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Wharton’s PhD program in Statistics provides the foundational education that allows students to engage both cutting-edge theory and applied problems. These include problems from a wide variety of fields within Wharton, such as finance, marketing, and public policy, as well as fields across the rest of the University such as biostatistics within the Medical School and computer science within the Engineering School.

Major areas of departmental research include: analysis of observational studies; Bayesian inference, bioinformatics; decision theory; game theory; high dimensional inference; information theory; machine learning; model selection; nonparametric function estimation; and time series analysis.

Students typically have a strong undergraduate background in mathematics. Knowledge of linear algebra and advanced calculus is required, and experience with real analysis is helpful. Although some exposure to undergraduate probability and statistics is expected, skills in mathematics and computer science are more important. Graduates of the department typically take positions in academia, government, financial services, and bio-pharmaceutical industries.

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Wharton Stories

Why i chose to major in quantitative finance.

“The pace of technological advances is very likely to result in a new era in investment management. The future of finance will be more quantitative than ever.”

Launched in 2020, Wharton’s quantitative finance major brings together students from a variety of academic backgrounds, such as computer science, engineering, and technology, and prepares them for successful leadership roles in finance. The major allows students to dive into financial economics and data analysis while also gaining the leadership and communication skills that are at the heart of the Wharton MBA experience.

“Finance, much of it quantitative, fuels the world’s economy,” said Dr. Bruce I. Jacobs, G’79, GRW’86 , co-founder of Jacobs Levy Equity Management, whose gifts to Wharton bolstered the new quantitative finance major by creating a professorship and a Scholars initiative for top students in the program. “Innovations created by quantitative finance contribute meaningfully to global economic growth and will continue to do so at an increasing pace. It’s imperative that future business leaders have a basic understanding of quantitative finance. Wharton’s new major provides the opportunity to explore this vitally important field.”

We spoke with six inaugural Jacobs Scholars to learn more about why they decided to major in quantitative finance, how it has impacted their academic experience, and what they hope to accomplish in the future.

Abisola Otesile, WG’21

Previous Education: Imperial College London, MSc in Advanced Mechanical Engineering Previous Experience: Started at Procter & Gamble as a Process Engineer before joining McKinsey & Company where I served corporate clients across Africa and NA Wharton Major/Program: Quantitative Finance and Operations, Information, and Decisions

What has your Jacobs Scholars Program experience been like so far? It’s been a stretch experience for me. I’m surrounded by incredibly brilliant colleagues and faculty, who share their perspectives on finance and key trends. It’s really opened my mind to the world of finance and now I believe I can understand technical topics that I never understood before Wharton.

Why did you decide to pursue the quantitative finance major? I believe a good grasp and understanding of investments, especially around the application of financial tools and techniques for infrastructure investors, is key to unlocking the African economy for unprecedented growth.

I want to be at the forefront of infrastructure investments in Africa. I believe I have the requisite tools to get me started.

Tony Maggio WG’21

Previous Education: University of California, Berkeley, BS Civil Engineering; Stanford University, MS Civil Engineering Previous Experience: Coastal Engineer at Moffatt & Nichol Wharton Major/Program: Quantitative Finance

Why did you decide to pursue the quantitative finance major and what advice do you have for someone considering this path? My engineering career gave me a strong quantitative and statistical background, which I wanted to apply to finance in pursuing a career in investment banking. Do not be shy or intimidated by the major! Despite the complicated subject matter, the faculty and resources will truly turn anyone into an expert.

What most excites you about the Jacobs Scholars Program? The most exciting part of the program is the access to staff and faculty. This has included meeting Dr. Jacobs himself, special lectures from professors, and other academic opportunities for Jacobs Scholars to extend our knowledge beyond the core curriculum.

Emily Peach, WG’21

Previous Education: Oxford University, MChem Chemistry Previous Experience: BCG London Wharton Major/Program: Quantitative Finance and Business Analytics

What has your Jacobs Scholars Program experience been like so far? I have thoroughly enjoyed my experience so far. Meeting others in the class with similar interests and working with them on projects in classes has been great. In addition, the opportunity to hear about Dr. Jacobs’s experiences has been extremely enjoyable and insightful.

What advice do you have for someone considering the Wharton MBA Program and the quantitative finance major? The quantitative finance major has several incredibly interesting classes which have given me a great background in multiple finance topics including derivatives and fixed income securities. It has also allowed me to follow other interests, including a class on international financial markets.

