The Wharton School of the University of Pennsylvania Annualreport 2010 the Wharton School of the University of Pennsylvania

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The Wharton School of the University of Pennsylvania AnnualReport 2010 The Wharton School of the University of Pennsylvania

About The Wharton School A complete list of the Founded as the world’s first collegiate business school, The Wharton School at the University of Pennsylvania University of Pennsylvania boasts one of the most prestigious reputations of any busi- Schools includes: ness school in the world, consistently ranking at, or very near the top, of most rank- ings. Part of a vibrant university community, the Wharton School is considered Penn’s Wharton School prized program, consistently positioned at the forefront of the research and business communities. Annenberg School for Communication Situated in an urban setting, Wharton is part of Penn’s contained campus community occupying several city blocks just west of downtown Philadelphia. Despite the Graduate School of Education concentration of University programs on campus, each school tends to be fairly con- School of Design tained, infused with its own unique culture and community. The Wharton School, consisting of undergraduate, graduate, executive and PhD programs along with sev- Law School eral dual and joint degree programs (including the well known Wharton/Lauder program) is situated in its own state-of-the-art building, further enhancing the “Wharton School of Arts and Sciences as an island” feel. School of Dental Medicine University of Pennsylvania Programs School of Engineering and Applied Science The Wharton School is one of many prestigious programs at Penn. The school’s rigor- ous undergraduate business program features a highly selective admissions process School of Medicine that requires application specifically to the Wharton School. Wharton undergraduates are known for their intensity and seriousness about their studies. Only a small percent- School of Nursing age of them, however, matriculate directly into the graduate program. School of Social Policy Ranking among the top ten in their respective fields, the University is also noted for and Practice the School of Arts & Sciences, the Graduate School of Education, the Law School, the School of Medicine, the School of Veterinary Medicine, and the Annenberg School for School of Veterinary Medicine Communications. Additionally, the top notch School of Nursing is one of the top two nursing programs in the country. The Wharton School

Given Wharton’s heritage as the first collegiate business school in the world, the school prides itself on its history of ingenuity and advancement, infusing innovation into every aspect of its approach to business education. From unique experiential “Wharton can fairly be described learning opportunities such as leadership treks, to first-of-their-kind interdisciplinary as a pioneer of new possibilities in dual-degree program offerings, Wharton can fairly be described as a pioneer of new business education.” possibilities in business education. Penn also showcases a very strong global sensibility and commitment to expanding the program’s global reach. The globalism of Wharton is evidenced through the make-up of its student body (approximately 40% of which are international), partnerships with 14 different business schools around the world, and the many international learning opportunities such as the International Volunteer Project and the Global Immersion Program (GIP). The Wharton Approach

The Wharton mantra is “Learn more. Do more. Be More.” This motto initiates an approach that is all about providing students with broad-based knowledge and expo- sure to cutting-edge business issues, supplying a multitude of diverse opportunities to put that knowledge into practice, and arming graduates with the tools needed to effect change in the business community. The Wharton approach is characterized by the following principles:

01 A B O U T w h a r t o n AnnualReport 2010 The Wharton School of the University of Pennsylvania

Action-oriented. Inside and outside of the classroom, students play a leading role in defining the Wharton experience both for themselves, their classmates, and for future students. The expectation is that Wharton students will be active members of the community – a standard that manifests itself in all aspects of the Wharton experience as evidenced by more than 100 student-run clubs that evolve each year depending on student leadership, the existence of the Dean’s Graduate Student Advisory Committee and the Wharton Graduate Association, and student participation in the admissions process. Nearly every elite business school is forwarding its “action-based” or “experiential” approach, but Wharton deserves credit for the way it puts a premium on student involvement in campus activities and organizations. Furthermore, the “Do More” part of the school motto is a central component of the Wharton experience. Gaining knowledge and putting it into practice is seamlessly integrated into the student experience through initiatives such as the Global Consulting Practicum.

Innovative. It is impossible to separate Wharton’s pioneering legacy from its approach to learning. Innovation is a driving force in the curriculum and the student experience at Wharton. From permitting students to design their own major, to offering first-of-kind joint-degree programs like the MA/MBA through the renowned Penn Lauder Institute of Management and International Studies, to initiating the first integrated entrepreneurial curriculum through the Wharton Entrepreneurial Programs “The expectation is that Wharton (WEP), the school consistently drives forward and explores new ideas. students will be active members of Global. Wharton aims to cultivate leaders capable of handling the challenges they the community.” will face given the global nature of today’s business landscape. As such, the school’s commitment to global engagement is part of the DNA of the program and is second to none. This is seen in the make-up of the student body, which is 40% international and represents some 70 different countries; in the partnerships fostered with programs across the globe, such as the Wharton/INSEAD alliance which allows students to study on INSEAD’s Fontainebleau or Singapore campuses; and through dual and joint degree programs in international study, such as the MBA/MA offered in conjunc- “The school is clearly looking for tion with the Nitze School of Advanced International Studies (SAIS) at Johns Hopkins applicants who can frame their University. experiences and goals in a global While many schools are increasing their focus on “global perspective,” Wharton seems context, and who plan on engaging in to be taking the trend a step further, going so far as to overhaul their first admissions the communities around them.” essay (see below). At its core, Essay #1 still asks candidates to describe why they want an MBA, and why a Wharton MBA specifically will help them in their career. In this way, it’s very similar to other schools’ “Why an MBA? Why this school?” questions. However, note the emphasis that the school has placed on “global business” and “engagement in the world.” This isn’t a sign that all candidates must have international or multi- cultural experience in order to be a fit with Wharton, but the school is clearly looking for applicants who can frame their experiences and goals in a global context, and who plan on engaging in the communities around them.

Leadership. Building leadership acumen is a core focus of the Wharton program. While many business schools talk about cultivating leaders and leadership, few offer as many opportunities to build that skill set as The Wharton School. Wharton features a dedicated Center for Leadership and Change Management, which spearheads multiple leadership driven initiatives including Leadership Ventures (outdoor experiential leadership experiences) and the Leadership Fellows Program (a leadership development/mentor program). Leadership is also baked into the Wharton experience through its entirely student-led community and the many opportunities to practice leadership outside of the classroom through programs, such as the International Vol- unteer Project and Wharton Community Consultants.

02 A B O U T w h a r t o n AnnualReport 2010 The Wharton School of the University of Pennsylvania

Admissions at Wharton Deadlines Application Essay Topics Wharton features the traditional three-round admissions process, although applicants to the Wharton typically requires three standard essay questions and then allows each can- Lauder MBA/MA program (see more below, in didate to choose from two options for the fourth question. Additionally, the school the “joint degree” section) can only apply dur- features a fifth optional essay question, as well as separate questions for candidates ing one of the first two rounds. interested in the Lauder Institute. Wharton’s essays for 2010 have undergone a fairly significant overhaul, forcing applicants to be very focused in their responses. Round 1

For 2009-2010, the essays on the Wharton application are as follows: Application Deadline October 1, 2009 As a leader in global business, Wharton is committed to 1 sustaining “a truly global presence through its engagement Decision Release Date in the world.” What goals are you committed to and why? December 18, 2009 How do you envision the Wharton MBA contributing to the attainment of those goals? (750-1,000 words) Round 2 Application Deadline Tell us about a time when you had to adapt by accepting/ January 5, 2010 2 understanding the perspective of people different from yourself. (750-1,000 words) Decision Release Date March 26, 2010 Describe a failure that you have experienced. What role did 3 you play, and what did you learn about yourself? (500 words) Round 3 Application Deadline Please respond to one (1) of the following questions (500 words): March 9, 2010 4 Give us a specific example of a time when you solved a complex problem. a. Decision Release Date b. Tell us about something significant that you have done to improve May 14, 2010 yourself, in either your professional and/or personal endeavors.

