The Wharton School of the University of Pennsylvania is the business school of the University of Pennsylvania, a private Ivy League university located in Philadelphia. Wharton was established in 1881 through a donation from Joseph Wharton. It is the first business school in the United States.The Wharton School awards Bachelor of Science in Economics degrees at the undergraduate level and Master of Business Administration degrees at the postgraduate level, both of which require the selection of a major. Wharton also offers a PhD program and houses or co-sponsors several diploma programs either alone or in conjunction with the other schools at the university.HistoryJoseph Wharton, a native Philadelphian, was a leader in industrial metallurgy who built his fortune through the American Nickel Company and Bethlehem Steel Corporation. 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 Industrial Revolution. After two years of planning, Wharton in 1881 founded the Wharton School of Finance and Economy through a $100,000 initial pledge, making it the first business school established in the United States. (ESCP Europe, established in 1819, and a few other business schools were established in Europe prior to Wharton's founding.) The school was meant to train future leaders to conduct corporations and public organizations in a rapidly evolving industrial era. Wharton was quoted as saying that the school was meant to "instill a sense of the coming strife : of the immense swings upward or downward that await the competent or the incompetent soldier in this modern strife".
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