LGBTQ+ representation was also on the rise with 11% of students identifying as LGBTQ+, representing an all-time high for the world-renowned M7 business school.
Across US racial diversity, more Black and Hispanic students found representation among the University of Pennsylvania’s Wharton MBA Class of 2025, with 9% Black students, up from 7% in 2024, and 7% Hispanic students, up from 5%.
A total of 11% of the class is comprised of first-generation students—a further indication of the school's commitment to levelling the playing field between applicants from different backgrounds.
This overall rise in diversity among Wharton MBAs comes despite the school’s falling applications. Compared with the previous cycle in 2024, applications to the top-ranked program declined by 125 (a rate of 2%).
Notably, international applicants represented 31% of the Class of 2025, indicating a significant decline of 4%. The number of countries represented (31%) also saw a decline of 4% since 2024.
It remains to be seen whether external factors such as the global cost of living crisis is having an impact on international applicants to leading US MBA programs.
Wharton made headlines earlier this year after it dropped out of the 2023 Financial Times MBA Ranking. Despite topping the list more times than any other school in history, Wharton failed to gather enough alumni responses to qualify for the ranking.
Figures are taken from the Wharton MBA class profile.