This post is sponsored by University of Michigan’s Ross School of Business
Thinking of pursuing an Executive MBA degree? Here are a few data points to consider as you explore your options:
- Advancement catalysts. Earning an EMBA can fuel career advancement and salary growth. Data from the Executive MBA Council (EMBAC) show that 53% of EMBA graduates received increased responsibility after completing their programs, and 41% reported promotions. EMBA graduates experienced an almost 17% increase in salary and bonus packages from program start to program end. Additionally, The Financial Times reported that 26% of EMBA graduates start their own business during or after the program.
Action item: Evaluate the outcomes and career paths for graduates of your preferred programs.
- Program focus. Most EMBA programs offer a general business curriculum, taking a quantitative or qualitative approach to the subject matter. The EMBAC reported that just under half of programs offer specialties or concentrations, such as entrepreneurship, marketing or finance. Other popular areas are international business and focused industrial emphases, such as healthcare and technology. A number of top-ranked programs address the critical role of effective business leadership and include the development of relevant leadership tools, skills and insights.
Action item: Choose a program that matches your specific needs for industry alignment or functional expertise.
- Selection criteria. Location and time are always key criteria, given that most Executive MBA students remain employed full- or part-time while pursuing their degrees. Beyond that, factors that influenced attendees’ reasons for attending varied from program ranking, cost of attendance, leadership development opportunities, global opportunities and Alumni and network base.
Action item: Rank your short list of programs against these criteria, giving the most weight to the factors of highest value to you.
- Funding options. While entrepreneurs and career changers frequently pay their own ways through EMBA programs, many students receive full or partial support from employers or schools. Globally, 39.8% of EMBA students were self-funded, according to the EMBAC. More than half of the EMBA programs provide scholarships or fellowships. Slightly more than one-third (35.6%) of students were partially funded; a quarter (24.6%) were fully funded. The Financial Times research also shows that half of self-funded EMBAs relied on their own savings or family-and-friends support, while 40% received financial assistance from the program or the school’s alumni network.
Action item: Investigate scholarship opportunities from your selected programs and tuition reimbursement benefits from your employer to reduce the cost—and increase the ROI—of your degree.
Earning an EMBA degree is an important investment that can advance your career, increase your skill set, expand your network and improve your earning potential. Use this information to select the program that meets your specific needs.
Read more or download our infographic to learn more about the benefits of an EMBA.