EMBA Cost, Tuition, Scholarships, and Financing Options

Pursuing your Executive MBA is an investment in yourself and in your future. Approximately one-third of Wharton’s EMBA students are sponsored by an employer. Others finance their degrees through self-sponsorship and scholarships.

Executive MBA Tuition and Costs

Sponsorship

Payment Schedule

Financing Your EMBA

EMBA Loans

Military and Public Service Programs

EMBA Scholarships

Best Scholarships from External Funding Sources

Financing Your EMBA FAQs

How Much Does an Executive MBA Cost?

Joining an executive MBA program is an investment in your future and it will continue to pay dividends throughout your career. At Wharton, the cost of the two-year EMBA program for the class entering in 2023 is $223,500. Because the University of Pennsylvania is a private university, there is no difference between in-state and out-of-state tuition. 

Executive MBA Cost Breakdown

The Wharton executive MBA cost is designed to cover more than just the price of courses. The total two-year cost includes:

• Executive MBA tuition 
• Executive MBA course fees
• Room and board
  • Boarding for all required in-person class days is provided. For the Philadelphia cohort, lodging is provided at the Steinberg Conference Center or the Inn at Penn. For the San Francisco cohort, lodging is provided at the Le Meridien Hotel. Lodging for the Global cohort is provided at the same facilities for class sessions held in Philadelphia and San Francisco and comparable facilities for class sessions held in other locations.
  • Program staff handle most of the logistics surrounding room and board, such as hotel reservations and meal planning.
• Most course materials
• Case study room for you and your study team
• Land Package for the MBA for Executives Program’s Global Business Week
• Land Package for required Global Modular Courses
  • Airfare is not included. The registration charge and travel costs for the elective Global Modular Courses offered during holiday breaks are not included.

Compared to competitor programs, Wharton’s executive MBA price maximizes our students’ investment because the semesters run longer with more available elective courses, and EMBA students spend more time with professors in the classroom and in student cohorts.

Payment Schedule

You can make tuition payments by check, electronic fund transfer, or American Express, Discover, or MasterCard credit card (fees apply). Program tuition is due in six equal installments before the beginning of each term of the University of Pennsylvania academic calendar.

Deposit

To reserve a place in the program once admitted, you are required to submit a nonrefundable deposit of $2,500* which is applied to the first year’s tuition. Complete information regarding fees and payment schedules will be provided in the acceptance materials.

*Due to California BPPE regulations, California residents in the WEMBA San Francisco cohort will submit a $250 nonrefundable deposit.  In addition, California residents should review the catalogue and the enrollment agreement for additional deposit and refund information.

Financing Your EMBA

Wharton encourages you to explore your financial options to select the financial resources that best fit your needs. Understand that most students rely on multiple funding sources; financing options typically include personal resources, educational loans, external scholarships and sponsorship.

As an MBA is a long-term investment, most students rely on loans to cover some or all of their education or living costs. Students typically borrow from one or several loan programs, and you have the right to select the educational loan provider of your choice.

Wharton does not endorse any specific lender nor receive compensation from any lender, and we encourage students to compare the fees and terms of all student loan products to determine which ones are best suited to their individual needs. Information on loan programs and links to loan applications are available on the Student Financial Services website.

EMBA Loans

Earning  your executive MBA is a long-term financial investment, and as such, it’s important to plan for how you’ll cover the cost of the program. Student, or other executive education loans can be a good option.

U.S. Citizen/Permanent Resident Students

Listed below are the current loan offerings for U.S. citizens and U.S. permanent residents.

Federal Direct and Direct Grad PLUS Loans

Federal student loans available to graduate/professional students are all unsubsidized loans. Direct Unsubsidized loans will accrue interest while you are in school. Federal Loans offer fixed interest rates, low fees, and favorable repayment benefits. Both loan programs require the completion of the Federal Application for Federal Student Aid (FAFSA). Applicants must complete the Master Promissory Note (MPN) and the Entrance Counseling Session before funds can be disbursed.

Visit the Student Registration & Financial Services (SRFS) student loan website for additional information.

Direct Unsubsidized Loan:

• Eligible Loan Amount:$20,500 per year
• Interest rates and origination fees can be found on the Federal Student Aid website.

Direct Graduate Plus Loan:

If you need funding beyond the Direct Loan, you may wish to consider a Direct Grad PLUS Loan.

• Eligible Loan Amount: Up to the MBA student budget minus the Federal Direct Loan and any other financial aid.
• Interest rates and origination fees can be found on the Federal Student Aid website.

