A” through
“L”), which, are in turn subdivided into five- or six-person learning teams. “The Cluster and Cohort system was
designed with the hope that it takes a group of [850–900] and allows it to feel like a smaller community,” the
school explains on its website. Throughout the first half of the first year, students take fixed core classes with
their assigned cohort and complete group assignments with their learning teams. A first-year student with
whom we spoke said of the school’s “intentionally diverse” learning teams that students are grouped “in terms

mbaMission Insider’s Guide: The Wharton School · 2022–2023 11


of background, culture, gender, race, you name it, and [the school Class Size

is] really trying to make sure you understand that in a business set- 900 to 1,000 Harvard Business School
ting, you’re not going to have one homogenous group that really is
800 to 900 UPenn Wharton
dominating the work force.”
700 to 800 Columbia Business School1

The first significant bonding within cohorts and learning teams 500 to 600 Chicago Booth

occurs between pre-term and the fall semester of the program’s 400 to 500 Northwestern Kellogg
first year at a mandatory two-day Learning Team Retreat in the MIT Sloan
Catskill Mountains, during which students engage in team-building Duke Fuqua

exercises. Learning teams are mentored by the Leadership Fellows Stanford GSB
Michigan Ross
(discussed in the General Management/Leadership section under
Professional Specializations) assigned to each cohort. After com- 300 to 400 NYU Stern

pleting the first-year core curriculum, students choose their elec- UCLA Anderson
UVA Darden
tives and no longer take classes within cohorts.
Yale SOM

A first year we interviewed explained that although clusters, co- 200 to 300 Cornell Johnson
Dartmouth Tuck
horts, and learning teams tend to play a more prominent role in stu-
UC Berkeley Haas
dent life, Wharton developed the pod structure to “create a group
… that hits the sweet spot for initiatives and events that are too Classes are listed from largest to smallest within each category.

big for groups of six but too small for groups of 70.” He added that 1
Includes J-Term students.

second-year Student Life Fellows are assigned to learning teams


to “make sure that everyone in that group is having a good student
experience, maximizing their opportunities and ensuring no one falls through the cracks.” Student Life Fel-
lows are handpicked by Wharton’s Student Life team and “shape and enrich student life, and support [incom-
ing students] through the lens of a second-year student—providing insights, mentorship, and advice.” states
the Wharton website.

Curriculum: Flexible Versus Mandatory Core

Many business schools have a “core” curriculum—a standard series of courses that all students must
take. However, these core requirements can vary tremendously from one program to the next. For
example, one school may teach its required curriculum for the entire first year, meaning that stu-
dents will not take any elective courses until their second year, whereas another MBA program may The rigidity or flexibility
stipulate only one or two required courses. of a school’s first-year
curriculum affects
The rigidity or flexibility of a school’s required curriculum affects students’ education and socializa-
students’ education
tion. Regardless of their professional experience, students at a school with a rigid core curriculum
must all take the same classes. At some schools, for example, even CPAs must take the required
and socialization.
foundational accounting course, whereas at others, students can waive selected classes if they can
prove a certain level of proficiency. Again, both approaches have pros and cons, and what those are
depends on your perspective.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 12


Proponents of a rigid core curriculum would argue that academics understand what skills students need to become true
managers and that when students “overspecialize” in one area, their overall business education can ultimately suffer. A
significant body of academic writing has been devoted to critiquing programs that give students a narrow view of busi-
ness, notably Henry Mintzberg’s Managers Not MBAs: A Hard Look at the Soft Practice of Managing and Management De-
velopment (Berrett-Koehler, 2004) and Rakesh Khurana’s From Higher Aims to Hired Hands: The Social Transformation of
American Business Schools and the Unfulfilled Promise of Management as a Profession (Princeton University Press, 2007).

Advocates of the core curriculum approach would also argue that having all students take the same classes creates a
common language and discussion among the classmates because of the shared experience. In addition, proponents
contend that a rigid core curriculum facilitates learning, because students who have applicable direct experience bring
that knowledge and insight into the classroom and can thereby help teach others. Finally, schools with mandatory cores
generally keep students together in their sections for several months, if not an entire academic year, and students who
interact every day in this way ultimately forge strong bonds. This sustained contact and connection can create a deep
sense of community among the students.

In contrast, those who would argue in favor of a more flexible curriculum feel that students benefit from the opportunity
to specialize immediately—that time is short, and students need power and choice in preparing for their desired careers.
So if, for example, a student intended to enter the world of finance, an advocate of flexibility would argue that the student
should be able to study finance in depth throughout the MBA program, possibly even from day one, so as to gain as much
experience as possible in this area—especially before interviewing for a summer internship. Furthermore, proponents
for flexible curricula caution that experienced students could end up “wasting” hours taking courses in subjects in which
they already have expertise. Finally, they would assert that a flexible schedule allows students the opportunity to meet a
greater number and wider variety of their classmates.

Wharton’s curriculum tends toward the core model, but is also increasingly flexible. First-year students take
a fixed core curriculum, which includes a three-week pre-term (to ensure that everyone begins the fall se-
mester with a baseline level of business knowledge), a mandatory learning team retreat, and a year’s worth
of foundation courses that emphasize three key aspects reflected in the overall curriculum: leadership, rigor,
and breadth.

As mentioned, Wharton’s core curriculum includes both fixed and flexible components. After completing 3.25
credit units of required courses with their assigned cohort, students customize 6.25 credit hours of flexible
core courses, which can vary in terms of content, timing, and format. The flexible core curriculum also allows
students to choose from among eight course categories, depending on their major or career interests.

Fixed Core Courses (taken with cohort during the first semester of the first year)
• “Advanced Microeconomics for Managers”
• “Foundations of Teamwork and Leadership”
• “Marketing Management”
• “Microeconomics for Managers”
• “Regression Analysis for Managers”
• “Speaking and Writing”

mbaMission Insider’s Guide: The Wharton School · 2022–2023 13


Flexible Core Course Areas Can Waive/ Cannot Waive/
Test Out of Classes Test Out of Classes
• Accounting
• Communication Chicago Booth Harvard Business School
• Corporate Finance Columbia Business School MIT Sloan
Cornell Johnson Stanford GSB
• Legal Studies and Business Ethics
Dartmouth Tuck UVA Darden
• Macroeconomics
Duke Fuqua Yale SOM
• Management
Michigan Ross
• Marketing Northwestern Kellogg
• Operations, Information, and Decisions NYU Stern
UC Berkeley Haas
Students who possess prior professional or academic ex- UCLA Anderson
UPenn Wharton
perience in a given field may place out of the corresponding
core course (though not all core courses are eligible to be
waived), either by completion of a waiver examination or with permission from the course’s professor. Many
first-year students who are able to waive a core course take an elective in its place, yet approximately 40% of
qualified students typically opt to take the core course rather than place out; some are happy to receive the
refresher, and others prioritize the bonding time with their learning teams and cohorts.

After completing the first-year core curriculum, students are free to choose from nearly 200 elective classes
spanning ten departments to fulfill their chosen majors. Students must take at least 9.5 credits’ worth of elec-
tive courses, with five of those counting toward a chosen major. Five credit units are required for most majors
(one credit typically comes from the core), and students may choose one or more of the following majors:

• Accounting
• Business Analytics*
• Business Economics and Public Policy*
• Business, Energy, Environment, and Sustainability*
• Entrepreneurship and Innovation
• Finance
• Health Care Management
• Individualized
• International Business
• Management
• Marketing
• Marketing and Operations (joint major)
• Multinational Management
• Operations, Information and Decisions*
• Organizational Effectiveness
• Quantitative Finance*
• Real Estate

mbaMission Insider’s Guide: The Wharton School · 2022–2023 14


• Statistics*
• Strategic Management

*STEM-certified major

One benefit Wharton students enjoy is the ability to take up to four courses at any of the 11 other Ivy League
graduate schools at the University of Pennsylvania:

• Annenberg School for Communication


• Graduate School of Education
• Law School
• Perelman School of Medicine
• School of Arts and Sciences
• School of Dental Medicine
• School of Engineering and Applied Science
• School of Nursing
• School of Social Policy and Practice
• School of Veterinary Medicine
• Stuart Weitzman School of Design

In addition, the Penn Language Center offers language courses from literally A to Z (Afrikaans to Zulu), includ-
ing less commonly taught languages such as Telugu, Twi, and Pashto.

Pedagogy: Lecture Versus Case Method

Students will likely encounter multiple styles of learning while in business school—including partici-
pating in simulations, listening to guest speakers, and partaking in hands-on projects—but the two
most common MBA learning styles are case method and lecture. Students will encounter
many different styles
Pioneered by Harvard Business School, the case method, or case-based learning, requires students
of learning during
to read the story (called a “case”) of either a hypothetical or a real protagonist who is facing a manage-
their time at business
rial dilemma. As the student reads, the student explores the protagonist’s dilemma and has access to
various quantitative and qualitative data points meant to facilitate further analysis. (Cases can vary
school, but the two
in length but are typically 10–20 pages long.) After reading and studying the entire case, the student most common are case
generally understands the profundity of the problem and is typically asked a simple question: “What method and lecture.
would you do?” In other words, how would the student act or react if they were in the protagonist’s
place? What decision(s) would the student make?

After completing their independent analysis of the case, the student typically meets with the members of their study
group or learning team (if the school in question assigns such teams) for further evaluation. Together, the group/team
members explore and critique one another’s ideas and help those students who may have had difficulty understanding

mbaMission Insider’s Guide: The Wharton School · 2022–2023 15


particular aspects of the issue or progressing as far on their own. Often, though not always, the team will establish a
consensus regarding the actions they would take in the protagonist’s place. Then, in class, the professor acts as facilita-
tor and manages a discussion of the case. Class discussions can often become quite lively, and the professor will guide
students toward resolving the dilemma. Sometimes, the professor will ultimately reveal the protagonist’s decision and
the subsequent results—or even bring the actual protagonist into the classroom to share and discuss the case’s progres-
sion and outcomes in person.

In short, the case method focuses primarily on the analytical process and illustrates that the problems presented have no
clear-cut right or wrong responses. For a student to disagree with the protagonist’s chosen path—even after it has proved
to be successful—is not unusual. After all, another approach (or even inaction) may have produced an even better result.

Note that case-based learning is not specific to one academic discipline. Cases are available in finance, strategy, op-
erations, accounting, marketing, and still other areas. Further, many cases are interdisciplinary, meaning that they ad-
dress more than one area at a time, such as requiring students to think about how a financial decision might affect the
operations of a manufacturing company or the ways in which a marketing decision might involve significant financial
considerations. Importantly, students in case environments are often graded on their “contribution” to the class discus-
sion (measured by the level of one’s participation in discussions and analysis, not on the frequency with which one offers
“correct” answers), so the case method is not for those who are uncomfortable speaking in class. However, it can be
incredibly helpful for those who want or need to practice and build confidence speaking publicly.

Lecture is the method of learning that is familiar to most people—the professor stands in front of the class and explores
a theory or event, facilitating discussion and emphasizing and explaining key learning points. Often, students have read
chapters of a textbook beforehand and have come to class with a foundation in the specific area to be examined that day.
Although the case method gives students a context for a problem, those who favor lecture tend to believe that the case
method is too situation specific and therefore prefer a methodical exploration of theory that they feel can be broadly ap-
plied across situations. In lecture classes, the professor and their research or theory are technically paramount, though
students still participate, challenge ideas, and debate issues.

Note that at some schools, professors may alternate between cases and lectures within a single semester of classes.

Wharton does not adhere to just one method of instruction. Wharton professors have the flexibility to match
their teaching methods to class content. Many instructors use a combination of methods (e.g., lecture, case
study, simulation, team projects) over the course of a semester or quarter. As one might expect, marketing
and strategy courses tend to include more cases and discussion, whereas finance, accounting, and opera-
tions management classes tend to be more quantitative and lecture based, though some exceptions exist to
this general theme, of course.

Wharton uses team-based and experiential learning to allow students to gain experience across a variety of
business challenges. “Interaction in small groups with a remarkable and diverse set of peers encourages trial
and error, risk taking, and collaborative idea generation, and will fundamentally change your perspective and
deepen your learning,” the school emphasizes on its site.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 16


Academic Specializations/Recruitment Focus: Resources and Employers

Schools’ brands and reputations develop over time and tend to endure, even when the programs
make efforts to change them. For example, many applicants still feel that Kellogg is only a marketing
school and that Chicago Booth is only for people interested in finance, even though both programs
boast strengths in many other areas. Indeed, this is the exact reason mbaMission started producing Do not merely accept
these guides in 2008—we wanted applicants to see beyond these superficial “market” perceptions. stereotypes but truly
Make sure you are not merely accepting stereotypes but are truly considering the breadth and depth
consider the breadth
of resources available at each school.
and depth of resources
We have dedicated the majority of this guide to exploring the principal professional specializations
available at each
for which resources are available at this particular school, and we encourage you to fully consider school.
whether the MBA program meets your personal academic needs by supplementing the information
here with additional context from the school’s career services office, by connecting with the heads of
relevant clubs on campus, and perhaps even by reaching out to alumni in your target industry.

Top Industries: 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
UPenn Wharton

Financial Services 35.1% 36.2% 35.8% 36.9% 32.7% 35.1% 36.9% 35.5% 38.5% 41.0% 38.5% 40.5% 42.5% 47.7%

Consulting 27.2% 24.5% 25.1% 25.0% 28.3% 26.6% 26.3% 25.9% 29.3% 26.7% 30.1% 29.1% 26.6% 26.6%

Technology 18.6% 16.2% 14.9% 14.9% 16.0% 12.6% 11.3% 13.7% 11.0% 11.6% 7.6% 5.6% 8.3% 5.6%

Health Care 5.3% 7.4% 4.3% 5.8% 5.8% 5.2% 6.1% 5.8% 3.9% 5.5% 5.9% 7.0% 7.5% 5.1%

Consumer Products 3.9% 6.7% 6.4% 6.2% 6.3% 7.2% 7.4% 7.5% 6.5% 6.4% 6.5% 5.8% 5.7% 3.1%
and Retail1

1
Reported from 2019 onward as two different categories. Combined here for year-over-year comparison.

Wharton is best known for its strength in finance. Perhaps not surprisingly, then, 35.1% of the school’s 2021
graduates accepted positions in this industry (36.2% in 2020 and 35.8% in 2019). However, more graduates
tend to move into consulting positions (27.2% in 2021, 24.5% in 2020, and 25.1% in 2019) than investment bank-
ing/brokerage (12.9% in 2021, 12.2% in 2020, and 11.8% in 2019). Companies that hired two or more Wharton
students in 2021 include Accenture Strategy; Amazon; Bain & Company; Credit Suisse; Deloitte Consulting;
Google; Goldman, Sachs & Company; and Strategy&.

After financial services and consulting, the most popular industry choices for the school’s 2021 graduates
were technology (18.6%), health care (5.3%), and retail (2.5%). Wharton’s strengths in consulting and invest-
ment banking recruiting are likely apparent to most, but the school seems to pride itself on its breadth of spe-
cialties, assigning two or three members of the Career Management Team to each industry cluster (e.g., media
and entertainment, private equity/venture capital, entrepreneurship/start-ups). These specialists develop
recruiting relationships with companies and counsel students seeking full-time and summer employment.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 17


Most Common Pre-MBA Industry (Class of 2023) School Top Industry for % Entering
2021 Graduates the Industry
Chicago Booth Consulting 23%
Chicago Booth Consulting 34.4%
Columbia Business School Financial Services 31%
Columbia Business School Financial Services 36.0%
Cornell Johnson NA NA
Cornell Johnson Financial Services 36.0%
Dartmouth Tuck Consulting 25%
Dartmouth Tuck Consulting 36.0%
Duke Fuqua Financial Services 14%
Duke Fuqua Consulting 32.0%
Harvard Business School Consulting 17%
Harvard Business School Financial Services 35.0%
Michigan Ross Consulting 23%
Michigan Ross Consulting 35.1%
MIT Sloan Consulting 22%
MIT Sloan Consulting 28.3%
Northwestern Kellogg Financial Services 29%
Northwestern Kellogg Consulting 33.2%
NYU Stern Financial Services 23%
NYU Stern Consulting 31.3%
Stanford GSB Investment Management (PE 20%
and VC) Stanford GSB Finance 33.0%

UC Berkeley Haas Consulting 22% UC Berkeley Haas Technology 34.1%

UCLA Anderson High Tech 22% UCLA Anderson Technology 33.2%

UPenn Wharton Consulting 23% UPenn Wharton Financial Services 35.1%

UVA Darden NA NA UVA Darden Consulting 32.1%

Yale SOM Consulting 24% Yale SOM Consulting 34.2%

One second year told mbaMission, “Because of Wharton’s reputation, the recruiting opportunities have been
plentiful, especially in my industry of choice, because of the school’s incredibly strong health care manage-
ment major. In addition, there are a lot of extracurricular activities to get involved in, which has provided
countless opportunities for networking.” A first-year student we interviewed noted, “Every day at lunch, there
seems to be a different career services meeting or function of some sort, whether it’s bringing in a guest
speaker to talk about an industry or an alumnus who works in an industry—really giving you breadth of the tech,
consulting, banking, entrepreneurship, marketing industries and their background.”

