MBA Major

ESGB: Environmental, Social and Governance Factors for Business

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

The major 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 major 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.

Major Requirements

The ESGB major is fulfilled by completing 4.0 credit units (cu) of coursework from the following list of courses approved for the major. Please note: A student cannot declare both the Environmental, Social and Governance Factors for Business (ESGB) major and the Social and Governance Factors for Business (SOGO) major. A student also cannot declare both the ESGB major and the Business, Energy, Environment, and Sustainability (BEES) major.

Please note also that not every course listed below is offered every academic year. We will do our best to indicate when we know a course will not be offered in the coming academic year, but you should be sure to consult with your MBA advisor about your course plan, as they may have additional information.

Environmental

ACCT/BEPP 7640 – Climate and Financial Markets (not offered in 2024-25)
BEPP / OIDD 7610 – Risk Analysis and Environmental Management
BEPP/OIDD 7630 – Energy Markets and Policy
FNCE 7560 – Energy Finance (not offered in 2024-25)
LGST 8150 – Environmental Management: Law & Policy
LGST 6470 – The Business & Governance of Water (not offered in 2024-25)
LGST/OIDD 7620 – Environmental Sustainability & Value Creation
MGMT 7230X: Strategy and Environmental Sustainability
MGMT 8970 – GMC on Sustainability (in Germany) (by application)
OIDD 5250 – Thinking with Models

Social & Governance

ACCT 7470 – Financial Disclosure Analytics
BEPP 7700 – Public Finance & Policy
BEPP 7650 – Economics of Diversity
FNCE 7540 – Impact Investing
FNCE 8020 – Corporate Governance and Shareholder Activism
LGST 6410 – Business Enterprise
LGST 6420 – Big Data Big Responsibility
LGST 6430 – Other People’s Money
LGST 8020 – Corporate Law and Management in Global Perspective
LGST 8080 – Employment Law
LGST 8200 – International Business Ethics
LGST 8300 – Social Impact and Responsibility
MGMT 7200 or MGMT 7150 – Corporate Diplomacy
MGMT 6240 – Leading Diversity in Organizations
MGMT 6250 – Corporate Governance
MGMT 7860 – Reforming Mass Incarceration and the Role of Business
MGMT 8120 – Social Entrepreneurship
MGMT 8970 – Impact Hack
MKTG 7330 – Marketing for Social Impact
REAL/FNCE/BEPP 7300 – Urban Fiscal Policy

Recommended courses to supplement the ESGB major

LGST 6130: Business, Social Responsibility, and the Environment

In addition to courses that count for credit toward the ESGB Major for MBA students, we encourage but do not require MBA students majoring in ESGB to take LGST 6130: Business, Social Responsibility, and the Environment (.5 cu). This course does not count toward the four required credit units for the major in ESGB, but can be taken to fulfill students’ core Legal Studies and Business Ethics requirement. This course focuses on the social and environmental responsibilities of business.

ESG Analytics

For MBA students especially 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 major, 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

Wharton’s STEM MBA Majors

Interested in a STEM-certified business degree? This major is designated as a science, technology, engineering, and mathematics major, which helps students excel in high-demand roles that require both business and technical acumen.

Our STEM majors offer another benefit for international students, who can obtain a STEM OPT extension for their F-1 visa after graduation. The extension allows students to apply the skills they learned in their STEM degree studies in full-time employment in the U.S. If you choose one of these majors, you will be eligible for 36 months of post-completion OPT (compared to 12 months for a non-STEM major).

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 MBA Admissions Office at mba-admiss@wharton.upenn.edu or +1.215.898.6183.

Additional Information

This major 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 major are Professors Arthur van Benthem (BEPP), Witold (Vit) Henisz (MGMT), and Sarah E. Light (LGST).

Helpful Links

For more information about resources at Wharton and the University of Pennsylvania more broadly on climate, energy, environment, and sustainability, please click here.

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.

Learn More