OPTIONAL: If you feel there are extenuating circumstances of which the 5 Committee should be aware, please explain them here (e.g., unexplained gaps in work experience, choice of recommenders, TOEFL waiver request, inconsistent or questionable academic performance, significant weaknesses in your application). (250 words, maximum)

Additional Joint Wharton MBA/MA–Lauder Applicant Essays (required for all Lauder applicants in addition to the appropriate set of essay questions above)

Describe a cross-cultural experience in your adult life that 1 was challenging to you. How did you meet this challenge and what did you learn from the experience? (1,000 words)

Please explain why you are currently applying to Lauder. 2 How do you expect the Wharton/Lauder joint-degree experience to benefit you on both a professional and personal level? (1,000 words) Veritas Prep clients working on their Wharton applications will receive expert guidance on each of these essay questions. Head Consultants help clients understand how to highlight strengths and weaknesses as well as unique elements within the confines of the question, while also addressing each of the key business school admissions themes. Furthermore, Wharton Specialists will help clients decide whether to make use of the optional essay, and will ensure that all essay responses are in keeping with what Whar- ton is looking for in its applicants. They will also make certain that the program high- lights included in this guide are used as appropriate reference points and examples. 03 A DM I SS i o n S A T w h a r t o n AnnualReport 2010 The Wharton School of the University of Pennsylvania

Admissions Criteria Admissions Statistics

Gaining admission to Wharton is as much about the measurable characteristics In keeping with its status as one the biggest (grades and scores) as it is about intangible characteristics (fit, personal experiences, business schools in the world, Wharton sense of direction, etc.). While Wharton does not provide a recipe for the perfect receives over 7,000 applications each year - Wharton candidate, the admissions committee evaluates candidates on the follow- a number topped by only Harvard Business ing metrics: School. That massive application volumn, combined with a robust yield rate of 67%, • Academic ability is why Wharton admits just 16% of the • Leadership aptitude applicant pool despite bringing in a class of 700 students. The average GMAT and GPA • Interpersonal/communication skills numbers are as lofty as one would expect for a program of Wharton’s caliber. • Professional experience and progression Total Applicants ...... 7,328 No single application component is considered more important than another (e.g. essays, GMAT score, interview, etc.). The admissions committee reviews the applica- Percent Admitted ...... 16% tion holistically and within the context of the applicant pool in any given year. Whar- Percent Yield ...... 67% ton places a strong emphasis on professional experience and tends to accept more “seasoned” professionals relative to some of the other top business school programs. Average GMAT ...... 715 In the absence of extensive work experience, the admissions committee looks for 20th/80th Percentile the maturity that comes from “time in the saddle” in other areas. How candidates use GMAT Range...... 660-760 their time both personally and professionally is also a critical consideration for the admission committee given the emphasis on student involvement in the Wharton Average GPA ...... 3.5 community.

Interviews are extended by invitation only upon review of the application, are “blind” (meaning that the interviewer will not have reviewed the application materials), and are offered both on and off campus. In most cases, current students and alumni members conduct interviews, but in some instances admissions staff will lead an interview (e.g. international locations/visits where there are few alumni). Like other top programs, Wharton considers on- and off-campus interviews with equal weight.

04 A DM I SS i o n S A T w h a r t o n AnnualReport 2010 The Wharton School of the University of Pennsylvania

Visiting Wharton Contact Information The best way for candidates to truly understand if Wharton is the right fit for them Office of MBA Admissions is to visit the campus and get a feel for the academic environment, student life, and and Financial Aid overall campus culture. Additionally, visiting the school presents the opportunity for face-to-face contact with current students, professors, and admissions representa- The Wharton School tives. Wharton offers several ways for candidates to experience the school for them- University of Pennsylvania selves. Advance registration is recommended for all activities, although it is not re- 420 Jon M. Huntsman Hall quired. 3730 Walnut Street Campus Tours. Wharton offers student-led tours that allow the candidate to Philadelphia, PA 19104.6340 explore the campus from an MBA student’s perspective. Tours are offered daily, Mon- day through Thursday at 1:30 p.m. EST during admissions season starting in late Sep- Email: [email protected] tember/early October and running through mid-April. Phone: 215.898.6183 Information Sessions. On-campus information sessions are offered daily Fax: 215.898.0120 Monday through Thursday at 3:00 p.m. EST. These sessions provide candidates with the opportunity to interact with a member of the admissions committee who will present a synopsis of the Wharton program and answer questions about the pro- Online Forums. In addition to visits and gram and the admissions process. When school is in session, current MBA students information sessions, Wharton offers innovative join the group to provide a student perspective. online opportunities to engage with the Whar- ton community. Class Visits. Class visits afford the candidate an opportunity to observe the interaction between Wharton students and professors. Candidates are permitted to Some of the most popular forums are: attend these class visits either independently or accompanied by a student volunteer from October until mid-April. The candidate also has the opportunity to choose • The Student-2-Student Discussion Board the course they would like to attend from the courses offered while they are visiting. – Allows candidates to interact directly with other prospective students, current students, Class visits are 90 minutes long and are offered Monday through Thursday at 9:00 alumni, and Wharton Staff a.m., 10:30 a.m., 1:30 p.m., and 3:00 p.m. • The Wharton MBA Admissions Blog Lunch Program. Wharton offers prospective students the opportunity to – Provides news and advice from the “lunch and learn” with current students, which is an excellent opportunity to gain admissions committee for people applying first-hand insight into the Wharton community. The Lunch Program is available to to Wharton candidates daily, Monday through Thursday at noon from late September/early October through mid-April. • The Wharton Diaries – Allows candidates to explore life at Wharton through the eyes of Happy Hour/MBA Pub. “Pub” is a weekly activity that allows Wharton students current students to connect with their classmates in a fun, social setting on a weekly basis. Prospec- tive students are invited to attend Pub if the candidate happens to visit campus on a Thursday. There they can interact directly with many Wharton students and experience the school’s culture directly. Pub takes place every Thursday at 4:30pm from late September/early October through mid-April.

Outreach Events. In addition to campus visits, Wharton offers a variety of opportunities to engage with the Wharton community, including admissions events and student chats in more than 150 cities and 45 countries. Visit the school’s website to view the most current list of upcoming events.

05 A DM I SS i o n S A T w h a r t o n AnnualReport 2010 The Wharton School of the University of Pennsylvania

Financial Assistance at Wharton Tuition and Cost For those who aspire to attend Wharton, the only thing more daunting than gain- The following annual costs are based on infor- ing admissions is figuring out how to foot the bill. Like most elite graduate school mation released by Wharton for the 2008-2009 programs, Wharton offers a variety of programs to help students pay the program’s academic year: lofty tuition. Tuition and Fees...... $50,430 per year* Financial Assistance Options Health Insurance...... $2,600 per year** Wharton presents the following options for exploring financial assistance: Room and Board...... $21,398 per year Wharton Merit-Based Scholarships. Approximately 30 percent of first- Books and Supplies.....$1,736 per year year Wharton students receive merit-based fellowships, ranging from small awards to full scholarships. Specific instructions and criteria for applying for these fellow- Miscellaneous...... $3,836 per year ships are provided at the time of admission. Wharton encourages fellowship appli- TOTAL...... $80,000 cations from all students given that the criteria for selection of awards can extend *Includes $1,650 Pre-Term fee beyond financial need and merit to include personal background, academic and ex- **Health insurance can be waived with proof of tracurricular achievement, leadership, community involvement, interpersonal skills, outside coverage. integrity, and honesty.

