An MBA – or a Master of Business Administration degree – is the logical next step for most business graduates and a number of other people who find themselves interested in the arena of business, once they have finished their undergraduate studies. However, a place where most people get confused is making the choice between a regular full-time MBA or an executive MBA (also known as EMBA). While both these degrees will give you access to an important skill set and vast business network, the experience of the degrees are vastly different.
The decision that you make at this point will have to be based on your current level of education and work experience, along with other factors like whether or not you would like a more immersive course of study, or if you would like to continue working to fund yourself through the course. Here is a brief outline of both these programs and how they differ from each other.
Executive MBA
Most business executives who already have over five years of experience in management can choose to go the EMBA vs MBA way when it comes to going to graduate school. Under most circumstances, the average age of the class is going to be much higher – in the mid 30s perhaps – than the average age of the class in an MBA program.
The EMBA route allows you to continue working at your full-time job and complete the degree by attending classes on the days when you are relatively free – usually over the weekend. While you will be covering the same course load, the pace of teaching and learning will be much faster in EMBAs.
Average Time It Takes to Complete
On average, an EMBA takes approximately two years to complete. This is the same amount of time as a typical full-time MBA, but as discussed before, the pace of the course is much faster, as business executives have their full-time jobs on the side with the EMBA. In some cases, the degree may be completed in three years.
Requirements to Enroll
You must keep in mind that an EMBA is not a watered down version of an MBA. In reality, it is even more focused, as you are expected to cover all the course material in lesser time. Most EMBA programs are open to business executives who have over five years of experience in management positions. They will be required to submit transcripts, additional test reports, letters of recommendation and a professional resume when they apply.
Average Cost
The average cost of an EMBA is higher than that of a regular MBA, costing upwards of $150,000 for the degree. However, there are multiple instances where companies finance the EMBA degree for some of their stellar employees. Even if you are expected to fund your own EMBA, you can pay off any existing debts with the help of the bonus or spike in salary that you receive on completion of the degree.
Average Salaries
If you are looking at the average salary when it comes to the MBA vs EMBA debate, the figure may be higher for executives who have finished their EMBA, as they have already been working at a company and have a job. A lot of companies give EMBA bonuses on completion of the degree, and you can also expect a raise with an average salary of approximately $164,845.
MBA
While thinking about the MBA vs Executive MBA dilemma, it is important that you don’t discount the benefits of a Master of Business Administration. This is usually a two-year program, which can be extended over three or four years in some cases, if you choose to go the part-time way. If you choose a full-time program, you will be required to take to take the GMAT in most cases. However, you might not need to have any professional experience in the field before applying. An MBA is an intensive course, which will require you to stick to strict schedules, making it difficult to continue a job on the outside. Here are some of the main features of an MBA program.
Average Time It Takes to Complete
As discussed before, the amount of time that you take to complete an MBA will depend on whether or not you have opted for a full-time degree. A full-time course can be finished in two years, while part-time MBAs can be stretched over three or four years as well. Keep in mind that as a student in an MBA program, you can expect long days of learning.
Requirements to Enroll
If you are applying to a really good MBA program, you should expect a very competitive screening process. You will be required to submit your academic transcripts, take the GMAT and score decently well, give letters of recommendation, essays and other such material that is required to show your academic and personal achievements.
Average Cost
The average cost of an MBA is anywhere between $100,000 to $200,000, depending on the program that you choose to apply for. An MBA degree will probably cost you less than an EMBA degree, but over 30% of the people opting for EMBAs get reimbursed by their companies for some amount.
Average Salaries
The average salary for MBA graduates is relatively lower than the average salary for EMBA degree holders, with men earning an average of $93,403 and women earning an average of $74,642. The higher spectrum of salaries can go over $100,000.
Wrap-Up
While the course material is going to be pretty similar for both, an EMBA and an MBA, the amount of time that you dedicate to the course is vastly different. Similarly, not everyone is eligible for an EMBA – you need to have some amount of experience in the field before applying. Whichever option you choose to go for, it should be in line with your qualifications and your aspirations for the future. All of these things need to be kept in mind before you take the call, and you can be assured that your professional resume will benefit immensely from an MBA degree.