Raj Thaker, WG’21

Previous Education: Dartmouth College, BA in Economics and Mathematics Previous Experience: Head of Equity Risk at State Street Global Advisors (2017 – 2019), Investment Risk Analyst (2014 – 2017) Wharton Major/Program: Quantitative Finance, Accounting, and Management

What most excites you about the Jacobs Scholars Program? As a former practitioner in the field, this has been an excellent program to learn more about the theoretical side of quantitative finance. Many people think of quantitative finance as using formulas to calculate an answer, but it’s very important to understand the theories these formulas are built upon. By presenting the history and work leading to these concepts, the curriculum has substantially strengthened my knowledge of the field.

How is the quantitative finance curriculum preparing you for post-graduation success? After graduation, I’ll be working in consulting. This rigorous curriculum has served to sharpen both my quantitative and analytical skills, which I believe will prove valuable no matter where my career takes me.

Aditi Kamat, WG’21

Previous Education: Indian Institute of Technology Bombay, BTech in Electrical Engineering (Honors) with Computer Science (Minor) Previous Experience: Associate at Bain Capital Advisors – Private Equity (2017-19), Business Analyst at McKinsey & Co. (2015-17) Wharton Major/Program: Quantitative Finance and Business Analytics

What most excites you about the Jacobs Scholars Program? The pace of technological advances is very likely to result in a new era in investment management. The future of finance will be more quantitative than ever. Today, backed by knowledge and support from notable professionals, I feel empowered to contribute meaningfully towards cutting edge research in investment management across the world.

What has your Jacobs Scholars Program experience been like so far? The Jacobs Scholars Program has provided me immense encouragement to pursue my passion in finance with a renewed vigor through advanced courses in quantitative finance and networking opportunities with notable investors and academicians. Such opportunities will surely expand my knowledge and help me develop a unique, dynamic approach to investing that combines human intuition and quantitative methods.

Eric Sun, WG’21

Previous Education: University of Pennsylvania, Bachelor of Science in Economics Previous Experience: Technology, Media, & Telecommunications (“TMT”) Investing at KKR and Management Consulting at BCG Wharton Major/Program: Quantitative Finance, Entrepreneurship & Innovation, and Organizational Effectiveness

What has your Jacobs Scholars Program experience been like so far? The Jacobs Scholars Program introduced new coursework offerings and enhanced career opportunities. It combines the best elements of an MBA program and technical finance knowledge. Having a community of peers with a shared interest in quantitative finance has been conducive to my and my classmates’ learning.

How is the quantitative finance curriculum preparing you for post-graduation success? While my career goals are evolving as I learn, I have enjoyed work that requires a strong understanding of finance. I expect applications of financial concepts to permeate my career. Knowledge of data science applications in finance and of asset pricing models will be valuable.

— Erin Lomboy, W’21

Posted: February 18, 2021

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The Wharton School

The Dr. Bruce I. Jacobs Scholars in Quantitative Finance is an academic award dedicated to exceptional students entering their second year of the Wharton MBA program and majoring in quantitative finance. These students form an elite group of Jacobs Scholars focusing on applying financial economics to security pricing and asset management. The Scholars program generated substantial interest with a cohort of 10 Jacobs Scholars in its first year. In addition to financial support, Jacobs Scholars will be invited to explore networking opportunities with industry leaders at the annual conference of the Jacobs Levy Equity Management Center for Quantitative Financial Research .

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In addition to regular doctoral students, wharton doctoral programs may accept a limited number of individuals as visiting doctoral fellows..

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Copies of all appointment letters with supporting documentation as outlined below should be sent to the sponsoring academic department.

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• Copy of appointment letter and OIP Appointment form for International students.
• Visitors are responsible for finding and paying for their own housing and all other living expenses during their visit.

Note: The Department is not obligated to provide office space or computer equipment.

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How to Get Accepted to Multiple Top Business Schools

Maximize every opportunity to emphasize the unique contributions you can bring to an MBA class.

Get Accepted to Multiple Top B-schools

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When applying, it's important tailor your application to each school and have well-developed goal statement that plots the intended career path, experts say.

Nikita Srivastava applied to seven MBA programs and got admitted to three: Yale University School of Management in Connecticut, New York University's Stern School of Business and the University of Chicago's Booth School of Business in Illinois.

“I definitely was not expecting it,” says Srivastava, who chose Booth.

She attributes her multiple acceptances to top B-schools to tying her personal and professional backgrounds to her post-MBA goals. Her background was mainly in communications, media relations and public relations, and she credits her MBA admissions consultant for showing her how to tell her story.

“Lean into what makes you unique," Srivastava advises MBA applicants .  " Think about how this unique quality will enhance the classroom for your peers and professors. Be proud of it and own it.”

