Are you someone who has been working as a business leader for many years and have acquired a significant amount of work experience? Do you desire to understand more about certain business aspects, be up-to-date with new business concepts, and advance your leadership and management skills? If so, an Executive Master of Business Administration (EMBA) degree is the right degree for you.
An EMBA is designed to enhance the effectiveness of experienced managers. Due to the extensive workloads and busy schedules these types of professionals carry, EMBAs offer flexibility and deliver course content in a variety of formats that cater to the working professional. Some programs offer classes on weeknights or weekends. Others hold classes a few days once a month, bi-weekly for a couple of days, or even an online or hybrid format. Typically, EMBAs can be obtained in less than two years. Let’s take a look at a few components of Executive MBA programs.
An EMBA has more lean admission requirements than a traditional MBA. One of the factors considered before admission is the length and type of an applicant’s professional experience. The expectation is they have at least five years of work experience, but they often have ten or more. Most business schools look keenly at applicants’ professional accomplishments. Those who can stimulate learning experience and benefit the academic environment are regarded highly by universities offering EMBA programs.
Passing the Graduate Management Admission Test (GMAT) can help you get an EMBA admission. Some business schools do not require the GMAT but recommend it for applicants whose experience cannot prove their quantitative skills. There are possible GMAT waivers generally accepted if they have received a postgraduate degree or have acquired the right 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, not necessarily business-related, from an accredited institution. The application must include official transcripts of the undergraduate degree. Most schools look for a GPA of 3.0 or better.
Benefits of Earning an EMBA
According to the Executive MBA Council (EMBAC), 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 $169,269 and $193,200, respectively. In most cases, the higher salary average was 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 opportunities. This eliminates competition between classmates and allows students to focus on their accomplishments while remaining interested in collaboration and team-oriented learning. Students develop strong professional networks of peers, faculty, alumni, and sponsors that last for a lifetime. EMBA programs allow students to cultivate professional relationships in diverse fields, exchange new ideas, and learn to relate in a globalized and multicultural setting.
Most employers support EMBA students by writing letters of recommendation, adjusting work schedules, and sometimes paying full tuition in the form of sponsorship. A recent EMBAC report states that 17.6% of EMBA students received full sponsorship from their employer. Some universities require students to obtain sponsorship letters demonstrating employee support. The sponsorships’ primary functions are to acknowledge and reward work performance and motivate and retain employees. Some sponsorship programs fund student tuition expenses in exchange for employee retention for a specific period.
Differences Between an MBA & Executive MBA
There is contrasting information about cost differences between an MBA and EMBA. A 2019 survey conducted by EMBAC shows the average cost for an EMBA is $82,796. US News & World Report states that an EMBA often exceeds $100,000. It also shows that at some top prestigious business schools, it can exceed $200,000. But, at these schools, you will be paying an almost similar price for their MBA program. Top business schools’ full-time MBA programs can range anywhere from $60,000 to $150,000 or higher for two years.
There are various time requirements for MBA and EMBA degrees dependent upon the program, the school, and the commitment level. Full-time traditional MBA programs require students to dedicate an entire two years to school to understand business courses and complete internships. On the other hand, an EMBA program lasts, on average, a year and eight months, requiring students to dedicate about 15-25 hours a week for classes. EMBA programs are designed to accommodate the professional student’s work schedules.
EMBA and traditional MBA programs target two different groups. Fresh professionals who have recently completed an undergraduate degree and possibly have acquired a couple of years of work experience thrive in MBA programs. On the contrary, EMBA programs are for seasoned professionals with mid-career, managerial or executive-level experience. EMBAC statistics show the average age of EMBA students is 38.4, with 14.3 years of work experience, including 8.8 years in management roles.
The curriculum of the two programs varies. An EMBA emphasizes advanced business functions, leadership, and management at the executive level. Traditional MBA programs offer courses that deal with core business operations, which can be taken by students who have no business management exposure and allow them to specialize in the second year.
The main benefit of traditional MBA programs is that they allow students to get into particular areas of the business world, receive promotions, and boost their salary. The main benefits of EMBA programs are that they offer advanced professional development and complement and update individuals’ business skills in a short time with minimal opportunity cost while still working full-time. Many professionals use EMBA as a step towards entrepreneurial paths as executives.
Does an EMBA spark your interest? Here are some things to contemplate if you plan to apply for an EMBA:
- Talk to other EMBA professionals to gauge ROI.
- Determine the amount of time per week/month you can commit to a program.
- Gather recommendation letters and see if your employer will sponsor you. If not, apply for loans and scholarships.
- With the flexible format options, including online and hybrid, do not overlook programs located far from where you live.
- Check out more reasons why you should get an EMBA here.