An advanced level business degree can help a professional distinguish themselves in competitive workforces. The Master’s of Business Administration and Executive Master’s of Business Administration are both elite programs that equip students with the skills they need to advance their careers and become leaders in their industries. Here you will learn the main differences between the two degrees and obtain a better understanding of which program is the right fit for you.
The main goal of an MBA is to prep an associate to become an executive level manager. This includes teaching the student soft and hard skills that they will tap into on a daily basis in any type of leadership role. These programs focus on analysis and strategy to create problem solvers and thinkers that will be great assets to their direct teams and companies at whole. MBA programs are general in nature, covering business administration from top to bottom, but allowing their students to chose a unique specialty. Through electives and supplementary courses they are able to master finance, marketing or another division.
Alternatively an EMBA program teaches current executives to become better leaders by delivering them the information they need to succeed. Rather than introduce new concepts to students, courses are structured to expand skills that they may already be familiar with but have not yet mastered. EMBA students tend to work fulltime while pursuing their degree, so coursework is directly applied to the day-to-day tasks and responsibilities they are currently undertaking.
MBA and EMBA programs offer students many tangible benefits. From conquering skills that are imperative to being an effective manager to monetary gains, graduates of Master’s of Business Administration programs profit in all aspects. After graduating, students have the training that qualifies them for an advanced position and could receive a promotion. Many employers will also award this achievement with a bonus or salary increase, while some even help pay for tuition from the start. The employment rate for MBA graduates is 95%, adding higher job security to the list. Students also appreciate the opportunity to network with a large group of likeminded individuals that can provide job leads and other forms of professional assistance in the future.
How long does it take to complete a Master’s of Business Administration? Fulltime students can complete an MBA in two years, EMBA degrees take two to three years to complete, and part time programs could take up to five years (depending on the pace and availability of the student).
How will I pay for my degree? You can pay for either degree with personal funds, or take out a private or federal loan to cover tuition and fees. Students with financial concerns appreciate that an EMBA program does not require them to quit their job. Because they are able to maintain their current income, paying for tuition out of pocket is more realistic (as is covering loan payments later on). Some employers will also assist in the cost of attendance, taking responsibility for tuition fully or partially, or offering employees a bonus upon completion of their degree.
How will I be able to balance work and school if I keep my current job? An MBA is an advanced level degree and with that comes demands, which is why an EMBA can be an appealing choice for working professionals. Unlike with a fulltime MBA program, EMBA students can maintain their current work schedule and attend classes in the evenings and on weekends. Part time MBAs have a similar schedule and allow students to take classes at their own pace as long as they complete their degree within a set amount of time (typically within five years).
Will the cost of obtaining my degree be worth it in the end? 17 months is the payback period for an Executive MBA so after just two years you should already see the fruits of your labor. Graduates can also expect their salaries to increase by 33%. Based on these numbers it’s clear that MBA students are almost guaranteed to see a return on their investment.