This same first year also commented, “A lot of our career services staff have experience in particular indus-
tries, which I think is huge. And for a lot of driven MBA candidates, you want to trust someone who has knowl-
edge of the industry you’re trying to break into. And so you have these career services staff who have actually
worked in banking, who have actually worked in internal strategy positions and so on. So these are people who
have done some pretty big things and have had the jobs that we’re going after, so they can speak to a level of
actual commitment and involvement and what it takes. … I’m not sure if every business school has that, but
that’s a big win for Wharton.”

mbaMission Insider’s Guide: The Wharton School · 2022–2023 18


Professional Specializations

Consulting

Despite Wharton’s enduring legacy as a “finance school,” consulting is also one of the program’s mainstays. As has been
the case for the past several years, in 2021, more Wharton MBAs took jobs in the consulting industry (27.2%) than in
investment banking/brokerage (12.9%; the corresponding percentages in 2020 were 24.5% and 12.2%). In addition, the
school’s Consulting Club is one of Wharton’s largest student organizations.

Although no department at Wharton is specifically dedicated to consulting, students can major in Strategic Management,
one of five majors offered by the management department (which includes 44 full-time professors). For this major, stu-
dents must complete either “Managing the Established Enterprise” or “Managing the Emerging Enterprise” plus four cred-
its’ worth of additional management-related courses, such as “Competitive Strategy and Industrial Structure,” “Strategic
Implementation,” and “Technology Strategy.” In total, the school offers more than 20 strategy-related electives.

The Consulting Club hosts mock interviews, workshops, community building events, and interactive presentations. As
the consulting recruiting season approaches, students can be found meeting in practically every available study room,
alcove, and lounge in Huntsman Hall, grilling each other with practice cases. In this regard, students can leverage their
numerous classmates who are alumni of the big three consultancies. The Club’s Case Family Program pairs two consul-
tants or sponsored students with groups of eight first year students to work on case training, best practices, and deliver-
ing cases. The Club also sponsors a lecture series that invites industry experts on campus to discuss cases and interview
practices. Club members also have access to a vast electronic storehouse of past cases and strategies.

To help build relevant skills and increase their functional exposure, Wharton students have access to several hands-on
consulting opportunities, including the Wharton Community Consultants program. Of particular interest for the commu-
nity minded, Wharton Community Consultants positions student volunteers to provide assistance to organizations and
nonprofits in and around Philadelphia in the form of advisory and consulting services—often in leadership roles.

Entrepreneurship, Private Equity, and Venture Capital

In 1973, Wharton became the first MBA program to establish a “fully integrated curriculum of entrepreneurial studies,”
declares the entrepreneurship and innovation program’s website, and this leadership continues today. The program fea-
tures 43 professors. The school has robust entrepreneurship offerings both inside and outside the classroom. Wharton
students interested in starting their own venture can major in Entrepreneurship and Innovation, one of five majors of-
fered by the management department. In addition to the basic first-year core that all students complete, the major re-
quires students to fulfill any combination of management courses that total one credit unit and to complete the major’s
only mandatory course, “Entrepreneurship.” Students can fulfill the rest of the major’s requirements by selecting from
among the 30 elective courses in this study area, from “Technology Strategy” to “Legal Aspects of Entrepreneurship.”
The primary focus of the Entrepreneurial and Innovation major at Wharton is to merge theory with practice.

The UPenn Startup Challenge is one of the foremost university-run business plan competitions in the world. Startup
Challenge is open to all UPenn students and typically draws approximately 100 teams and awards up to $150,000 in prize

mbaMission Insider’s Guide: The Wharton School · 2022–2023 19


money. The Challenge is “[where] the very best Penn student entrepreneurs pitch to a live audience and alumni judges to
show their startups are ready to become the next big thing,” its website states.

The 2021 Startup Challenge featured eight finalists, with the $30,000 Pearlman Grand Prize going to 3Cor Bio, which is
developing a diagnostic platform for infectious diseases. CoverForce, an online insurance shop, received the second
prize of $15,000. The $10,000 Innovation Prize and the $10,000 AI for Business Award went to Félix, a digital platform
aiming to make sending money abroad easier.

The 2020 competition awarded My Virtual Veterinarian, an app connecting veterinarians and pet owners virtually, the
$30,000 Pearlman Grand Prize. Percepta, which is developing a software for retail loss prevention, was awarded $15,000
as the runner-up, along with the the $10,000 Frederick H. Gloeckner Award for Best Undergraduate Team, the $10,000
Robert S. Blank New Venture Collaboration Award, and the $2,500 Crowd Favorite Award was. The $10,000 Innovation
Award went to MAR Designs, an alternative wrist device for children with cerebral palsy.

Past Grand Prize winners include Aerate, a climate-friendly air-conditioning system; Sanguis, which has developed an
affordable blood cell counting device; and Twine, a workforce analytics developer.

Via the Venture Initiation Program (VIP), a handful of Wharton students each year are able to develop their ventures from
the concept stage through implementation. VIP nurtures these ventures—which are chosen via an application process—
by providing mentorship, feedback, access to a community of fellow entrepreneurs, and infrastructure.

In 2022, the school received a $10M donation from Ellen L. Hanson and Wharton alumnus Richard E. Perlman. The dona-
tion will be used for the establishment of the new Entrepreneurship through Acquisition (ETA) program and to support
the existing Venture Lab. The ETA program is “designed to provide students with a tactical and applicable understanding
of business, delivered in formats ranging from faculty-led classroom instruction to workshop series and guest speak-
ers,” the announcement of the program’s launch states.

Finally, the Experts in Residence Program allows students to interact directly with successful entrepreneurs. Each
week, a different entrepreneur visits campus and holds a series of 30-minute, one-on-one meetings with students to
answer their individual questions and provide feedback and advice on actual or potential ventures. The 2020–2021 meet-
ings were held virtually and included such entrepreneurs as a founding partner of Slavitt IP Law, LLC; the co-founder and
managing partner of 2048 Ventures; and the chairman of Mentored.

Accomplished entrepreneurs featured in 2019–2020 included the chief customer officer of DataTribe and the managing
director of Sixers Innovation Lab. Visiting entrepreneurs in 2018–2019 included the co-founder and managing director of
Shasta Ventures, the co-founder and CEO of Memunatu Magazine, and the chairman and founder of Verdigris.

The Wharton Entrepreneurship Club (also known as the eClub), which reportedly boasts more than 400 members, strives
to raise the profile of entrepreneurship on campus and help students fully leverage the vast entrepreneurship resources
available to them at the school. In addition to organizing “pitch sessions” to help students practice their marketing spiels,
the club arranges treks to Bay Area and New York City to facilitate networking with venture capitalists and entrepreneurs
in those areas.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 20


Wharton students can also get firsthand insight into the venture capital world through Wharton Venture Partners,
which is a student-run venture capital fund that invests in technology and health care entrepreneurs and mentors them
through the funding process. As of spring 2022, the fund was managed by eight first-year students and four second-year
students. The fund’s partners include Bessemer Venture Partners, Lightspeed Venture Partners, New Enterprise Asso-
ciates, Sequoia Capital, Union Square Ventures, and Venrock.

Considering that just 11.1% of the Class of 2022 entered positions in the private equity and buyouts space (11.9% in 2020,
11.0% in 2019, and 11.4% in 2018), and 3.4% entered venture capital (3.0% in 2020, 4.2% in 2019, and 1.7% in 2018), it may
be surprising that the Private Equity and Venture Capital Club at Wharton is one of the largest student organizations on
campus, with nearly 1,000 members. The club supports students with experience in the field, as well as those interested
in switching careers. In addition to organizing peer industry panels and a speaker series, the club arranges treks to visit
private equity and venture capital firms around the globe, including in New York City, Boston, San Francisco, London,
Hong Kong, and Mumbai.

The club also forms teams to compete in such industry competitions as the Venture Capital Investment Competition and
the Invest for Impact competition (formerly the Sustainable Venture Capital Investment Competition), both of which are
organized and hosted by the University of North Carolina (UNC).

The Entrepreneurship Club’s seventh annual Wharton Entrepreneurship Summit (known until 2018 as the Startup UNcon-
vention) was held in March 2019 (the 2020 event was cancelled due to the novel coronavirus outbreak) in San Francisco
with speakers from such companies as Forethought, Lightspeed Venture Partners, Xfund, and Applied Intuition. Discus-
sion panels covered such topics as “How to Raise Funding from Early-Stage Investors” and “Reflections on Starting and
Scaling a Business,” and an invite-only founder and investor dinner concluded the event. In past years, the summit has
welcomed speakers from such companies as Pinterest, Haystack, Forbess Media, First Round Capital, and Allbirds.

For more than two decades, the Entrepreneurship Club has also sponsored an annual Private Equity and Venture Capital
Conference. The 2022 conference was hosted in April with the theme “The Balancing Act: Fast Growth vs. Long Term
Strategy.” The three keynote speakers represented Thomas H. Lee Partners, Auldbrass Partners, and KKR & Co., while
panelists hailed from such companies as Citi Ventures, Lux Capital, Insight Partners, and Stonepeak. Panel discussion
topics ranged from “First Time Funds” and “Infrastructure” to “Funding Diversity” and “Large Cap Buyouts.”

The virtual April 2021 event welcomed as keynote the founder and chair of Girls Who Invest. The day’s six panel topics
included “Middle Market Buyouts,” “Private Credit,” and “Special Situations and Distressed.”

Past conference themes have included “Finding the Silver Lining,” “Separation from the Herd,” and “Searching for Growth.”

The school’s employment report states that of the Class of 2021, 20 students were not seeking jobs at graduation be-
cause they were either self-employed or starting their own business. This number was 28 for the Class of 2020, 35 for the
Class of 2019, and 34 for the Class of 2018.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 21


Finance

Given Wharton’s reputation as a “finance school,” not surprisingly, 35.1% of the school’s 2021 graduates took jobs in the fi-
nancial services industry: 12.9% in investment banking/brokerage, 11.1% in private equity/buyouts/other, 3.7% in invest-
ment management, 3.4% in venture capital, 2.1% in insurance and diversified services, and 1.9% in hedge funds/other
investments. The overall percentage has been quite steady over the last few years, with 36.2% for the Class of 2020,
35.8% for the Class of 2019, and 36.9% for the Class of 2018. Although the school offers a breadth of specializations, a
first year explained to mbaMission that Wharton’s reputation as a “quant” school is well deserved, saying, “You might be
studying Shakespeare, and the professor would still try to quantify things.”

Wharton’s finance department has 51 professors and offers more than 35 courses. Historically, almost every first-year
student has taken the semester-long core “Corporate Finance” class—even most students who could place out of the
course reportedly opt to take it. Wharton students pursuing careers in finance can choose from among five professional
clubs: the Finance Club, the Investment Management Club, the Restructuring and Distressed Investing Club, the FinTech
Club, and the Sales and Trading Club. The Finance Club organizes resume reviews, mock interviews, career panels and
workshops, as well as Day-on-the-Job Fridays, wherein students visit financial institutions for on-site presentations,
interactions, and networking.

The Investment Management Club specifically serves those students who are seeking hedge fund and asset manage-
ment jobs after graduation. The club provides valuation workshops to aid in interview preparation and affords exposure
to industry leaders through an on-campus speaker series (which has boasted such hedge fund legends as Dan Och of
Och-Ziff Capital Management Group and Julian Robertson of Tiger Management). Off campus, club members visit lead-
ing companies and investors in locales such as New York City, Boston, Baltimore, and the West Coast. Plus, an annual
trek has, in the recent past, taken students to Omaha, Nebraska, to meet with renowned investor Warren Buffett.

One valuable resource for students interested in this area is the Wharton Investment Management Fund, a student-man-
aged equity fund with approximately $3M in assets and an all-cap mandate. The Investment Management Club provides
an opportunity for students to gain firsthand experience in investment management. Club members pitch their invest-
ment recommendations to the 12 student Fund Fellows who make the final decisions on stock purchases and sales. Stu-
dents we interviewed reported that this aspect of the program was especially useful when preparing for interviews.

The Restructuring and Distressed Investing Club seeks to educate the Wharton community about the field, raise the
school’s profile within the industry, strengthen on-campus recruiting efforts, and create an interdisciplinary link be-
tween Wharton and the University of Pennsylvania Law School (in terms of corporate restructuring and bankruptcy law).
The club organizes industry treks to New York City, a speaker series, and case presentations. In addition, the group fields
a team to compete in the annual ABI Corporate Restructuring Competition, which Wharton has won seven times, making
it the only business school to have won more than three times.

The club also sponsors the Wharton Restructuring and Distressed Investing Conference (formerly called the Restructur-
ing and Turnaround Conference), which brings together interested students, faculty, and industry professionals. The
18th annual conference was held virtually in February 2022 with the theme “Life after Lockdown: Navigating the Next
Cycle.” The keynote speakers included the founder and chief investment officer of SVPGlobal, the founding partner and

mbaMission Insider’s Guide: The Wharton School · 2022–2023 22


chief investment officer of GoldenTree Asset Management, and the chairman of BC Partners. Panel discussion topics
ranged from “After Inflation and Rate Hikes: The Next Stage in and Out-of-Court” to “Running on Empty: Automotive Sup-
pliers Facing an Array of Challenges.”

The 2021 event was themed “The COVID Credit Cycle: A New Paradigm.” The event welcomed as keynote speakers the
CEO of AlixPartners, the founding partner of Searchlight, and a U.S. bankruptcy judge. Discussion panels covered such
themes as “Retail Rodeo: Reflections on Yet Another Unprecedented Dynamic Year in Retail,” “Recent Developments and
Key Trends in Distressed Liability Management Transactions,” “Challenges of Contentious Cross-Border Chapter 11s Dur-
ing COVID,” and “Distressed Hedge Funds: Perspectives on the Past Year and Beyond.” The event also featured a moder-
ated Q&A conversation with the coauthors of a recently published book.

Past conference themes have included “Creating Value in a Late Cycle Credit Environment,” “Brave New World: Preparing
for Uncertainty,” and “Investing in a Mature Credit Cycle,” with keynote speakers representing such companies as Oak-
tree Capital Management, iHeartMedia, TPG Capital, Marathon Asset Management, and Avenue Capital Group.

The Sales and Trading Club, which boasts more than 200 members, welcomes industry veterans and newcomers who
seek to enter the space. In addition to organizing industry panels, resume reviews, and mock interviews, the club re-
portedly arranges Bloomberg training, education on products, Day-on-the-Job visits to major investment banks, and a
mentoring program between first- and second-year students.

General Management/Leadership

Featuring such prominent academics as Nicolaj Siggelkow (a protégé of Michael Porter’s) and Adam Grant, Wharton’s
management department comprises 43 professors. Of the Class of 2021, 6.0% accepted positions with a general man-
agement/project management function, following a fairly steady pattern of 4.6% in 2020, 5.6% in 2019, and 5.7% in 2018
(note that in 2020, “management development” was added to the school’s label for this category in the school’s employ-
ment report). Companies known to recruit for general management positions and that extended job offers to Wharton
students in 2021 include Amazon, Walmart eCommerce, and Cargill.

The Wharton General Management Club was formed in 2003 in response to student interest and has since grown to be-
come one of the MBA program’s larger professional organizations, with nearly 400 members. Throughout the year, the
club organizes speaker events, coffee chats between students and employees at target companies, career panels, a
mentor program, leadership workshops, and resume reviews.

