Hi Lisese,
Thanks for the question. As the new co-chair of Wharton's Volunteer Admission efforts and a Lauder student, I am happy to answer your questions. As LS mentioned, there is a requirement that on top of fulfilling all Wharton admission requirements, Lauder students are also reasonably fluent, although not native fluent, in at least one of eight languages- Mandarin Chinese, Arabic, Japanese, Russian, Portugese, Spanish, French or German. The idea is that in order to pursue international careers, students must be fluent enough to conduct business in the country that they are interested in. I am in the Chinese programme (珞德国际关系与管理研究所中文部)。
Answers to some common questions:
1) Lauder students are in fact full Wharton students, who are also taking an additional degree. Hence, when you apply to Lauder, you in fact have to be admitted to both Wharton and Lauder. However you need only submit one joint application.
2) The aim of the programme is to train international business leaders. So it is useful for someone like myself, who is not from China, but is interestd to work in China. At the same time, someone already from China wouldn't be able to join the Chinese track, simply because that would not be a productive use of your time.
3) Although foreign language fluency is a requirement, the Lauder programme is much more than a language programme. It combines classes teaching business culture, history, politics, and other "soft skills" necessary for one to succeed in a foreign professional and social culture.
4) Finally, because Lauder entails pursuing a separate masters degree, we must do a research project to graduate. For mine, I am working with a VC partner in Shanghai (who is also a Lauder alum!) to craft a China strategy for a firm that they had invested in. There are a wide range of other interesting projects- some are working with Goldman Sachs to help train women entrepreneurs in the developing world (
http://online.wsj.com/article/SB122600965065706385.html), some are working with hedge funds and private equity groups in Africa to bring social improvement to agriculture, others are doing research on setting up a consultancy to advice on the building of environmentally green buildings in China and the middle east. These are just a small sample of the projects available to us.
As for our job prospects after graduation, this really depends. A lot of us are looking outside the US for jobs, and that means that we don't really have as much competition (how many MBA students do you know, for instance, might be competing with the Lauder Russian track students for jobs in Ukraine?). However, even those looking for jobs within the US tend to do quite well, because employers recognise that Lauder students, who manage to multi-task two degrees in the already-hectic Wharton environment, bring intellectual rigour, good time management skills, and certainly additional cultural savvy. The last of which is important in this increasingly globalised world.
Hope this helps. Let me know if you have any other questions!