A Master of Business Administration gives students additional skills and knowledge that can help them climb up the corporate ladder by combining coursework with everyday professional experiences. People who wish to obtain Master of Business Administration and continue working fulltime should consider an Executive MBA. EMBA can be obtained in less than two years and provides the same benefits as traditional MBA.
EMBA has more lean admission requirements. One of the factors considered before admission is the length and type of professional experience of an applicant. Applicants are expected to have at least five years professional experience, but often some EMBA students have ten or more year’s experience. Most business schools look keenly at applicants’ professional accomplishments. Professionals who can stimulate learning experience and benefit the academic environment are regarded highly by universities offering EMBA programs.
While many institutions offering EMBA emphasize professional experience, passing the Graduate Management Admission Test can help you get an EMBA admission. Many professionals prefer enrolling for EMBA programs because of the flexibility offered by the programs. Some business schools do not require the GMAT but recommend it for applicants whose professional accomplishments cannot prove their quantitative skills. Some business schools accept waivers for GMAT. This waiver is normally accepted if the applicant has received a postgraduate degree or has a great deal of quantitative skills.
EMBA applicants are required to provide two letters of recommendation. One must be from a direct manager or supervisor who can provide details of the applicant’s analytical, management and leadership skills as well as professional accomplishments. The other recommendation letter can be from a former employer, client or person who has worked closely with the applicant.
EMBA applicants are required to have an undergraduate degree from an accredited institution of learning. The degree must not necessarily be related to a business course. The application must include official transcripts of the undergraduate degree. Most schools look for a G.P.A of 3.0 or better.
According to the Executive MBA council, professionals who obtain an EMBA earn higher incomes. According to the organization, the mean salaries for students entering the program and leaving the program were $107,097 and $130,056 respectively. In most cases, the higher salary mean were achieved with the same employer. Students who obtain an EMBA degree are viewed as loyal by recruiters because they possess more staying power.
EMBA offers higher chances of advancing in your career towards more rewarding jobs and careers. This eliminates competition between classmates and allows students to focus on their accomplishments while remaining interested in collaboration and team-oriented learning. This helps students to develop strong professional and lifetime networks of peers, faculty, alumni and sponsors. EMBA programs allow students to interact with professionals in diverse fields and exchange new ideas.
Employers of EMBA students might pay full tuition in form of sponsorship or write letters of recommendations and adjust work schedules. Some Universities require students to obtain sponsorship letters demonstrating employee support. The main functions of the sponsorships are to acknowledge and reward work performance as well as motivate and retain employees. Some sponsorship programs fund student tuition expenses in exchange for employee retention for a certain period.
EMBA programs offer students the opportunity to acquire knowledge and skills that will impact their careers. Students broaden professional networks, cultivate relationships and learn how to relate in a globalized and multicultural setting. The impact of such skills enhances students’ leadership skills, which opens up professional opportunities.
Differences between MBA & an Executive MBA
One of the key differences between an MBA and an EMBA is the cost of the program. According to careerbuilder.com, a 2-year MBA program costs around $100,000 to complete. On the other hand, an EMBA program costs around $58,000 for a year and eight months. Many fulltime MBA programs offer study abroad while EMBA programs do not offer global immersion because of the shorter length of the programs.
Fulltime MBA programs take two years to complete. This allows students to gain full understanding of business courses and complete an internship while at school. Traditional MBA programs require students to dedicate two years to school. On the other hand, an EMBA program lasts for about a year and eight months and requires students to dedicate about 15-25 hours a week for classes. EMBA programs are designed to accommodate the busy schedules of professional students without them having to leave their jobs to complete the programs.
Traditional MBA and EMBA programs target two different groups. Many colleges offering fulltime MBA programs do not require work experience. On the contrary, most universities offering EMBA programs require students to have at least four years work experience. In addition, EMBA programs target mid-career, managerial and executive level professionals. The differences in the target market means that different faculty members may teach each of the programs.
The curriculum of the two programs varies. EMBA students learn about business integration and leadership. EMBA emphasizes business leadership and management at the executive level. Traditional MBA programs offer units that deal with core business operations, which can be taken by students with no exposure to business management and allow the students to specialize in the second year.
The benefits of MBA and EMBA also vary. The main benefit of traditional MBA programs is that they allow students to get into particular areas of the business world and get promotions. MBA programs may also boost your salary. The main benefit of EMBA programs is that they complement and update individuals’ business skills in a short time with minimal opportunity cost. Many professionals use EMBA as a step towards entrepreneurial paths as executives.
How to Apply for an EMBA Program
- Find out if your employer will sponsor your EMBA program. If you do not have employee sponsorship, consider applying for loans and scholarships to sponsor the program.
- Talk to other EMBA professionals to gauge ROI.
- Figure out how long you are willing to be enrolled in an MBA program. The average length of a program is about a year and a half.
- Determine the maximum time commitment you can make on a weekly or monthly basis.
- Do not overlook programs that are offered in universities located far from your hometown.
- Once you find the program that meets your needs, gather application materials.
- Send your application including all required documents.
- Once you receive acceptance letters, consult with your employer to decide which school to attend.