Impact, Value and Sustainable Business, BS
The concentration in Impact, Value and Sustainable Business (IVSB) is designed to provide in-depth foundations for those interested in how business activities affect natural, human, and social capital – and how these impacts influence risk, opportunity, and sustainable business performance. After graduation, students concentrating in IVSB will be well equipped to shape strategy, innovation, valuations, investment flows, and policy.
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 IVSB 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.
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), Vit Henisz (MGMT) and Sarah Light (LGST). Questions regarding this Concentration/Major should be directed in the first instance to Sarah Jane McAffrey.
For more information: https://impact.wharton.upenn.edu/students/curricular/
The degree and major requirements displayed are intended as a guide for students entering in the Fall of 2026 and later. Students should consult with their academic program regarding final certifications and requirements for graduation.
Other Wharton Requirements
| Code | Title | Course Units |
|---|---|---|
| First-Year Foundations | ||
| BEPP 1000 | Introductory Economics for Business Students 1 | 1 |
| MATH 1400 | Calculus, Part I | 1 |
| or MATH 1070 | Calculus: Mathematics of change, Part I | |
| Critical Writing Seminar | 1 | |
| Business Fundamentals | ||
| Leadership Journey | ||
| WH 1010 | Business and You | 0.5 |
| WH 2010 | Business Communication for Impact | 0.5 |
| or WH 2011 | Global Business Communication for Impact | |
| MGMT 3010 | Teamwork and Interpersonal Influence | 0.5 |
| Senior Capstone | One course with attribute WUCP required 2 | 0.5 |
Please visit https://undergrad-inside.wharton.upenn.edu/senior-capstone for more information. | ||
| Fundamentals 3 | ||
| ACCT 1010 | Accounting and Financial Reporting | 1 |
| ACCT 1020 | Strategic Cost Analysis | 1 |
| BEPP 2500 | Managerial Economics (or Honors) | 1 |
| FNCE 1000 | Corporate Finance (or Honors) | 1 |
| FNCE 1010 | Monetary Economics and the Global Economy (or Honors) | 1 |
| LGST 1000 | Ethics and Social Responsibility (or Honors) | 1 |
| or LGST 1010 | Law and Social Values | |
| MGMT 1010 | Introduction To Management | 1 |
| MKTG 1010 | Introduction to Marketing (or Honors) | 1 |
| OIDD 1010 | An Introduction to Operations, Information and Decisions | 1 |
| STAT 1010 | Introductory Business Statistics (or Honors) 4 | 1 |
| or STAT 4300 | Probability | |
| or ESE 3010 | Engineering Probability | |
| STAT 1020 | Introductory Business Statistics (or Honors) | 1 |
| or STAT 4310 | Statistical Inference | |
| or ESE 4020 | Statistics for Data Science | |
| Flex Fundamentals | ||
Global Economy, Business & Society | ||
| One course unit with attribute WUGE required | 1 | |
Technology, Innovation & Analytics | ||
| One course unit with attribute WUTI required | 1 | |
| Liberal Arts & Sciences | 7 | |
Foreign Language Requirement | ||
Two semesters at the beginner level of a language other than English or demonstration of equivalent proficiency required 5 | ||
Humanities | ||
Natural Science, Math & Engineering | ||
Social Science | ||
Flexible Gen Ed | ||
Three course units of approved undergraduate coursework taken outside of Wharton required | ||
Cross-Cultural Perspectives | ||
Three course units with substantial cross-cultural content required 6 | ||
| Business Breadth | ||
| Three upper-level course units from three different Wharton departments outside of the student's concentration required. Please visit https://undergrad-inside.wharton.upenn.edu/business-breadth/ for details. | 3 | |
| Unrestricted Electives | ||
| Five course units required 7 | 5 | |
| Total Course Units | 33 | |
- 1
For students who take ECON 0100 Introduction to Micro Economics and ECON 0200 Introductory Economics: Macro in place of BEPP 1000 Introductory Economics for Business Students: one of these courses can be used to satisfy BEPP 1000 on the degree audit. The second course may be used to fulfill a Liberal Arts & Sciences or Unrestricted Elective requirement.
- 2
Beginning with capstones offered in Fall 2027, all students must complete all business fundamentals as a prerequisite for the senior capstone, in addition to the Leadership Journey courses and any other required prerequisite course(s).
- 3
Course numbers for honors business fundamentals are: BEPP 2508 Managerial Economics, FNCE 1008 Corporate Finance (Honors), FNCE 1018 Monetary Economics and the Global Economy (Honors), LGST 1008 Ethics and Social Responsibility, LGST 1018 Law and Social Values, MKTG 1018 Introduction to Marketing, STAT 1018 Introductory Business Statistics, and STAT 1028 Introductory Business Statistics.
