What are the latest changes and additions to the Wharton MBA program structure?
Wharton has a fairly long standing history of innovation. Going by how quickly the economic environment around us is changing, we’re responding by introducing new courses and electives into the curriculum. We recently launched a course focused on the implications of the current economic crisis.
We’ve also launched a research initiative called the Wharton Interactive Media Initiative. This will be a very data-driven research endeavour on interactive media, how to monetize interactive media, looking at the content distribution side as well as the information acquisition side. We’ll also be looking interactive media from the point of view of traditional business who are trying to figure out how to collect newer data streams. The initiative is being launched as a research stream and will also be offered as an elective.
How is Wharton’s applicant pool responding to the MBA admissions in light of the economic crisis? Have you seen a marked change in application numbers in Round 1 and 2?
Round 1 was up significantly and in comparison, Round 2 was rather flat. But when you combine both Round 1 and 2, there is definitely a rise in application numbers of a lower single digit percentage. The quality and diversity of the pool that we have always been enjoying is intact.
There’s a theory that people want to ride out economic crises in the comfortable environment of colleges. Do you think then that the increase in applications is rather low?
If you look across the top 10 business schools worldwide, the increase is more or less the same. I must add that the decision to come to a top school such as Wharton is not driven by volatile factors such as changes in the economy. Furthermore, we’re also seeing that application numbers are down internationally, largely due to uncertainty around student loans.
Citiassist, the main borrower to international students at Wharton has withdrawn its loan program. Is a replacement in order?
The Citiassist withdrawal news got a lot of people internationally to rethink whether to apply to an expensive MBA program or not. I can tell you that we are in talks at a couple of places to replace Citiassist with a new loan program. Right now, it looks certain that there will be a product available for the incoming MBA class. I cannot go into the details of the product because it is premature, but I can say that the terms of the loan will not be the same as they used to be. The loan would have higher interest rates and attached charges. We are in the process of figuring all this out and will know soon.
In what ways are career opportunities after MBA getting affected for international students at Wharton?
Historically as well as for our current class, international students are as successful in finding employment as they were. The opportunities have become scarce for consulting and finance jobs, which used to be top choices. However, our international students are finding themselves well positioned for opportunities in their home countries.
If anybody is looking to work in the US, the opportunities available depend on the industry that they are targeting. We are addressing the challenge rising out of the economic crisis by hiring a dedicated Global Careers Advisor. This person is working closely with the international students in figuring out opportunities on a global scale.
The abundance of Finance jobs is one of the reasons behind Wharton’s popularity among prospective applicants. Do you think that the scarcity of these jobs will affect the Wharton MBA brand?
I don’t agree that that Wharton’s brand value will be affected. We are known for a rich, quantitative and data-driven academic program, the content of which is applicable even to a function like marketing. We are known for our fairly deep analytical rigour. That part of the brand will remain strengthened.
The fact that we’re known for being strong in Finance also means that we’re part of the evolution of what happens to Finance now. We have an important role in helping to figure out how the new finance order is going to look like. Our huge faculty from various departments related to Finance is engaged in research around the economic crisis and I think we have a lot to contribute directly to the future of this area.
With salaries plummeting, how would you justify the return on investment for an expensive MBA such as Wharton’s?
We never try to position a business school as a place to get rich quickly. In fact in the last few years, the outside world has continued to escalate salaries and it is now that we will see the market normalize. Despite the falling salaries, the return on investment of a Wharton MBA will still be very high. With a Wharton MBA, you have access to over 85,000 alumni around the globe at high positions and the oportunity to study a deeply analytical and quantitative MBA program. The pay-back period may seem longer, but now is the time to invest in a top-class education.