The Wharton People Analytics program hosted the ninth annual Future of Work Conference (formerly the People Analyt-
ics Conference) in April 2022. The event welcomed such keynote speakers as the chairman and CEO of Microsoft and the
founder of APS Intelligence, and featured such panel discussions topics as “Creating Good Jobs is a Strategy,” “It’s About
Time: The Future of the Four-Day Week,” and “Zoom Fatigue and the Science of Recovery.”

The 2021 conference featured such keynote speakers as the president and CEO of Time’s Up, the chief people and inclu-
sion officer of the National Basketball Association, and a five-time Olympic gold medalist swimmer. Panel discussion
topics included “The Case for Transparency: How Open Feedback Promotes Personal Growth and Team Effectiveness,”

mbaMission Insider’s Guide: The Wharton School · 2022–2023 23


“Inclusion and Connectedness: Leveraging People and Workplace Analytics to Understand Experiences,” and “The Psy-
chology of Technology and the Future of Work.” The event also featured a case competition, a research paper competi-
tion, and networking opportunities.

In previous years, the conference has featured such themes as “Evidence-Based Decision Making to Help People and
Organizations Thrive” and such panel discussion topics as “Fostering High Performance,” “Limits of Analytics,” and “A
Dynamic Model of Customer Efficiency.”

Students can extend their formal leadership training by becoming William P. Lauder Wharton Leadership Fellows. Ap-
proximately 40–50 individuals are chosen each year via an intense selection process to become mentors to the next
year’s first-year cohorts/students. The Leadership Fellows’ classroom and experiential training begins in the spring of
their first year with five all-day courses, each devoted to a particular aspect of teamwork and leadership. These fellows,
not professors or administrators, are the ones who conduct the Learning Team Retreat for first-year students in the fall.

Most of Wharton’s extracurricular social, cultural, and professional activities are student run, as are all the conferences
at the school, so experiential leadership opportunities are certainly not lacking. And if a student identifies an unad-
dressed area of interest or need, that student can take the initiative to establish a new club to fulfill it. Examples of such
special interest groups that have been started in recent years include the Wine Club, the Coding Club, the Dance Studio,
and the Family Business Club.

Throughout their time at Wharton, students can supplement on-campus leadership training and op-
portunities with MBA Leadership Ventures—outdoor leadership development treks organized by the
McNulty Leadership Program. These ventures, while also meant to be fun and exciting, push students Wharton’s Leadership
to develop their leadership skills and styles by having them lead groups of peers through grueling Ventures offer a great
physical challenges and conditions (for example, students on one expedition in South America faced
hands-on opportunity
driving rain for all but 45 minutes of the weeklong trip, often sleeping in wet tents) and provide feed-
to build leadership
back on others’ leadership strengths and areas for improvement.
abilities during the
A second year told mbaMission, “Wharton Leadership Ventures are a great, and unique, resource to program.
practically learn and apply those ‘softer’ management skills that you’re supposed to learn in business
school. By trekking in the middle of the Atacama Desert for seven days, training as [a New York City ‫ ܓ‬Susan Kaplan, mbaMission
Senior Consultant
Fire Department] firefighter for a day, or going through Marine Corps Officer Candidate School at
Quantico for a weekend, I’ve learned a lot more about teamwork and leadership than I could just by
reading about it or discussing it in class.” The 2021–2022 ventures included mountaineering in the
Andes, tall ships sailing in St. Croix on the U.S. Virgin Islands, and trekking in Isla Navarino in Chile.

2020–2021 ventures were cancelled due to the novel coronavirus outbreak. During the 2019–2020 academic year, ven-
tures included small crew sailing in Grenada, canyoneering in Utah, and trekking in Antarctica. Past ventures have ranged
from a coast-to-coast trip in New Zealand and trekking in the Patagonia, to canyoneering in Utah.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 24


Health Care

Described as “one of the oldest, most distinguished, and most comprehensive in the health care field” on the school’s
website, Wharton’s Health Care Management department works to support and foster a “close-knit community of schol-
ars, students, alumni, and practitioners,” and, in conjunction with the Wharton Health Care Club, “is widely considered
a leading source of talent and leadership for the health care field.” Wharton’s health care management department in-
cludes 21 professors who teach 15 courses. In 2021, 5.3% of Wharton’s graduating MBAs accepted positions in health
care and related industries (6.7% in 2020, 4.3% in 2019, and 5.8% in 2018).

In order to pursue the school’s Health Care Management [HCM] major, students must choose the major when they apply
to the MBA program. All health care majors take the course “Introduction to Health Management and Economics” and, in
the second year, a Field Application Project is required along with three additional electives. The department helps stu-
dents secure summer and full-time employment across all areas of the health care sector and facilitates relationships
between health care students and members of the Wharton Health Care Alumni Association.

A second year pursuing Wharton’s health care management major explained to us that because the school offers such
an option, “there are a ton of classes specifically targeted for the industry.” The MBA Advisor to the Health Care Program
at Wharton told mbaMission that the primary advantage of requiring an upfront selection of the health care major is that
“HCM students build a strong learning community and get traction in their health care interest from day one of their MBA
program … [It then] leads to a very cohesive HC alumni network within the Wharton network.” Of the students pursuing
health care–related dual degrees (e.g., MD/MBA, MSN/MBA), most major in HCM.

Outside the classroom, via Wharton Global Health Volunteers (WGHV), students help health care sys-
tems in disadvantaged parts of the world address selected problems and projects. These student- Wharton is great
managed trips typically occur during winter, spring, or summer break and last for two to three weeks. all around but has
Past trips include one in India, where students worked on a new pricing strategy to allow low-income
some niche programs
locals better access to health care; a trip to Bangalore, India, where students could assist in develop-
like Health Care
ing a device to detect hypothyroidism in infants; and a trip to Nairobi, Kenya, where students assisted
in creating data products for Access Afya, a Nairobi-based chain of micro clinics.
Management and
Lauder that are really
The Health Care Club supports students interested in health care with both social and career-focused hard to match at any
events and currently features more than 250 members. Among the club’s sponsored resources are other top school. I’ve
career treks, student lectures, and a speaker series that features experts from various segments even seen applicants
of the health care industry, such as insurance, pharmaceuticals, and administration. Past speakers turn down Harvard
have included the president of Sohn Health Strategies and a senior physician and partner with Kaiser
because they wanted
Permanente. In addition to organizing the speaker series, the club assists students in career devel-
to do health care at
opment by hosting company visits and arranging job treks, resume reviews, interview preparation
sessions, and mock interviews.
Wharton!

‫ ܓ‬Kate Richardson, mbaMission


Health care majors can also participate in the annual Wharton Health Care Business Conference,
Senior Consultant
a two-day event that brings together students, academics, and industry professionals and usually
draws more than 500 attendees. The 27th annual event was held both virtually and in person in Feb-

mbaMission Insider’s Guide: The Wharton School · 2022–2023 25


ruary 2022. Keynote speakers included the CEO of Teladoc Health and the chief medical officer and head of worldwide
medical and safety at Pfizer. Panel discussion topics ranged from “Balancing Innovation and Access” and “Investing in
Health Equity: Driving Better Investment Returns and Health Care Access” to “Behavioral Health Care for All: Equitable
and Culturally Competent Behavioral Health” and “From Volume to Value to Equity: How Value-Based Care Can Create a
More Inclusive Health Care System.”

The 2021 event was hosted in February with the theme “Redrawing the Curve: New Paradigms in Health Care,” with key-
note speakers including the CEO of OptumHealth, the founder and executive chairman of Livongo Health, and the presi-
dent and CEO Institute for Healthcare Improvement. Discussion panels, of which there were six, explored such themes
as “The Covid Catalyst for Digital Health Adoption,” “Hype for Hospital at Home,” and “Clinical Trials at Warp Speed.” The
virtual event also featured a guided meditation, a yoga class, and a Health Care Inequities Roundtable.

Past conference themes have included “Challenging the Status Quo in Health Care,” “New Frontiers in Health Care,”
“Breaking Boundaries: Redefining Collaboration and Competition in an Evolving Market.” Keynote speakers at past con-
ferences have represented such companies as Foundation Medicine, Omada Health, Ascension Health, and Humana.

Companies in this industry that hired Wharton students in 2021 include Oak Street Health and Redesign Health.

International Business

From an academic, professional, and cultural standpoint, Wharton appears to boast a truly international program and
was ranked number three in this area in the 2020 and 2019 U.S. News & World Report MBA rankings by specialty (Wharton
ranked seventh in this area in the most recent survey). A full 36% of the incoming Class of 2023 was made up of inter-
national students (representing 83 countries), and 7.6% of 2020 graduates took jobs outside the United States (4.4% in
Asia, 1.4% in Europe, 1.2% in Canada, and 0.6% in other areas). Multinational Management is one of the majors offered by
Wharton’s management department.

Students who wish to study international business enjoy a robust selection of offerings and resources at the school that
run the spectrum of commitment and intensity. “I’ve heard Wharton is above average in terms of the amount of traveling
[students do],” said a first-year student we interviewed. “I went to Argentina over Thanksgiving break. I went to Tahiti and
did a tall ship sailing leadership venture over Christmas. I went to Costa Rica for spring break, and I’m headed to Israel in
May. And I think it’s pretty common for people to take a few international trips, though it’s definitely not a requirement.”

One reportedly popular option within this framework is to leverage Wharton’s alliance with INSEAD by taking classes at
that program’s campus in Singapore or in Fontainebleau, France. More than 2,100 students have participated in this pro-
gram since its inception. Alternatively, students can choose a semester-long exchange program at any of the following
17 partner schools:

ƒ Arison School of Business, Israel


ƒ Asian Institute of Management, Philippines
ƒ Australian Graduate School of Management, Australia
ƒ China Europe International Business School, China

mbaMission Insider’s Guide: The Wharton School · 2022–2023 26


ƒ COPPEAD Graduate School of Business, Brazil
ƒ Guanghua School of Management, Peking University, China
ƒ HEC School of Management, France
ƒ IESE Business School, University of Navarra, Spain
ƒ Indian School of Business, India
ƒ INSEAD, France
ƒ Keio University Graduate School of Business and Commerce, Japan
ƒ London Business School, United Kingdom
ƒ Rotterdam School of Management, Netherlands
ƒ Sasin Graduate Institute of Business Administration, Thailand
ƒ SDA Bocconi School of Management, Italy
ƒ Stockholm School of Economics, Sweden
ƒ University of New South Wales, Australia

Students who wish to pursue a dual degree in business and international studies can combine a Wharton MBA with an
MA in international studies from either the Lauder Institute (University of Pennsylvania) or the Paul H. Nitze School of
Advanced International Studies (Johns Hopkins University). Those who are interested in public policy can pursue a dual
degree with the Kennedy School of Government (Harvard).

Bloomberg Businessweek has described Wharton’s Lauder Institute as “arguably the single best global management ex-
perience anywhere.” It is a 24-month intensive program designed for students who seek to conduct high-level business
in a country outside the United States. In addition to fulfilling Wharton’s MBA credit requirements, Lauder students must
complete 14 credits related to an MA in international studies.

To be accepted into the Lauder program, applicants need to have an advanced level of oral proficiency in a nonnative
language (options include Arabic, Mandarin Chinese, French, German, Hindi, Japanese, Korean, Portuguese, Russian,
or Spanish). One of the program’s requirements is that students attain a “superior” rating in their chosen language track
by graduation, so that they are able to confidently conduct business in that part of the world. The program supports this
language requirement through language classes and seminars, dedicated language faculty, and the school’s Summer
Immersion program.

Lauder students matriculate three months earlier than their MBA classmates do, spending eight weeks participating in
a Summer Immersion in a region outside the United States (Africa, Asia, Europe, Latin America, or the Middle East). This
period is one of the hallmarks of the program and, mbaMission learned, is often students’ favorite aspect of the Lauder
experience. Each year, the Lauder Institute admits approximately 60 to 80 students (80 from both the Class of 2023 and
the Class of 2022, 68 from the Class of 2021, and 70 from the Class of 2020). The yield rate for Lauder tends to be higher
than that for Wharton, but applicants must complete one additional essay, a traditional admissions interview, and an oral
language proficiency interview.

The Paul H. Nitze School of Advanced International Studies (SAIS) offers a joint degree option that is less integrated than
that of the Lauder Institute. Students who wish to obtain a joint degree in international studies spend one year at Whar-
ton and one year at SAIS, in Washington, DC (as noted earlier, SAIS is affiliated with Johns Hopkins University). Prospec-

mbaMission Insider’s Guide: The Wharton School · 2022–2023 27


tive students submit separate applications to Wharton and SAIS—no joint application is available. Each school evaluates
applicants individually without any special consideration of the joint degree.

The Harvard Kennedy School (HKS) offers three degrees available in combination with a Wharton MBA: an MA in pub-
lic administration, an MA in public administration/international development, and an MA in public policy. Each of these
degrees typically requires two years to complete, but dual degree candidates can complete both degrees within three
years. Prospective students interested in a dual degree with the HKS must submit separate applications to both schools.
First-year Wharton students can also apply to HKS to obtain a dual degree. The two degrees may not be completed se-
quentially, meaning that students must begin matriculation at both schools before completing the course load for either
degree. In other words, students must start one program, then complete all or part of the second program before return-
ing and finishing the original program.

The “Global Immersion Program” is an elective course that provides students with an opportunity to learn firsthand about
the business climate and prominent industries of a specific foreign region. Destinations in 2021–22 included Costa Rica,
while past destinations have included Israel, Japan, South Korea, Taiwan, Peru, Brazil, and Tanzania. Since the course’s
origin in 1993, more than 2,500 Wharton students have participated in the program.

The MBA Leadership Ventures (see the General Management section for details) allow students to apply and test leader-
ship principles learned in the classroom during treks to such locales as Antarctica, Ecuador, and the Caribbean.

Students with an interest in the global workplace may want to consider joining the Social Impact Club (formerly the Inter-
national Development Club) or any of the school’s nearly 30 other international/cultural clubs, such as the MENA (Middle
East and North Africa) Club (formerly the Arabia Club), the Asia Club, and Europa! (Wharton’s Europe-focused club). How-
ever, students do not have to be members of these clubs to participate in the seemingly limitless number of parties,
cultural nights, and performances these groups organize.

Marketing

Although most people may not think of Wharton first when the subject of marketing arises, the I really like Wharton for
school actually has “the largest, most cited, and most published marketing department in the world,” my marketing clients,
according to the department’s website. In fact, the department was ranked number two among
as it offers such strong
American business schools by U.S. News & World Report in their 2023 rankings for the 12th year in a
resources from such
row. Indeed, in 1904, Wharton became the first business school to offer a marketing curriculum, and
conjoint analysis—a tool that has helped shape 20th century marketing practices—was developed
classes as “Data and
by a Wharton professor. In keeping with this tradition, 27 professors teach nearly 50 courses in this Analysis for Marketing
discipline, including some of the MBA program’s most popular classes—even students who are not Decisions” to the
majoring in marketing often take such courses as “Pricing Policy” and “Consumer Behavior.” Wharton Marketing
Club.
Students can choose to major in Marketing (a rather purist marketing path) or pursue the joint major
Marketing and Operations (a cross-functional approach that incorporates operations and informa- ‫ ܓ‬Susan Kaplan, mbaMission
tion management). Wharton’s first-year core curriculum includes a semester-long “Marketing Man- Senior Consultant

mbaMission Insider’s Guide: The Wharton School · 2022–2023 28


agement” course, for which students may choose between two formats for the second half: either a traditional lecture
and case version or a marketing strategy computer simulation.

For Wharton students entering positions in the consumer products and retail industry (3.9% in 2021, 5.6% in 2020, 6.4%
in 2019, and 6.2% in 2018), the Marketing Club offers a variety of networking and learning opportunities outside the class-
room. In addition to seminars and interview prep, students can take advantage of a number of club activities through
which to learn more about the industry and/or target companies within it.

The club’s annual Marketing Conference, for example, is the group’s hallmark event and brings together approximately
300 students, faculty members, alumni, and leading marketing experts to explore various issues central to the industry.
The 18th annual conference, themed “Rewriting the Playbook” was held virtually in October 2021. The four panel discus-
sions included such topics as “Marketing within the Food and Beverage Industry” and “Modernizing Legacy Brands and
Industries,” and a fireside chat revolved around the theme “Building a Consumer Brand from Scratch.”

