The Wharton School of the University of Pennsylvania has received a $60 million gift from alumnus Bruce Jacobs to launch a master of science program in quantitative finance, the business school’s first new degree in 50 years, the university announced Monday.

The gift represents the largest single donation in Wharton’s history and brings Jacobs’s total contributions to the school to more than $80 million.

Initially at least, the program is intended for Penn students completing their undergraduate degrees in quantitative fields. The Dr. Bruce I. Jacobs Master of Science in Quantitative Finance will require one extra year of coursework in such subjects as quantitative methods, machine learning, artificial intelligence and financial markets, with the goal of preparing graduates for careers in the quantitative asset management sector.

“When I was at the Wharton School, quantitative finance was in its infancy. Now, it is an essential discipline in this data-driven world,” said Jacobs, who earned his Ph.D. in 1986 and went on to cofound an equity management firm. “The new master of science in quantitative finance program will offer new focused courses, internships and real-world experience alongside established opportunities in quantitative finance. By 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 inaugural cohort will begin next fall.

“Wharton is the world’s top business school because it consistently leads at the forefront of fields like quantitative finance,” said University of Pennsylvania president J. Larry Jameson. “Dr. Jacobs has long been a champion for Wharton’s pre-eminence in this essential area, and we are deeply grateful for his historic gift. This new, innovative, hands-on graduate program will further advance our University’s strategic focus on data and AI while preparing our quantitative finance students and scholars to lead in a rapidly changing world.”