News Summary
The Wharton School at the University of Pennsylvania has announced the launch of a new Master of Science in Quantitative Finance program, supported by a significant $60 million donation from alumnus Bruce I. Jacobs. Starting in fall 2026, this program will focus on machine learning and AI in finance, filling a void as Wharton’s first new degree in fifty years. The curriculum will include core courses and practical challenges, connecting students with industry leaders to ensure they are equipped with the skills needed for today’s data-driven financial landscape.
Philadelphia — The Wharton School at the University of Pennsylvania has announced the launch of a new Master of Science in Quantitative Finance program, bolstered by a landmark $60 million donation from alumnus Bruce I. Jacobs. This contribution marks the largest single gift in Wharton’s history since the school was established in 1881.
The new program is set to start in the fall of 2026 and aims to attract students with strong mathematical backgrounds. The curriculum will emphasize the latest technology applications in finance, specifically machine learning and artificial intelligence, while also providing students with opportunities to connect with seasoned professional investors in the industry. This is the first new degree offered by Wharton in the last fifty years.
Jacobs, who graduated from Wharton with an MBA in 1979 and a doctorate in finance in 1986, co-founded the investment firm Jacobs Levy Equity Management, which manages approximately $31 billion in assets. His track record includes a strong focus on quantitative finance, making him a relevant advocate for the new program aimed at preparing future finance professionals.
The structure of the program includes six required core courses covering data sciences and asset pricing, with over 30 electives offered from traditional business disciplines. A unique feature of the program is the second-semester “real-world challenge” that encourages students to apply their knowledge in practical scenarios. The faculty director for the program will be finance professor David Musto, who highlighted the rapid technological evolution within financial markets as a driving force behind the establishment of this new program.
This new initiative follows a period of contention regarding alumni donations, where the University of Pennsylvania faced a boycott which began to wane after leadership transitions in 2023. The university has since focused on enhancing its academic offerings and alumni relations.
Advisory boards connected to the new program will comprise representatives from leading trading firms such as Citadel, Millennium, and Susquehanna, ensuring that the curriculum stays aligned with current industry standards. Additionally, the Wharton School has plans to introduce undergraduate and MBA majors in Artificial Intelligence for Business in the upcoming academic year, indicating a broader strategy to integrate AI technology into their educational framework.
To support these innovative programs, the university opened a state-of-the-art high-speed and AI computer center named Betty earlier this summer. This facility will provide essential technological resources to students enrolled in quantitative finance and AI studies.
The integration of courses on machine learning, data science, statistics, and ethics into the curriculum demonstrates Wharton’s commitment to cultivating a new generation of business leaders proficient in leveraging AI technologies. Dean Erika James outlined that Jacobs’ generous donation will significantly equip finance professionals with the requisite skills necessary for navigating an increasingly data-driven industry.
Wharton has a longstanding history of producing influential alumni, including notable figures such as Elon Musk and former President Donald Trump. Jacobs, recognized as a prominent champion for Wharton’s excellence in quantitative finance, previously donated $20 million to the institution, strengthening his ongoing support for innovation within the program.
As Wharton prepares to embark on this new venture, the school is poised to solidify its position as a leader in business education, aiming to produce graduates that are not only knowledgeable in traditional financial concepts but also adept in advanced technological applications that define the modern marketplace.
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Bruce Jacobs Makes Historic $60 Million Donation to Wharton
Additional Resources
- Bloomberg: Wharton Gets Record $60 Million Gift
- Wikipedia: Wharton School
- Fortune: Wharton to Offer MBA Major in AI
- Google Search: Wharton School
- BusinessBecause: Wharton MBA Major AI for Business
- Google Scholar: Wharton School
- Tom’s Hardware: Automated Financial Traders Colluding
- Encyclopedia Britannica: Quantitative Finance
- The Daily Pennsylvanian: Wharton Alum Personal Finance App
- Google News: AI in Finance
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