MBA Class of 2015 Admissions Update: Will We Find the Next Great Entrepreneur?

By Ankur Kumar, Director, Wharton MBA Admissions and Financial Aid

The Wharton MBA Admissions and Financial Aid team having fun sampling the latest Wharton-student founded Warby Parker eyewear.

For MBA Admissions, with the start of the new year comes a new round of applicants. Our Round 2 candidates submitted their applications last week and are now awaiting interview invitations which begin to be released later this month.

Just a few weeks ago, we welcomed our Round 1 admits right before the holidays. For our whole team, decision day is one of the best days of the year.  The Admissions team and I spend the morning calling our admitted students to congratulate and welcome them. Every year we are tickled by the surprise and emotions of our admitted students – many whoop with delight, some even shed a tear or two, and more than a handful ask if the call is for real or a prank. This year, one of our excited Class of 2015 admits jumped up in the air after hearing the news, and in doing so, accidentally hung up on my colleague.  He called back to apologize, saying, “That has to have happened before, right?”  There is a first for everything…

Speaking of firsts, Round 1 marked the debut of our new team based discussion evaluation method as part of our application process. In true Wharton entrepreneurial spirit, MBA Admissions, in collaboration with the Wharton Innovation Group, launched this new evaluation method in order to give our candidates a glimpse into Wharton’s group learning dynamic while allowing us to observe firsthand how they may contribute to our diverse community of learners.  It is this type of pioneering spirit that we hope is attractive to students considering an MBA program, especially our budding entrepreneurs.

According to the Graduate Admission Council (GMAC), the number of GMAT takers intending to concentrate in entrepreneurship is growing – up 10 percent from 5 years ago.  Likewise, we have seen increased interest in our entrepreneurship offerings at Wharton, from participation in our entrepreneurship-focused Admissions panels and eClub online chats for prospective students to frequent inquiries about the new Semester in San Francisco program.  Wharton’s reputation as a leader in entrepreneurship has benefitted from our longstanding- and outstanding – legacy of Wharton-founded startups PayPal, Warby Parker, Half.com, and Alice +Olivia, just to name a few. In fact, Wharton’s MBA Career Management statistics show that about 10 percent of the Class of 2012 (full-time) and 2013 (interns) joined startups or started their own ventures; this is a greater percentage than those going into other industry groupings such as hedge funds and healthcare.

So what does all of this entrepreneurial buzz mean for MBA Admissions?  Well, besides being thrilled that admitted students can now apply to finance their loans through Wharton start-up CommonBond, it means that we’re seeing more entrepreneurial and diverse experience from our applicants. Just this fall, we saw applications from founders of innovative startups. These included some social missions such as providing modular homes for the world’s rural poor and manufacturing affordable hearing aids. We also had numerous students running e-commerce sites in addition to their full-time jobs. We even had an applicant who invested in and manages Indonesia’s first widely marketed boy band (again, a first for everything!)

Wharton has no single definition for entrepreneurship. Students who don’t come to Wharton planning to start their own businesses benefit from the creativity, discipline, persistence and general management skills they learn from their entrepreneurial colleagues in Wharton’s classrooms.  Entrepreneurial students bring these qualities, along with tremendous energy and desire to have impact on a particular community, consumer, industry or country. We are excited to see what future innovators make up the Class of 2015!

Bio:
Ankur Kumar is Director of Admissions and Financial Aid in the Office of MBA Admissions and Financial Aid at the Wharton School.

Ankur has deep connections to Penn and Wharton. She received her BS in Finance from Wharton and her BA in Economics from the College of Arts & Sciences and returned for her MBA in Strategic Management and HR & Organizational Management. While at Wharton, Ankur was actively involved with MBA Admissions, serving as a co-chair of Wharton Welcome Weekend and also as a student member of the Admissions Committee. Prior to joining MBA Admissions, Ankur worked in investment banking, finance, and strategy consulting in New York.

Twitter: @AnkurK_

Entrepreneurs: Wharton Wants You!

by Megan Mitchell

Wharton MBA Admissions is looking for entrepreneurial candidates.  That’s why Tuesday night I had the opportunity to sit on a different kind of admissions panel. This was NOT a traditional admissions panel where average GMAT scores, incoming class composition, graduating class career statistics are provided to an eager group of prospective MBAs who arrived sporting jackets and ties; that event happened Monday night at the Wharton|San Francisco Campus. On June 19, at Google’s Spear Street offices, interested MBA candidates focused on continuing or pursuing an entrepreneurial career path gathered. This evening all “generic” admissions questions were set aside. Instead, the attendees were treated to an inside look at how a group of talented young entrepreneurs had leveraged Wharton’s unique entrepreneurial resources – academic, co-curricular and network focused -in the pursuit of enhancing their entrepreneurial career path. Panelists (as seen from left to right in the photo) included:

  • Omar Seyal (WG’11), co-founder of TagStand, a Y-Combinator alumni company revolutionizing the near field technology space;
  • Luis Perez (WG’08), a Venezuelan native whose immigration status necessitated that he join a hedge fund immediately upon graduating, but who has been able to transition to his pre-Wharton careers of choice, entrepreneurship and angel investing;
  • Julie Price (WG’08), former Wharton VIP member and co-founder of Shinobi Labs,  a company using mobile technology to make exercise fun;
  • Ayo Omojola (WG’11), former Wharton VIP member and co-founder of WanderPlayer, another Y-Combinator alumni company, transforming your phone into a console so you can play games on any screen;
  • Rich Grant (WG’08), Senior Associate at Comcast Ventures, the lone voice on the panel representing VCs; and
  • Ankur Kumar (WG’07), Director, MBA Admissions moderated the panel.

This entrepreneurship admissions event was the third of its kind; the first of this admissions cycle. Last year, similar events were held in San Francisco and New York. If you are interested in joining us for this year’s New York event to hear how Wharton supports entrepreneurship, it is currently planned for the fall; you will be able to register here to attend. And of course, we’ll post it on the WEP calendar as well!

Omar Seyal, Luis Perez, Julie Price, Ayo Omojola, Rich Grant, and Ankur Kumar