- 4
Dual-degree students majoring in SSE (Systems Science Engineering) and EE (Electrical Engineering) must take ESE 3010 Engineering Probability and ESE 4020 Statistics for Data Science.
- 5
Courses taken at Penn that satisfy the Foreign Language requirement may double-count as Humanities or Flexible Gen Ed.
- 6
Up to one course may be on U.S. cultural diversity. Please see course attribute WUCN for a list of non-U.S. courses and WUCU for a list of U.S. courses. Two CCP course units may double-count as Humanities; Natural Science, Math & Engineering; Social Science; or Flexible Gen Ed.
- 7
Students pursuing a second concentration may apply three course units of concentration courses to Unrestricted Electives.
General Track
| Code | Title | Course Units |
|---|---|---|
| General Track Requirements | ||
| Take 4 credit units (CU) from the list of courses approved for the concentration, with at least 2 credit units (CU) from the Environmental List: | 4 | |
| Environmental: | ||
| Climate and Financial Markets | ||
| Climate Risks and Opportunities | ||
| Environmental & Energy Economics and Policy | ||
| Environmental Management: Law & Policy | ||
| Climate & Environmental Leadership in Action (SNF Paideia Program) (by application) | ||
| Global Modular Course A (on Sustainability; in Germany, by application) | ||
| Thinking with Models: Business Analytics for Energy and Sustainability | ||
| Social and Governance: | ||
| Forensic Analytics | ||
| American Public Policy through an Economic Lens | ||
| Urban Fiscal Policy | ||
| ESG and Impact Investing | ||
| Shareholder Activism 1 | ||
| Law of Corporate Management and Finance | ||
| Employment Law: Practical Considerations for Managers | ||
| Emerging Economies | ||
| Diversity and the Law | ||
| Law and Policy in International Business | ||
| International Business Ethics | ||
| Human Rights and Globalization | ||
| Markets, Morality & the Future of Capitalism | ||
| Social Impact and Responsibility: Foundations | ||
| Big Data, Big Responsibilities: Toward Accountable Artificial Intelligence | ||
| Other People's Money: The Law, Politics, and History of Financial Institutions | ||
| The Political Environment of the Multinational Firm | ||
| Social Entrepreneurship | ||
| Leading Across Cultural and Relational Differences | ||
| Leading for Impact: Tackling the Biggest Societal Challenges | ||
| Corporate Goverance, Executive Compsenation and the Board | ||
| Special Topics (The Business of Wellness: Marketing and Consumption) | ||
| Students may replace up to one credit of coursework from the above-listed courses with a course from this pre-approved list of courses outside of Wharton that bears a clear relationship to the core of the concentration. | ||
| Carbon Capture | ||
| Climate Policy and Technology | ||
| Electricity and Systems Markets | ||
| Renewable Energy and Its Impacts: Technology, Environment, Economics, Sustainability. | ||
| Climate Policy and Technology | ||
| Energy Geopolitics and National Security | ||
| Decarbonization & Net Zero | ||
| The Future of water | ||
| Corporate Sustainability Strategies | ||
| Life Cycle Assessment | ||
| Law Seminar (Energy Law and Climate Change) | ||
| Materials Science and Market Signals in Clean Energy Supply Chains | ||
| Selected Topics in Materials Science and Engineering (Energy, Water, and Materials for the AI Economy) | ||
| Recommended courses to supplement undergraduate concentration | ||
| Impact Analytics | ||
| For students interested in Impact 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: | ||
| Data Collection and Acquisition: Strategies and Platforms | ||
| Predictive Analytics for Business | ||
| Applied Machine Learning in Business | ||
| Text Analytics | ||
| Forecasting Methods for Management | ||
or STAT 7110 | Forecasting Methods for Management | |
| Introduction to Bayesian Data Analysis | ||
| Data Analytics and Statistical Computing | ||
| Modern Data Mining | ||
| Sample Survey Design | ||
| Introduction to Python for Data Science | ||
| Convex Optimization for Statistics and Data Science | ||
| Convex Optimization for Statistics and Data Science | ||
| Causal Inference | ||
| Other Wharton Requirements | 33 | |
| Total Course Units | 37 | |
- 1
FNCE 4020 is a 1.0 credit course; however, if students take this to fulfill their capstone requirements, which is 0.5 credit units, they may only count 0.5 credit units toward their concentration.
