Policies Governing Exchange

Exchange Program Policies

You should be aware of the policies governing participation in the exchange program.

  • Exchange credits may not be used to meet Wharton’s core requirement;
  • Coursework taken on exchange is recorded as Satisfactorily/Unsatisfactorily (pass/fail) in Wharton transcript;
  • Students on academic probation, failed coursework or in violation of Wharton ethics guidelines are not eligible for the program;
  • All courses taken on exchange are electives; students may not repeat courses taken at Wharton at the host school; prior departmental approval is necessary to earn major credit for exchange courses;
  • Students on half-semester exchanges (including INSEAD) are required to take a minimum of two Wharton credit units. Full-semester exchange periods require taking the equivalent of four Wharton credit units. Students not meeting this requirement will receive a failing grade for the number of missing credit units. This also consumes credit for tuition purposes. 1 Wharton credit unit is between 36 and 42 hours;
  • While MBA students may earn 21 credits without additional tuition charge, 15 MBA credit units must be taken at Wharton, leaving a total of 6 credits available for exchange. Tuition for any credits earned over the 21-credit limit will be charged to the student’s bursar bill at the amount appropriate for the academic year in which the extra credit is completed;
  • Students at each school will pay their own travel, housing, and all incidental expenses incurred during the exchange visit
  • Career management services are available at the host school only while on exchange;
  • Exchange students will be treated on par with home students (at a comparable stage in the program) with respect to registration priority for courses.

Those students interested in attending INSEAD should be aware of the following:

  • The credit equivalence between the two programs is: 1 Wharton cu = 1.5 INSEAD courses
  • Wharton students must take a minimum of 3 INSEAD courses ( i.e., 2 Wharton cu) and a maximum of 6 INSEAD courses (up to 4 Wharton cu) during each period (quarter) on exchange.
  • Students may visit either of the two INSEAD campuses for either one or two INSEAD periods. Periods 4 and 5 of the INSEAD calendar offer the best selection of electives.



Since this is a direct exchange, tuition is paid to Wharton and not to the exchange institution. Any financial aid that you receive should not be affected by your study abroad plans. You will be responsible for housing and other living expenses.