• Corporate and Foundation Fellowships – Provided through the donations Federal and Private Loans from a range of companies and for-profit and not-for-profit organizations. View a complete list of fellowship supporters. As with most graduate programs, Wharton makes available a series of loan programs that • Joseph Wharton Fellowship – Wharton Fellowship grants range from $5,000 to make up the bulk of each student’s financial as- $20,000 named in honor of Joseph Wharton, the founder of the Wharton School. sistance: Specific instructions and criteria for applying for Wharton Fellowships are provided upon admission. Federal Stafford Loan – Available to U.S. citizens and permanent residents. The maximum • Howard E. Mitchell Fellowships (HEM) – This full-tuition fellowship is awarded dollar amount is $20,500 and the subsidized to exceptional students of Hispanic, African-American, and American Indian de- amount can be up to $8,500, depending on fi- scent. View a complete list of corporations who contribute to the Howard E. Mitch- nancial need. ell Fellowship Fund. Federal Perkins Loan – An interest-free loan • Emerging Economy Fellowship – $20,000 fellowships for students from emerg- while in school, it is a smaller loan program ing economies, which help offset the financial costs of the MBA for students from available to qualified students who are U.S. citi- “regions where repayment of large loans would be difficult.” zens and permanent residents.

• European Fellowship – Established in 1996 by Wharton’s European Advisory Federal Graduate PLUS Loans – This loan can Board, selected recipients receive $15,000. Applicants must be citizens of a Euro- cover cost of attendance after other assistance pean country. United States permanent residents, students who will become per- has been calculated, provided the student qual- manent residents during the MBA program and dual citizens of a European country ifies and is a U.S. citizen or permanent resident. and the United States, are not eligible. Outside Funding Options – Once a Whar- • Henry Ralph Ringe Fellowship – Established in 1959 by Henry Ralph Ringe, this ton student has borrowed $20,500 in federal $10,000 fellowship is awarded to a Mexican citizen. United States permanent resi- loans, they may engage with an alternative loan dents, students who will become permanent residents during the MBA program lender to subsidize the remaining expenses. and dual citizens of Mexico and the United States, are not eligible. Wharton does not advocate for any one program; however, they provide a list of options to • Mohammed Bin Rashid Al Maktoum Foundation Fellowship – Established in explore. They also encourage students to iden- 2007 by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Min- tify a lender of their choosing outside of this list ister of the United Arab Emirates and Ruler of Dubai, this is full-tuition fellowship. should they find more favorable terms. • Second-Year Fellowships/Assistantships – Wharton features a variety of second-year fellowships and assistantships including: Leadership Fellowships, Admis- sions Graduate Assistantships, Teaching/Research Assistantships, and Omnicom Communications Fellowships.

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Wharton Students Student Stats As with any elite business schools, the student experience at Wharton is defined as Total Full-Time Enrollment...... 1,600 much or more by the students as it is by the programs, faculty, or career opportunities. Wharton is committed to admitting a highly diverse student community and Percent Male ...... 64% that diversity extends well beyond cultural diversity. Whether it’s professional back- Percent Female ...... 36% ground, personal interests, or languages spoken, the student community is highly intelligent and dynamic. As one of the country’s largest business schools, Wharton Percent Minority...... 26% offers a little bit of everything in each class makeup. Percent International ...... 40% Student Organizations Number of Countries Represented ...... 72 One of Wharton’s most prized attributes is its student-run community. No other component of the Wharton program illustrates this more than the 110 student-led cam- Average Age ...... 28 pus clubs including Professional, International/Cultural, Social/Special Interest, Ath- Age Range ...... 18-43 letic, and Community Service clubs. The diversity present within these clubs serves as a strong reflection of the overall diversity of the Wharton student community. A Average Work Experience ...... 6 years complete list of all student clubs can be found on the Wharton website, while some • 0-2 years...... 2% of the school’s most popular campus organizations are featured below: • 2-4 years...... 20% • Community Consultants • 5-6 years...... 38% • 7-8 years...... 22% • Consulting Club • 9+ years...... 18% • Europa Percent Married ...... 22% • Finance Club • Follies • International Volunteer Project • Investment Management Club • Latin American Student Association (WHALASA) • Marketing Club • Media & Entertainment Club • Private Equity & Venture Capital Club • Social Impact Club • Women in Business • Wildmen Hockey Club

07 W h a r t o n S T U D e n TS AnnualReport 2010 The Wharton School of the University of Pennsylvania

Wharton Academics Teaching Philosophy

Wharton attempts to strike a balance among the different ways the school imparts knowledge to its students, using a combination of case-based learning, traditional lectures, team-based projects, simulations, and experiential learning across the curriculum. In any given class, a professor may employ any combination of these approaches. Given the faculty’s extensive involvement in key industries, there is a “Each incoming Wharton class is plethora of real-world examples integrated into the classroom experience as well as divided into four ‘clusters’ (numbered insight into cutting-edge ideas. one through four) and 12 ‘cohorts’ of Class Organization approximately 65 students (labeled ‘A’ through ‘L’), with three cohorts to a Each incoming Wharton class is divided into four “clusters” (numbered one through cluster.” four) and 12 “cohorts” of approximately 65 students (labeled “A” through “L”), with three cohorts to a cluster. The cohorts are established to maintain a mix of professional and cultural backgrounds in every group. Cohorts tend to assume specific personalities defined by their constituents, and friendly competition usually emerges amongst the cohorts, especially within the individual clusters. All the first-year core courses are taken with members of the cohort, and each cluster shares the same faculty members who function as a team in order to integrate coursework across “Within the cohorts, students different disciplines. Given the size of the Wharton program, the cohort system is extremely valuable due to the intimacy it creates within the overall class. are divided into ‘learning teams’ of five-to-six students.” Within the cohorts, students are divided into “learning teams” of five-to-six students. These teams are somewhat randomly selected, taking into account the same need to balance the different backgrounds of the team. First-year students work intensely with their learning team in all the core courses throughout the academic year. The learning team model is considered a cornerstone of the Wharton experience (and has been for more than 20 years) and is believed to be a critically important way to explore leadership styles in a risk-free environment, while also fostering the development of leadership and collaboration.