The 2020 conference was hosted virtually with the theme “Marketing with a Mission.” The event’s keynote speech was
delivered by the co-founder of Honest Tea and PLNT Burger, and other speakers represented such companies as Condé
Nast, Talkspace, Johnson & Johnson, and The H Hub. Panel discussion topics included “Marketing in a Global Pandemic,”
“Marketing Accessible Healthcare,” and “Celebrating All Shades of Beauty through Marketing.”

Past conferences have featured such topics as “Connecting with Consumers in the Digital Age,” “Marketing at the Center
of Business,” and “Building Brand Affinity: How Companies Move Beyond the Product.”

In addition, marketing students can elect to take part in key industry treks the club organizes each year. The club also
arranges a buddy program (in which first-year students are paired with second-year students for mentoring) and mock
interviews, produces an annual Battle of the Bands show (see the Social/Community Life section of this guide), and hosts
a series of internal and external case competitions in which club members can challenge themselves and their peers as
individuals or in teams.

Beyond the Marketing Club’s offerings, Wharton’s Graduate Retail Club caters to students who have a specific industry
focus in retail and luxury goods by hosting career treks, speaker panels, and an annual conference. The 16th Wharton
Graduate Retail Conference took place in March 2022 with the theme “The New Consumer.” The event’s three keynote
panels featured such speakers as the president and CEO of Casper, the co-founder and co-CEO of Positive Luxury, and
the head of business development and partnership at Zepeto. Breakout panel discussion sessions included such topics
as “Disruptive Luxury,” “Transforming Brand Storytelling,” and “Diversity in Fashion.” The event concluded with a net-
working happy hour.

The 2021 event was themed “Retail’s Resilience.” The virtual series featured a keynote speech by the managing director
of Cowen, in addition to fireside chats with the CEO and founder of Bandier and the chief innovation officer of Pangaia.
Discussion panels covered such themes as “Innovation, Sustainability, and the Circular Economy,” “The New Health and
Wellness,” “Digital Explosion in Retail,” and “Influencer Strategy in Beauty.”

mbaMission Insider’s Guide: The Wharton School · 2022–2023 29


In recent years, the conference has carried such themes as “Retail 2020: Thriving in a New Landscape,” “Retail’s New
Normal: Navigating Disruption and Catering to an Ever-Changing Consumer,” and “Customer Omni-Channel Age.”

Companies that typically recruit for marketing positions and that extended job offers to at least three Wharton students
in 2021 include Amazon, PepsiCo, Cargill, and Restaurant Brands International.

Media and Entertainment

The field of media and entertainment has reportedly been gaining in popularity among Wharton students. The school
created the Wharton Customer Analytics Initiative (WCA) to establish the school as a thought leader and center for edu-
cation in the industry. The initiative, led by two prominent marketing professors and a managing director applies a heav-
ily data-driven approach to better understand the nature of the relationship between content providers and end users in
the ever-changing media industry.

WCA is, according to its website, “the preeminent academic research center focusing on the development and applica-
tion of business analytics methods.” Some of the key resources to which students are offered access via the initiative
include online modules and workshops, a technical assistant program, datathons, and analytics accelerators.

The school’s Media and Entertainment Club comprises of reportedly more than 200 students pursuing careers in such
industries as music, television, film telecommunications, sports, and digital media. Given that most companies in these
areas do not recruit on campus, a main component of the club’s mission is to promote networking between students and
alumni and industry professionals. To this end, the club organizes treks—typically lasting one to three days—to New York
City and Los Angeles, and members make numerous unofficial trips together to visit companies and to attend industry
conferences (e.g., the MBA Media and Entertainment Conference in New York).

In 2021, 1.6% of graduates (1.3% in 2020, 1.0% in 2019, and 1.5% in 2018) accepted full-time positions with companies in the
media, entertainment, and sports industry.

Real Estate

Wharton’s offerings in the field of real estate appear to be relatively strong. Of the 2021 graduating class, 2.1% accepted
offers in this industry (2.2% in 2020, 3.2% in 2019, and 4.2% in 2018). The real estate department includes ten professors
who teach 13 courses in this study area. Real estate is one of the available majors at Wharton. Students who hope to
concentrate their studies on real estate are required to complete two courses (“Real Estate Development” and “Real Es-
tate Investment: Analysis and Financing”) in addition to choosing three electives from a list of 11. These electives range
in subject from “Real Estate Law” and “Urban Fiscal Policy” to “International Real Estate Comparisons” and “Real Estate
Entrepreneurship.” The Wharton website states that these courses “[provide] the quantitative and qualitative tools nec-
essary for [students’] roles in shaping the future of the industry.”

Members of the Wharton Real Estate Club can attend master classes—or “crash courses” taught by industry profession-
als—that have included “Finance,” “Private Equity,” and “Development.” In addition, the club provides training on ARGUS,
the standard financial analysis program used by the real estate industry, and sponsors speakers, career panels, and

mbaMission Insider’s Guide: The Wharton School · 2022–2023 30


industry treks to real estate companies in such locations as New York City, Chicago, San Francisco, Los Angeles, and
Washington, DC. Moreover, the club is supported by the Samuel Zell and Robert Lurie Center for Real Estate at Wharton,
which provides opportunities for students to interact with prominent industry executives at semiannual Members’ Meet-
ings and through the Ballard Executive Visitor series.

Social Impact

The Wharton Social Impact Initiative (WSII) was established as a way to advance the school’s commitment to “strengthen
the role of business in creating a more inclusive, equitable, and sustainable global economy,” states Wharton’s website.
WSII encompasses an interdisciplinary and collaborative effort among the school’s numerous programs, centers, and
departments to support the social impact curriculum.

Although Wharton offers just one dedicated social impact major—Business, Energy, Environment and Sustainability—a
number of opportunities exist for students to explore this space both inside and outside the classroom. Students choose
at least three courses from an approved list, which includes offerings from multiple departments. Among the preap-
proved courses at Wharton are “Environmental Management, Law, and Policy,” “Energy Markets and Policy,” and “Market-
ing for Social Impact.” Student also choose one additional course, either from the aforementioned list or “non-Wharton
courses in which the primary focus is on topics relating to energy, environment, and sustainability,” according to the
school’s site. In spring 2022, the school introduced a new Global Modular Course that counts towards this major, titled
“Environmental Sustainability, Mobility, and Innovation” and hosted in Munich and Berlin, Germany.

Wharton’s Social Impact Club (known simply as SI) encompasses the school’s chapter of Net Impact, a network of more
than 110,000 student and professional leaders in more than 430 chapters globally, dedicated to using business to im-
prove the world. Founded in 1999, Wharton’s chapter of the organization has been growing, and the club is committed to
issues that include social entrepreneurship, socially responsible investing, venture philanthropy, education, economic
community development, corporate social responsibility, nonprofit management, business ethics, and environmental
sustainability within the Wharton community.

In addition to organizing a Lunch and Learn series, networking events, employer information sessions, and career treks,
SI is continuing its growth and working to strengthen its industry ties by proactively reaching out to prospective students
interested in social impact, as well as to Wharton alumni working in this space. Moreover, SI works with the MBA pro-
gram’s faculty and administration members to incorporate socially responsible business concepts and public interest
issues into the curriculum.

The programs SI offers are organized into the following categories, called “industry sectors”:

ƒ Nonprofits/Community Service/
ƒ Corporate Social Responsibility
ƒ Education
ƒ International Development
ƒ Social Entrepreneurship
ƒ Social Finance

mbaMission Insider’s Guide: The Wharton School · 2022–2023 31


ƒ Sustainability
ƒ Urban Policy

Each sector within the club has its own club members as points of contact. Events and resources the club sponsors include
guest speakers and presentations, employer information sessions, group dinners, career treks, and an annual conference.

SI states on its website that it has a three-part mission to “help Wharton students pursue social impact-oriented careers,”
to “build community among impact-minded students and the broader Wharton student body,” and to “promote learning
about various social impact topics.” The club serves as an intermediary between students and the administration.

The club occasionally sponsors a Wharton Social Impact Week, which features days of panel discussions, Lunch-and-
Learn events, and the Social Impact Pub, which concludes the week’s activities. Past Wharton Social Impact Weeks
have featured such events as volunteer projects, speaker presentations, and such discussions as “How Technology Can
Impact Poverty” and “Vaccines and Social Outcomes.”

The Nonprofit Board Fellowship, launched in 2005, provides Wharton students with experiential learning opportuni-
ties while supporting nonprofits in and around Philadelphia. The program places second years on the boards of local
nonprofit organizations, where they work on a particular functional area (e.g., finance, marketing) to address selected
companies’ long-term business needs. In 2020–2021, 42 MBA students served as Board Fellows (37 in 2019–2020 and 40
in 2018–2019). Participating students have worked with such organizations as the Philadelphia Children’s Alliance, Power
Up Gambia, the American Cancer Society, Equality Forum, Action AIDS, Cure Autism Now, the Children’s Aid Society of
Pennsylvania, The Enterprise Center, The Food Trust, Rebuilding Together Philadelphia, and the Schuylkill Center for
Environmental Education.

Wharton offers financial support to students pursuing careers in the social impact field. For example, the John M. Bend-
heim Loan Forgiveness Fund, administered by the Wharton Office of Financial Aid, allows students who work in this are-
na to apply for debt service—up to $20,000 per year—for up to five years after graduating from Wharton.

Wharton students also regularly participate in social impact competitions, such as the Invest for Impact Competition.
Student teams compete against teams from other MBA programs, each playing the role of “impact investors”—assessing
business plans submitted by actual entrepreneurs—progressing through the entire investment process. Hosted by the
University of North Carolina, the Invest for Impact Competition “brings impact-focused start-ups and investing profes-
sionals together with MBA students from top schools worldwide,” the website states.

Students interested in a career in this space can also benefit from the Wharton Global Health Volunteers (discussed in
the Health Care section), and Wharton Community Consultants (discussed in the Consulting section).

The school’s 2021 employment report states that 1.2% of the graduating class entered positions in the social impact sec-
tor, within the range of 1.8% in 2020, 1.4% in 2019, and 1.2% in 2018.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 32


Location: Urban Campus Versus College Town

Pursuing an MBA can be quite intense, and the environment and community surrounding the campus
can profoundly affect and even shape your MBA experience. For example, imagine stepping out of a
class at New York University’s (NYU’s) Stern School of Business and into the energetic bustle of New The environment
York City’s West Village. Now imagine walking outside after a course at the Tuck School of Business and community
at Dartmouth and being surrounded by the tranquility and natural beauty of New Hampshire’s Upper
surrounding your
Valley. Neither scenario is necessarily “better” than the other, but one might appeal to you more.
chosen school can
An urban campus can undoubtedly offer social and cultural opportunities that a college town simply
profoundly affect
cannot match. This is not to suggest, however, that college towns are devoid of culture—indeed, in- and shape your MBA
tense intellectual and cultural programs exist in college towns precisely because the academic insti- experience.
tution is at the core of the community.

While schools in college towns tout their close-knit atmosphere and the tight bonds classmates form in such a setting,
this environment can be welcoming for some students and overwhelming for others. In contrast, urban campuses are
more decentralized, with students often living in various parts of a city and even in the surrounding suburbs. Someone
who has a greater need for privacy or personal space might therefore prefer an urban environment. In addition, in major
urban centers, some students—particularly those who lived in the city before enrolling in business school—may already
have well-developed social groups, and this scenario may again be better for those who find an academically and socially
all-encompassing environment less attractive.

One aspect of the MBA experience that candidates often fail to consider when evaluating their school options is weather.
Although factoring climate into your school choice may initially seem superficial, if you know you cannot comfortably
manage frigid conditions or soaring temperatures, certain programs should be stricken from your list. We encounter
many applicants each year who wisely stave off a potentially miserable experience by choosing to not apply to certain
schools in locations they just do not feel are “livable” for them.

In addition, housing costs are one expense that many applicants do not stop to consider before choosing a school to
target. By researching real estate prices at the top programs, we found that the cost differential between renting a
one-bedroom apartment in a Midwestern college town and renting one in New York City, for example, can be quite sig-
nificant—adding up to tens of thousands of dollars on a cumulative basis across two years. This is an important factor to
include as you weigh your options and calculate your projected budget.

In summary, a college town can be appealing for some candidates because its smaller size tends to create strong bonds
within the business school’s community, though for others, the lack of privacy could be undesired or overwhelming. Fur-
thermore, some find a slower pace of life calming and comfortable, whereas others crave the energy and bustle of a city.
If you strongly prefer one or the other, you should be able to quickly eliminate certain schools from your list.

Although some students at the Wharton School of the University of Pennsylvania may be uncertain what to
expect from their two years in Philadelphia, known as the City of Brotherly Love, many find the location a good
match with MBA life. New York City and Washington, DC, are just a short, easy train ride away, yet according to

mbaMission Insider’s Guide: The Wharton School · 2022–2023 33


alumni with whom we spoke, not so close Urban Campus Schools Urban/College Hybrid Schools College Town Schools

as to easily lure students away from the Chicago Booth Northwestern Kellogg Cornell Johnson
Wharton environment and community. Columbia Business School Stanford GSB Dartmouth Tuck
Moreover, as the sixth-largest city in the Harvard Business School UC Berkeley Haas Duke Fuqua
MIT Sloan UCLA Anderson Michigan Ross
United States (with a population of ap-
NYU Stern Yale SOM UVA Darden
proximately 1.5 million), Philadelphia is
UPenn Wharton
home to such top-flight art institutions
as the Kimmel Center, the Philadel-
phia Museum of Art (most widely Median Monthly Rent for a One-Bedroom Apartment

known for its cameo in the Rocky MIT Sloan Cambridge, MA $3,448 within .50 mile radius of campus
movies), the Curtis Institute of Mu-
NYU Stern New York, NY $3,300 within .33 mile radius of campus
sic, and the Barnes Foundation, as
UCLA Anderson Los Angeles, CA $2,595 within 1.00 mile radius of campus
well as a wide variety of fine din-
ing choices, including Iron Chef Stanford GSB Stanford, CA $2,400 within 1.50 mile radius of campus

Morimoto’s first restaurant and, UC Berkeley Haas Berkeley, CA $2,400 within .33 mile radius of campus
of course, the best cheesesteaks
Harvard Business School Cambridge, MA $2,200 within .75 mile radius of campus
in the world. However, this his-
Columbia Business School New York, NY $2,200 within .50 mile radius of campus
toric city maintains a manageable,
small-city atmosphere—some stu- UPenn Wharton Philadelphia, PA $2,045 within .33 mile radius of campus
dents even reported to mbaMis- Yale SOM New Haven, CT $1,500 within .50 mile radius of campus
sion that it has a European feel.
Dartmouth Tuck Hanover, NH $1,400 within 3.0 mile radius of campus

Chicago Booth Chicago, IL $1,375 within 0.75 mile radius of campus


As for living arrangements, Whar-
ton students have a wide range Northwestern Kellogg Evanston, IL $1,375 within 1.50 mile radius of campus
of options. Most students choose Duke Fuqua Durham, NC $1,350 within 1.50 mile radius of campus
to rent apartments in Center City,
Michigan Ross Ann Arbor, MI $1,295 within 0.75 mile radius of campus
near Rittenhouse Square. Often
considered the ritzy part of town Cornell Johnson Ithaca, NY $1,200 within .75 mile radius of campus

and boasting a plethora of res- UVA Darden Charlottesville, VA $1,080 within 2.00 mile radius of campus
taurants and bars, Center City of-
fers a variety of housing choices: According to Rentometer.com, accessed July 2022.

brownstone walk-ups, mid-rise


buildings, and high-rises with doormen and elevators. From Center City, students can commute to campus by
walking or riding a bicycle (25 and 15 minutes, respectively), taking public transportation in the form of a bus or
trolley (each approximately 15 minutes), or grabbing a cab (ten minutes with light traffic)—the preferred option
of those who find themselves late for class.

For those who want to live closer to Wharton, University City offers a variety of apartment types and eating
options, as well as the hubbub of a college campus. MBA students who opt to serve as Resident Advisors for
undergraduate students at the University of Pennsylvania (known as Penn or UPenn) enjoy cheaper rent but
arguably noisier quarters. Students who desire a little more separation from MBA life can find housing in oth-
er Philadelphia neighborhoods such as Old City (east of Center City), Northern Liberties (northeast of Center

mbaMission Insider’s Guide: The Wharton School · 2022–2023 34


City), and Queen Village (southeast of Center City). Moreover, those with families who want a more a suburban
feel can settle in relatively convenient areas within city limits (e.g., Chestnut Hill, Germantown) or even out-
side Philadelphia in the Main Line region (e.g., Bryn Mawr, Ardmore). The website RentCafé lists the average
monthly rent within the city of Philadelphia as $1,812 (as of April 2022)—though rental prices can vary signifi-
cantly by neighborhood.