Federal Student Loan Instructions:

• The University of Pennsylvania requires that you submit a Free Application for Federal Student Aid (FAFSA) if planning to borrow a Federal Loan. Submit the FAFSA through https://studentaid.gov/.
• Executive MBA students who intend to leverage Federal Loans for the entire academic year must submit two separate FAFSA applications: 2023/2024 and 2024/2024 FAFSA applications. The 2023/2024 FAFSA will be processed for the summer term, and the 2024/2025 FAFSA will be processed for the fall and spring terms. The deadline to submit the 2023-2024 FAFSA for the summer term is May 1.

Private Alternative Loans

A number of private lenders and other financial institutions offer education loans to students. These loans are referred to as private alternative loans. Private alternative loans are not subsidized, and generally have tiered and fixed interest rates and fees, both based on your credit score. In addition, an eligible U.S. citizen or permanent resident co-signer is required for a private alternative loan. The Wharton MBA Financial Aid Office does not recommend the best private alternative loan option and you must do your research and compare loan programs.

In addition, cosigners may be required. Unlike Federal Direct and Grad PLUS loans, private loans do not have an income-based cap on monthly repayments.

Review a comparison of Grad PLUS and private alternative loans on the Student Financial Services website.

ELMSELECT provides an unbiased comparison of student educational loan products. Students can compare interest rates, repayment terms and more here.

Private Student Loan Instructions:

• Students interested in leveraging a private student loan must apply with the lender and finalize any loan application and submit any additional documentation required as requested by the lender.
• The Summer term will require a separate private loan application from the fall and spring terms. We do not recommend applying for a summer term private loan earlier than March based on lender specific credit check expiration policy.
• Students can apply for private student loan funding for the fall and spring terms. We recommend applying after April based on lender specific credit check expiration policy.
• Loan applications will require certification by the university’s Student Loans team. Loan applications can only be certified up to the student’s tuition and mandatory fees for the Executive MBA after taking other financial aid leveraged into account.

International Students

If you are an international student who is neither a dual US citizen or US permanent resident, we encourage you to investigate all sources of funding within your home country, including government and private scholarships and loans.

Private Student Loan Instructions:

• Students interested in leveraging a private student loan must apply with the lender and finalize any loan application and submit any additional documentation required as requested by the lender.
• The Summer term will require a separate private loan application from the fall and spring terms. We do not recommend applying for a summer term private loan earlier than March based on lender specific credit check expiration policy.
• Students can apply for private student loan funding for the fall and spring terms. We recommend applying after April based on lender specific credit check expiration policy.
• Loan applications will require certification by the university’s Student Loans team. Loan applications can only be certified up to the student’s tuition and mandatory fees for the Executive MBA after taking other financial aid leveraged into account.

Please Note (OFAC Sanctions): In accordance with regulatory guidelines, students who are on the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List are NOT eligible for this private education line of credit. In addition, students that reside in countries with OFAC comprehensive sanctions are NOT eligible for this private education line of credit during the time they reside in those respective countries. Please see http://www.treasury.gov/resource-center/sanctions/Pages/default.aspx for further information.

Military and Public Service Programs

Yellow Ribbon Program for Military Students

The Yellow Ribbon Program (YRB) is a provision of the Post-9/11 Veterans Educational Assistance Act of 2008. Wharton offers grant funds through the Yellow Ribbon Program for veterans and is committed to funding all students who are 100% eligible under the Post-9/11 GI Bill®.  You can find details and eligibility guidelines for the Post-9/11 benefits, including the Yellow Ribbon Program, at www.gibill.va.gov.

If you are on active duty or are a veteran, we will waive your application fee; Please call the financial aid office (215) 898-8728 when you’re ready to submit your application.

Eligible applicants may receive a maximum Yellow Ribbon Award of up to $20,000. The Dept. of Veteran Affairs (VA) will match the award amount that we grant. If you are eligible for the Yellow Ribbon Program, you must indicate Yellow Ribbon eligibility by submitting a VA Certificate of Eligibility (COE) to Student Registration and Financial Services.

Post-9/11 GI Bill® is a registered trademark of the U.S Department of Veteran Affairs (VA). More information about educational benefits offered by the VA is available at the official U.S government website at www.benefits.va.gov/gibill.

In addition, we support our veterans by:

• Waiving the application fee for all U.S. Military applicants.
  • By checking ‘Yes” to the U.S. Military question in your application, your fee is automatically waived.
• Providing Basic Allowance For Housing (BAH) benefits. These include $2,049 a month for Philadelphia students and $4,614 a month for San Francisco students. There is also a $1,000/year book stipend. To calculate your estimated benefits, enter your information using the GI Bill® Comparison Tool on the VA website.
• Connecting veterans across the Wharton community through The Wharton Veterans Club. This group hosts Wharton MBA military visit days throughout the year, provides support and mentorship through the application process, and connects applicants with military alumni.

