It’s never too late to earn an MBA—and it’s not too late for one of the oldest MBA programs in the country to reinvent its executive business education offerings. Yale School of Management announced this month a major change to its executive MBA program, which Fortune ranks No. 3 in the U.S.
Launched in 2005, Yale’s MBA for Executives program was originally focused on developing leaders in the health care industry. Since then, it has expanded to include specializations in asset management and sustainability. Yale SOM announced this month, however, that it has added a general management focus.
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Starting with the executive MBA class entering in 2024, students will complete the core curriculum—which has not changed—and then in their second year of the program can choose from elective courses across the areas of focus. This expansion offers students more flexibility and career options, school officials say. In fact, the school had started receiving an “increase in inquiries” for this addition to the program, Wendy Tsung, assistant dean for the MBA for Executives program at Yale, tells Fortune.
“Today, as we see more industries and functions intersecting, it is important to be able to adapt our program,” Tsung says. “This change will allow us to continue to build on what is special and unique in the program while enabling us to reach more people who will benefit from exposure to Yale’s mission-driven model of leadership and from deeper understanding of major issues confronting business and society.”
While traditional full-time MBA applicants typically have a few years of work experience and are looking for their next big career move, executive MBA (EMBA) programs are often targeted to professionals with 10-plus years of experience. And graduates can still to earn promotions and pay bumps. In fact, graduates from top executive MBA programs can go on to make $150,000 base salaries.
Here’s what you need to know about the changes to Yale’s EMBA program.
About Yale’s executive MBA program
Yale’s MBA for Executives program takes 22 months to complete and includes in-person sessions on Fridays and Saturdays on alternate weekends on Yale’s campus in New Haven. Students also must attend four in-residence weeks, including one global network week abroad, in which students attend courses through other business schools across the world.
When students choose to specialize in general management, asset management, sustainability, or health care, they can also attend colloquium sessions in those areas of focus. Colloquium sessions are speaker series focused on “discuss leadership lessons, societal issues, or research and market changes,” Tsung says, and curated by faculty and are hosted on campus.
“We expect that we will continue to attract students interested in these critical areas for business and society, while allowing greater flexibility in course selection and offering general management applicants an opportunity to benefit from the Yale MBA in an executive-friendly format,” Howard Forman, a professor and founding co-director of the MBA for Executives program, said in a statement. He currently serves as the faculty director for the health care area of focus.
How to apply to Yale’s executive MBA program
On average, applicants accepted to Yale’s EMBA program have 16 years of work experience and are 40 years old. Accepted applicants also have an average Executive Assessment test score of 151, and 56% of the class of 2024 already had advanced degrees. In 2022, there were 68 students who graduated from Yale’s executive MBA program. The total cost of the program for students entering in July 2023 is $208,500, which includes tuition, textbooks, study materials, a Microsoft Surface Pro, and breakfast and lunch on all class days. It also includes lodging during orientation and summer residency programs.
In order to be considered for admission, applicants must submit a transcript, essays, EA, GMAT, or GRE scores, professional recommendations and employer approval. Ahead of applying, applicants can submit a pre-assessment resume request and an admissions official will review the prospective student’s resume or LinkedIn profile to let them know whether they’re a fit for the program. It’s important to note, however, that a pre-assessment does not guarantee admission to the program.
The addition of the new specialization won’t change admissions standards, Tsung says.
“This change will allow us to consider more diverse professional backgrounds, while holding to the same standard for admission,” she adds. “Students will no longer have to apply directly to an area of focus and have prior work experience in that area.”
Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.
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