Facilities: Shaping the Academic/Social Experience

When contemplating an MBA program, do not overlook the school’s facilities. Renovations, upgrades,
and new construction are all regular occurrences on school campuses these days, as some programs
increase their square footage while others unify disparate areas or refresh existing spaces. Some If a school has not
schools boast on-campus housing or elite athletic facilities, others have established new green updated its facilities in
spaces and meeting rooms, and still others have refurbished or added classrooms, theaters, librar-
recent years, perhaps
ies, and other such resources.
none were needed or
Keep in mind, though, that just because a school has not updated or added to its facilities in recent
the school has invested
years, this does not mean that its offerings are outdated or subpar; the lack of updates may simply in other aspects of its
be because no updates have been needed or the school has invested in other aspects of its program program instead.
instead. A campus visit is always the best way to evaluate firsthand what a school has to offer, but we
nonetheless dedicate this space to a discussion of the facilities available at this particular program.

Located on the campus of the University of Pennsylvania, which was founded in 1740, Wharton combines the
charm of 19th century architecture with the technological prowess of a 21st century facility. In 2002, Wharton
opened Jon M. Huntsman Hall (named for a 1959 UPenn alumnus who donated $26M to the school), a technolog-
ically advanced, almost $140M facility encompassing 324,000 total square feet. Replete with 48 classrooms
and 57 group study rooms (all wired with state-of-the-art multimedia and conferencing capabilities), four
teaching labs, four study and social lounges, a 300-seat auditorium, and two cafes, the building has become
the heart of school life for Wharton MBAs and UPenn undergraduates alike.

Huntsman Hall was designed by Kohn Pedersen Fox Associates, who conducted more than 100 focus groups
with Wharton faculty members, students, and administrators to ascertain the best technological and use pa-
rameters and needs for the space. One second-year student mbaMission interviewed described Huntsman
Hall as an “amazing building that draws you in,” and although a first year with whom we spoke lamented that
group study rooms had to be reserved and were therefore sometimes difficult to claim, he added that Hunts-
man Hall otherwise offered “everything you can imagine.” Another first year told us, “Huntsman Hall is still
relatively new, and it’s a great building, probably one of the better ones on campus. Most of the classrooms are
set up with USB ports and power outlets built into the desk space. I’ve never had any issues with that.”

Located across Locust Walk (a pedestrian-only path) from Huntsman Hall are administrative buildings such
as Lauder-Fischer Hall (home to the Joseph H. Lauder Institute for Management and International Studies),
Vance Hall, the McNeil Building, the Steinberg Conference Center (also known as the Executive Education Cen-

mbaMission Insider’s Guide: The Wharton School · 2022–2023 35


ter), and Steinberg-Dietrich Hall. Together, these buildings—along with green space and the brick-lined Locust
Walk—make up what is called the Wharton Quad, which has been described on the school’s website as “a vital
hub at the heart of our historic Ivy League campus.”

Students can also dine at the large variety of food trucks and restaurants located within a close walk of Hunts-
man. The Plaza Café (referred to by students as the MBA Café), for example, is a graduate student–only dining
space located on the second floor of Huntsman Hall, adjoining the Koo Family Plaza, a patio and garden space
where many Wharton gatherings and events are held. In addition, Pret A Manger opened on the ground floor of
Huntsman Hall in 2017, replacing the Bridge Café. A first-year student told mbaMission that University City’s
numerous international and gourmet food trucks were a very popular option among many of the school’s “food-
ies” and groups such as Wharton’s Food Club, which helps students explore Philadelphia’s restaurant scene.

And although many choose to join a gym close to where they live in Center City, students have the option of
joining the nearby David Pottruck Health and Fitness Center, which, according to its website, features four
fitness centers, an Olympic-size pool, a co-ed sauna, basketball courts, a climbing wall, a golf simulator, an
Energy Zone juice bar, fitness and Pilates studios, locker and shower facilities, and the Campus Recreation
Membership/Business Services Office. Of course, MBAs do have to share this state-of-the-art facility with
UPenn undergrads.

Tangen Hall, which was created in collaboration between Wharton and the UPenn School of Engineering
and Applied Science and the Stuart Weitzman School of Design, opened its doors to students in 2020. The
68,000-square-foot building contains seven floors and houses Venture Lab, the Wharton entrepreneurial pro-
gram hub. The nearby Academic Research Building was also launched in 2020 and features four floors of study
areas, classrooms, and a communal atrium. “We were clear in both designs [for Tangen Hall and the Academic
Research Building] that we wanted spaces to be open, infused with natural light, and accessible to students,”
Maria O’Callaghan-Cassidy, Wharton’s senior director of operations, said in a 2021 article on the Penn Today
news portal. “In the Academic Research Building, you can see from the atrium right into group study rooms,
where you can observe students collaborating on projects and team presentations. The transparency of activ-
ity energizes the space,” O’Callaghan-Cassidy said.

To better accommodate the majority of MBA students living downtown, Wharton opened two off-campus
facilities in 2013: MBA Pub at the Armory and a Student Life Center at 2401 Walnut Street. Housed in a “for-
tress-like castle,” says the school’s website, the Armory building in Center City is where MBA students cel-
ebrate “that time-honored tradition, Wharton Pub. It’s here that students meet and relax after a tough week
of classes.” (See the MBA Pub entry in the Social/Community Life section.) Located in a Center City high-rise,
the 19,613-square-foot 2401 Walnut Street space serves as an incubator for start-ups over the summer but is
open only to MBA students during the academic year as an additional study and meeting space. In addition to
boasting more than 20 group study rooms, the space offers panoramic views of the city, a multipurpose meet-
ing room, and high-tech conference rooms.

“Now students don’t have to walk 25 blocks to campus” to study or meet with teams, explained a first year we
interviewed. “They can actually walk five to ten minutes, depending on how far you live from this building … Re-

mbaMission Insider’s Guide: The Wharton School · 2022–2023 36


ally, the addition of that extra study space in Center City is big, and I don’t think you can really recognize what
it means to the school and the student body until you come here and see the dynamic at play. Cutting the travel
time by two-thirds to get to a study room everyone can meet at is pretty important.”

Alumni Base: Opportunities to Engage

The size and depth of a school’s alumni base may be important to you as you seek to break into a
specific field or region/country. Some MBA programs have had large classes for many years and can
therefore boast sizeable alumni networks, whereas other schools may have pockets of strength in Some schools boast
particular parts of the world or in certain industries—or can claim a smaller but tighter-knit and more sizeable alumni
dedicated alumni network overall. For example, Dartmouth Tuck has a smaller absolute number of
networks, while others
alumni than most top U.S. schools but has repeatedly been touted as having the highest rate of an-
have pockets of
nual alumni giving, thanks to its very dedicated graduates.
strength in particular
Although acquiring detailed breakdowns of a school’s alumni base is sometimes difficult, you may regions or industries.
want to consider whether the school you are targeting has alumni clubs in your chosen professional
area (i.e., some schools have industry-specific alumni groups) or preferred post-MBA location. Fur-
thermore, if you are determined to live in a particular city/country/region after graduating, then earning your MBA in
or near that area, if possible, may be a good idea, so that you can more easily connect with local alumni while you are
in school—particularly if you want to pursue a niche professional area and do not expect to participate in on-grounds

Alumni Base
Schools are listed in order from largest alumni base to smallest within each category.

NYU Stern, UPenn Wharton, Harvard Business School 75,000 to 110,000

Northwestern Kellogg, Chicago Booth, Michigan Ross 50,000 to 75,000

Columbia, UCLA Anderson, UC Berkeley Haas, Stanford GSB, Duke Fuqua 25,000 to 50,000

MIT Sloan, UVA Darden


Cornell Johnson, 10,000 to 25,000
Dartmouth Tuck, Yale SOM

0 25,000 50,000 75,000 100,000 125,000

Note: Some schools include MBA program graduates only in their alumni total; other schools may also include alumni from their part-time, executive, doctoral, and/or other programs,

so totals may not be directly comparable.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 37


recruiting. Of course, technological developments have greatly facilitated outreach, meaning that alumni are no longer
a flight or long drive away, but are now just a phone call, email, text, or even Skype session away.

Wharton has 100,000 alumni in 153 countries, and these graduates stay connected to the school and each oth-
er through 77 alumni clubs with chapters on six continents. Beyond location-based alumni groups, Wharton
offers a variety of professional and special interest alumni clubs, including the Wharton Private Equity and
Venture Capital Association; the Wharton Health Care Management Alumni Association; Out4Business – The
Wharton LGBT Alumni Club; the Wharton Club of Africa; the Wharton Aerospace Community; and the Wharton
Energy Network.

The school maintains its global reach through Wharton Global Forums, which are themed conferences held in
international locales that allow alumni to engage firsthand with corporate executives and Wharton faculty and
students. In the past, forums have been held in Asia, Latin America, and Europe/Middle East/Africa—specifi-
cally, in such locations as Dubai, Costa Rica, Lima, Zurich, Ho Chi Minh City, Madrid, Seoul, Tokyo, Paris, Cape
Town, Italy, Spain, and Indonesia. A June 2022 Wharton Global Forum was scheduled to take place in Beijing,
but was postponed until 2024. Another forum is planned for March 2023 in Singapore. The 2021 Wharton Global
Forums were hosted in Beijing and New York City, and the two 2020 Wharton Global Forums were held in Sin-
gapore and San Francisco.

The career and job search support the school provides can be a significant benefit for Wharton alumni.
Through the school’s Career Center, alumni looking for new positions are able to:

• access the MBA Career Management Job Board, which allows graduates to identify, research, and apply
to posted job opportunities.
• schedule a career-advising session with a member of the Wharton Career Center staff.
• improve their interviewing skills and receive resume and cover letter assistance.
• obtain a discount for BlueSteps services, geared toward senior executives.

Rankings and Reputation: Important Metrics or Arbitrary Measures?

MBA rankings should always be viewed with a healthy dose of skepticism, given that they can fluctu-
ate dramatically from year to year and from publication to publication. Can an MBA program—which
is made up of so many moving parts—really change so much in just one or two years? And how can The various surveys
one reconcile that, in the most recent rankings, Dartmouth Tuck is ranked 11th by the Financial Times should and will provide
and U.S. News & World Report but second by Bloomberg Businessweek? Or that Stanford GSB holds
some context for your
the 15th position in the Bloomberg Businessweek survey while being ranked sixth by The Economist?
decision, but resist the
Or that Chicago Booth is listed eighth by The Economist and first by U.S. News & World Report? Or
that UPenn Wharton is ranked ninth in Bloomberg Businessweek but first in both U.S. News & World
temptation to choose
Report and the Financial Times? Not to mention that, in last season’s rankings, for reasons related to a school based on
the COVID-19 pandemic, several usually top-ranked schools were not included on some of the more rankings alone.
prestigious lists.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 38


These pandemic-related anomalies have also affected the methodology used by Poets&Quants to create their popular
composite ranking, which is usually derived by aggregating what it has considered the top five MBA surveys: Bloomberg
Businessweek, The Economist, the Financial Times, U.S. News & World Report, and Forbes. Their most recent list, how-
ever, excludes Bloomberg Businessweek and The Economist, the latter of which has recently announced that, starting
next year, it will no longer publish business school rankings.

Of course, the various surveys should and likely will provide some context for your decision, but resist the temptation to
choose a school based on rankings alone, because rankings may ultimately betray you—possibly even before you graduate.

One thing to keep in mind, particularly for international students, is that a school’s reputation domestically can be quite
different from its reputation abroad. Years ago, mbaMission worked with an international candidate who was accepted
into the MBA programs at Cornell Johnson and Dartmouth Tuck. When this individual shared the good news with his man-
ager, his manager said, “I thought you would have gone to an Ivy League school like Princeton!” Of course, Dartmouth and
Cornell are in fact Ivy League institutions, and Princeton does not even have an MBA program—the manager’s reaction
illustrates how misconceptions can arise. So, after considering an MBA program’s strengths, you might factor in that
some schools have greater brand power in certain parts of the world, especially if you plan to live and work abroad after
you complete your studies.

We advise you to consider your MBA a long-term investment that will pay dividends throughout your life, and such an in-
vestment should be based on more than a one-time ranking. In fact, most MBAs who are five to ten years out of school are
not even aware of what their school is now ranked. Perhaps more importantly, if you were to ask one whether the school’s
position in the rankings has any effect on their career, the response would certainly be an impassioned “No!”

U.S. Ranking: UPenn 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Wharton

Poets&Quants NA NA 3 3 4 1 1 4 4 3 4 4 4 4 NA NA

U.S. News & World


1 2 1 1 3 1 4 3 1 3 3 3 5 4 NA NA
Report

Bloomberg
NA NA 9 6 6 2 2 6 5 2 [3] 3 [3] 3 [4] 16
Businessweek1

Financial Times NA 1 NA 2 2 3 2 2 2 2 3 3 3 1 1 1 NA

The Economist NA 2 NA3 NA 4 4 4 9 8 9 10 10 10 6 6 NA

1
Until 2015, Bloomberg Businessweek released rankings every two years (in November), so numbers in brackets represent carryover from the previous year's ranking.
2
Financial Times did not include Wharton in its 2021 rankings for reasons related to the COVID-19 pandemic.
3
The Economist did not include Wharton in its 2021 rankings for reasons related to the COVID-19 pandemic. Also likely due to the pandemic, The Economist dated this survey 2021

rather than 2020 as would normally have been expected (thus the “NA” in the 2020 cell).

Subjectively, mbaMission would state that Wharton ranks among the top three MBA programs in the world in
terms of its brand profile, while also enjoying a reputation for being the premier MBA-level finance program on

mbaMission Insider’s Guide: The Wharton School · 2022–2023 39


the planet. Wharton typically places among the very top programs in the world’s most prestigious business
school rankings.

Wharton was ranked first both globally and within the United States in the 2022 Financial Times listing, up from
the second spot in both those categories in the previous listing. The Economist’s 2022 list ranked Wharton
second in both those categories, up three spots globally and two spots domestically. The 2021 Poets&Quants
national ranking placed Wharton at number three, unchanged from the previous year, and Bloomberg Busi-
nessweek ranked Wharton in ninth place for 2021, down three places from its 2020 position.