Full eligibility guidelines can be found at va.gov

Veterans Office Contact Information:
Phone: 215-898-6636
Email: veterans@upenn.edu
Website: http://www.upenn.edu/registrar/veterans/index.html

“GI Bill®” is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government website at www.benefits.va.gov/gibill.

The John M. Bendheim Loan Forgiveness Fund for Public Service

The John M. Bendheim Loan Forgiveness Fund for Public Service was created in 2005 by John Bendheim, W’40, and his son, Tom Bendheim, WG’90, G’90 and member of the Lauder Institute Board of Governors. The fund is designed to encourage Wharton MBA graduates to pursue careers in the public and nonprofit sectors.

Eligible candidates must be pursuing careers in the public and nonprofit sectors, and the awards are based on a combination of activity, career goals, and financial need. For those selected for this program, Wharton will send up to $20,000 per year to the recipients’ lenders to pay down their loans. The application process is competitive, but there is no limit to the number of times alumni may be chosen as recipients during the first five years following graduation.

This Fund is managed by the Wharton Program for Social Impact. Please visit their website to learn more about the application process.

Fellowship Opportunities

Wharton MBA for Executives Fellowship Program

The Wharton MBA Program for Executives awards several fellowships to incoming students. These funds are based on the individual and the applicant pool as a whole. No application is necessary and awardees will be notified at the time of admission.

Conditions of Fellowship Support:

• Fellowships are two-year awards, split equally over six semesters (summer, fall, and spring terms).
• The Wharton Fellowship Committee does not offer reconsideration of fellowship support.
• Fellowships can only be leveraged towards the cost of tuition and mandatory fees.
• Company sponsorships and other external fellowships that exceed the cost of tuition and mandatory fees will reduce or replace any Wharton fellowships.
• You must remain in good academic standing to be eligible to renew your fellowship each academic term.

Forte Fellowship

Forte Fellowships are awarded each year to outstanding candidates who demonstrate exemplary leadership academically, professionally or creatively, as well as a proven commitment to the empowerment of women in the workplace. Interested applicants must submit an additional essay highlighting their achievements in the advancement of women in the workplace (350 word limit).

Email your essay to mbaexec-ops@wharton.upenn.edu. Forte Fellowship candidates must apply by the Round 2 application deadline. Fellowship winners will be notified after Round 2 admission decisions are released.

Additional Funding Sources

Students are encouraged to investigate all sources of funding, including government and private scholarships, prior to borrowing from any loan program. Following are some resources that may offer funding opportunities.

Financial Women of San Francisco Scholarship

FWSF has awarded over $2.6 million in scholarships over the past 30 years to more than 300 Bay Area women. The FWSF Scholarship Fund provides graduate and undergraduate scholarships to San Francisco Bay Area women pursuing careers in finance and financial services. Beyond financial support, FWSF scholarship recipients have the opportunity to be mentored by FWSF members and attend career development and networking events. Applications are due in mid-March. Learn more at https://financialwomensf.org/scholarships/

The Goldie Initiative Scholarship

The Goldie Initiative is a robust scholarship, mentorship, networking and leadership program for female graduate students passionate about commercial real estate. Goldie Scholars come from a variety of backgrounds, CRE sub-industries, locations and educational programs. The scholarship is $7,500 per year, up to 2 years. The application opens annually from April 1 – June 15. Learn more at www.GoldieInitiative.org.

Tillman Scholarship

The Pat Tillman Foundation identifies remarkable military service members, veterans and spouses, empowering them with academic scholarships, lifelong leadership development opportunities and a diverse, global community of high-performing mentors and peers. Our scholars are making an impact as they lead through action in the fields of healthcare, business, public service, STEM, education, and the humanities. Learn more at https://pattillmanfoundation.org/apply/

• FastWeb – Scholarship search engine.
• FinAid – A comprehensive resource for student financial aid information, including an online searchable database of financial aid resources.
• Graduate Management Admissions Council
• Sallie Mae Scholarship – Search SLM Corporation, commonly known as Sallie Mae, owns or manages Federal Stafford Loans and other student loans.
• Scholarships.com – scholarship search engine.

Financing Your EMBA FAQs

If you have any additional questions, please feel free to contact us.

Wharton MBA Financial Aid Office:
MBA Admissions and Financial Aid
The Wharton School
University of Pennsylvania
Vance Hall, Suite 111
Philadelphia, PA 19104.6340
Email: financialaid@wharton.upenn.edu
Phone: 215-898-8728

Schedule an appointment with Maxine Adekoya or Parisa Salavitabar to discuss options for financing your Wharton EMBA.