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Core Classes The following courses fall under each area: Like most top business schools, Wharton aims to lay a strong foundation in general management that will prepare students to face a range of business issues through- Leadership Essentials out their careers. First-year students are required to attend a one-month “Pre-Term” • Management Communication session prior to the official start of the school year. Pre-Term, which begins in late- July or early-August each year, features several introductory and review courses in • Ethics and Responsibility financial accounting, microeconomics, statistics, and financial analysis. There is also an optional math review course offered to those students whose math skills are rusty • Foundations of Leadership or who never took a college level calculus or statistics course. The idea of Pre-Term and Teamwork is to level the playing field and ensure that there is a common knowledge base on • Management of People at Work which to build over the course of the program. In addition to the academic elements of Pre-Term, there is also a two-day, off-campus retreat designed to introduce • Government and students to members of their learning team and to begin the practice of leading in Legal Environment of Business a peer environment. Analytical Foundations The first year is defined by the core curriculum, which all students are required to • Managerial Economics take. Wharton operates on a quarter system, with most courses lasting only a quarter and some the full semester (combination of quarter one and quarter two, or Q1 and • Statistical Analysis Q2). The core-curriculum is divided into three areas: Leadership Essentials, Analytical for Management Foundations, and Core Business Fundamentals. • Decision Models and Uncertainty A Wharton MBA degree requires a minimum of 19 credit units (referred to as “cu’s”) of graduate-level courses. There is flexibility within that requirement to take up to 4cu Core Business Fundamentals outside of the Wharton program and students may also waive out of most (although • Competitive Strategy not all) of the core courses on the basis of prior coursework or experience in a given subject. Students can waive course in one of two ways: by waiver application and • Corporate Finance* through the waiver exam process. All waived credits, however, must be replaced by electives to meet the minimum 19cu requirement. Roughly 65 percent of first-year • Financial Accounting* students waive out of at least one core course, which allows them to take advantage of one of over 200 electives offered. • Operations Management: Quality and Productivity In addition to the core courses, first year students can also pursue the optional Global Immersion elective, which is a four-week immersion experience in one of several dif- • Marketing Management: ferent regions of the world immediately following the spring semester of the first year. Program Design

Once all core course requirements have been satisfied, students can begin to explore • Global Strategic Management the roughly 200 elective offerings across 19 different majors. This typically begins in • Macroeconomics and the the second year, but should a student waive out of courses in the first year, those Global Economic Environment* credit units can be satisfied with electives. • Managerial Accounting • Operations Management: Supply Chain Management • Marketing Management: Strategy

*Full semester courses

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Majors Majors include:

Wharton students are required to select one of 19 different in-depth majors. The idea • Accounting behind majoring is that it provides students with the opportunity to delve deeper • Business and Public Policy into specific areas of interest, either to cultivate an area of expertise, or to assist in fa- cilitating a future career shift. Students have the choice to double major and roughly • Environmental and Risk Manage- 30 percent of students go this route. Representative of Wharton’s focus on innova- ment (Interdisciplinary Major) tion, students can also design an individualized major based on their unique professional interests (roughly 10 percent of students take advantage of this opportunity). • Finance A major is typically declared by completing five course units within a specific depart- ment, with certain courses counting towards more than one major. Students can • Health Care Systems also petition their major advisor to have specific courses counted toward a major. • Insurance and Risk Management Additionally, students also have the opportunity to participate in dual or joint degree programs. • Management While Wharton is known as a “finance school,” it boasts the largest marketing depart- • Entrepreneurial Management ment in the world and is also well known for its strength in management, real estate and insurance and risk management. • Human Resource and Organizational Management Some of the most popular majors include Finance, Marketing, and Entrepreneurial Management. • Management Course Enrollment • Multinational Management

While students are automatically enrolled in most of the core courses, Wharton stu- • Strategic Management dents engage in an auction-based process to register for elective courses. Upon en- • Managing Electronic Commerce tering the program, each student is given an initial endowment of points that can (Interdisciplinary Major) be used to bid for seats in electives over the course of their time at Wharton. The registration process consists of 10 auction rounds in each semester, during which • Marketing and Operations students are able to buy and sell seats in their desired courses. Courses command a Management (Joint Major) range of auction points for a variety of reasons, such as the reputation of the professor, whether or not a given course is required for a major, the number of course sec- • Marketing tions offered, and the day or time the course is offered. • Operations and Students either love or hate the auction process. For some students it becomes Information Management something of a sport to try to “game” and strategize the system, collecting as many points as possible by buying a seat in one round and selling it in another. For others, • Information: Strategy it is a painful and laborious process. That said, most students feel that the auction and Economics system is a fair way of securing electives because it forces students to discern how • Real Estate much they want a specific course, to prioritize what is most important to them, and to make trade-offs accordingly. Through careful planning and strategizing, as well as • Statistics significant effort to understand the system, students can collect enough points to secure spots in all or many of the most coveted elective courses.

“Most students feel that the auction system is a fair way of securing electives because it forces students to discern how much they want a specific course, to prioritize what is most important to them, and to make trade-offs accordingly.”

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Wharton Research Centers Academic Calendar and Joint Degree Programs August Research Centers 3 Pre-Term welcome reception Wharton features over 25 research centers and initiatives that bring together Wharton 4 Pre-Term Begins and Penn faculty and students and members of the business community in the explo- 6 MBA Convocation ration of cutting edge business topics. Their interaction directs the development of courses, academic programs, community outreach, published research, and partner- 21-23 learning Team retreats ships among academics, government, and industry. These centers include: September • Sol C. Snider Entrepreneurial Research Center 9 first day of Q1 classes • Initiative for Global Environmental Leadership (IGEL 20 last day of Q1 classes • Carol and Lawrence Zicklin Center for Business Ethics Research 22-28 final exams for Q1 classes • Wharton Global Family Alliance November • Financial Institutions Center 2 first day of Q2 classes • Rodney L. White Center for Financial Research 26-29 Thanksgiving Break 10 last day of Q2 classes • Weiss Center for International Financial Research December • Initiative for Global Environmental Leadership 15–22 Final exams for Q2 and full • Weiss Center for International Financial Research semester classes • Wharton Faculty Research Initiatives in China January • Wharton Global Family Alliance 11 first day of Q3 classes • Wharton/INSEAD Center for Global Research & Education March • Center for Health Management and Economics 1 last day of Q3 Core courses • Leonard Davis Institute of Health Economics 3-5 final exams for Q3 classes • Center for Human Resources 6 Spring break begins • S.S. Huebner Foundation for Insurance Education 16 first day of Q4 classes • Boettner Center for Pensions and Retirement Research April • Pension Research Council 27 last day of Q4 classes • Center for Leadership and Change Management May • SEI Center for Advanced Studies in Management 3-11 final exams for Q4 and full semester classes • Samuel Zell and Robert Lurie Real Estate Center 16 MBA graduation ceremony • Jay H. Baker Retailing Initiative 17 University commencement • Risk Management and Decision Processes Center • Fishman-Davidson Center for Service and Operations Management • Wharton Sports Business Initiative • William and Phyllis Mack Center for Technological Innovation • Wharton Interactive Media Initiative (WIMI)

11 W h a r t o n a c a D E M i c S AnnualReport 2010 The Wharton School of the University of Pennsylvania

Dual and Joint Degree Programs Students apply to the Lauder and Wharton programs in a joint Wharton has pioneered a number of dual and joint-degree application; however, separate Lauder and Wharton admis- programs, taking advantage of the opportunity to partner with sions teams independently review the application. Given the leading graduate professional schools that exist within the separate admissions decisions, it is possible to be accepted Penn community. Wharton has also reached beyond the Penn into the Wharton program and denied admission to Lauder. boundaries to partner with other renowned programs. These However, the reverse is not possible. It’s also important to note dual and joint-degree programs offer students a unique way to that because of the program’s May start date, applications are develop interdisciplinary expertise and to further enrich their accepted only in admissions rounds one and two. MBA experiences. • Wharton/School of Advanced International Studies Dual-degree Programs (SAIS) – MBA/MA. This three-year dual-degree program is • Biotechnology: MB/MBA with Penn School of Engineering offered in conjunction with the Nitze School of Advanced and Applied Science and School of Arts and Sciences International Studies (SAIS) at The Johns Hopkins University. The program is intended to prepare students for a career that • Design: MBA/MArch, MBA/MLA, MBA/MCP, MBA/MHP with combines international relations and business management. Penn School of Design Students earn their MBA from Wharton and an MA in international relations from SAIS with courses for each program • Engineering: MBA/MSE with Penn School of Engineering taken on their respective campuses. and Applied Science Applicants must begin the Wharton component of the pro- • Law: Three and four year MBA/JD with Penn Law School gram in August and complete at least two semesters at Whar- • Medical Sciences: MBA/MD with Penn Medicine, MBA/DMD ton before switching campuses. Completing the degree is Penn Dental Medicine, and MBA/VMD and MBA/MS Penn Vet- contingent upon meeting all the requirements for each pro- erinary Medicine gram.

