Since its inception in 1943, there has been a dramatic growth in the EMBA program, with more than 300 Executive MBAs provided worldwide now. Most of this growth has been in the North American region. Business leaders are increasingly realizing the value that can be found in an executive MBA degree and are enrolling in them to attain career advancement.
What is an Executive MBA?
An executive MBA program provides business leaders, entrepreneurs and top level executives the opportunity to improve their existing managerial knowledge and expertise by providing a unique setting of classes that are well suited to complement their work schedules. The EMBA program is designed specifically for individuals with considerable work experience in the business field already, who want to improve their knowledge on the upcoming managerial trends, leadership qualities and build a peer network within their industry. It is a high quality degree that attracts experienced and talented business professionals from a variety of different fields, such as health care, IT, banking, manufacturing and so on.
According to a 2010 Executive MBA Council survey, the average age of EMBA students is 37 years and they enter the program with an average 13 years of work experience, 8 years of it being in some managerial capacity. The executive MBA program is typically sponsored by the company and classes take place once a week or bimonthly. It is an accelerated program which allows students to complete the program within two years while causing no interruption in their work schedules.
Executive MBA vs. Traditional MBA Program
The executive MBA program differs in many aspects from the traditional MBA program. Some of the major differences are:
Course Format
Executive MBA courses are in a step-lock grid with pre-assigned courses each semester unlike the traditional MBA where you are allowed to pick your courses in each term. Typically, an EMBA class has the same students and classmates for the entire two year program.
Class Schedule
Since executive MBA students are working individuals, classes usually take place for an entire day once a week or bimonthly. According to the Executive MBA Council research, 35% of EMBA classes meet weekly while 34% meet every two weeks.
Admissions
In order to be admitted to a top executive MBA program, an individual must have a minimum of 5 years work experience as a business leader. Taking the GMAT is not a requirement as it is for the traditional MBA.
Services
Other than providing an opportunity for building a peer network, an EMBA comes with a number of staple services that are designed to reduce the pressure on working individuals. It is considered standard to provide help with the registration process, provide meals during classes and supply all necessary books and materials to EMBA students.
Finances
Most Executive MBA programs are sponsored entirely by the company they are currently working in. While some companies also sponsor traditional MBA programs, most students either take out student loans or obtain scholarships to pay for their studies themselves.
Advantages of an Executive MBA
An executive MBA program is well suited for those with considerable work experience and is used to advance their knowledge and networking skills. While the course material may be similar to other MBA programs, an executive MBA program forms great leaders and helps executives and entrepreneurs strengthen their businesses and bring success to their companies.