In the most recent U.S. News & World Report survey (2023), Wharton was ranked first in a tie with Chicago
Booth, after being second the previous year. In addition, Wharton was included among the top 20 MBA pro-
grams in the country in the following U.S. News & World Report 2023 specialty rankings: finance (1); real es-
tate (1); accounting (2); executive MBA (2); marketing (2); business analytics (3, tied with Georgia Scheller);
entrepreneurship (6); international (7); management (7); production/operations (8); information systems (9,
tied with Indiana Kelley); and supply chain/logistics (17, tied with two other schools). In the Princeton Review’s
2022 evaluation of 241 business schools, the publication named Wharton number five for Best MBA for Finance
and number seven for Toughest to Get Into.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 40


Poets&Quants (2021) U.S. News & World Bloomberg Financial Times The Economist (2022) 2,4
Report (2023) Businessweek (2021) 1 (2022) 2,3

1 Stanford GSB 1 Chicago Booth 1 Stanford GSB 1 UPenn Wharton 1 Harvard Business
School
2 Chicago Booth 1 UPenn Wharton 2 Dartmouth Tuck 2 Columbia
Business School 2 UPenn Wharton
3 UPenn Wharton 3 Northwestern 3 Harvard Business
Kellogg School 3 Harvard Business 3 Northwestern
4 Northwestern
School Kellogg
Kellogg 3 Stanford GSB 4 Chicago Booth
4 Northwestern 4 Columbia
5 Harvard Business 5 Harvard Business 5 Northwestern
Kellogg Business School
School School Kellogg
5 Stanford GSB 5 MIT Sloan
6 MIT Sloan 5 MIT Sloan 6 Columbia
Business School 6 Chicago Booth 6 Duke Fuqua
7 Columbia Busi- 7 Yale SOM
ness School 7 UC Berkeley Haas 7 Yale SOM 7 Stanford GSB
8 Columbia
8 Dartmouth Tuck Business School 8 MIT Sloan 8 MIT Sloan 8 Chicago Booth

9 UC Berkeley Haas 8 UC Berkeley Haas 9 UPenn Wharton 9 NYU Stern 9 Michigan Ross

10 Yale SOM 10 Michigan Ross 9 UVA Darden 9 UC Berkeley Haas 10 Dartmouth Tuck

11 Duke Fuqua 11 Dartmouth Tuck 11 NYU Stern 10 Cornell Johnson 11 UC Berkeley Haas

12 Michigan Ross 12 Duke Fuqua 12 Yale SOM 11 Dartmouth Tuck 12 UVA Darden

13 NYU Stern 12 NYU Stern 13 Michigan Ross 12 Duke Fuqua 13 NYU Stern

14 UVA Darden 14 UVA Darden 14 USC Marshall 13 UVA Darden 14 Yale SOM

15 Cornell Johnson 15 Cornell Johnson 15 Duke Fuqua 14 Carnegie Mellon 15 WU Olin

16 Carnegie Mellon Tepper 16 UCLA Anderson


16 Carnegie Mellon 16 UCLA Anderson
Tepper Tepper 15 Michigan Ross
17 Georgetown 17 UF Warrington
17 UCLA Anderson 17 UCLA Anderson McDonough 16 USC Marshall 18 Cornell Johnson
18 USC Marshall 18 UT Austin 18 Emory Goizueta 17 UCLA Anderson 19 GIT Scheller
19 UNC-Chapel Hill McCombs
19 Carnegie Mellon 18 Georgetown 20 UT Austin
Kenan-Flagler 19 UNC-Chapel Hill Tepper McDonough McCombs
20 UT Austin Mc- Kenan-Flagler
20 Cornell Johnson 19 WU Olin
Combs 19 USC Marshall

1
The numbering presented here matches the numbering used by Bloomberg Businessweek.
2
This list reranks U.S. schools from international ranking.
3
Financial Times ranks Wharton first internationally.
4
The Economist ranks Wharton second internationally.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 41


The Dean: Erika H. James

In 2019, the school announced that Dean Geoffrey Garrett, who had served in the position since 2014, would step down in
2020 to take over the role of dean at the University of Southern California Marshall School of Business. “Geoff has done
an absolutely superb job in leading Wharton for the past five years and in helping firmly establish Wharton as the world’s
leading business school,” University President (at the time) Amy Gutmann said in the announcement. The school named
Erika H. James as Garrett’s successor in February 2020. James is no stranger to leadership at business schools—she
first stepped in as the dean of the Goizueta Business School at Emory University in 2014, after having served as the senior
associate dean for executive education at the University of Virginia Darden School of Business. “I said I would try [higher
education] for a year,” James said in a 2021 interview with the Wall Street Journal. “Twenty-plus years later, I’ve really
never had a desire to do anything else.”

James received her master’s and PhD degrees from the University of Michigan and has served as a visiting professor at
Harvard Business School and as assistant professor at the Tulane University Freeman School of Business. “Erika has
consistently and constructively drawn upon her own scholarship in the areas of leadership development, organizational
behavior, gender and racial diversity, and crisis leadership,” University Provost at the time Wendell Pritchett said in the
announcement of the new dean. “A passionate and visible champion of the power of business and business education to
positively transform communities locally, nationally, and globally, she is exceptionally well prepared to lead Wharton into
the next exciting chapter of its storied history,” Pritchett said.

Erika H. James stepped into her role as dean in July 2020 and was the first woman and first person of color to lead the
school in its history. “I think the fact that I’m Wharton’s first female dean means there are likely going to be differences
in how I engage with our alumni and with our students and with our faculty that are reflective of who I am as a woman
at this level in business education. There just aren’t a lot of us,” James said in an interview with the New York Times in
2020. “Since I am an academic, it’s probably not surprising that I am intellectually curious,” James told Wharton Maga-
zine at the beginning of her duties. “I am excited to learn how Wharton engages its immediate university and community
environment, and to explore how my experiences and leadership proclivities can contribute to creating opportunities
in these new contexts. I am also looking forward to learning from a new set of faculty colleagues and alumni who have
been pivotal in so many sectors of society around the world. Finally, I am eager to connect with the Wharton students, to
understand their passions and academic interests, and to help shape the next generation of leaders,” James said.

James’s expertise lies in such areas as workplace diversity, crisis leadership, and management strategy, and she has
spearheaded many notable executive education programs, including the Women’s Leadership program during her time
at Darden. “What I realized once I started to have an opportunity to engage in leadership roles in business education
was that I now have a platform to change the narrative around business,” she said in a 2020 interview with the New York
Times. When discussing the constantly evolving Wharton curriculum, James said, “The conversations in the classrooms
are changing because the students are asking for it. Their expectation is that that’s in our syllabus. We’re going to have
coursework and reading material and discussions on corporate social responsibility. We have to. If we want to continue
to be an attractive choice for business school students, then our curriculum has to reflect what they’re asking for as a
part of their business school experience. So that is starting to happen.”

mbaMission Insider’s Guide: The Wharton School · 2022–2023 42


In the same interview, James stated that she is aware of the challenges that await. “I don’t think we can just assume that
because we’re Wharton we can just rest on our laurels and say, we’ll always be safe. We have to be mindful that our com-
petition is not just other business schools. Our competition is complacency, and when you’re the best, it is very easy to
become complacent. So one of the things that I hope that my tenure as dean will do is to motivate us to think about how
do we want to define business education in the future, and not only rely on what we’ve done in the past.”

Notable Professors and Unsung Heroes

Brian Bushee (https://accounting.wharton.upenn.edu/profile/bushee/): As the Geoffrey T. Boisi Professor of Account-


ing, Brian Bushee has garnered much acclaim not only for his expertise in the field, but also for enlivening the courses
he teaches. Over the years, Bushee has taught at several top-ranked institutions, holding appointments at Harvard
Business School and the University of Chicago before joining the Wharton faculty. A second year told mbaMission that
Bushee “has a reputation for being so engaging that he makes the dry topic of accounting fun.” Indeed, he is a four-time
recipient of Wharton’s MBA Excellence in Teaching Award, has received both the Teaching Commitment and Curricular
Innovation Award, and has received an award for distinguished teaching from the university. Bushee is also the senior
vice dean of teaching and learning.

Adam Grant (https://mgmt.wharton.upenn.edu/profile/grantad/): In addition to being featured as one of Bloomberg


Businessweek’s favorite professors and included as one of HR’s “Most Influential International Thinkers” and as one of
“The World’s 40 Best B-School Profs Under the Age of 40” by Poets&Quants, Adam Grant is also reportedly a student
favorite. The author of New York Times bestsellers Option B: Facing Adversity, Building Resilience, and Finding Joy (Knopf,
2017; co-authored with Sheryl Sandberg), Originals: How Non-Conformists Move the World (Viking Press, 2016), and Give
and Take: A Revolutionary Approach to Success (Viking Press, 2013; named one of the best books of the year by Amazon),
and more than 60 articles, Grant has received numerous awards for his research on work motivation, including a Cum-
mings Scholarly Achievement Award from the Academy of Management, the Distinguished Scientific Award for Early Ca-
reer Contribution from the American Psychological Association, and a fellowship from the National Science Foundation.
Grant’s books have been translated into 35 languages.

Grant is quoted in Bloomberg Businessweek’s past profile of him as saying, “There is a long list of reasons that make me
passionate about teaching, but every one revolves around the observation that we spend the majority of our waking
hours at work, and there are many ways in which organizational psychology lets people lead more reward and productive
work lives and makes the experience and organizations of others more productive, too.” In addition, students quoted by
Poets&Quants remarked of him, “I’m always struck by his humility (and humanity). It’s actually more like a bedside manner,
almost like charisma, but more humble and personable” and “Adam is an amazing teacher and friend. In both my classes
with him, he’s shown that in addition to being passionate about his subject matter, he really cares about his students. He
also has an uncanny ability to remember the name of every student he teaches.”

Nicolaj Siggelkow (https://mgmt.wharton.upenn.edu/profile/nicolaj/): Widely recognized as a protégé of strategy guru


Michael Porter, Nicolaj Siggelkow is just as well known at Wharton for pushing students to clarify their answers in his
class—using buzzwords such as “added value” and “frameworks” can earn a cold-called student 30 minutes or so of addi-
tional questioning. A second year described Siggelkow to us as simply “the best professor at Wharton for leading a case,”

mbaMission Insider’s Guide: The Wharton School · 2022–2023 43


and another remarked, “He will whip your ass into shape, so you must prepare for class—or don’t bother coming!” Still,
students appear to respect him for this toughness, and he has earned 16 teaching awards (19, if we include undergraduate
business awards) in his more than 20 years at Wharton, most recently in 2020.

Social/Community Life

Social/community life for Wharton students picks up in pre-term (August), even before the start of the fall semester, and
maintains a healthy—some might say frenetic—pace right up through graduation (and sometimes beyond). “I think [social
life] is one of the big areas where Wharton might be branded incorrectly to the outside world,” a student we interviewed
said. “Student life here is much more fun than I was expecting. I think a lot of people get this idea that because Wharton
is very quant focused, [it is] located in a big city, and because we have Fridays off, that there isn’t much of a community.
That couldn’t be further from the truth.”

Battle of the Bands: At the end of every academic year, the Marketing Club presents the Battle of the Bands, a charity
fundraiser first established in 2008. The event features performances by groups of students who compete for a cash
prize and bragging rights. The past seven years’ events have taken place at the largest venue yet, the Theatre of Living
Arts, with typically six to seven student bands—there were six in 2022 and five in 2021—performing each year, in addition
to special guest faculty band Brand Inequity. Proceeds from recent years’ shows have benefited Musicians On Call, an or-
ganization dedicated to bringing music to hospitals. Tickets to the annual Battle of the Bands “sell out in minutes,” claims
an article in The Daily Pennsylvanian, and the event reportedly attracts crowds of up to 1,000 people. The 2022 event also
featured a lip sync battle.

Beach Week: In the spring, between finals and graduation, second-year students prepare to reenter the “real” world by
retreating to South Beach in Miami, Florida, where they partake in almost a week’s worth of organized partying, relaxing,
and beach-going. The week’s events are organized, but not funded, by the student-run Wharton Graduate Association.
In past years, as many as 400 students—if not more—have taken part in Wharton’s Beach Week. Activities offered during
Beach Week in recent years have included multiple pool parties, a beach picnic, a daytime boat cruise, and a pub crawl in
South Beach. “Eight of Miami’s hottest venues. Nine hours of open bar. Two welcome drinks. Ninety-six hours of sunshine
and moonlight. Five hundred of your best friends!” the 2019 invitation read.

MBA Pub: Every Thursday evening, a large segment of the Wharton student body heads to MBA Pub, where the aspiring
MBAs can enjoy unlimited “free” beer and pizza (with an annual membership fee, that is). Formerly housed in its own des-
ignated space in Steinberg Dietrich Hall, MBA Pub moved to a new off-campus facility at the historic Armory building in
Center City in 2013, thus making the event more proximal to where the majority of Wharton students live (see the Facili-
ties section). Because Wharton has no classes on Friday, Pub—as it is commonly called—serves as an ideal way for many
students to mark the end of the academic week, kick off the weekend, and catch up with classmates and professors (who
can be invited as guests).

“It’s bonding,” a student said about MBA Pub in a video posted on the school’s website. “After a hard week, you all come to-
gether, you commiserate over a couple of beers.” Added another student featured in the video, “It’s a lot of laughs. There’s

mbaMission Insider’s Guide: The Wharton School · 2022–2023 44


a lot of love that happens at Pub.” According to a third student in the video, Pub has approximately 1,400 members among
Wharton’s student body of nearly 1,800.

Pub’s food offerings, drink selection, and decorations vary each week throughout the year, depending on which campus
group is the week’s sponsor—though beer and pizza are pretty much staples every time. The event features a variety of
special themes and social functions, which in recent years have included Fight Night Weigh-In; an evening hosted by
the Wharton Latin American Student Association; Veterans; Eurotrip: Show Off Your Culture; Stocking Stuffing; and
Thanksgiving. Pub is obviously separate from Wharton’s academic and recruiting offerings, but according to those with
whom mbaMission spoke, many students and alumni consider it an emblematic experience of the program.

Penn Fight Night: Boxing may not be something one would immediately associate with business school, but Penn Fight
Night has reportedly become one of the most celebrated annual traditions at Wharton. Each winter, students and part-
ners face off against fighters representing other University of Pennsylvania graduate schools in a university-wide, ama-
teur boxing match to raise money for the Boys & Girls Clubs of Philadelphia. “There’s a huge ring and people train through-
out the year as part of [Wharton’s] boxing club,” said a second-year MBA student with whom we spoke, adding, “Usually
there are about a dozen fighters from Wharton, each with their own entourage.”

The 18th annual Fight Night was held in April 2022 and attracted approximately 3,000 spectators. A former chairwoman
of Fight Night explained in a Bloomberg Businessweek article that all the fighters are amateurs, saying, “People can only
imagine what it’s like to get in the ring in front [of thousands] of your peers and do something completely outside of your
comfort zone.” The 2022 event raised more than $150,000 for the Boys and Girls Club and featured a performance by DJ
Steve Aoki.

Take an Administrator or Professor to Lunch: Just as it sounds, this official program at UPenn allows graduate (and
undergraduate) students to take their favorite professor or administrator, in addition to up two other guest students,
out to lunch for free at the University Club at the Inn at Penn or one of the university’s dining halls. In 2018, the university
expanded the program to allow students to initiate up to five lunches per semester, in comparison to the previous one
lunch. Professors can also invite students to lunch, through the “Host Your Class” program.

Theme Parties: Given Wharton’s large class size, numerous theme parties each draw a sizeable crowd throughout the
academic year. And though most of the school’s parties are “geared toward large groups,” according to a second-year
student with whom we spoke, smaller-scale parties and more intimate social events are reportedly just as important
to Wharton’s culture. The second year added, “Things like group dinners, food club, and team athletics are a big part of
Wharton. There are lots of opportunities to get to know your classmates.” The theme parties most often mentioned to us
at mbaMission include the following:

ƒ The ’80s Party: First organized by the school’s Media and Entertainment Club in 2005, this event has grown to
become one of the biggest parties of the year and takes place each October. Students dress up like their favorite
icons from the ’80s and dance the night away to hits by Madonna, Depeche Mode, and Michael Jackson (and per-
haps compete in a “Thriller” dance-off!).
ƒ Spring Gala: A last hurrah of sorts, this black-tie-optional “prom” can induce nostalgia for some second-year
students, but at its core, it is still just a big party, with an open bar to ensure that the evening is lively. The dress

mbaMission Insider’s Guide: The Wharton School · 2022–2023 45


code is described as “Philadelphia chic”—which translates to suits and cocktail dresses—and both first- and
second-year students can attend the event, at which the deans present student awards. “People get all dressed
up and hire limos,” said a second-year student with whom we spoke. Marking its 26th year in 2021, the Spring
Gala has been held at such venues as the Philadelphia Convention Center and the Wanamaker Building’s Crystal
Tea Room.
ƒ Wharton 54: Sponsored by Out4Biz, Wharton’s LBGT (lesbian, bisexual, gay, and transgender) professional and
social club, this event is reportedly one of the biggest ones of the spring semester. The party is a tribute to the
music, fashion, and disco-fabulousness of the ’70s—a student insisted to us that this event is not to be missed.
Wharton 54 is typically held at a high-end nightclub (the venue changes from year to year) and features student
dance performances.
ƒ The White Party: Another popular event occurring in the fall, the White Party is also hosted by Out4Biz. Accord-
ing to a second-year student with whom mbaMission spoke, attendees are required to wear all-white outfits:
“Tennis clothes, formal suits—students get creative.” The 2021 invitation described the event as “one of the most
epic parties at Wharton” and “the most anticipated party on Wharton’s social calendar”.