• Nursing: MBA/MSN, MBA/PhD with Penn School of Nursing • Wharton/Kennedy School of Government (KSG) – MBA/ MPA2, MBA/MPA/ID, or MBA/MPP. This program allows • Social Work: MBA/MSW with Penn School of Social Policy students to pursue a dual-degree Masters in Public Adminis- and Practice tration (MPA2), Masters in Public Administration/International Development (MPA/ID) or Masters in Public Policy (MPP). Admission to dual-degree programs requires candidates to apply separately to Wharton and the respective school. In general, The MPA2 program is designed to prepare students for ca- the dual-degree programs require one less year than pursuing reers in the public, nonprofit, and private sectors. The MPA/ each of the degrees individually. ID prepares students for a role in international development and is an “economics-centered, multi-disciplinary program Joint-degree Programs that combines analytical and quantitative methods with an • Lauder – MBA/MA. The Lauder program is one of Wharton’s emphasis on policy and practice.” The MPP program prepares prized offerings. Pioneered in the early 1980s as the first joint- students for a role in public service. The KSG degree is typi- degree program in international management, the 24-month cally a two-year program; however, the dual-degree option Lauder program combines a Wharton MBA with an MA in in- with Wharton allows students to complete the KSG degree ternational studies from Penn’s School of Arts and Sciences. over three semesters. The degrees are pursued simultaneously with students graduating on the two-year time line. The Lauder program targets Applications to both programs must be submitted simultane- candidates with foreign language skills and an interest in ously and separately before enrolling at either school, or during international business, and focuses on “cross-cultural com- the first year at either school. Students can begin the dual-de- petency and advanced language competency.” Candidates gree at either the Kennedy School or the Wharton School, but apply to concentrate in one of eight languages—Arabic, Chi- coursework cannot be pursued sequentially. It is necessary for nese (Mandarin), French, German, Japanese, Portuguese, Rus- the student to eventually return to the school at which they be- sian or Spanish—and select a regional focus. gan the program for the final semester.

The Lauder program begins ahead of the general MBA program to account for an eight-week immersion program that takes place abroad. Lauder students pursue the normal MBA curriculum along with additional coursework associated with the MA degree, which is typically represented by two more classes per semester than the average Wharton student – a language course and a School of Arts & Sciences course.

12 W h a r t o n a c a D E M i c S AnnualReport 2010 The Wharton School of the University of Pennsylvania

Wharton Faculty The Wharton faculty

Populated with many prominent business leaders, researchers, and teachers, the is divided into 11 Wharton faculty is exceptional. Among Wharton students, there are a handful of pro- academic departments: fessors who are considered a “must” due to their reputation both as educators and as experts. This list isn’t merely a collection of famous names, but rather the instructors 1. Finance that Wharton students deem to be essential for the full experience. These notable 2. Management professors include: 3. Operations & Information Man- Eric Bradlow agement The K.P. Chao Professor; Professor of Marketing, Statistics, and Education; 4. Marketing Co-Director, Wharton Interactive Media Initiative 5. Statistics Professor Bradlow is well loved by students not just for his teaching prowess and ability to make dry topics such as marketing research dynamic, but also for his af- 6. Accounting fable manner, teaching enthusiasm, approachability and genuine interest in getting 7. Legal Studies & Business Ethics to know students. Professor Bradlow is always willing to make himself available to chat with students about course concepts and projects and he has been known to 8. Business & Public Policy return emails off his BlackBerry at all hours of the night. He prides himself on his ac- 9. Real Estate cessibility to students (even those students who aren’t in any of his classes). Given 10. Insurance & Risk Management his background as a statistics Ph.D., he is somewhat of a “quant” guy demonstrating how sound marketing decisions can be made by breaking down data. His classes are 11. Health Care Management typically characterized by 50 percent lecture and 50 percent case discussion and he employs a Socratic style at times. He’s not afraid to cold call (but goes as far as to warn students ahead of class that they might be cold called) but will never embarrass a student if he/she doesn’t offer a solid answer.

Michael Useem The William and Jacalyn Egan Professor; Professor of Management; “Professor Bradlow is always willing to Director, Center for Leadership and Change Management make himself available to chat with A world-renowned expert on corporate leadership and change management, Pro- fessor Useem consistently ranks among the most popular professors at Wharton. His students about course concepts and extremely interactive teaching approach and dramatic storytelling ability, featuring projects and he has been known to examples—ranging from the boardrooms of Fortune 500 companies to famous return emails off his BlackBerry at all military moments to NGO and non-profit organizations--captivates his students. Pro- hours of the night.” fessor Useem has close relationships with top executives around the world, and is particularly mindful that managerial styles and work cultures differ by geography, making it a point not to suggest that western/U.S. managerial practices are always ideal or applicable. His classes are typically characterized by a 50/50 split between lecture and case method, with a very inclusive approach as he skillfully weaves students’ comments and feedback into class discussions. In addition to being very accessible to students outside of the classroom, he also creates a “Feedback Circle” where students can provide him with guidance on how to improve his courses. Fi- nally, as Director of the Center for Leadership and Change Management, Professor Useem is also responsible for pioneering Wharton’s very well know Leadership Ven- ture program which students clamor to be a part of.