Business, Energy, Environment and Sustainability Track
| Code | Title | Course Units |
|---|---|---|
| Business, Energy, Environment and Sustainability Track Requirements | ||
| Undergraduate students must take a total of four credit units from this overall list of courses, with at least 3 credit units from the list of Environmental courses and up to 1 credit unit from overall list of courses approved for the concentration (whether Environmental or Social and Governance) | 4 | |
| Environmental: | ||
| Climate and Financial Markets | ||
| Climate Risks and Opportunities | ||
| Environmental & Energy Economics and Policy | ||
| Environmental Management: Law & Policy | ||
| Climate & Environmental Leadership in Action (SNF Paideia Program) | ||
| Global Modular Course A (on Sustainability; in Germany, by application) | ||
| Thinking with Models: Business Analytics for Energy and Sustainability | ||
| Social and Governance: | ||
| Forensic Analytics | ||
| American Public Policy through an Economic Lens | ||
| Urban Fiscal Policy | ||
| ESG and Impact Investing | ||
| Shareholder Activism 1 | ||
| Law of Corporate Management and Finance | ||
| Employment Law: Practical Considerations for Managers | ||
| Emerging Economies | ||
| Diversity and the Law | ||
| Law and Policy in International Business | ||
| International Business Ethics | ||
| Human Rights and Globalization | ||
| Markets, Morality & the Future of Capitalism | ||
| Social Impact and Responsibility: Foundations | ||
| Big Data, Big Responsibilities: Toward Accountable Artificial Intelligence | ||
| Other People's Money: The Law, Politics, and History of Financial Institutions | ||
| The Political Environment of the Multinational Firm | ||
| Social Entrepreneurship | ||
| Leading Across Cultural and Relational Differences | ||
| Leading for Impact: Tackling the Biggest Societal Challenges | ||
| Corporate Goverance, Executive Compsenation and the Board | ||
| Special Topics (The Business of Wellness: Marketing and Consumption) | ||
| Students may replace up to one credit of coursework from the above-listed courses with a course from this pre-approved list of courses outside of Wharton that bears a clear relationship to the core of this concentration. | ||
| Carbon Capture | ||
| Climate Policy and Technology | ||
| Electricity and Systems Markets | ||
| Renewable Energy and Its Impacts: Technology, Environment, Economics, Sustainability. | ||
| Climate Policy and Technology | ||
| Energy Geopolitics and National Security | ||
| Decarbonization & Net Zero | ||
| The Future of water | ||
| Corporate Sustainability Strategies | ||
| Life Cycle Assessment | ||
| Law Seminar (Energy Law and Climate Change) | ||
| Materials Science and Market Signals in Clean Energy Supply Chains | ||
| Selected Topics in Materials Science and Engineering (Energy, Water, and Materials for the AI Economy) | ||
| Recommended courses to supplement IVSB-BEES Concentration | ||
| Impact Analytics | ||
| For students interested in Impact 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: | ||
| Data Collection and Acquisition: Strategies and Platforms | ||
| Predictive Analytics for Business | ||
| Applied Machine Learning in Business | ||
| Text Analytics | ||
| Forecasting Methods for Management | ||
or STAT 7110 | Forecasting Methods for Management | |
| Introduction to Bayesian Data Analysis | ||
| Data Analytics and Statistical Computing | ||
| Modern Data Mining | ||
| Sample Survey Design | ||
| Introduction to Python for Data Science | ||
| Convex Optimization for Statistics and Data Science | ||
| Convex Optimization for Statistics and Data Science | ||
| Causal Inference | ||
| Other Wharton Requirements | 33 | |
| Total Course Units | 37 | |
- 1
FNCE 4020 is a 1.0 credit course; however, if students take this to fulfill their capstone requirements, which is 0.5 credit units, they may only count 0.5 credit units toward their concentration.