Being accepted into multiple B-schools can allow an applicant to weigh program fit, potential opportunities and scholarship offers. Here are some things to consider to increase your chances of being accepted to multiple top business schools .

Apply More Broadly

Getting admitted to numerous MBA programs is a numbers game, says Sam Weeks, an MBA admissions consultant and founder of Sam Weeks Consulting.

“The more business schools a prospective applicant applies to, the more likely they are to be accepted into more than one school. That’s why we recommend to our clients to apply to at least six schools, if possible,” says Weeks, who has an MBA from the University of Oxford in England.

Students should not only apply to more schools to increase their chances of multiple admissions, but also more broadly in terms of school selectivity, experts say.

“This sounds obvious, but there are many applicants who go into this process only considering a limited set of schools with slimmer acceptance odds. They say the ROI is not there for other schools outside their ambitious targeting,” says Alex Leventhal, an MBA admissions consultant at Prep MBA Admissions Consulting.

Leventhal, who has an MBA from Harvard University Business School in Massachusetts, contends that the return on investment is compelling at more schools than most people think. He says applicants should look at the salary data of program graduates and the percentage of graduates who got jobs within three months after graduation.

“For example, the very top consulting firms recruit at a range of schools, and not just the top three,” Leventhal says.

He also suggests looking for joint degree programs to increase your odds by applying to a specialty track that a school is promoting or trying to fill.

Leventhal said he has had "some less-than-stellar clients" get accepted to the University of Pennsylvania's Wharton School , likely because they applied to the Lauder Institute of Management and International Studies joint program "for one of their less popular regional tracks. Or a client who got into Stanford Graduate School of Business because their professional experiences fit so nicely with a limited scholarship program focusing on the sustainable food supply chain.”

Customize Each Application

Schools like to see B-school applicants demonstrate familiarity with their programs, experts say. Leventhal says schools will “look for evidence that you have engaged with their program and talked to current students and alumni.”

Applicants should demonstrate they took the time to research a particular school “and all it has to offer, and consider both what they will learn from the program and how they will add value on campus,” says MBA consultant Scott Edinburgh, founder of Personal MBA Coach.

This means taking time to develop a strong personal story that connects past choices with future goals, says Edinburgh, who has an MBA from Wharton.

Applicants should demonstrate four key things in their tailored applications, he says: “Ability to handle the academic rigor of the target MBA program, leadership potential, how they will uniquely add value on campus and clarity of purpose.”

When applying, Weeks says, it’s important to have a well-developed goal statement that “charts out the applicant's intended career path and the impact they expect to have in their career.” He says those goals should be ambitious but attainable and make sense for the applicant.

Knowing what makes top business schools distinct "and then showing how you fit into those unique scenarios is essential to securing admits,” says Candy Lee LaBalle, an MBA admissions expert and founder of mbaClarity, formerly LaBalle Admissions.

Highlight Extracurricular Activities

Professional accomplishments that demonstrate leadership are great but shouldn’t be the only things highlighted. Edinburgh says applicants should show a passion for driving change.

“Successful MBA applicants are interesting people with plans to leave the world better than they found it in unique ways. Demonstrating passion and a track record of success in working towards this passion goes a long way,” Edinburgh says.

LaBalle says applicants who get admitted to multiple top B-schools tend to be “genuinely curious about the world, about learning, about having their perspectives challenged, and that shows in their hobbies and interests, work and goals.” They care deeply about the world and can demonstrate it, she adds, “whether that is mentoring classmates or starting an NGO that feeds thousands, and everything in between.”

Boost Your GMAT or GRE Score

If your GMAT or GRE score is lower than you had hoped for, take some more time to study and retake the exam.

“It is easier to get admits, and thus multiple admits, if your test score is strong and balanced between quantitative and verbal,” LaBalle says.

She says a strong, above-average test score can make a difference. “While there are many ways to offset a lowish test, the hard truth is that the higher your score, the better your odds of multiple admits.”

Students who don’t do well in the quantitative or analytical parts of the GMAT may prefer to take the GRE. Some business schools accept either test for MBA admissions.

Tests and other application materials aside, experts say securing strong letters of recommendation by supporters invested in your career and future is important to getting accepted to top MBA programs.

Apply to Schools Offering Scholarships

Applying to more schools can mean more scholarships that come with those admissions, which can give you options. Leventhal says his clients have focused on applying to more B-schools the last few cycles because they are increasingly interested in merit scholarships.

“The schools are trying to secure talented applicants with money off the tuition. As the price tag of the MBA has gone up, the merit pull can understandably matter. And schools that are reaches for an applicant generally won’t offer much in the way of merit grants,” Leventhal says.