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Franklin Allen Z. John Zhang Nippon Life Professor of Finance, Professor of Economics; Murrel J. Ades Professor; Professor of Marketing Co-Director of the Financial Institutions Center Professor Zhang epitomizes genuine enthusiasm for his area of ex- Professor Allen’s approachable and engaging teaching style, and pertise (Pricing). It’s clear that pricing problems keep Professor Zhang ability to make complex corporate finance topics simpler to un- up at night. Students love Professor Zhang’s passion for his subject derstand, has won over Wharton students year after year. His intro- and his ability to integrate real world examples into very theoretical ductory finance class, which he has taught for 25+ years, has often course content. His coursework has also been praised for its appli- been referred to his as a “well polished diamond.” Professor Allen’s cability to marketing and non-marketing majors alike given of his class material is very accessible to students (they can attend lec- ability to put the content into a broader context of ‘increasing firm tures in person, view online, read his lecture notes, or read the text- value.’ Professor Zhang brings a great sense of humor and engaging book which he co-authored) allowing them to learn the content manner to the classroom, and there is never a dull moment in his in whatever way best suits them. Students often describe his class classes. Starting each class with his signature brain teaser underscor- as “story time” since his course notes essentially serve as a script ing the concept of the day, Professor Zhang gives students the tools for what he says in each class making class attendance optional, a to think strategically about pricing and teaches them how to frame luxury for time constrained Wharton students. Although his class issues enabling them to think through them. Very accessible out- is almost 100 percent lecture, he is very willing to take questions side of class, Professor Zhang is eager to help students think through to cement students’ understanding. Professor Allen’s classes are al- class projects and to sponsor independent studies. He is also quick ways characterized by his signature motivating stories/examples, to respond to email questions and easy to find for questions. which are presented at the start of each class. Amazingly, he learns Marshall L. Fisher every student’s name despite having roughly 700 students each UPS Transportation Professor for the Private Sector; Professor of semester. He is highly approachable and accessible outside of Operations and Information Management; Co-Director, Fishman- class, providing lunchtime chats to allow students to interact with Davidson Center for Service and Operations Management him in informal settings, and responds quickly to student emails In addition to being a highly regarded expert in the retail and global and inquiries. Professor Allen is very engaged in Wharton Student supply chain management field, Professor Fisher is enthralled with life, and has even had a few cameo performances in Wharton Fol- the topic and his enthusiasm is something students love. Profes- lies demonstrating his enthusiasm for the community. Students sor Fisher’s classes are very discussion-oriented and typically 90 have made clear their affection for Professor Allen, handing him percent case method and 10 percent lecture. Professor Fisher is their “Whatever It Takes” and “Above and Beyond the Call of Duty” known for leveraging his excellent relationships in industry to bring student teaching awards. He is also a recipient of the Helen Kardon in fantastic guest lecturers from companies ranging from Nokia to Moss Anvil teaching award for “outstanding teaching quality,” se- Nike that provide unique, real world insight that extends student lected by students, administrators, and faculty members. learning beyond the case material and significantly improves the classroom experience. Many of his students have also been lucky Jeremy J. Siegel enough to interact with these executives outside of class as a direct Russell E. Palmer Professor of Finance result of Professor Fisher’s close relationships. Professor Fisher is also In addition to being a world-renowned and very high profile fi- known for his affable manner and approachability. He very acces- nance expert whose book Stocks for the Long Run is considered sible responding quickly to email and regularly meets with students one of the top books on investing, Professor Siegel is considered outside of class. one of the best professors on the Wharton faculty. A recipient of Stuart Diamond countless teaching awards including the Helen Kardon Moss An- Practice Professor of Legal Studies; Adjunct Professor of Law vil award, students ‘bet the farm’ in the auction when it comes to securing a spot in one of Professor Siegel’s classes. His lectures are The recipient of top student ratings every year, Professor Diamond’s not only entertaining, but also highly relevant to what is going on Negotiations course is a tough one in which to gain a seat. Influ- in the financial markets. If students aren’t lucky enough to get into a enced very much by his own experiences versus just negotiation Professor Siegel class, they can always hang out by the front door to theory, Professor Diamond uses and refines his negotiating meth- witness him pontificating on what’s happening in the market while ods every day in his own strategic consulting practice where he advises and trains Fortune 500 companies, veteran executives and staring intently at his Bloomberg screen in one of his legendary even heads of state. His teaching methodology forces students to weekly market updates. In addition to his tremendous enthusiasm practice negotiating every week in real-life situations, and students for his area of study, Professor Siegel does a great job of integrating quickly learn that Professor Diamond’s lessons are practical and that course material with current events, and is known for “bringing the his negotiating methods effective. He is known for engaging hon- real world into the classroom.” Professor Siegel speaks from the per- estly with students, giving them tough feedback but also asking spective of a trader and does not get bogged down in theoretical them for unvarnished criticism of his class. Professor Diamond is minutiae. One student referred to him as a “trader’s trader.” While his very open-minded and is actively tweaking his course throughout courses are heavy on lecture, his engaging style encourages stu- the semester based on feedback from current and past students. His dents to grapple with the complexities of the market. However, giv- classes are typically a split of lecture and case study and are quite en the large size of his classes, they can be somewhat impersonal at demanding, requiring quite a bit of preparation outside of class. De- times, and Professor Siegel’s very busy schedule makes him difficult spite his busy travel schedule, he is very accessible and consistently to reach, although he does respond to email. offers his time to students outside of class, going as far as to make himself available for phone call appointments if the need arises.

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Grading Policies Grading System. In 2006, Wharton made significant changes to its grading system, moving away from a non-numerical system that consisted of Distinction (DS), High Pass (HP), Pass (P), and No Credit (NC) grades allocated on a forced curve. In any given course under the old system, 15 percent of students received Distinction, 20 percent received High Pass, 60-to-65 percent received Pass, and zero-to-five percent received no credit. Wharton courses are now graded on a traditional letter grade system of A through F, with “plus” and “minus” distinctions carrying the usual point values (A=4, B=3, C=2, D=1, F=0 with the pluses and minuses coming in at 0.33 above or below the full grade value). Students are also permitted to take up to one elective credit unit each semester as pass/fail. The party line on the new grading “The party line on the new grading system is that both students and faculty were dissatisfied with the shape of the old system is that both students and forced curve, believing there wasn’t enough incentive to study hard since 65 percent faculty were dissatisfied with the of students in each class, by definition, received the same grade (Pass, equivalent to a C). Given the greater grade granularity associated with the addition of pluses and shape of the old forced curve.” minuses, the belief is that there’s now greater incentive to exert more academic effort. Distinctions. In addition to the grade designations, there are also opportunities for academic distinction and the criteria for this did not change with the 2006 grading system changes. Based on GPA each semester, the top 10 percent of students are placed on the Director’s List, and the top 20 percent at the end of the first year are awarded First-Year Honors. Additionally, the top five percent of students at graduation are designated Palmer Scholars while the top 20 percent receive “There is a long-standing tradition Graduation Honors. among students (dating back to 1994) of Non Grade Disclosure (NGD).” Grade Disclosure. Another very contentious topic with respect to the grading system is the grade disclosure policy. The Wharton administration’s stance is that students are free to disclose any aspect of their transcript to employers and are, in fact, encouraged to do so. The administration also contends that employers are permitted to request grade information from students. Having said that, there is a long-standing tradition among students (dating back to 1994) of Non Grade Disclosure (NGD). The idea behind NGD is that it “promotes risk-taking, teamwork, experiential learning, and community building while preventing over-reliance on “If students aren’t happy with metrics that may be imperfect predictors of job performance,” according to the Wharton Graduate Association (WGA) website. As such, the NGD policy is reaffirmed something at Wharton, they force annually by the WGA (in which the vast majority of students are dues-paying change, whether the administration members) and students are asked to adhere to it. supports it or not.” It’s worth noting that the debate around NGD within the Wharton community (specifically the administration and faculty versus the students) perfectly illustrates the student-led nature of the community. If students aren’t happy with something at Wharton, they force change, whether the administration supports it or not. Wharton Experiences Wharton Business Plan Competition. Launched in 1998 by the Wharton Entrepreneurship Club and now a part of the Wharton Entrepreneurial Programs (WEP), The Wharton Business Plan Competition is one of the most renowned business plan competitions across all the top business schools. The competition, which is open to all Penn students, spans a seven-month, three-phase process. The top three finalists in the competition share in $70,000 in cash and prizes. Venture Initiation Program. While not an actual competition, the Venture Initiation Program (VIP) is among the most well known opportunities for budding entrepreneurs in the Wharton Entrepreneurial Programs. Students apply to the VIP in which they can remain for up to five consecutive semesters, assuming they are making the proper progression. As members of this program, students benefit from access to office space and administrative tools to launch their businesses, as well as access to an entrepreneurial support system including monthly advising sessions and networking opportunities.

