If you’re looking for a fast track into the C-suite—but you have already been working in industry for several years—an executive MBA (EMBA) could be what’s just right for you. Designed for working professionals with classes often in a hybrid format or simply in the evening or on weekends, the degree can be just what your next career step needs.
Pursuing an EMBA is not easy. For the next two or so years, you’ll have to balance having a full-time job, attending class, and studying for exams—while still taking care of yourself and your family. However, the rewards on the other side—such as the potential for an increased salary and bigger responsibilities—can make it all worth it.
There are hundreds of EMBA programs across the world, according to the EMBA Council, so in order to make the initial process a little easier of finding prestigious opportunities that can lead you directly to those rewards during and shortly after programs, Fortune ranked the best executive MBA programs. For our most recent list, Northwestern (Kellogg), Columbia Business School, and University of Pennsylvania (Wharton) came out on top. Here’s how we calculated our rankings.
Methodology for Fortune’s ranking of the best executive MBA programs
No EMBA program is the same, but in order to be part of our ranking, schools must be non-profit, accredited, and place value on creating a rigorous degree atmosphere. In terms of data, we considered a variety of factors, including price, student backgrounds, and student success. After consultation with our expert panel, we utilized indicators that we felt best judged the executive MBA ecosystem for 2024.
Here are the data points we used:
Data that Fortune collected:
- Fortune 1000: 25%
- We looked at the leaders of America’s 1000 biggest companies to see if they had obtained an MBA—and from which school. We analyzed each CEO, CFO, as well as technology lead (whether that be CIO, CTO, or CISO). The more Fortune 1000 C-level placement, the higher the school’s Fortune 1000 Score. A school’s score includes Fortune 1000 C-levels who graduated with an MBA from the school, regardless of the type of MBA program.
- Average annual search volume: 15%
- We looked at the average number of times during a month that people search for each business school on Google, then converted it into a yearly metric to measure public perception of a school’s brand and reputation and how it affected what school they were interested in attending.
- Previous Fortune executive MBA ranking: 5%
- We considered if a school participated in the last edition of Fortune’s executive MBA ranking
School-provided data:
- Size of 2022–2023 graduating class: 5%
- Total tuition, out-of-state: 5%
- Graduation rate, 2020–23: 8.5%
- One-year retention rate, 2022–23: 8.5%
- Acceptance rate, 2023-24: 7%
- Yield, 2023–24 (matriculates/admits): 7%
- Average number of years of work experience, 2023–24 entrants: 7%
- Average number of years of management experience, 2023–24 entrants: 7%
Our expert panel
Prior to the creation of our ranking, Fortune discussed the world of EMBAs with two experts who know the space well. They’ve both worked directly with business schools, admissions counselors, and prospective students for a number of years:
- David White, founding partner, Menlo Coaching
- Lily Bi, president and CEO, AACSB
By asking questions about the differences between an EMBA and other formats, EMBA curriculum, and student outcomes, we hoped to gain a better understanding of how to guide those seeking the degree. It’s noteworthy that neither expert was directly involved in ranking any programs.
Who is best suited for an EMBA?
EMBAs are designed for those with much more work and management experience than a traditional MBA program—which allows for students to have more nuanced discussion and learning of business issues, White says.
“It might be disruptive if you had several people, even if very smart, who were only two years into their career, who'd never experienced those situations, and they just couldn't join the discussion in the same way,” he explains.
Of the schools ranked by Fortune, the average number of years of work experience for 2023-24 entrants was a little less than 15 years; entrants also had about 8 years of management experience.
And while prestige is a big factor for many students picking their program, what may matter more is simply location. Because most EMBAs are not fully online and instead include in-person programming on a regular basis, it makes logistical sense to not enroll in a school that is based on the other side of the country, White explains.
At the same time, prospective students should do their research on the schools that interest them the most since many have EMBA offerings outside of their business school’s home turf. For example, NYU (Stern) offers an EMBA in Washington D.C., Northwestern (Kellogg) has a program in Miami, and the University of Michigan (Ross) has a location in Los Angeles.
In terms of the admissions process, while the required materials are largely similar to other MBA programs, EMBAs may require a letter from one’s current employer indicating that they will allow the time for the student to participate in relevant program activities. White also says that acceptance rates into EMBAs are generally higher since there is often coordination between admissions teams and prospective students before even applying to see if they meet standards.
Overall, the EMBA degree can lead more often to career acceleration than a complete career change for a senior, mid-level employee, White says. For example, an EMBA may be suited well for an individual who is in a technical or scientific role and wants to move into a business leadership role at the same company.
What distinguishes an EMBA from an MBA?
The broad learning theme sets EMBAs apart from executive MBAs, Bi explains—noting that for EMBAs, strategy is front and center. Whereas traditional MBAs focus on teaching students analytical thinking skills, EMBAs emphasize strategic thinking skills—in part because the cohorts have already reached mid-level management roles.
The average student age of a traditional MBA program may be 25 to 35, but executive MBA students typically fall in the 35 to 45 year old range, Bi predicts.
Even though EMBAs may come with a hefty price tag and require students to be masters at time management, she says those who truly put in the most effort will be the ones who succeed the most in their careers.
“I think for most programs, regardless where you are, the first thing is you have to have that drive,” Bi says. “Nobody can force you.”
Even though an EMBA may be a challenging task trying to balance school, work, and family life, Bi says students do not have an excuse to not finish out their program.
“For the majority, if you want to do that [an EMBA], just finish it,” Bi says.
Frequently asked questions
Is an executive MBA as good as an MBA?
For those later in their career, an executive MBA can be a better choice since the student population will have more work and management experience than a traditional MBA program. This can lead to more advanced discussions and learning opportunities about some of the most challenging issues facing the business world. Overall, though, employers tend to not care or ask about the format of your MBA.
What is the best executive MBA program?
Northwestern University’s Kellogg School of Management has the best executive MBA program, based on Fortune’s ranking. The program has a 77% yield in terms of those matriculating after being admitted. 2023-24 admits had an average of 14 years of work experience and 9 years of management experience.
Is an executive MBA worth it?
Yes, an executive MBA is worth it for those seeking to advance in their career. Graduates, on average, receive a roughly 24% compensation bump, and 42% of students receive a promotion during their program, according to 2022-2023 student exit survey data collected by the EMBA Council.
Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.