Srivastava says she received some scholarships with each admissions offer, helping to relieve the burden of paying back student loans after graduation and giving her “freedom to focus on finding a career that would be a good fit for me both personally and professionally.”

A major bonus to getting accepted to multiple B-schools that offer scholarships is leverage, Weeks says. “You are in a strong position to negotiate scholarships.”

That includes awards at the most elite business schools. Students with more than one acceptance can inform schools that they received another offer and ask if any additional scholarship funding is available, he says.

Boost the Odds of MBA Acceptance

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Luke Taylor John B. Neff Professor in Finance Coordinator, PhD Program Office: 215-898-4802 Email: [email protected]

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Celebrating family firsts and resourcefulness in the Class of 2024

Lynn larabi, crystal marshall, and jason chu all entered penn as first-generation college undergraduates and the children of immigrants and pursued different paths: political science, film, and finance and accounting..

Lynn Larabi recalls that growing up in Northeast Philadelphia some of her earliest school memories involved students at the local library looking over her writing assignments, at her parents’ request. A few years later, her mother—who works at the local elementary school—paid the favor forward by offering Larabi’s help with homework to younger students. Larabi says this emphasized for her the cyclical nature of public service and community involvement.

“I’ve developed a passion for education policy and a passion for workforce development because you really see that spaces like libraries and community centers are needed for families like my own,” she says, in reference to the Free Library of Philadelphia, considering her parents—immigrants from Morocco—faced a language barrier and didn’t attend college. Larabi, a fourth-year student in the College of Arts and Sciences , channeled these passions into a political science major, public service internships, and community engagement.

She also says that observing her father’s experiences as a taxi driver has shaped her views of labor rights. Abderrahim Larabi says he has kept his “Penn Dad” hat in his car for the past four years, and that he’s a lucky dad to have her as his daughter.

“She works hard,” he says, saying she made his dreams of higher education and community impact come true. “In her, I see myself. She is my eyes. What she’s going through, it’s like I am going through.”

Larabi is among the one-in-five members of Class of 2024 who are first-generation college students, according to Penn First Plus . The resource hub uses this term for students whose parents or guardians did not complete a bachelor’s degree.

First-generation students at Penn have a diversity of interests and accomplishments, but from childhood through university they share some attributes and experiences: Resourcefulness in seeking out information, the navigation of unspoken social norms and the implications of generational wealth and, especially in the case of second-generation immigrants, self-imposed pressure to make the most of opportunities their parents provided.

Those in the Class of 2024 navigated all this on top of the unusual experience of beginning college remotely, due to the COVID-19 pandemic.

“We’re a population that is sprinkled everywhere. We all have different talents, different skills,” says Larabi, who, as president of the First-Generation/Low-Income Dean’s Advisory Board , surveyed students involved in athletics, Greek life, music, and more. “It’s an identity that you honor because it is a triumph to be at an institution like Penn as a first-generation student, and it’s up to us to have a community and have a support system.”

Her resilience as a first-generation student gave her the guts to start a pop-rock band, Menagerie . She says starting it alongside a group of friends has allowed her to show the Penn community that students of a variety of musical backgrounds and experiences can unite under a shared desire to perform and produce music.

Larabi says one of her favorite experiences at Penn has been her involvement in Ase Academy , a mentorship group for Black middle and high school students from West Philadelphia. “I am one of two mentors from Philly who is involved in this program, and that’s important to me because it’s almost like getting a chance to serve as a mirror to versions of my younger self that I didn’t have,” she says.

Larabi says she always believed in public service and the power of policy to enact change. She learned about the importance of local government interning at the White House Office of Intergovernmental Affairs , saw how to uplift youth as a United Nations Foundation intern, and saw her faith in public service increase serving as a campaign fellow for U.S. Rep. Gabe Amo of Rhode Island, also a child of African immigrants.

One of nine Thouron Scholars , Larabi is headed to the University of Oxford to pursue a master’s degree in evidence-based social intervention and policy evaluation.

Studying representation in films and festivals

As a communication major with a minor in cinema and media studies, Crystal Marshall says she began to have questions in film classes about who she was watching and why. Taking a course her second year on Black joy—with Chaz Antoine Barracks, an Annenberg School for Communication postdoctoral fellow at the time—provided further direction.

For the final paper for an independent study her third year, supervised by former Annenberg postdoctoral fellow Perry B. Johnson and funded by the Center for Undergraduate Research and Fellowships , Marshall examined the film canon, which she describes as a “subset of films people expect you to see to give yourself a degree of credibility.” Looking at lists from entertainment outlets, she found “there were very few films by women, very few films by women of color, and almost no films by Black women, so that was very concerning to me.”