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The Wharton School Campus The University of Pennsylvania campus is an island of several city blocks in the mid- “Study rooms can be tough to come dle of an area called “University City,” located just west of downtown Philadelphia. by given the focus on team-based Wharton sits at the center of the Penn campus right on Locust Walk, a beautiful work at Wharton, and there is usually brick and tree-lined walkway. Beginning in 2002, Wharton students have been lucky a scramble to book them among both enough to take their classes in Penn’s newest, biggest, state-of-the-art building, Jon undergraduate and graduate students M. Huntsman Hall. Boasting 324,000 square feet, 48 classrooms, 57 study rooms, lec- during prime time hours.” ture halls, auditoriums, and conference rooms, this beautiful building, with cutting- edge technology, is a huge source of pride for the Wharton community and a clear and obvious representation of Wharton’s commitment to innovation. Classrooms hold anywhere from 60 to 100 students in tiered seating (there isn’t a bad seat in the house), and the technology in the classroom is state-of-the-art, fully networked, with multiple screen systems for video projection and teleconferencing. Study rooms, which students can book online, are also state-of-the art, with features such as audio conferencing and smart whiteboards. “It’s interesting to note that there is very little interaction or mingling Study rooms can be tough to come by given the focus on team-based work at Whar- between the graduate and ton, and there is usually a scramble to book them among both undergraduate and undergraduate communities graduate students during prime time hours. However, when rooms are fully booked, despite living under the same students can be found in clusters all over the building. Additionally, much of the group work done by MBAs takes place in local coffee shops or at students’ apart- roof at Huntsman.” ments in downtown Philadelphia (just 15-to-20 blocks away), closer to where most students live. There is a large main forum in Huntsman, which serves as a gathering and meeting place for students. However, graduate students tend to congregate in the graduate designated Café on the second floor or in either one of the building entrances on Locust Walk or Walnut Street.

Hunstman is home to Wharton undergraduate, graduate, and Executive MBA stu- Wharton West dents, PhD candidates, and the administration and faculty offices. Most MBA classes The Wharton San Francisco or Wharton West are held in Huntsman Hall with the occasional course or event held in the old Vance “campus,” located in downtown San Francisco, Hall or Steinberg-Dietrich Hall. It tends to be torture, though, for both students and is home to the Executive MBA program target- faculty to go back to those antiquated buildings. Additionally, some Wharton/Laud- ed for individuals living in the Western region, er classes are also held in Lauder-Fischer Hall. along with Executive Education programs and some research initiatives. The San Francisco fa- It’s interesting to note that there is very little interaction or mingling between the cility is Wharton’s first permanent location out- graduate and undergraduate communities despite living under the same roof at side of Philadelphia. Located on the top two Huntsman. Additionally, given the siloed nature of Penn’s campus, MBAs have very floors of the Folger Building and renovated in little interaction with students in the other Penn programs on a day-to-day basis. 2001 to meet the new standards set by the opening of Huntsman Hall, it includes two 60- The vast majority of Wharton graduate students live in downtown Philadelphia, in seat classrooms, one flat 90-seat classroom, a and around Rittenhouse Square, roughly 20 city blocks from campus. On any given dining space, group study rooms, and faculty day and any hour, you are likely to run into several Wharton classmates walking in and administrative offices. the area. Students tend to commute to campus by foot, bike, or bus.

Finally, Wharton students have access to all the main Penn facilities such Van Pelt Library (and Lippincott Library, the business library housed there) and the David Pottruck Fitness Center.

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Professional Recruitment at Wharton Career Development Resources

Similar to all the top business schools, Wharton offers a number of resources to its students to assist them in their job search process. Students are encouraged to take advantage of these resources from the moment they step onto campus and as alumni. However, the career management process is largely in the hands of the students, so they must take the initiative if they want to benefit from Wharton’s career management resources. In addition to official Career Management resources, Wharton students themselves are a resource, coming together to help and coach one another in preparation for interviews, etc., as part of professional clubs or as informal groups of students interested in similar career paths.

Wharton’s Career Management team facilitates the following opportunities for students:

Career Planning workshops. These workshops are targeted at first-year students to assist them with a range of topics including how to conduct job research, interviewing, and resumé writing. Knowledge Resources. This is a comprehensive website maintained by Career Management offering students information on careers in specific industries, industry visits to campus, as well as tools to research companies and industries. Career Counseling. The Career Management office offers one-on-one counseling to assist students in their job exploration process, discussing a range of issues from identifying the right industry to developing a job search strategy to mock interviewing. Career Treks. The Career Management team, in conjunction with the various professional clubs, coordinates Career Treks. These small groups of students visit a range of companies and parts of the world, providing students with the opportunity to engage with target companies and learn more about working in certain industries or regions of the world. Some examples of past treks include the China trek, San Francisco trek, and the Venture Capital/Private Equity trek. Employer Information Sessions. These informal sessions bring representatives from various companies on campus to educate students about their company, culture, and industry. Resumé Book. A web-based resumé creation and collection system available to employers for recruiting purposes to identify students with the skills and abilities they seek. On Campus Interviews. The Career Management office works with hundreds of companies to bring them onto campus for interviews. A web-based system exists for students to identify companies coming to campus, to drop resumes, to schedule interviews, and to bid for interview spots. Job Board. An online job posting board available to Wharton students and alums hosting internships, full-time jobs, and post-graduate level job opportunities. Alumni Network. Wharton boasts the largest alumni network (accessible through a searchable online alumni directory) of any business school (approximately 84,000), which serves as an excellent resource for networking within or learning about industries and job opportunities. Alumni Resources. Career Management maintains a number of tools available to alums long after they graduate to assist them in the management of their career. Some of these tools include: an alumni job board, experienced hire resume book, and salary and relocation resources.

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Employment Statistics

Wharton is notable for the fact that it puts the vast majority of its graduates into finance and consulting positions, with very few students opting for marketing, compared to other top business schools. For students considering Wharton with New York, L.A., or international career destinations in mind, it is worth noting that far more graduates go to work in the Northeast, the West, and abroad than stay in the Mid-Atlantic region.

