The decision to attend graduate school can feel both overwhelming and exhausting. For individuals who have been in the workforce for a long period, giving up a salary and the 9-to-5 schedule may not be a feasible option. Thankfully, a graduate degree called an Executive MBA exists. Introduced by the University of Chicago in 1943, this degree is a perfect option for ambitious individuals seeking to upgrade their skills while remaining employed.
What topics does this degree cover? What are the types of EMBA’s?
Much like every MBA is different, every EMBA will be slightly different. Certain schools offer the degree with a specific focus–some with more traditional topics such as Human Resources and Finance, others embracing technology in the workforce by adding Artificial Intelligence specializations. Despite the range of these degrees, they will likely all contain the following curricula:
- Financial management: Encompasses corporate finance, investment decisions, and financial modeling
- Marketing management: Consists of customer analysis, product positioning, and strategy
- Operations management: Covers supply chain management, production planning, and operational efficiency
- Leadership development: Emphasizes team-building, communication skills, and conflict resolution
- Data analytics: Highlights skills such as statistical analysis and business intelligence
- -Business ethics: Discusses topics such as corporate social responsibility and stakeholder management.
Much like the content between EMBA programs varies, the structure can also vary. A few popular types of EMBA’s include the following:
- Accelerated EMBA: A more intense program for individuals who want to take on larger course loads with fewer breaks. Typically, they take about one year to complete.
- Global EMBA: As the world becomes increasingly connected, it’s more important than ever for business leaders to be empathetic, smart, and savvy in global company endeavors. The Global EMBA is designed to help future business leaders specialize in skills such as global innovation and development.
Who is an Executive MBA for?
Individuals from all walks of life can apply for and be successful in an EMBA program. However, there are a few traits in particular that are attractive to EMBA admissions committees. To enroll in a traditional MBA, work experience is often encouraged but not required. For the EMBA, work experience is usually required. Many programs encourage students to integrate the information gathered in the coursework into their careers. When pursuing an EMBA, it’s recommended to have some background in business curriculum, as the courses will usually not be geared toward entry-level assignments.
Another important factor to consider is the time it will take to obtain the degree. If you are hoping to learn skills and pivot industries quickly, a full-time MBA might be the better degree. Similarly, if you are a student fresh out of undergraduate or someone coming from a non-business background, the full-time MBA will also be a more desirable option.
Because they are geared toward working professionals, it is common for EMBA programs to be hybrid or fully virtual. If you feel as though you learn best on campus in a classroom setting, a traditional MBA may be the better graduate degree to pursue.
The EMBA is usually designed for driven and intelligent individuals seeking to fill any gaps in their workplace knowledge. It is fairly common for EMBA applicants to pursue the degree in hopes of higher salary or promotions at a current company.
Is the EMBA worth it?
After considering all of this information, you may be asking yourself if an EMBA is “worth it.” Determining if further education is a worthwhile endeavor is a deeply personal decision. One compelling factor that individuals contemplating this degree should consider is the difference in salary before and after completing the program. Because EMBA students often have more work experience and industry expertise, they are more likely to receive promotions while still enrolled in schooling. MBA students may not see an increase in salary until after the program has been completed. It’s important to keep in mind that MBA graduates may see a higher increase in salary due to starting from a lower salary standpoint. On average, students who complete an EMBA program see a salary boost of approximately 13.5%.
Another factor individuals should prioritize is cost. There is a wide range of costs for both MBA and EMBA programs, with top schools asking for upwards of $200,000 for tuition alone and other institutions offering programs in the $20,000 range. Beyond the glitz and glamour of a prestigious school, prospective applicants should be clear about their goals and how a certain school will help achieve them. For example, an intelligent and hardworking employee may notice that many of the managerial staff at their workplace obtained their EMBA’s at a nearby university. It would be wise for this employee to apply to that university not only out of convenience but also because the managerial staff will be familiar with the program and how it equips students to succeed. Alternatively, if someone is aiming to climb the ranks of a very elite company, it may be in their best interest to attend a competitive program. Of course, it’s also important to remember that price does not always equal prestige. Prospective EMBA students can still be very successful in graduating from affordable programs emphasizing practical skills and academic rigor.
Beyond considering the monetary cost, students interested in pursuing graduate education should consider opportunity costs. The EMBA tends to have a lower opportunity cost, meaning that your career trajectory will not have to be placed on hold while pursuing school. For MBA students, there is a larger opportunity cost–foregoing two years of salary progression and full-time work experience in hopes of a managerial position at the end of the program.
Before submitting any deposits, potential EMBA and MBA students should visit schools in which they have been accepted. Particularly, EMBA students should be studying cohort sizes, types of classes offered, the careers or specialties the professors hold, and any notable features about the university (for example, if the university has a reputation for hiring into a certain industry). The school you select can significantly impact your professional career and salary, so it is best to research which schools will set up students for success ahead of time.
Pros and Cons of MBA versus EMBA
Although the MBA has existed longer than the EMBA, applications are actually on the rise for EMBA programs. According to the EMBA Council, the number of EMBA program inquiries rose by about 15% from 2022 to 2023. This is likely because employers value employees with strong leadership and management skills. If you’re searching for a degree that’s generating increasing demand, it may be wise to enroll in an EMBA over a traditional MBA degree.
One potential downside of the EMBA is that it is usually sought by individuals seeking to become experts in their chosen career field. This can be frustrating for applicants who have a wealth of work experience but are seeking to change industries. Similarly, because EMBA students work full-time, networking opportunities will be more limited. For students seeking to grow their professional network significantly, an MBA may be the better option.
Another attractive feature of the EMBA is company sponsorship. Although some companies will sponsor MBA programs as well, it is much more common for employers to provide financial assistance to EMBA employees. When accepting company sponsorship, it’s important to understand that this assistance also comes with commitment and conditions toward the company. It is not uncommon for companies that sponsor employees furthering their education to initiate a contract to work for the company for a set amount of years after the program is finished. Therefore, if you choose to accept sponsorship, make sure you enjoy the company culture and can envision yourself growing in the environment.
Test scores and other various admission requirements can be another potential downside to EMBA programs. For full-time MBA programs, the GMAT or GRE is usually required. Conversely, for EMBA programs, test scores are usually unnecessary as work experience is weighed more heavily. If you are a strong test taker and still an early career professional, it may be worth pursuing a traditional MBA and seeking scholarships based on high test scores.
After carefully considering the pros and cons of both programs, it’s now possible to make an informed choice about which graduate business degree works best for your workplace goals.