Is Executive MBA Worth It?

Are you ambitious and have been maintaining consistency in your career graph? Are you willing to boost your resume and enhance your chances of rising up the success ladder? An Executive MBA (EMBA) course might be the right choice for you.

An EMBA program is designed for professionals who have already made significant progress at work and have gained significant years of experience (at least 6-7 years), as opposed to a full-time MBA course. The latter is for students and relatively inexperienced young people who want to make a career change.

An EMBA course, however, is not for those who wish to make a career change. If you are pretty sure you want to stay in the field you have gained work experience in and are looking forward to improving your skills and getting a career boost in the same field, then an EMBA degree is tailor-made for you.

An EMBA program is meant to broaden the skills and knowledge of a professional in his/her particular industry. The best thing is you can take up this course and still continue your full-time employment without taking any career breaks. In other words, you don’t need to leave your job to pursue an Executive MBA course – classes are held during the weekends.

People often get confused about the nature and scope of the EMBA course, mostly due to the word, ‘executive’ in its nomenclature. It gives a wrong notion that this program is suitable only for those in the Executive (read VP, ACP, GM) ranks. However, it is not so – an EMBA is for anyone who considers himself/herself as a future leader.

If you believe you have the capabilities to handle both your full-time job and your classes, while also taking care of your personal life and health, read on.

Also Read – How Much Could MBA Graduates Hope To Earn?

EMBA is the best choice for those who want to expand their knowledge and improve one’s management skills. Additionally, an EMBA program also develops your skills in handling various cutting-edge business tools and develops your analytical and strategic thinking abilities.

Everybody loves to lead a team and handle many more responsibilities. But not all of us get the required opportunity to prove ourselves, and worse still, many of us don’t get proper guidance as to which career path to choose. An EMBA brings improved the chances of promotion and career growth, especially for professionals in accounting, finance, marketing, and consulting. However, its ambit is not limited to only these fields. Anybody willing to acquire new professional and leadership skills can apply.

This is an age of entrepreneurship and you may be planning to build a start-up around a cracking idea.  An Executive MBA program is a good solution for you since you can invest time in your business while studying and gaining skills and at the same time implement your learning in your business in real time.

Also Read – Which MBA Program Offers the Best ROI? 

What are the Benefits of EMBA?

The first and foremost question that might be on your mind would be, “How will EMBA repay me?” Quite simply, an EMBA will provide ample Return on Investment by setting you up for leadership roles by building managerial, business, and leadership skills within you.

In fact, in some cases it may even help you skip a few ranks and attain a position of much higher authority with more responsibilities. A significant raise in your annual income and better career prospects go hand in hand.

But this can differ from role to role and organization – it will best for you to judge the chances of the above happening for you before you take a leap for an EMBA. Is it worth investing in and will it be helpful for you in the long run? Most importantly, are you going to receive enough recognition at work and be given higher roles post the EMBA? Always consider your future benefits before pursuing an EMBA course.

If you are unclear about the prospects for your within your organization after an EMBA, consider talking to HR about it.

In terms of factual proof, let’s consider the remuneration increase you can expect. As per the 2017 Student Exit Benchmarking Survey reports of The Executive MBA Council, the bonus and salary package of a typical candidate rose by 14.1%. This translates to an average hike in the salary package from around $177,000 to about $201,500. Additionally, about 41% of candidates said they got a promotion, and 52% reported an increase in responsibilities at work.

Of course benefits of such a course aren’t just financial – let’s talk about the many other non-financial advantages you will have at the end of an EMBA course –

  • You can introduce and implement fresh and innovative ideas in your workplace.
  • You can strengthen your connections with leaders, business people, and other executives in your particular industry or sector
  • You can become a better leader and manage several projects with greater efficiency
  • You will gain confidence in yourself and get to know the business world
  • You can enhance your analytical and problem-solving skills, which are essential while playing the role of a manager or a leader. For example, you will be able to analyse real-life work situations and issues, determine the root of the problem, and derive realistic solutions.
  • You will develop good communication skills, without which one cannot prosper in higher managerial positions.
  • You can build a strong network of peers and experts that facilitate a collaborative learning environment.
  • You can learn new classroom concepts, acquire the skills to handle new business tools, and obtain enough theoretical knowledge, which you can apply in practical work life.
  • You will gain deeper insights into organisational culture and how the hierarchy works.
  • You can open up your company to a global network of customers and other industry leaders.
  • EMBA graduates are invited to attend seminars/webinars, conferences, guest speaker events, paper presentations, discussion panels, and the like. It allows you to meet national and international executives, business spokespersons, and industry leaders and get valuable insights into the latest business trends.
  • You can connect with a broader talent pool and expand your business networks through various sources like the alumni community, global electives, international students of your institution, and experienced faculty.