Function

Business Development 4.4%

Corportate Finance/Mergers & Acquisitions 18.4%

General/Project Management 6.4%

Investment Management 10.3% Consulting/Strategy 28.2%

Private Equity 8.3%

Product/Brand Marketing 5.7% Real Estate 4.7% Research 3.4% Sales 2.2% Trading 4.2% Other 3.9%

Industry Location

West 15.7%

Consulting 27.4%

Mid-Atlantic 7.5% Financial Northeast Services 47.3% 47.6% Midwest 3.9%

Energy 1.2% Southwest 4.2% Health Care/Pharmaceuticals/Biotechnology 4.3% South 4.2% Manufacturing 1.2%

Media and Entertainment 1.6% Asia 8.1% Real Estate 4.2% Europe 7.9% Professional Services <1% Consumer Goods and Retail 4.5% Latin America 1.2% Public Interest 1.2% Technology Industries 7.1%

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Major Employers Salaries

Major companies across the globe recruit Wharton graduates and many of the most Median Salary common employers are similar to those that recruit at other top business schools. The Overall...... $110,000 following were among the most common employers for graduates from the class of 2008, listed in order of popularity: By Function Business Development...... $113,752 • McKinsey & Company Consulting/Strategy...... $125,000 • Boston Consulting Group • Bain & Company Corporate Finance/M&A...... $95,000 • Goldman Sachs General Management...... $106,500 • Citigroup Investment Management...... $110,000 • Lehman Brothers Private Equity...... $115,500 • Johnson & Johnson Product and Brand Management...... $97,000 • Microsoft Corporation Real Estate...... $100,000 • Morgan Stanley • Booz Allen Hamilton Research...... $105,000 • UBS Sales...... $98,000 • Merrill Lynch Trading...... $95,000 • Credit Suisse First Boston *Based on the 2008 graduating class • JP Morgan Chase • Deloitte Source of Job Offers • Deutsche Bank • Google School Facilitated • L’Oréal On-Campus/Philadelphia • Medtronic Recruiting...... 62.0% Personal Networking Connection...... 14.0% Other...... 8.0% Job Board Posting...... 6.0% Wharton Alumni Contact...... 4.0% Return to Previous Employer...... 3.0% Not Specified...... 2.0% Trek Networking Connection...... <1%

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Wharton and Veritas Prep Veritas Prep has a distinguished track record helping our clients gain acceptance to one of the world’s truly elite business schools. The secret to our success, as always, is in first ensuring that Wharton is a proper fit for the client, and then assisting the client in expressing that unique fit in the most articulate and impactful way possible. Our Team

Our team of Wharton consultants includes former admission representatives, alumni interviewers, members of influential student groups, and, of course, accomplished professionals in a variety of fields. With multiple Wharton consultants on our admission consulting team, we are able to provide customized service to clients based on background, timing, and logistics. Our Wharton consultants have career experience in a variety of industries and functions.

Each client who works with Veritas Prep on a Wharton comprehensive package will receive a customized team of consultants: a Head Consultant and a Wharton Specialist.

Head Consultant. All of our Head Consultants have experiences as admissions representatives that afford each of them a unique perspective on the applicant pool and how candidates must position themselves to express proper fit and to stand out in an increasingly competitive process. The Head Consultant will guide the client through every step of the process: from the initial Diagnostic Session to submission of the application.

Wharton Specialist. Every comprehensive package client who chooses “Our Diagnostic Session – the first step Wharton will also receive a Wharton Specialist who is either a current student or re- cent graduate of the school. This individual will ensure that essay responses are both in our comprehensive packages as well topical and aligned thematically with the things that matter to Wharton. In addition as a stand-alone service – assures that to helping clients find specific courses, programs, clubs, and professors that match each client’s goals and prospects are their interests, the Wharton Specialist will also comb through each question and an- properly aligned.” swer to ensure that the response is properly aligned with the qualities that Wharton seeks in a candidate.

For more on Veritas Prep’s incredible team and the individuals who serve as our Wharton consultants, please visit the Consultant Profiles page of our website. Our Wharton Services

The Wharton School is always one of the most popular school selections among our clients due to its reputation as an innovative, student-centric/student-led, international program and globally recognized brand. However, the Veritas Prep approach is built upon identifying the right fit for each client, regardless of the generic qualities of the business school. Only once we have verified a proper match do we begin to build the candidate’s personal marketing platform and piece together the perfect Wharton application.

Diagnostic Session. Our Diagnostic Session – the first step in our comprehensive packages as well as a stand-alone service – assures that each client’s goals and prospects are properly aligned. Once we have helped ensure that the client is making sound choices with regard to each business school application, we start building a timeline and a strategy specifically tailored for a Wharton engagement.

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Personalized MBA Game Plan. Each client’s Head Consultant will create a Personalized MBA Game Plan, a strategic approach based on the client’s professional, academic, and personal history. Those elements will become the foundation of the Wharton application story, allowing the client to demonstrate leadership, innovation, maturity, teamwork skills, analytical ability, and potential for academic excellence. A major component of the Game Plan is the identification of each candidate’s strengths and weaknesses – as well as truly unique qualities – relative to the Wharton applicant pool (this applies to nearly all of the elite business schools). This will create an application platform from which to work and will help mold and shape the strategy of how to address application components such as the resumé, essays, and letters of recommendations.

Leadership. Not unlike most top business school programs, leadership is an important theme to communicate in the Wharton application. However, Wharton places an even greater emphasis on a candidate’s ability to inspire and motivate. This “Each client’s Head Consultant will is about more than just leading a team or spearheading a volunteer effort. Veritas Prep create a Personalized MBA Game Plan, works with clients to reach into their background and isolate instances that may not a strategic approach based on the be the most obvious stories to tell in order to display this important theme. client’s professional, academic, and Involvement. A source of great pride in the Wharton community is the fact that personal history.” its students lead important initiatives that are often adopted by the administration and lead to exciting improvements at the business school. Students are expected to play an active role and make their mark on the Wharton community. Communicating and demonstrating this level of involvement in one’s background is an important predictor for the contribution candidates will make while at Wharton. Global Sensibility. Whether applicants have never traveled outside of the U.S., “A source of great pride in the Wharton or they have lived on multiple continents and speak three languages, communicating community is the fact that its students a global sensibility in the application is important. Wharton has one of the most lead important initiatives that are often diverse and internationally rich communities of all the top business school programs and a stated focus on expanding its global reach (as evidenced by partnerships like adopted by the administration and the Wharton/INSEAD Global Alliance). As evidenced by the new Essay #1, candidates lead to exciting improvements at the must demonstrate how they will benefit from the global aspects of the program and business school.” the contributions they will make to the diversity of the community.

Balance and Perfection. Once the themes of leadership, involvement and global sensibility have been installed as the foundation of the Wharton application, the Veritas Prep Head Consultant and Wharton Specialist will team up to ensure that all of the questions have been properly answered, that the resumé and essay questions have been crafted with style and efficiency, and that all of the key business school themes have been addressed in a balanced way throughout the application. It’s not easy applying to one of the most popular schools in the country, but our consulting team will ensure that Veritas Prep clients give themselves the best chance of admissions success through the most accurate, engaging, and persuasive portrayal of their candidacy that they can possibly create. This is true of our approach to all schools, but particularly at Wharton, where the above themes must resonate so strongly and consistently throughout the application.

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About Veritas Prep Founded in 2002, Veritas Prep has emerged as a global leader in GMAT® education and MBA admissions consulting. The company’s business school team includes more than 300 graduates of the world’s elite MBA programs, managed from its headquarters in Malibu, California.

The Veritas Prep consulting model is built on adding value to a student’s application process by providing both mentorship and expertise. The business school admissions process has become increasingly competitive and applicants must do everything possible to showcase their value. Our consultants assist applicants in presenting their unique stories in the most professional and meaningful way possible. In a sense, our consultants are translators – helping an applicant discover raw materials and informa- “Success Favors the Prepared“ tion and then helping that candidate articulate a unique story in a language that admissions committees understand. More than anything, Veritas Prep gives candidates a sense of ownership and control over the process. Quality of work, attention to detail, care for the student, and integrity are the lynchpins of a successful consultation.

In addition to elite MBA admissions consulting services, Veritas Prep also offers the finest GMAT preparation available in the industry, as well as admissions consulting for law school, medical school, and graduate school services.

For comprehensive information on all of Veritas Prep’s many services, please visit our website.

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