She says going to the Cannes Film Festival last summer changed her life and she subsequently “went down a film festival rabbit hole,” volunteering at BlackStar Film Festival in Philadelphia and attending the Philadelphia Film Festival. She was co-director for this year’s Bifocal Film Festival, Penn’s first student-led film festival, and is co-president of Monolith Arts Collective, a group dedicated to showcasing the work of Black artists in West Philadelphia.

Marshall, who is a lso a Thouron Scholar , will pursue a master’s degree in film programming and curating at the University of London, Birbek. She says she also hopes to continue screenwriting.

With parents who immigrated from Jamaica and didn’t go to college, Marshall, who is from Miami Gardens, Florida, says it was a big deal when she applied for the Thouron Award. She says being a first-generation student comes with a great deal of self-imposed pressure and she felt a sense of, “What did my parents come to this country for if I wasn’t going to go to college and be successful?”

Expressing his pride, her father, Leroy Marshall says, “she has strength and perseverance and here she is.” Seeing her matriculate, he says, “is remarkable.”

“UPenn was the last letter she got in that mail, and everybody was just screaming; we were jumping, and we were shouting. It was great,” recalls her mother, Claudett Marshall. She says at the time she wondered, “Can Crystal manage by herself? How is it going to work?”

Marshall has been working in the Penn First Plus office since the fall of her second year and says she didn’t realize the expansiveness of the first-generation and limited-income (FGLI) identity until working there. “FGLI is something that’s an applicable term even outside of the college setting because it is a big reality for people entering tight-knit industries like entertainment in particular,” she says, noting the industry is also competitive and full of people whose parents worked in entertainment.

First-generation advocacy and research

Jason Chu says a lot of people in his hometown of Sachse, Texas, never left the state, that there was the precedent of going to the local community college and getting a job in the Dallas area. But Chu says going to accounting competitions in high school and seeing students from other schools made him realize he should start looking outwards.

“When I was a sophomore, a senior at my school had gotten into Penn, and he was the first person who had gotten into an Ivy in a while, so that was kind of a mind-blowing moment,” says Chu, a Wharton School student with concentrations in finance and accounting. He searched for top business schools and says he also realized that Penn had a strong FGLI community with a lot of resources.

Chu, who is headed into investment banking in San Francisco after graduation, became a mentee in Penn First Plus’s Pre-First Year Program, Wharton’s Successful Transition & Empowerment Program , and the PEER Mentoring Program , helping Asian and Pacific-Islander students adjust to life at Penn. He went on to join the Wharton Undergraduate Society of Accounting, Wharton Asia Exchange, and Phi Chi Theta, a business fraternity.

Chu says he is passionate about sharing the first-generation experience and says peers may not understand his experience of working a job every semester—and sometimes multiple jobs—to pay rent and expenses.

Having been on the receiving end of help for a while, he says that once he could give back he sought out first-generation spaces. He became involved with Seven|Eight , a Penn community for first-generation Asian American and Pacific Islander students, and 1vyG, the country’s largest summit for FGLI students. Penn hosted the conference last year.

Chu’s honors thesis focuses on how first-generation students fare in the workplace after graduating. “First-generation students are a very understudied area in academia,” Chu says. “A lot of the research is centered around how these students do transitioning into college and how they do getting a job, but there’s kind of a drop-off in understanding how they do long-term, which was my goal.”

He says of his own experience, “I think being a first-generation student at Penn specifically, at an elite institution, is coming to realize the privilege that a person holds. I think coming to Penn I realized how much more power I have relative to the people I grew up with, and I’m trying to understand the best way to harness that toward helping the same people.”

His father, Minh Chu, says he always encouraged his children to at least get a four-year degree, that it will help them down the line and make looking for a job easier. He and Jason’s mother, Jade Tiuong, immigrated from Vietnam. They told Jason they would try to support him the best they could and are “very, very, very happy that four years passed and he’s about to graduate. He has grown so much, and I’m very proud,” Minh Chu says.

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All admitted Wharton doctoral students receive a fellowship that covers the cost of tuition and health insurance, and provides a stipend.

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It is expected that a similar level of financial aid may be awarded for up to 5 years. All financial aid awards are contingent upon a student’s satisfactory academic progress.

All applicants are responsible for the non-refundable $80 application fee, which must be paid before any action can be taken on an application. The application fee cannot be waived, there are no exceptions. This payment must be made online by credit card via the online application.