Walnut Walk: Walnut Walk is an annual bar crawl in the fall for first-year students that typically involves stops at bars
that line the eponymous Walnut Street from Center City to Old City. The twist is that the required attire for both men
and women is “Business on Top, Party on Bottom,” meaning professional wear on the upper half of one’s body and pretty
much “anything goes” on the lower half (though boxers are reportedly a popular choice). A Wharton first year wrote about
his classmates’ clothing choices for the event in a personal blog post, saying, “For guys, this generally means boxers
but it can also mean a kilt, a too-too [sic] or Louis Vuitton tights depending on the interpretation of ‘party.’ For ladies, it
means similarly silly getups, not to exclude leggings, short shorts or even a pamper.” Some alumni clubs have kept up the
tradition even after graduation, albeit not on Walnut Street—in fact, the Washington, DC alumni chapter hosted its sixth
annual local Walnut Walk in 2020.

Wharton Follies: The Wharton Follies is both an annual musical comedy production that pokes fun at MBA life at Whar-
ton and one of the school’s largest clubs, and it affords students the opportunity to shine in both creative and business
roles. Entirely written, produced, and performed by students and boasting a six-figure budget, it is one of the largest and
longest-running such productions at any graduate program. Follies has run at Wharton since 1977 and typically features
prominent members of the administration (including the dean, vice dean, and director of admissions) and popular faculty
members in cameo appearances.

The 2020 Follies were largely cancelled due to the novel coronavirus outbreak, but a “Wharton Update: Quarantine Edi-
tion” video skit was posted on the Follies YouTube page in May. The specific theme changes every year. In 2022, it was
“Follies’ Eleven” and in 2019, it was “How Follies Met Your Mother.” In addition to a live component, the Follies typically in-
volves a number of video sketches, such as “Wharton’s Between Two Ferns,” a play on the Funny or Die show; “Darth Vader
Goes to Wharton,” where the world of Star Wars entered the school; “Business School Stereotypes,” which poked fun at
such stereotypes as “Mr. Case Me” and “Ms. Heiress”; and “Lord of the GSR,” a play on Lord of the Flies wherein a group of
students becomes trapped in a graduate study room.

A past Follies sketch titled “MBAs Assemble a Malm Bed from IKEA,” which depicts students from various top-ranked
business schools proposing different strategies for furniture assembly, is especially notable, with more than 124,000

mbaMission Insider’s Guide: The Wharton School · 2022–2023 46


views as of the updating of this guide for 2022–2023. A second year with whom we spoke explained that part of the appeal
of Follies is that it “show[s] off student talent that you wouldn’t otherwise be able to witness.”

Winter Ball/Formal: Although donning formal wear is certainly not a prerequisite for attending Wharton, the Winter Ball
(at times referred to as the Winter Formal), which takes place before the end of the fall semester, gives first- and second-
year students the opportunity to break out a tuxedo or ball gown. This event has been held at 30th Street Station, at the
grand ballroom of the Hyatt Regency, and at the Penn Museum (formally known as The University of Pennsylvania Museum
of Archaeology and Anthropology). Past themes have included “Get Your Sparkle On!” and “Moonlight Masquerade.” The
evening typically includes a silent auction, dancing, and an open bar, and proceeds from the event go to support the Whar-
ton International Volunteer Program, through which students work with nonprofits via internships or full-time positions. A
second-year student we interviewed noted that these balls are some of the school’s most “memorable events” and “are the
most well attended by students” (though it has not been hosted in recent years due to the novel coronavirus pandemic).

Academic Summary

Curriculum: First-year students must complete a core curriculum, which includes a month-long pre-term (to ensure that
everyone begins the fall semester with a baseline level of business knowledge), a mandatory learning team retreat, and
a year’s worth of foundation courses that emphasize three key aspects reflected in the overall curriculum: leadership,
rigor, and breadth. In addition to certain “fixed core” courses, the first year is structured so that students choose two or
more options from among eight content areas in the “flexible core,” and specific courses within these content areas fulfill
core requirements.

Fixed Core Courses (taken with cohort during the first semester of the first year)
ƒ “Advanced Microeconomics for Managers”
ƒ “Foundations of Teamwork and Leadership”
ƒ “Marketing Management”
ƒ “Microeconomics for Managers”
ƒ “Regression Analysis for Managers”
ƒ “Speaking and Writing”

Flexible Core Course Areas


ƒ Accounting
ƒ Communication
ƒ Corporate Finance
ƒ Legal Studies and Business Ethics
ƒ Macroeconomics
ƒ Management
ƒ Marketing
ƒ Operations, Information, and Decisions

As always, we encourage readers to consult the school’s website directly for the most up-to-date information.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 47


Students who possess prior professional or academic experience in a given field can place out of a corresponding core
course (however, not all core courses are eligible to be waived), with permission from the course’s professor.

After completing the core curriculum, students are free to choose from the more than 200 elective classes available
across ten departments to fulfill their chosen majors. Wharton students can take up to 21 credits, 19 of which are re-
quired to graduate. One benefit enjoyed by Wharton students is the option to take up to four courses at any of the 11 other
Ivy League graduate schools at the University of Pennsylvania.

Grade Disclosure Policy: The school’s grade disclosure policy is a topic of contention at Wharton. The administration
has instituted a voluntary grade disclosure policy, which allows students to share their grades with employers and em-
ployers to ask students for grade information. However, every year, the entire student body votes on whether to adhere
to this policy. In recent years, students have voted overwhelmingly to not disclose grades to employers, making grade
nondisclosure a de facto pact between students, rather than an officially sanctioned policy.

Grading Policy: Wharton’s MBA courses are graded on a traditional letter grade system of A through F, with plus (+) and
minus (-) distinctions.

Majors: Five credit units are required for most majors (one credit typically comes from the core). Wharton students may
choose one or more of the following majors:

ƒ Accounting
ƒ Business Analytics*
ƒ Business Economics and Public Policy*
ƒ Business, Energy, Environment, and Sustainability*
ƒ Entrepreneurship and Innovation
ƒ Finance
ƒ Health Care Management
ƒ Individualized major
ƒ Insurance and Risk Management
ƒ International Business
ƒ Management
ƒ Marketing
ƒ Marketing and Operations Management (joint major)
ƒ Multinational Management
ƒ Operations, Information and Decisions*
ƒ Organizational Effectiveness
ƒ Quantitative Finance*
ƒ Real Estate
ƒ Statistics*
ƒ Strategic Management

*STEM-certified major

mbaMission Insider’s Guide: The Wharton School · 2022–2023 48


Research Centers and Initiatives:
ƒ AI for Business
ƒ Behavior Change for Good Initiative
ƒ Boettner Center for Pensions and Retirement Research
ƒ Carol and Lawrence Zicklin Center for Business Ethics Research
ƒ Center for Human Resources
ƒ Center for Leadership and Change Management
ƒ Fishman-Davidson Center for Service and Operations Management
ƒ Harris Family Alternative Investments Program
ƒ Jacobs Levy Equity Management Center for Quantitative Financial Research
ƒ Jay H. Baker Retailing Center
ƒ Leonard Davis Institute of Health Economics
ƒ Penn Wharton Budget Model
ƒ Pension Research Council
ƒ Risk Management and Decision Processes Center
ƒ Rodney L. White Center for Financial Research
ƒ Samuel Zell and Robert Lurie Real Estate Center
ƒ Sol C. Snider Entrepreneurial Research Center
ƒ Stevens Center for Innovation in Finance
ƒ Wharton Customer Analytics
ƒ Wharton Global Family Alliance
ƒ Wharton Initiative on Financial Policy and Regulation
ƒ Wharton Neuroscience Initiative
ƒ Wharton People Analytics
ƒ Wharton Social Impact Initiative
ƒ Wharton Sports Analytics and Business Initiative
ƒ William and Phyllis Mack Institute for Innovation Management

Teaching Method: Wharton does not adhere to just one method of instruction. Wharton professors have the flexibility
to match their teaching methods to class content. Many instructors use a combination of methods over the course of
a semester or quarter. As one might expect, marketing and strategy courses tend to include more cases and discus-
sion, whereas finance, accounting, and operations management classes tend to be more quantitative and lecture based,
though exceptions to this general theme exist, of course.

Admissions Basics

Note: Any specifics discussed in this section related to application requirements were valid for the 2021–2022 admissions
season (unless otherwise noted). Be aware that requirements for any subsequent admissions cycles may differ. Always
check with the school directly to confirm all application details.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 49


We at mbaMission maintain relationships with business admissions committees and regularly sit down with admissions
directors to discuss the application process and much more. For our latest interviews with admissions directors, see our
YouTube channel.

The Wharton admissions committee is supported by a group of second-year students who are se-
lected, hired, and trained to serve as Admissions Fellows. These students help with admissions
initiatives and outreach, including conducting on-campus information sessions and interviewing Wharton’s focus on
candidates. In addition, many first- and second-year students serve on the Volunteer Admissions teamwork is evident
Committee. This group partners with the Admissions Office on a number of fronts, including the on-
in its team-based
campus visit program and the admissions blog (http://mba.wharton.upenn.edu/mba-admissions-
interview process.
blog/).
Make sure you get
Application Process: Every application is reviewed multiple times by different members of the ad- across your strengths
missions committee before a decision is made as to whether or not to extend an interview invitation. in teamwork and
After a candidate interviews, their application is read by additional members of the admissions com- collaboration in your
mittee. Decisions are made as a committee. application.

Admissions Rounds: Wharton has three application deadlines. The Admissions Office encourages ‫ ܓ‬Susan Kaplan, mbaMission
candidates to apply in Round 1 or Round 2, because most of each incoming class is filled from these Senior Consultant
two rounds. Round 3 candidates are selected as space allows; the number fluctuates each year, given
that it depends on the number of students enrolled in prior rounds.

GMAT/GRE/GPA: Wharton stipulates no required minimum—or ideal—GMAT score, GRE score, or GPA average. Candi-
dates are evaluated on a holistic basis, and all their attributes are considered (e.g., work experience, community/leader-
ship activities). Applicants may choose to submit their GRE score in lieu of a GMAT score.

Essays: For applicants for the Class of 2022, Wharton required that candidates answer two essay prompts, one with a
500-word limit and the other with a 400-word limit. The application also included an optional essay section, which ap-
plicants could use to address any additional information they wished to include in their application. Reapplicants were
required to supply an additional essay of up to 250 words.

International or Industry Quotas: Wharton does not have quotas for international students or for students from any par-
ticular country. Nor do quotas exist for students from specific industries or firms. Wharton strongly values its diverse,
globally and industry-representative class. To assemble such a student group, admissions personnel travel around the
world to host receptions and industry-specific marketing events and to help applicants learn more about different areas
of interest.

Interviews: Interviews at Wharton are by invitation only. The admissions committee considers interviews an important
source of additional information about applicants. Just as with any other part of an applicant’s candidacy, the interview
is not a “make or break” point. Through interviews, admissions committee members ascertain a candidate’s way of think-
ing, values, interests, and potential fit with the program.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 50


Wharton features a Team Based Discussion format in its Average GMAT of Incoming Average GPA of Incoming Students
Students (Class of 2023) (Class of 2023)
interviews, grouping candidates in teams of four to five
with the hope that candidates will “not only be able to Chicago Booth 732 Chicago Booth 3.60
present how [they] approach and think about certain chal- Columbia Business School 729 Columbia Business School 3.50
lenges and opportunities, but that [they] will also have
Cornell Johnson1 710 Cornell Johnson1 3.34
a chance to experience, firsthand, the team work and
learning dynamic that is central to our program,” explains Dartmouth Tuck 724 Dartmouth Tuck 3.54

the school’s site. Candidates are also given the opportu- Duke Fuqua NA Duke Fuqua NA
nity to have a shorter, one-on-one conversation with an
Harvard Business School1 730 Harvard Business School 3.69
admissions committee member. Before the scheduled
Michigan Ross 722 Michigan Ross 3.53
interview date, applicants are given one or two prompts,
one of which will be posed to the group of interviewees MIT Sloan1 730 MIT Sloan 3.59

during the discussion. Northwestern Kellogg 727 Northwestern Kellogg 3.70

NYU Stern 729 NYU Stern 3.59


All interviews, regardless of who conducts them, are
Stanford GSB 738 Stanford GSB 3.78
blind, meaning evaluators do not review candidates’ re-
sumes or application materials before meeting them. UC Berkeley Haas 726 UC Berkeley Haas 3.67

Interviews are behavioral in nature and, like the written UCLA Anderson 714 UCLA Anderson NA
application, aim to understand the “why” and “how” of an
UPenn Wharton 733 UPenn Wharton 3.60
applicant’s choices and thinking. The team-based discus-
UVA Darden 715 UVA Darden 3.52
sions are roughly 45 minutes in length and are conducted
on campus by Admissions Fellows and in multiple hub cit- Yale SOM1 730 Yale SOM1 3.69

ies around the world by admissions officers. All interviews


are conducted in the same manner and are considered 1
Represents median rather than average. 2
Represents median rather than average.

equally in the evaluation process; neither option confers


any added benefit. Learn more about the Team Based Dis-
cussion and the Wharton interview process in our Wharton Interview Guide: https://shop.mbamission.com/products/
the-wharton-school-of-the-university-of-pennsylvania-interview-guide.

Unemployment/Layoffs: Being laid off or unemployed will not adversely affect an applicant’s chances of admission.
Candidates who find themselves in such circumstances should explain their thought process with regard to applying to
business school, as well as what they have been doing during their transition time.

Recommendations: Wharton requires two recommendations from direct supervisors, and requests that these recom-
mendations come from individuals who know the candidate well and are best positioned to answer the questions posed.
In the event a candidate is applying in confidence or is in a situation such as working for a family business, the candidate
may opt to have non-direct supervisors as recommenders. In such circumstances, applicants should use the Optional
Section of the application to explain their choice of recommender.

Campus Visits: The Admissions Office welcomes applicants to visit campus and gain firsthand a feel for the Wharton ex-
perience. During the course of a campus visit, applicants can learn more by attending classes, meeting with students, and
experiencing Wharton’s diverse and collaborative culture. Campus visits are offered regularly throughout the school year.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 51


School (Class of 2023) Women International Minorities Most Common Undergraduate Major for Incoming Students
(Class of 2023)
Chicago Booth 42% 39% 44%
Chicago Booth Business 27%
Columbia Business 41% 48% 40%1
School Columbia Business School Business 37%

Cornell Johnson 39% 35% 25%4 Cornell Johnson NA NA


Dartmouth Tuck 46% 41%2,3 29%1
Dartmouth Tuck Arts / Humanities / Social 45%
Duke Fuqua 48% 47% 45% Sciences

Harvard Business 46% 37% 33%1,2 Duke Fuqua NA NA


School
Harvard Business School Engineering 27%
Michigan Ross 46% 28% 36%1
Michigan Ross Business 42%
MIT Sloan 44% 43% NA
MIT Sloan Engineering 33%
Northwestern Kellogg 49% 36% 23%4
Northwestern Kellogg Economics / Business 49%
NYU Stern 41% 32%2,3 17%4
NYU Stern Business 27%
Stanford GSB 44% 47%2,3 48%1
Stanford GSB Engineering 25%
UC Berkeley Haas 37% 37% 49%
UC Berkeley Haas Engineering 24%
UCLA Anderson 42% 36% 32%
UCLA Anderson NA NA
UPenn Wharton 52% 36% 35%1
UPenn Wharton Humanities 39%
UVA Darden 40% 40% 21%1
UVA Darden NA NA
Yale SOM 43% 44%2,3 49%1
Yale SOM Humanities / Social Sciences 28%

1
Specified as U.S. minorities.
2
Includes permanent U.S. residents.
3
Includes dual citizens.
4
Specified as underrepresented minorities.

Campus visits have no bearing on an applicant’s admissions decision. However, they allow candidates to interact with
the community and gain a better understanding of their fit with Wharton. Recognizing that Wharton’s global applicant
population is not always able to come to campus, the school attempts to bring much of the experience online. In addition,
through the school’s admissions webinars, which cover such topics as application tips, student life, and financing one’s
education, applicants can learn more about being a student at Wharton.

Waitlist: Wharton maintains a waitlist of candidates who may be admitted after the admissions rounds are complete.
Wharton does not rank its waitlist, and chances of being admitted off the waitlist are hard to predict in any given year. To
ensure an equitable process, the admissions committee asks that those on the waitlist adhere to the stated guidelines
and not submit additional materials, letters, or recommendations. The admissions committee does not offer another
interview for those on the waitlist, nor does it provide feedback to candidates.

mbaMission Insider’s Guide: The Wharton School · 2022–2023 52


Financial Aid: Students apply for financial aid at the same time they apply to Wharton’s MBA program. All admitted stu-
dents are considered for fellowships; no separate application is necessary. Award decisions are communicated in con-
junction with admissions decisions.

