Executive MBA programs do not come cheap, targeted as they are towards professionals who want to hone up their skills and do not mind spending a part of their earnings for it.
An increasing number of business schools are also offering scholarships for the select few, along with top draw accommodation, gourmet meals and global tours to sweeten the deal.
Leading the pack is Northwestern University’s Kellogg School of Management at Evanston, Illinois and Miami, Florida. The current listed cost for the latest MBA cohort joining Kellogg is $187,290. Those planning to join in later in September 2016 or January 2017 should be prepared for a three to five percent increase that would kick up the fees to more than $191,000.
In the past five years, Kellogg has hiked the cost of its EMBA program by a hefty 22%, when the cumulative rate of inflation was just 8.8%. This translates to an increase of $33,390, from $153,900 in early 2011. Even on percentage terms, few other business schools match the increase. The University of Chicago’s Booth School of Business hiked the price of its EMBA by 26%, or three times the rate of inflation. That rise lifted the cost of Booth’s Executive MBA by $37,000, to $179,000 now, versus $142,000 just five years ago.
An increasing number of business schools are also offering scholarships for the select few, along with top draw accommodation, gourmet meals and global tours to sweeten the deal.
Following close behind Kellogg is Wharton whose EMBA program at its home campus in Philadelphia and satellite campus in San Francisco are at $186,900. In the past five years, Wharton has kept increases in the cost of its West Coast program slightly under inflation at 8.5%, hiking the cost of its East Coast program by 15%. Otherwise, Wharton would have maintained its claim to the world’s most expensive MBA program.
Interestingly, the fee hikes come at a time when fewer companies are footing the bill for training their executives. Several other lower cost options like on-line degree programs to MOOCs (massive open on-line courses) are also available. Some schools, including Wharton, are now bundling a series of four MOOC courses into specializations with capstone courses for just $595.
While business schools in the past have shied away from offering scholarships for EMBA, the trend is changing and even discounts are being offered. Kelloggs itself has limited scholarships including a 30% reduction to a student in each cohort from the non-profit sector, a $12,500 scholarship to an entrepreneur, and a $10,000 grant to a student working in the energy industry.
ALSO READ: Executive MBA: Wharton Regains Top Spot In US News Rankings 2017
A spokesman for Kellogg says its fees covers everything from classes and textbooks to accommodations, meals, and career services. This includes three gourmet meals a day, unlimited snacks, coffee breaks and more along with first-class suites in the James L. Allen Center (Evanston campus) or Hyatt Regency Coral Gables (Miami campus).
These programs often include one or more global excursions, expensive propositions for the schools. They often are taught by a school’s star professors and have dedicated career coaches and career development staffers.
In most cases, the full-in cost is inclusive of all amenities. But like airlines that charge for bags and pillows, some business schools now keep the tuition pricetag low and then tag on costs. Duke University’s Global Executive MBA charges $1,550 more than he $166,000 fees for students who want laptops pre-configurated for the program.
Elective courses would be $2,000 each. Another $8,000 for two elective courses. The school’s Health Sector Management Certificate, which includes a half dozen courses, has a hefty $12,000 add-on charge.