Maybe you’ve always wanted to pursue an MBA but never had the time. Maybe you’re a career professional who feels stalled on the corporate ladder. Or maybe you’re simply someone with a burning desire to learn more about business.
If these scenarios feel familiar, attending a top-ranked executive MBA program may be right for you. In contrast with traditional MBA programs, EMBA programs are designed for people who wish to attend school while also working full-time.
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“The difference is primarily in the audience being served,” explains Michael Desiderio, executive director of the Executive MBA Council (EMBAC), an academic association that represents the industry. “Executive MBA programs are tailored for working professionals.”
Still, EMBA programs can be time-consuming, expensive, and present difficulties to someone already juggling a career and a busy personal life. Attending one of the best executive MBA programs could set you back more than $200,000. On the other hand, an EMBA can impart important business skills, increase earning potential, and expand professional networks.
If you’re debating whether an executive MBA is worthwhile, we’ve outlined some of the benefits that draw thousands of students to these programs each year. Here’s what you need to know.
What is an EMBA and who is it for?
Most EMBA programs generally last about two years and require some in-person attendance on campus. Some programs meet once a month for four days, some meet biweekly. What’s important for prospective students to understand is that EMBA formats differ from a traditional MBA where students spend five days a week on campus.
“They’re aimed usually at the individual who wants to change their career path,” says Caryn L. Beck-Dudley, president and CEO of AACSB International, a business school accreditor and nonprofit association. “They might be a biologist, or they might be an engineer and they want to get into management, etc. They would go into the executive MBA program to learn a lot more about what businesses do, what they’re about. How to read financial statements, how to make decisions based upon statistics, analytics, etc.”
EMBA students, on average, are nearly 39 years old with 14-plus years of work experience and more than nine years of management experience, according to a 2022 EMBAC survey. By comparison, students in full-time MBA programs usually have three to seven years of experience in the workforce prior to returning to school.
EMBA programs pull applicants from a wide variety of fields, including pharmaceutical, biotech, health care, technology, manufacturing, and financial services industries. Sometimes these applicants want to gain new skills by pursuing an EMBA; sometimes they want to switch jobs or career paths.
“These are people that have substantive work experience, but they walk out of these programs with a new level of confidence,” says Desiderio of EMBA seekers.
What are the benefits of an EMBA?
It’s not unusual for a recent EMBA graduate to see a jump in job title. A person who was previously a manager or general manager may become a vice president or senior director after graduating.
“It’s usually a step up in the hierarchy,” says Beck-Dudley of receiving an EMBA.
On average, Beck-Dudley says, people see a salary bump of $10,000 to $15,000 per year after obtaining an EMBA. According to Desiderio, 2021 data reveals that workers see a 14.7% increase in compensation, which includes both salary and bonuses.
While obtaining an EMBA has potential financial benefits, Desiderio says that student surveys reveal that money isn’t the primary motivator for most in pursuing the degree. Other goals for EMBA seekers include the desire to gain new perspectives, leadership skills, and business knowledge.
Beck-Dudley stresses that pursuing an EMBA can also help grow your professional network.
“Most executive MBAs have a lot of networking with their past alumni. It allows current students and future students to rely on a network of people,” she says.
Desiderio says that EMBA students often gain a more global perspective from members of their cohort.
“Where do you get an opportunity to be immersed in a peer group that has that much work experience?” Desiderio says. “You’re discussing real world business problems. Now you’re hearing it from all those different angles.”
Factors to consider when contemplating an EMBA
For all the benefits of an EMBA, there’s also a hefty price tag. The top 10 schools on Fortune’s ranking of the best EMBA programs have an average cost of roughly $200,000, though some programs cost less than $50,000. On average, Desiderio says attending an EMBA program costs nearly $90,000.
There’s also the time commitment to consider. Doing the required readings, attending classes, and completing assignments are all tasks that students have to juggle with their regular life and workday.
“To invest every Friday and Saturday night is asking a lot,” Beck-Dudley says. “You have to be very, very organized.”
How to decide if an EMBA is worthwhile
Prospective students should consider the above factors, along with anything else that’s more personally relevant, when deciding whether it’s worthwhile to pursue an executive MBA degree.
“You’re going to have to weigh that for yourself,” Desiderio says. “Are the salary gains, from that standpoint, going to be worth it? The averages show that they are, but it’s more than that.”
Additionally, simply holding an EMBA isn’t a guarantee of success on its own.
“We do hear that people get more responses, promotions, but you’ve got to leverage it like everything else,” Desiderio says. “It’s not a magic bullet. It gives you more tools in the toolbox, which hopefully makes you more valuable to your employer.”
Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.
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