MBA vs. Executive MBA: An Overview
For many people, the deciding factor between picking a standard, full-time MBA vs. a part-timeexecutive MBA (EMBA)comes down to how best to juggle classes with the responsibility of a day job. In addition, many mid-career professionals will choose the executive MBA because they don't want to or can't stop working, and the program is better geared towards their life stage.
Beyond the difference in full and part-time programming, the main trade-off between the two types of programs is the less-immersive experience of pursuing an executive MBA. While that doesn't mean that EMBA candidates still won't learn a lot and make connections, there is something to be said about the full-time immersion of a traditional MBA program. So, if both the MBA and EMBAare accredited, which is more impressive and which is the better choice? Read on to find out the main differences between the two and, more importantly, which is likely to matter more to you in your career.
It's important to note that neither an MBA nor an EMBAguaranteesjob security. However, both should equip a student with important skill sets, a valuable business network, and some prestige that comes with a higher degree; the preference ultimately comes down to the student's flexibility in timing and money.
Key Takeaways
- The main cited difference between an MBA and an Executive MBA is the level of immersion in the graduate school experience and the customization of classes towards a more experienced group of individuals.
- Full-time MBA students have full-day, intensive schedules, making it tough to maintain a job outside the program.
- Executive MBA students keep their full-time jobs and typically attend classes on Fridays and the weekends, though this can lead to less interaction on campus.
MBA
A traditional MBA program is generally a two-year program, stretched out to three or four years if students choose to go part-time. Essentially a general management degree, an MBA doesn't requireapplicants to have professional work experience, but prospective students are usually required to take the Graduate Management Admission Test(GMAT)as part of the admissions process.
Full-time MBA students have full-time, intensive schedules, making it tough to maintain a job outside the program. In addition to core business basics classes, MBAs can specialize in such areas as finance, marketing, and entrepreneurship, and they can usually choose when to take a class.
Executive MBA
An EMBA, or anExecutive Master of Business Administration, is also a two-year program, but it's aimed at business executives with five years or more of managerial experience. The average age of students is 39 years old. However business rock stars—prodigies, fast-climbers, valuable executives that the company wants to hang onto, and maybe a real-life rock star or two—may not have to put in that much time. EMBA students keep their full-time jobs and typically attend classes on Fridays and on weekends.
EMBA students face faster-paced classes, but they cover the same material. Programs offer fewer electives, and they're designed so that students take most classes, if not all, with the same classmates. This is great for networking but not so great if you can’t stand working with the others you're grouped with.
Key Differences
With an MBA, tuition's on you, though it usually costs a bit less than the EMBA. Prices at the top ten business schools are all over$110,000, with the highest-ranked programs costing over $200,000.
For an EMBA, an employerusually pays most, if not all, tuition costs. After all, they’re benefiting from the new skills their managers are learning!However, along with someone else covering your tuition, EMBA candidates also receive a full salary.
Companies that cover MBA tuition costs tend to require a few years' commitment after you finish the degree, so you must be willing to make that time commitment and stick to the company for a bit.
In terms of location, with an MBA you can attend classes at whichever school you get into and choose. For anEMBA, if you're working at your job, you'relimited to local schools in the area.
How Much Does an MBA Cost?
The average cost of an MBA is about $31,300 per year, or $62,600 for a full-time two-year program. Leading private universities may charge several times as much, with the top programs charging over $200,000.
How Much Is an MBA Worth?
Although the price tag is high, successful MBA graduates can expect a high salary and strong demand for their skills. According to ZipRecruiter, the average annual salary for MBA graduates ranges from around $120,000 (Florida) to over $200,000 (Washington).
What Are the Best MBA Programs?
According to U.S. News & World Report, the top MBA programs are at Stanford University, the Wharton School at the University of Pennsylvania, and the Kellogg School of Management at Northwestern University. The University of Chicago, MIT, Harvard, and New York University also have top-ranked business programs.
How Much Is an Executive MBA Worth?
In the 2022-2023 school year, students enrolled in Executive MBA programs reported an average increase of 23.9% in total compensation. The average compensation, including salary and bonuses, rose from $193,000 to over $239,000, with 42% reporting that they received a promotion. That's not bad—especially if you can get your employer to pay for it.
What Are the Best Executive MBA Programs?
Many of the top MBA schools also have highly-ranked Executive MBA programs, such as the business schools at the University of Pennsylvania, Chicago, and Northwestern. The EMBA programs at Columbia and Duke University are also in the top five, even higher than the rankings for their regular MBA programs.
The Bottom Line
An executive MBA and an MBA are both high-level qualifications in business management. The main difference is the learning environment: MBA programs are geared towards full-time students, while executive MBA's are geared towards working professionals who are already in management roles. Executive programs pay more, but many employers pay the bill to increase the skills of their managers.
