The Wharton School of the University of Pennsylvania has announced a gift of $10 million from alumni Ken Moelis and his wife, Julie Taffet Moelis.
The gift will establish the Ken Moelis and Julie Taffet Moelis Advance Access Program, an addition to the school’s existing Submatriculation Program that will enable qualified Penn undergraduates whose academic and career interests go beyond traditional notions of business education to apply and secure admission to the business school as undergraduates, work for several years after graduation, and then return to Wharton for their MBA. While in school, students in the program will be empowered to pursue job opportunities in a range of fields, including those that capture their interest and/or extend conventional definitions of business, and will be eligible for a $10,000 fellowship each year of the two-year full-time program in addition to other financial aid awards. Open initially only to Penn undergrads, the program eventually plans to allow applications from the best undergraduate institutions across the U.S. and around the world.
"In my personal experience as a submatric student, and now as CEO of a firm that recruits top MBAs from across the country, it is clear that ambitious students with unique aspirations do not always benefit from the one-size-fits-all track for MBAs," said Moelis. "Julie and I are excited to unlock the potential of these students — to help them consider an expanded view of the fields that need their leadership and gain valuable, practical experience after completing their undergraduate degree and before starting their MBA."