Reapplicants: Many reapplicants are successful in Wharton’s process. In fact, the school’s website states that reappli-
cants constitute approximately 10% of the applicant pool each year. Reapplicants respond to the same essay questions as
first-time applicants but are also required to submit an additional essay to demonstrate any additional career growth and/
or academic preparation since their previous application. Reapplicants should submit two new letters of recommendation.

University of Pennsylvania (Wharton) Essay Analysis, 2022–2023

As a pair, the prompts for the Wharton School at the University of Pennsylvania’s two required application essays es-
sentially ask applicants to describe a kind of give-and-take with respect to their engagement with its MBA program. For
Essay 1, you must discuss what Wharton can do for you, and for Essay 2, the focus is on what you can do for Wharton. Your
greatest assets in crafting strong essay responses for both will be (1) a profound understanding of the school, its culture,
and all it offers and (2) your ability to infuse your essays with a high level of detail. So, be knowledgeable, be authentic,
and be thorough, and you should be well positioned to submit compelling, effective essays. In our analysis that follows,
we provide more in-depth guidance on each of Wharton’s 2022–2023 questions individually.

Essay 1: How do you plan to use the Wharton MBA program to help you achieve your future professional goals? You
might consider your past experience, short and long-term goals, and resources available at Wharton. (500 words)

In just 500 words, you must discuss your career aspirations—giving sufficient context for why they are realistic for you—
and illustrate how you believe Wharton will help you pursue these goals by demonstrating a thorough understanding of
what the school offers and a well-thought-out game plan for availing yourself of particular resources. To effectively do
this and write a reasoned, nuanced essay, you must first familiarize yourself with Wharton’s various offerings, events,
and extracurriculars and pinpoint those that truly pertain to you and the direction in which you hope to move. Go the extra
mile in learning about the school—connect with multiple students and alumni, attend admissions events in your area,
read recent press releases from the program and any news stories about it published elsewhere, check out the Wharton
School YouTube channel (www.youtube.com/channel/UCU9Z1eLsDa_meEfsmx-Ys0w), and especially, visit the campus
if at all possible. This will provide the kind of in-depth insight that will show the admissions committee you are really
serious about Wharton and are confident you belong there. Simply presenting a list of classes and clubs you think sound
interesting will not suffice, and absolutely avoid vague, pandering statements about how great the school is. You must
reveal clear connections between your aspirations, what you need to achieve them (e.g., skills, experience[s], connec-
tions, exposure), and what Wharton in particular can provide that will enable you to fill those gaps.

That said, take care to not talk exclusively about the Wharton side of this equation. The admissions committee wants to
more fully understand the vision you have for your future career, how you have developed this vision, and why you believe
it is feasible and fitting for you (with respect to your interests, work style, strengths, values, and/or other such factors).
In a post (https://mba.wharton.upenn.edu/mba-admissions/updates-2021-2022-application) last year about the essay
prompts (which have not changed for this season), Blair Mannix, Wharton’s director of admissions, noted, “We made

mbaMission Insider’s Guide: The Wharton School · 2022–2023 53


slight revisions to Essay 1 to ensure that the question remained applicant-centered while still requiring applicants to think
carefully and specifically about how they can maximize two years at Wharton to prepare for their future career goals”
(emphasis ours). Connect the dots, so to speak, between what you are bringing to Wharton yourself as a student and what
you feel Wharton will provide to complement and strengthen that to set you on the path to success.

Note that Wharton asks you to address only the professional aspect—not the professional and personal aspect—of your
business school goals. This means you should focus solely on sharing your career-related stories and ambitions here
and then use the other essay(s) to discuss non-work aspects of your life, thereby providing a more complete and well-
rounded picture of yourself for the admissions committee.

In many ways, this prompt is asking for a traditional MBA personal statement. We therefore encourage you to download a
free copy of the mbaMission Personal Statement Guide (https://shop.mbamission.com/products/personal-statement-
guide), in which we offer detailed advice on approaching and framing these kinds of topics, along with multiple illustra-
tive examples.

Essay 2: Taking into consideration your background – personal, professional, and/or academic – how do you plan to
make specific, meaningful contributions to the Wharton community? (400 words)

In a blog post (https://mba.wharton.upenn.edu/mba-admissions/2020-2021-application-deadlines-essay-updates) post-


ed when this prompt took on its current wording, Mannix explained, “Our main goal is to get to know you the best that we can,
and the change to our second prompt was largely motivated by that desire.” The breadth of this essay question allows you to
provide a well-rounded impression of yourself for the admissions committee because you can discuss multiple aspects of
or stories from your life and draw from any area (personal, professional, and/or academic), thereby allowing you to highlight
your strongest and most relevant options. However, the word count is fairly restrictive, so you need to be concise in doing
so, without sacrificing effectiveness or thoroughness.

We recommend using approximately one-half of your allowed word count to describe your chosen experience(s) or
quality(-ties), so that you have sufficient space in which to then explain how it/they will enable you to contribute to the
Wharton community in a meaningful way. Do your best to “show,” or really spell out, your story—rather than just flatly
presenting or stating it—to give the admissions reader some perspective and context. You then need to demonstrate
both self-awareness and, again, a thorough understanding of the Wharton MBA experience by drawing connections be-
tween this aspect of your background and what you can subsequently bring the school as a member of its community. For
example, a past project might have given you some critical insights and skills you could now pass on to your classmates
in a related class or club. Or maybe a personal challenge gave you an interesting new perspective on commitment, de-
termination, or other valuable quality. What is most important in this essay is conveying how you envision applying the
knowledge or quality you can offer as a student in the Wharton program.

Required Essay for All Reapplicants: Please use this space to share with the Admissions Committee how you have
reflected [on] and grown since your previous application and discuss any relevant updates to your candidacy (e.g.,
changes in your professional life, additional coursework, and extracurricular/volunteer engagements). (250 words)

mbaMission Insider’s Guide: The Wharton School · 2022–2023 54


Thankfully, this essay is pretty straightforward. Whether you have improved your academic record, received a promotion,
begun a new and exciting project, increased your community involvement, or taken on some sort of personal challenge,
the key to success with this essay is conveying a very deliberate path of achievement. Wharton wants to know that you
have been actively striving to improve yourself and your profile, and that you have seized opportunities during the time
since you last applied to do so, because a Wharton MBA is vital to you. The responses to this essay question will vary great-
ly from one candidate to the next, because each person’s needs and experiences differ. We are more than happy to provide
one-on-one assistance with this highly personal essay to ensure that your efforts are presented in the best light possible.

Optional Essay: Please use this space to share any additional information about yourself that cannot be found else-
where in your application and that you would like to share with the Admissions Committee. This space can also be
used to address any extenuating circumstances (e.g., unexplained gaps in work experience, choice of recommend-
ers, inconsistent or questionable academic performance, areas of weakness, etc.) that you would like the Admis-
sions Committee to consider. (500 words)

With this prompt, Wharton is acknowledging that some candidates have aspects of their profiles that might need a little
special clarification. This essay is therefore your opportunity—if needed—to address any lingering questions that an ad-
missions officer might have about your candidacy, such as a low GRE or GMAT score, a legal or disciplinary incident,
or, of course, one of the extenuating circumstances the school suggests. However, keep in mind that by submitting an
optional essay, you are requiring the already overtaxed admissions readers to do additional work on your application,
so do not rush to fill this space just because you fear that not doing so will somehow count against you (it will not), and
also avoid being overly verbose or sharing more information than is truly necessary just because you technically can.
You must ensure that the admissions committee’s extra time and effort are truly warranted. If you feel you might have
a valid reason for submitting this additional essay or are not sure if the issue you are considering would warrant doing
so, we encourage you to download a free copy of our mbaMission Optional Essays Guide (https://shop.mbamission.com/
products/mbamission-optional-essays-guide), in which we offer detailed advice on when and how to take advantage of
the optional essay, along with multiple sample essays.

How do you plan to use the Wharton MBA program to help you achieve your future professional goals? You might con-
sider your past experience, short and long-term goals, and resources available at Wharton. (500 words)

After transitioning from banking to private equity, I first found the faster pace and expanded scope startling, but ultimate-
ly invigorating. Shifting from agent to principal, I leapt into formulating a go-forward strategy for rewardify.com’s rapidly
growing consumer data analytics business and explored a complex carveout for the payments division of a Dutch online
bank. I had absolutely no experience with either industry, but all that really mattered was that I could quickly learn, adapt
and contribute. Over the past two years, I have learned to appreciate the “messiness” of investing and the vast opportunities
it offers to create value via ingenuity, collaboration and old-fashioned elbow grease. I plan to return to technology investing
after I graduate, focusing on later-stage venture or growth equity in Seoul or Shanghai, where wired populaces are driving
innovations in consumer tech. Meantime, I aspire to use my Wharton experience to “accelerate my acceleration” both per-
sonally and professionally, refining the hard and soft skills I need to thrive in my chosen industry.

As I assess my long-term needs, I recognize that to be a “full stack” partner to management teams, I must grow beyond the
financial plain and develop my operations and marketing tool kit. Wharton’s Marketing and Operations Management Major

mbaMission Insider’s Guide: The Wharton School · 2022–2023 55


is therefore ideal for me. Having an undergraduate degree in mathematics, I find myself guided largely by intuition in these
areas and would take foundational classes like “Operations Strategy” and “Dynamic Marketing Strategy” to then extract the
most from uniquely applicable advanced courses like “Contagious: How Products, Ideas, and Behaviors Catch On” and “On-
line Business Models and the Information-Based Firm.” Beyond Wharton’s vast course options, I find the opportunities to
unify theory and practice to be incredibly compelling. The Startup Challenge would allow me to partner with an entrepreneur
and engage in the entrepreneurial process, thereby making me a more operationally oriented and thoughtful investor. And
a Global Modular Course, like “Global Supply Chain in China,” will provide invaluable insight into the world’s most vexing busi-
ness issues, while enabling me to expand my industry-related network and form closer bonds with classmates.

I feel fortunate to have already witnessed firsthand the role my diverse and dynamic classmates will play in my education; I
visited my cousin Tarek Masoud (W ’19) on campus just before the pandemic, and while there, I observed his “Managerial Deci-
sion Making” class and attended that week’s Pub. Both revealed a community that truly comes together to share ideas—and
even laugh sometimes at the intensity of the past week. Being a part of this warm yet fervent community greatly appeals
to me. An intensive Leadership Venture will allow me to work with peers to actively reflect on and hone my leadership style,
and I look forward to the awesome commitment and teamwork that characterize the Learning Team experience. I will enter
Wharton with an open mind, ready to listen, absorb, and share, knowing that by bringing the entirety of my energy to the
experience, I can confidently embark on the next phase of my career.

The Next Step: Mastering Your Wharton Interview

Many MBA candidates find admissions interviews stressful and intimidating, but mastering this important element of the
application process is definitely possible—the key is informed preparation. To help you attain this high level of prepared-
ness, we offer our free Interview Guides. Download a complimentary copy of The Wharton School of the University of
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mbaMission Insider’s Guide: The Wharton School · 2022–2023 56


Appendix:
Wharton Facts and Figures
Note: Facts and figures in this section are prone to change. Occasionally, conflicts may exist between the school’s publica-
tions and its web pages. Applicants are urged to recheck facts and figures for the most up-to-date information.

Basics

Year Established: 1881


Location: Philadelphia, Pennsylvania; San Francisco, California (executive campus)
Dean: Erika H. James (2020)
Director of MBA Admissions: Blair Mannix (2019)
Programs:
ƒ Full-time MBA
ƒ Doctoral
ƒ Executive MBA
ƒ Executive Education
ƒ Global Youth Program
ƒ Undergraduate
Joint Degrees:
ƒ MBA in Health Care Management
ƒ MBA/DMD with Penn Dental Medicine
ƒ MBA/MArch with the School of Design
ƒ MBA/MLA with the School of Design
ƒ MBA/MCP with the School of Design
ƒ MBA/MH with the School of Design
ƒ MBA/MSE, MBA/MCIT, and MBA/MIPD with the School of Engineering and Applied Science
ƒ MBA/MA with the John Hopkins University Paul H. Nitze School of Advanced International Studies
ƒ MBA/MES with the School of Arts and Sciences
ƒ MBA/MA with the Lauder Institute
ƒ MBA/JD with the Law School
ƒ MBA/MD with Penn Medicine (applicants must apply in Round 1)
ƒ MBA/VMD (applicants must apply in Round 1) and MBA/MS with Penn Veterinary Medicine
ƒ MBA/MSN, MBA/PhD with the School of Nursing (must apply to the MBA/PhD program simultaneously)
ƒ MBA/MPA with the Kennedy School of Government at Harvard University (external)
ƒ MBA/MPA/ID with the Kennedy School of Government at Harvard University (external)
ƒ MBA/MPP with the Kennedy School of Government at Harvard University (external)
ƒ MBA/MSW with the School of Social Policy and Practice
ƒ MBA/MSEd with the Graduate School of Education

mbaMission Insider’s Guide: The Wharton School · 2022–2023 57


Class Profile (Class of 2023)

Number of Applications Received: 7,338


Enrolled Students: 897
Average GPA: 3.6
Average GMAT: 733
Median GMAT: 740
Average GRE (Verbal): 162
Average GRE (Quant): 162
Average GRE (Writing): 4.6
Female: 52%
International Students: 36%
Countries Represented: 83
U.S. Students of Color (Black / African American, Asian American, Hispanic / Latinx, Native American / Indigenous /
Native Alaskan): 35%
LGBTQ+ Students: 7%
Average Years of Work Experience: 5
Years of Work Experience, Range: 1–14

Employment Statistics (Class of 2021)

Median Base Salary for All Graduates: $155,000

Graduates accepted positions in the following industries:


ƒ Financial Services: 35.1%
• Investment Banking/Brokerage: 12.9%
• Private Equity/Buyouts/Other: 11.1%
• Investment Management: 3.7%
• Venture Capital: 3.4%
• Insurance and Diversified Services: 2.1%
• Hedge Funds/Other Investments: 1.9%
ƒ Consulting: 27.2%
ƒ Technology: 18.6%
ƒ Health Care: 5.3%
ƒ Retail: 2.5%
ƒ Real Estate: 2.1%
ƒ Media, Entertainment, and Sports: 1.6%
ƒ Consumer Products: 1.4%
ƒ Manufacturing: 1.4%
ƒ FinTech: 1.2%
ƒ Social Impact: 1.2%

mbaMission Insider’s Guide: The Wharton School · 2022–2023 58


ƒ Energy: 0.9%
ƒ Legal and Professional Services: 0.9%
ƒ Future Mobility: 0.5%

Graduates accepted positions in the following functions:


ƒ Consulting/Strategy: 34.1%
ƒ Private Equity/Venture Capital Investor: 12.2%
ƒ Investment Banking: 11.1%
ƒ Product Management: 7.8%
ƒ Investment/Portfolio Management: 6.4%
ƒ General/Project Management/Management Development: 6.0%
ƒ Business Development: 3.4%
ƒ Product/Brand Marketing: 3.4%
ƒ Operations/Production Management/Supply Chain: 2.8%
ƒ Corporate Finance (Analysis/Treasury): 2.7%
ƒ Real Estate: 2.3%
ƒ Entrepreneurial Management: 1.8%
ƒ Restructuring: 1.2%
ƒ Analytics/Data Science: 1.1%
ƒ Human Capital: 1.1%
ƒ Legal Services: 1.1%
ƒ Other: 0.6%
ƒ Merchandising/Buying/Planning: 0.4%
ƒ Research: 0.4%
ƒ Sales: 0.2%
ƒ Sustainability/Environment: 0.2%

Graduates accepted positions in the following locations:


ƒ United States: 92.4%
• Northeast: 47.5%
• West: 25.6%
• Mid-Atlantic: 9.9%
• South: 3.5%
• Southwest: 3.4%
• Midwest: 2.5%
ƒ International: 7.6%
• Asia: 4.4%
• Europe: 1.4%
• Canada: 1.2%
• Other: 0.6%

mbaMission Insider’s Guide: The Wharton School · 2022–2023 59


Top Employers: For a full listing of companies that made offers to at least one Wharton student in 2020–2021, go to
https://statistics.mbacareers.wharton.upenn.edu/wharton-employers/

mbaMission Insider’s Guide: The Wharton School · 2022–2023 60


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