Undergraduate Concentration

ESGB: Environmental, Social and Governance Factors for Business

Starting in the 2023-2024 academic year, Wharton undergraduate students can declare a concentration in Environmental, Social and Governance Factors for Business (ESGB).

The concentration in Environmental, Social and Governance Factors for Business (ESGB) is designed to provide in-depth foundations for those interested in the complex relationships between business and the natural environment and business and society more broadly, including management of environmental, social, and governance (ESG) risks and opportunities, the business and economics of energy, and the ways in which firms incorporate ESG factors into their governance.

There is a strong need for a new generation of expert business leaders who understand the rapidly evolving trends in business models, technology, regulation, and financing with implications for the environment and society as a whole. Students choosing the ESGB concentration are therefore ideally suited for the ever-expanding set of careers in many fields. Relevant courses are offered by departments including Accounting, Business Economics and Public Policy, Finance, Legal Studies and Business Ethics, Management, Marketing, and Operations Information and Decisions.

Requirements and Specializations

The ESGB concentration is fulfilled by completing 4.0 credit units (cu) of coursework from the list of courses approved for the concentration.

In addition to the option of having an ESGB concentration without specialization, ESGB concentrators may choose to earn one of two transcript-level specializations—Business, Energy, Environment and Sustainability (BEES) or Social and Governance (SOGO)—by completing at least 3.0 credit units (cu) of their required coursework in their focused area as set forth below. Accordingly, the three options for students are:

Option 1

Concentrate in Environmental, Social and Governance Factors for Business (ESGB)

Take four credit units (4 cu) from the list of courses approved for the concentration.

Option 2

Concentrate in Environmental, Social and Governance Factors for Business (ESGB) with a Specialization in Business, Energy, Environment and Sustainability (BEES)

Take at least three credit units (3 cu) from the Environmental list and up to one credit unit (1 cu) from the overall list of courses approved for the concentration (whether Environmental or Social and Governance).

Please Note – Students who are currently concentrating in BEES and graduating in 2023 can follow the existing rules for the program set forth on the BEES Concentration page.

Option 3

Concentrate in Environmental, Social and Governance Factors for Business (ESGB) with a Specialization in Social and Governance (SOGO)

Take at least three credit units (3 cu) from the Social and Governance list and up to one credit unit (1 cu) from the overall list of courses approved for the concentration (whether Environmental or Social and Governance).

Questions?

If you are a current Wharton student, contact Sara Jane McCaffrey at mcsa@wharton.upenn.edu.

If you are interested in applying to Wharton, contact the Undergraduate Admissions Office at +1.215.898.7507 or visit admissions.upenn.edu.

Additional Information

This concentration is jointly administered by the Business Economics and Public Policy Department, the Legal Studies and Business Ethics Department, and the Management Department. The faculty advisors to this concentration are Professors Arthur van Benthem (BEPP), Witold (Vit) Henisz (MGMT), and Sarah E. Light (LGST).

Undergraduate students must take four credit units from the following list of courses

Environmental

  • ACCT/BEPP 2640 – Climate and Financial Markets
  • BEPP / OIDD 2610 – Risk Analysis and Environmental Management
  • BEPP/OIDD 2630 – Environmental & Energy Economics and Policy
  • FNCE 2560 – Energy Finance
  • LGST 2150 – Environmental Management: Law & Policy
  • LGST 2600 – Climate and Environmental Leadership in Action (by application)
  • MGMT 8970 – GMC on Sustainability (in Germany) (by application)
  • OIDD 5250 – Thinking with Models

Social & Governance

  • ACCT 2700 – Forensic Analytics
  • BEPP 2010 – Public Finance & Policy
  • BEPP 2650 – Economics of Diversity
  • FNCE 2540 – Impact Investing
  • FNCE 4020 – Corporate Governance and Shareholder Activism[1]
  • LGST 2020 – Law of Corporate Management & Finance
  • LGST 2080 – Employment Law
  • LGST 2160 – Emerging Economies
  • LGST 2180 – Diversity & the Law
  • LGST 2190 – Securities Regulation
  • LGST 2200 – International Business Ethics
  • LGST 2210 – Constitution and Free Enterprise
  • LGST 2240 – Human Rights & Globalization
  • LGST 2260 – Markets, Morality & Capitalism
  • LGST 2300 – Social Impact & Responsibility
  • LGST 2410 – Business Enterprise
  • LGST 2420 – Big Data Big Responsibility
  • LGST 2430 – Other People’s Money
  • MGMT 2090 – Political and Social Environment of the Multinational Firm
  • MGMT 2120 – Social Entrepreneurship
  • MGMT 2240 – Leading Diversity in Organizations
  • MGMT 2410 – Knowledge for Social Impact
  • MGMT 2420 – Corporate Governance
  • MKTG 2660 – Marketing for Social Impact
  • MKTG 3530 – Special Topics: The Business of Wellness: Marketing and Consumption
  • REAL/FNCE/BEPP 2300 – Urban Fiscal Policy

[1] FNCE 4020 is 1.0 credit course; however, if students take this to fulfill their capstone requirement, which is 0.5 credit units, they may only count 0.5 credit units toward their concentration.

Recommended courses to supplement the ESGB concentration

ESG Analytics

For students interested in ESG analytics, we note that while the STAT Department does not have courses that count toward the four required credit units for the concentration, the following courses may be of special interest:

  • STAT 4100X – Data Collection and Acquisition
  • STAT 4220 – Predictive Analytics
  • STAT 4230 – Applied Machine Learning in Business
  • STAT 4240 – Text Analytics
  • STAT 4350/5350/7110 – Forecasting Methods for Management
  • STAT 4420X – Introduction to Bayesian Data Analysis
  • STAT 4700/5030 – Data Analytics and Statistical Computing
  • STAT 4710/5710 – Modern Data Mining
  • STAT 4750 – Sample Survey Design
  • STAT 4770X – Introduction to Python for Data Science
  • STAT 4810X/5810X – Convex Optimization for Statistics and Data Science
  • STAT 4900/5900 – Causal Inference

Get Involved with the ESG Initiative

At the ESG Initiative, we are committed to creating transformational opportunities for students. We offer a robust set of student programs and resources to match your interests in ESG and business. Conduct ESG investment research. Join a community of like-minded peers. Consult on real-world projects through a selective fellowship. Attend speaker series and networking events. Apply for funding for unpaid internships. And more.