Together with your years of work experience, the EMBA program adds to it some advanced practical knowledge and expertise, allowing you to step up the career ladder.

How Much Does an EMBA Program Cost? Is It Worth Paying For?

Good things don’t come for free. An EMBA course with at a much higher cost compared to a full-time MBA program. But considering the numerous advantages you get, the price you are paying is definitely worth it.

Coming to the question of fee, here are what some of the top programs around the world charge for their Executive MBA.

Also Read – Where In The World Do You Get ‘A Value For Money’ MBA?

Cost of top EMBA Programs

Business SchoolDurationEMBA Cost
The Wharton School24 months$205,200
Booth School of Business21 months$189,000
Columbia University24 months$202,080
Haas School of Business19 months$185,000

As you can see an EMBA, doesn’t come cheap!

The good news though is that according to the Executive MBA Council, is, a larger number of EMBA programs are now offering scholarships to their students. 61.4% of the business schools provided fellowships and scholarships in 2017, which is much higher than the previous years.

So, make sure to check them out before applying for any course; otherwise, you may end up burning a big hole in your pocket!

Just like the benefits of the course, many of which can’t be accounted for in monetary terms, not all costs you will incur are financial.

While pursuing an EMBA course, you must maintain a proper balance between your current employment, studies, personal relationships, and most importantly, your health. Patience, consistency, and compromise are the key terms you must follow while taking up an EMBA course. Learn about all the terms and conditions of the course you plan to pursue and consider every scenario you are going to face during the course. Commit only when you think you can manage.

Another important advice would be to not make the mistake of leaving your current employment for an EMBA. Infact, it’s best that you don’t get lax at work and stay committed to your work fully.

You will need to compromise on your leisure time and hanging out with friends, but it will pay off in the long run. Also, best not to plan a child during this period – you will have little time to sleep, let alone attend to a new life! You need to have the will-power and motivation to get accustomed to the hectic schedule.

But if you stay the course, you will be surprised to see a change in your seniors’ treatment towards you and the new responsibilities that start coming your way as you progress through the course.

Difference Between EMBA and Regular MBA

Executive MBA has several advantages over a full-time MBA; the greatest of them is you don’t need to take any career break.

The two courses differ from each other, mainly in areas like target student profile, class structure, cost, work and MBA experience, and above all, post-MBA goals. Taking a look at them in details, we get –

  • An EMBA degree has an advantage over a regular MBA course by offering the ‘MBA’ tag plus the additional perk of keeping your full-time job
  • Only professionals having ample work experience can apply for an EMBA program, whereas any person with or without professional experience can apply for a full-time MBA course.
  • If you are planning to enhance your professional skills after working for an average of 14 years, and want to stay in your specific field or industry, go for an EMBA degree. But if you are willing to make a career change with much lesser work experience of around 4-5 years, a full-time MBA is a better option.
  • An EMBA degree can be a good bargaining chip with your current employer. The enhanced knowledge and skills you acquire will compel your employer to give you a salary hike and promotion
  • The tuition fees for an EMBA program is around 200k at the top B-schools, and around 90k at the average B-schools. For a full-time MBA program, you would need to pay somewhere around 80k at the top B-schools.
  • The admission selectivity procedure for an EMBA course is not that rigid, and most schools would ask for lower GMAT score averages. Whereas the admission process in a full-time MBA course is highly competitive, and the acceptance rates are almost always less than 10% in the top B-schools.
  • The intake capacity in an EMBA class is much lower than regular MBA ones. On the other hand, nearly hundreds of candidates apply for a full-time MBA program, depending on the popularity and success rates of the school.
  • EMBA candidates come from diverse fields, creating a huge talent pool. This experience-rich community can contribute largely to the program. This healthy atmosphere promotes growth, widens your professional network, and opens up business opportunities.
  • EMBA is not a course for people seeking a career change, and in fact, many schools would ask to furnish permission from one’s current employer. But a full-time MBA course is ideal for students looking for a change in their career field and even industry. Students coming from any background can pursue a regular MBA course to enter the world of business management and play various managerial roles in several organisations.
  • EMBA graduates can apply their knowledge and classroom learning at their workplace, bringing more success to the business and enhancing their own values.

Also Read – Is an Executive MBA worth it?

Conclusion

An EMBA is an easy course to manage and will put your work and life under tremendous pressure. Consider all the pros and cons, weigh them against the investment you are making, with respect to time, money, and effort before taking a step. Is it worth those compromises and investments? If yes, certainly go for it! An EMBA program will support you in acquiring many new skills, make you more valuable in the job market, and push you career forward to new heights in your existing organization.

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