Social and Governance Factors Track Requirements
| Code | Title | Course Units |
|---|---|---|
| Impact, Value and Sustainable Business - Social and Governance Factors Track Requirements | ||
| Undergraduate students must take a total of four credit units from this overall list of courses, with at least 3 credit units from the list of Social and Governance courses and up to 1 credit unit from overall list of courses approved for the concentration (whether Environmental or Social and Governance): | 4 | |
| Environmental: | ||
| Climate and Financial Markets | ||
| Climate Risks and Opportunities | ||
| Environmental & Energy Economics and Policy | ||
| Environmental Management: Law & Policy | ||
| Climate & Environmental Leadership in Action (SNF Paideia Program) | ||
| Global Modular Course A (on Sustainability; in Germany, by application) | ||
| Thinking with Models: Business Analytics for Energy and Sustainability | ||
| Social and Governance: | ||
| Forensic Analytics | ||
| American Public Policy through an Economic Lens | ||
| Urban Fiscal Policy | ||
| ESG and Impact Investing | ||
| Shareholder Activism 1 | ||
| Law of Corporate Management and Finance | ||
| Employment Law: Practical Considerations for Managers | ||
| Emerging Economies | ||
| Diversity and the Law | ||
| Law and Policy in International Business | ||
| International Business Ethics | ||
| Human Rights and Globalization | ||
| Markets, Morality & the Future of Capitalism | ||
| Social Impact and Responsibility: Foundations | ||
| Big Data, Big Responsibilities: Toward Accountable Artificial Intelligence | ||
| Other People's Money: The Law, Politics, and History of Financial Institutions | ||
| The Political Environment of the Multinational Firm | ||
| Social Entrepreneurship | ||
| Leading Across Cultural and Relational Differences | ||
| Leading for Impact: Tackling the Biggest Societal Challenges | ||
| Corporate Goverance, Executive Compsenation and the Board | ||
| Special Topics (The Business of Wellness: Marketing and Consumption) | ||
| Students may replace up to one credit of coursework from the above-listed courses with a course from this pre-approved list of courses outside of Wharton that bears a clear relationship to the core of the concentration. | ||
| Carbon Capture | ||
| Climate Policy and Technology | ||
| Electricity and Systems Markets | ||
| Renewable Energy and Its Impacts: Technology, Environment, Economics, Sustainability. | ||
| Climate Policy and Technology | ||
| Energy Geopolitics and National Security | ||
| Decarbonization & Net Zero | ||
| The Future of water | ||
| Corporate Sustainability Strategies | ||
| Life Cycle Assessment | ||
| Law Seminar (Energy Law and Climate Change) | ||
| Materials Science and Market Signals in Clean Energy Supply Chains | ||
| Selected Topics in Materials Science and Engineering (Energy, Water, and Materials for the AI Economy) | ||
| Recommended courses to supplement IVSB-SOGO Concentration | ||
| Impact Analytics | ||
| For students interested in Impact 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: | ||
| Data Collection and Acquisition: Strategies and Platforms | ||
| Predictive Analytics for Business | ||
| Applied Machine Learning in Business | ||
| Text Analytics | ||
| Forecasting Methods for Management | ||
or STAT 7110 | Forecasting Methods for Management | |
| Introduction to Bayesian Data Analysis | ||
| Data Analytics and Statistical Computing | ||
| Modern Data Mining | ||
| Sample Survey Design | ||
| Introduction to Python for Data Science | ||
| Convex Optimization for Statistics and Data Science | ||
| Convex Optimization for Statistics and Data Science | ||
| Causal Inference | ||
| Other Wharton Requirements | 33 | |
| Total Course Units | 37 | |
- 1
FNCE 4020 is a 1.0 credit course; however, if students take this to fulfill their capstone requirements, which is 0.5 credit units, they may only count 0.5 credit units toward their concentration.
| First Year | ||
|---|---|---|
| Fall | Course Units | |
| BEPP 1000 | Introductory Economics for Business Students | 1 |
| WH 1010 | Business and You | .5 |
| Math or Statistics Course | 1 | |
| 2-3 Other Courses | 2 | |
| Course Units | 4.50 | |
| Spring | ||
| Math or Statistics Course | 1 | |
| Two Business Fundamentals Courses | 2 | |
| 1-2 Other Courses | 2 | |
| Course Units | 5.00 | |
| Second Year | ||
| Fall | ||
| WH 2010 | Business Communication for Impact | 0.5 |
| 2-3 Business Fundamentals | 2 | |
| 1-2 Other Courses | 2 | |
| Course Units | 4.50 | |
| Spring | ||
| 2-3 Business Fundamentals | 3 | |
| 1-2 Other Courses | 2 | |
| Course Units | 5.00 | |
| Third Year | ||
| Fall | ||
| MGMT 3010 | Teamwork and Interpersonal Influence | 0.5 |
| Courses towards Concentration and other Remaining Requirements | 4 | |
| Course Units | 4.50 | |
| Spring | ||
| Courses towards Concentration and other Remaining Requirements | 4.5 | |
| Course Units | 4.50 | |
| Fourth Year | ||
| Fall | ||
| Leadership Journey Capstone and Courses towards other Remaining Requirements | 4.5 | |
| Course Units | 4.50 | |
| Spring | ||
| Courses towards Remaining Requirements | 4.5 | |
| Course Units | 4.50 | |
| Total Course Units | 37.00 | |