As Wharton's business grew, he recognized that business knowledge in the United States was only taught through an apprenticeship system, and such a system was not viable for creating a wider economy during the Second Industrial Revolution. Joseph Wharton, a native Philadelphian, was a leader in industrial metallurgy who built his fortune through the American Nickel Company and Bethlehem Steel Corporation. Joseph Wharton, the school's founder and namesake Wharton's MBA program is tied for the highest in the United States with an average GMAT score of 732 (97th percentile) for its entering class. MBA graduates of Wharton earn an average $175,000 (USD) first year base pay, the highest of all the leading business schools. 1 in the United States, and the MBA for Executives No. Meanwhile, Wharton's undergraduate business program has been ranked No. 1 in the United States according to the 2023 U.S. 1 in the World according to the Financial Times and No. Since the establishment of journalistic rankings, Wharton's undergraduate and graduate programs have been consistently ranked in the top tier. The college was a pioneer in so-called ' Executive Education' custom learning experiences that lead to academic enrichment, however with no standing. Similarly, in addition to its tracks in accounting, finance, operations, statistics, and other academic departments, the doctoral and post-doctoral programs co-sponsors several diploma programs in conjunction with other schools within the university. At the graduate level, the Master of Business Administration (MBA) program can be pursued standalone or offers dual studies leading to a joint degree from other schools (e.g., law, engineering, government). The degree is a general business degree focused on core business skills. The Wharton School awards the Bachelor of Science with a school-specific economics major, with concentrations in over 18 disciplines in Wharton's academic departments. Considered one of the most prestigious business schools in the world, the Wharton School is the world's oldest collegiate business school. The school was established in 1881 through a donation from Joseph Wharton. The Wharton School of the University of Pennsylvania ( / ˈ hw ɔːr t ən/ WHOR-tən) is the business school of the University of Pennsylvania, a private Ivy League research university in Philadelphia.
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