Long-time philanthropist and supporter of the Wharton School of the University of Pennsylvania, Dr. Bruce I. Jacobs, has donated $60 million to support the launch of the Dr. Bruce I. Jacobs Master of Science in Quantitative Finance (MSQF).
The donation is the largest single gift in Wharton’s history, and the program the first new degree to be offered in 50 years.
The Dr. Bruce I. Jacobs Master of Science in Quantitative Finance (MSQF) program offers students a unique opportunity to combine a data-intensive curriculum with real-world application. As well as completing six core courses, students will lead hands-on research projects, select from over 30 electives, and engage with industry leaders through Wharton’s expansive network and a dedicated advisory board.
Students in this program will develop specialized expertise in machine learning, artificial intelligence, quantitative methods and financial markets. In doing so, they will lay the groundwork for their success in an expanding, increasingly data-driven, and highly competitive sector: quantitative asset management. This is a sector that is growing at “breakneck speed,” said David Musto, the Ronald O. Perelman Professor in Finance and faculty director of the Dr. Bruce I. Jacobs Master of Science in Quantitative Finance program. “Students in the program will benefit from the combination of Wharton’s quantitative finance expertise and the access to the multiple disciplines and vibrant communities present at Penn.”
Dr. Bruce I. Jacobs explained that “[b]y bridging theory and practice, the MSQF program will have a lasting impact on the industry and many future generations of students, as well as ensure the Wharton School will be at the forefront of this dynamic field.”
The MSQF is conducted via one year of coursework, designed to follow a bachelor’s degree, and ideal for candidates who possess a quantitative background.
Dr. Jacobs’ Longstanding Support of Wharton’s Financial Leadership
This program offering will emphasize Wharton’s position as a leader in essential business fields. University of Pennsylvania President J. Larry Jameson describes Wharton’s preeminence in quantitative finance as a crucial factor in the school’s high-ranking reputation, explaining that “Dr. Jacobs has long been a champion” for the school’s success. The MSQF program, he adds, is “innovative” and “hands-on,” and “will further advance our University’s strategic focus on data and AI.”
This advancement is the latest step in a longstanding commitment to data-informed education at Wharton; just as the donation is the latest development in Dr. Jacobs’ support of this commitment. Dr. Bruce Jacobs’ generous philanthropic contributions to Wharton total over $80 million, and Wharton School Dean Erika James describes them as “instrumental” to Wharton’s success. In addition to the launch of the MSQF program, Jacobs has co-founded centers including the Jacobs Levy Equity Management Center for Quantitative Financial Research, established positions such as the Dr. Bruce I. Jacobs Professorship in Quantitative Finance, and facilitated the creation of a quantitative finance MBA major.
Dr. Bruce I. Jacobs’ achievements are far from limited to his philanthropy; he co-founded Jacobs Levy Equity Management – and serves there as co-chief investment officer, portfolio manager and co-director of research. He is also the author of Too Smart for Our Own Good: Ingenious Investment Strategies, Illusions of Safety, and Market Crashes and Capital Ideas and Market Realities: Option Replication, Investor Behavior, and Stock Market Crashes; the co-author of Equity Management: The Art and Science of Modern Quantitative Investing; and has been published many times in peer-reviewed journals. Jacobs holds an M.A. in Applied Economics and a Ph.D. in Finance from the Wharton School.
Read the full announcement here.
