Last Updated: August 08, 2021
What is Executive MBA/EMBA?
Executive MBA or EMBA is a program similar to that of MBA in structure and format that is offered to a specific group of people. This program has been designed for executives and senior managers who have been working in the corporate sector for 5 or more years. It follows the pattern of a part-time MBA by letting candidates do the course alongside their full-time job. The classes for the course are conducted through evening or weekend classes, online classes, and even online tutorials that can help candidates catch up with their learning despite having a full work schedule.
Taking an EMBA is often an option only for candidates who are in top-tier companies. This is mostly because of the advanced content that is dealt with in the course that moves beyond basic business-related content and focuses on the nuances in the business. The course is offered in the top business schools and has a very low acceptance rate when compared to full-time and part-time MBA. The duration of the course is similar to that of a full-time MBA but often has to be completed within a 24-month period. The course helps candidates develop their existing skillsets and provide them a degree along with better networking opportunities, all of which are exceptionally important for corporate.
Benefits of Taking EMBA
The benefits of opting for an EMBA course lie in the takeaways offered by the course. While the candidates who are enrolling for the course will already be excelling in the field and will have a deep practical understanding of the course, they will lack theoretical knowledge which research and workshops can provide in an academic setup. An EMBA course focuses on this theoretical knowledge that can often go unnoticed by people working in the top-tiers but will, all the same, make a difference to their career.
The program will also have a particular peer group the candidate will be a part of for the duration of the course. Considering how each candidate will be a top executive or senior manager in their own organization, the class in itself becomes an excellent networking opportunity for every candidate completing the course. The course, in general, will enhance the existing skills of the candidate, provide them with new networks, help them switch careers if they so desire, and provide them with an additional degree qualification.
Admission Procedure for EMBA
Candidates who wish to apply for an executive MBA program will have to start by looking for the best programs available. Though the application requirements will include transcripts, work experience, letters of recommendation, and a statement of purpose, the main focus remains only on the work experience. This is mostly because of the years of experience candidates will have that renders their GPA and other academic qualifications to be redundant. This does not imply that factors like GPA do not matter but the kind of experience that candidates bring to the course will ultimately matter more.
- The focus will also remain on the letters of recommendation the candidates can provide since most EMBA programs expect candidates to do the course with full support from their organization. Candidates who often apply for an EMBA program will be funded by their work organization and hence will not find it difficult to procure decent letters of recommendation.
- The statement of purpose should also focus on why they want to pursue the course despite being successful in their profession and how the course will be able to benefit them. The statement of purpose should also include strong enough reasons that prove that the candidate intends to complete the course without dropping it in between.
- The final step for admission is similar to that of a full-time MBA and focuses on the performance of the candidate in the interview. This is because of the importance attributed to communication skills and leadership qualities that the program requires candidates to have. Since the documents submitted will not be able to establish the presence of these qualities, the interviewers from the admission board will be keen on analyzing the said qualities during the interview process.
Cost of Attendance for EMBA
The cost of studying an EMBA program is considered to be high when compared to other MBA programs. This is mainly because of the advanced nature of the course and the kind of candidates that sign up for the course. Since these candidates are already in top management positions in companies and since the program will mostly be fully funded by the organization the candidate works in, the programs do not hold back on the financial requirements.
The average fee for an EMBA program is estimated to be around $83,000 but the top business schools often charge more than this average rate. According to the U.S. News Rankings, the price exceeds at least $100,000 and can even be around $200,000 depending upon the institution the candidate is studying in. it used to be uncommon for candidates to fully fund their EMBA program since the company the candidate is working in often invests in the course with an expectation of monetary returns. But according to recent statistics, almost 53% of candidates fund the course by themselves.
Cost Difference Between EMBA and Full-Time MBA
The cost difference for EMBA and a full-time MBA is substantial and yet remains on the same scale due to the differences in the cost of education from institution to institution. While full-time MBA programs have their cost of attendance starting from even $26,000 per semester, the cost is significantly higher for EMBA programs. The cost for EMBA begins from $62,000 and on average is around $83,000.
The cost for a full-time MBA can go up to $200,000 or more depending on the institution the candidate is studying in. This remains the same for an EMBA program. The difference between the cost for both the courses is in the fact that a full-time MBA program will have a duration of anywhere between 1 to 2 years while an EMBA program will take the entirety of 2 years.
Top EMBA Programs in the US
The top institutions for studying EMBA are-
- University of Chicago
- University of Pennsylvania- Wharton
- Northwestern University- Kellogg
- Columbia University
- University of Michigan- Ann Arbor
Is Doing an EMBA Worth It?
Doing an EMBA is a choice that most candidates have to deliberately make since they will mostly be at a secure position career-wise. The choice has to be made depending on factors like career goals, their lifestyle, their requirements from the course, and their financial status before starting the course if they are planning on self-funding the degree.
The course ultimately focuses on enhancing the skillsets the candidate already has by teaching them about the theoretical aspects of content they already know. The main focus while doing an EMBA program is that of creating networks. Working closely with different candidates who come from varying industries and departments will be of great benefit to the candidate whether or not they benefit from the course otherwise. The investment returns also have to be considered by the candidate to see whether completing the course will be worth it. If the candidate cannot really make a difference with respect to their salary, doing the course might be considered to be an unnecessary investment considering the time they have to invest into the course.
At the end of the day, the worth of the course can only be determined by the candidate themselves by weighing the pros and cons the course can offer in their life. This is subject to the requirements of the candidate from the course and the benefits the institution they plan to study offers.