The Wharton School of the University of Pennsylvania has received a $10 million gift that will financially support undergraduates to gain deferred admission to the Wharton MBA, making the program more accessible.
The school says the Ken Moelis and Julie Taffet Moelis Advance Access Program, named after the two alumni who made the donation, will allow them to ensure they secure the best candidates for their MBA coming out of the university's various faculty.
Once graduated, students on the program will be encouraged to gain work experience for two-to-four years, then return to graduate school for the MBA program.
The program aims to support high-achieving students whose career ambitions may not fit those traditionally undertaken by those who go on to apply for MBA programs. By supporting them financially, the fund hopes the graduates will able to expand their career prospects and seek out opportunities in a range of fields.
Students in the program will be eligible for $10,000 fellowships during each of the two years spent on the MBA program. They will also be supported with professional development, mentoring opportunities and social events.
There are plans to expand the program beyond graduates from the University of Pennsylvania, to allow applicants from undergraduate programs across the US and internationally as well.
Image: Jon M. Huntsman Hall at the University of Pennsylvania's Wharton School by scumdogsteev CC BY 2.0 (cropped)