Wharton MBA Class Of 2026: 2 Streaks, One Good & One Bad, Come To A Close

The streak is over. For the first time in four years, The Wharton School at the University of Pennsylvania welcomed a new MBA class that wasn’t 50% or more women.

It was a remarkable run — the first of its kind for any business school, but even more noteworthy because it happened at an M7 school ranked first in the world by The Financial Times. It began in fall 2021 when Wharton smashed the glass ceiling that had flustered so many elite schools for so many years, enrolling 52% women in the Class of 2023, and continued when Wharton achieved gender parity twice more, with women comprising 50% of its MBA classes of 2024 and 2025.

It began to seem like the Philadelphia Ivy would hit the once-elusive goal of parity every year. But all things must pass, and this fall Wharton enrolled 47% women — still among the leaders of all top U.S. business schools, and therefore all B-schools in the world.

WHARTON MBA CLASSES BY THE NUMBERS: 2015-2026

MBA Class	Average GMAT	GMAT Range	Applications	Enrolled	Women	International
2026	732	NA	7,322	866	47%	31%
2025	728	NA	6,194	874	50%	31%
2024	733	530-790	6,319	877	50%	35%
2023	733	NA	7,338	897	52%	36%
2022	722	NA	7,158	916	41%	19%
2021	732	540-790	5,905	856	46%	30%
2020	732	500-790	6,245	862	43%	34%
2019	730	530-790	6,692	863	44%	33%
2018	731	570-780	6,679	851	44%	32%
2017	732	620-790	6,590	861	43%	32%
2016	728	620-780	6,111	859	40%	31%
2015	725	630-790	6,036	837	42%	35%

Source: Wharton

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BREAKING ANOTHER STREAK: MBA APPS IN DECLINE

Gender parity wasn’t the only that streak ended with the enrollment of Wharton’s MBA Class of 2026. The school also put in the rearview a two-year decline in MBA applications. And it did so resoundingly.

The B-school’s 2023-2024 app total of 7,322 missed being a school record by 16 apps (see table above), but it does represent an 18% bounce-back from the previous cycle. Wharton’s 2022-2023 application total of 6,194 was down 15.6%, or 1,144 apps in two years, a precipitous decline from a school record of 7,338 for the class that enrolled in fall 2021.

Wharton’s successful app cycle mirrors the experience of its peers: Other top B-schools in the U.S. and Europe also reported a big jump in MBA applications in 2023-2024, big enough in most reported cases to erase years of declines. At Harvard Business School, MBA apps were up 21%; Yale School of Management was up 21.5%, and Dartmouth Tuck School of Business was up an incredible 36%. Duke Fuqua was up nearly 16% to an all-time app record. The Olin Business School at Washington University in St. Louis doubled its apps, and Michigan Ross School of Business, one of the leading public B-schools in the country, was up more than 35%. And the phenomenon is not restricted to the U.S.: In Spain, IESE Business School reported record apps, allowing the school to enroll its biggest-ever class and highest-ever percentage of women.

MINORITIES AT WHARTON BY FEDERAL GUIDELINES REPORTING: CLASSES OF 2023-2026

Race	Class of 2026	Class of 2025	Class of 2024	Class of 2023
White	33%	27%	29%	28%
Asian	20%	21%	23%	20%
Black	6%	9%	7%	8%
Hispanic	8%	7%	5%	7%
Did Not Report	3%	<1%	<1%	<1%

Source: Wharton

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FEWER COUNTRIES REPRESENTED; GMAT JUMPS 4 POINTS

How did Wharton seat its new MBA class with so many apps to choose from? First, it shrank it — the class is 866 students, down eight seats from its predecessors. There are fewer women, and the international cohort remains flat at 31%; however, foreign students had declined from 35% two years ago, and the number of countries represented in the class fell again, to 65 from 70 from 77. Minorities are also down, with both Black and Asian students declining, but Hispanic students ticked toward to 8% from 7% (see table above). The class is also 6% military/veterans, 10% LGBTQ (down from 11%), and 11% first gen (same as last year).

The class Graduate Management Admission Test average jumped 4 points, to 732, just under the school record of 733 set in 2021 and 2022.

The average work experience of students in the Wharton MBA Class of 2026 is once again 5 years, same as last year and the year before and the year before. The largest portion of the class (28%, up from 27% last year) hails from the consulting industry, while 15% come from private equity/venture capital (up 1 point), 10% from tech (down from 12%), 11% from nonprofit (up from 10%), 9% from investment banking (same as last year but still down from 14% in 2021), 5% from finance (down from 7%), and 4% from health care (down from 5%).

Thirty-two percent of the new class majored in business in undergrad, up from 27% last year; 36% majored in the humanities (down from 40%), and 32% majored in STEM (down from 33%).

There continue to be lots of ways to join the Wharton MBA program. In the school’s 2026 class, 12 students are part of the dual-degree Carey JD/MBA Program (down from 16 in the Class of 2025), 76 are in the Lauder MBA/MA Joint Degree in International Studies (up from 70), and 89 are in the MBA in Health Care Management (up from 73). Sixty-two of this year’s students came to the program from Wharton’s Moelis Advance Access Program (up from 57 last year), which offers both undergraduate and full-time master’s students in their final year of study a pathway to the Wharton MBA after pursuing two to four years of quality work experience.

‘KNOW YOUR UNIQUE VALUE ADD’

MBA students in Wharton’s new class were asked: What advice do you have for someone who is considering the Wharton MBA Program? Here is what they said:

“Get to really know yourself as you consider the Wharton MBA. Take some time for some introspection to figure out who you are, what makes you stand out, and your ‘why’. The application process may seem long and daunting, but if you believe in yourself and your ‘story’, it will make the journey worthwhile,” says Veronica Rivera

“Talk to as many students as possible and try to visit campus. During my research, every person I spoke to had a unique Wharton experience from their social life to professional goals. These conversations really helped me add a layer of intentionality and genuineness to my application that I believed helped me standout,” says Samuel McDaniel.

“As someone who’s lived in many other cities as well as Philadelphia, Philly is kind of a perfect town for MBA students. It’s very walkable and bike-friendly, and the restaurant scene is strong but still doesn’t break the bank. Also, it’s very much worth mentioning that both New York and D.C. are a quick Amtrak train ride away (from a seasoned Amtrak rider: if you book a little in advance, tickets can be as low as 25 bucks!)” says Henri Mattila.

“If you come from a non-traditional background, it is important to know that Wharton will appreciate your unique experiences and has a lot to offer you! If you are passionate about making a social impact, Wharton is the perfect place to thrive. They will provide you with the necessary knowledge and resources to leverage your unique talents and achieve your goal of becoming a positive force for change. It is a place where you can develop the skills and make meaningful connections that will enable you to make a real difference in the world,” says Wesley Suggs.

“Talk to students who are doing the things that you want to do, visit campus to get a feel for the student body, and see if you can picture yourself there,” says Astha Berry.

“Consider how you want to learn and grow during business school, both personally and professionally, and figure out how Wharton will help you to achieve that growth,” says Matthew Keepman.

“Whatever business school you end up attending, know your story and be confident in your abilities. Many people will have impressive backgrounds but you bring unique skills and experiences as well. Know your unique value add, and be able to articulate it. If you’re a veteran there is a lot you don’t know about different industries and sectors but it also means there is space for exploration for the first time in your professional life. Take advantage of that. Talk to as many people as you can, so you can be armed with the information you need to be in the driver’s seat of your professional life,” says Daniele Anderson.

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