Why Should (Or Shouldn’t) I Get an Executive MBA?
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An Executive MBA (or EMBA) can be a magnificent boon to your career, education and potential opportunities. EMBA programs help working professionals (often with 10 years work experience, and 5 years of managerial experience) get a graduate business education while maintaining their current workload and other responsibilities. Generally speaking, EMBAs are offered in a part-time delivery model, and take 12-24 months to complete. Executive MBA programs are looking for experienced adults, and they are known for the maturity of their students, especially in comparison to more traditional MBA programs. If you’re someone who values interacting with mature, hardworking adults who aren’t figuring out what they want from their careers, but rather have clearly defined goals and are looking to learn alongside like minded people, an Executive MBA could be a great choice for you. Everyone remembers the inspiration they first felt when learning something new, daunting and relevant to their lives. Often, it becomes harder and harder to find that, especially as lives and careers become more niche, insular and tailored to what has come before. Breaking into a new environment that you’ve chosen, based on your experiences but with the goal of expanding them is a brave and important choice, and one that can’t be undertaken lightly. EMBA’s are a chance to better yourself in a structured environment which aims to improve graduates lives.
You should especially consider getting an EMBA if you don’t have to invest too much. Some programs are cheaper than others, but some employers will pay part, or all of an employees EMBA tuition in order to reap the benefits of what they learn. This can be a way to further earn your employer’s trust, and have them commit to investing in your future with the organization. EMBA graduates often receive promotions and new responsibilities at work, which is an excellent benefit of these programs. Forbes found EMBA students see tangible results in their careers almost immediately, writing that 53% of EMBA graduates were given new responsibilities and 38% got promoted while in their programs.
If you’re looking to earn more money, an EMBA program has a successful track record in that department as well. Forbes noted that the average salary and bonus combination for EMBA graduates rose from a start of $155,848 to $181,965. The Washington Post wrote that there was an average 23% salary increase for EMBA graduates. They also found that there has been an average reduction (23 months to 17 months) in the amount of time EMBA graduates take to pay back tuition, even as tuition has risen. Some schools have a better track record than others in helping EMBA students find positions, input or investment with connections from a sprawling alumni network. Top EMBA schools include INSEAD, Wharton (both its east and west coast programs), Kellogg, Columbia, Chicago’s Booth School, and Ohio State University’s Fisher School of Business. These schools are known for their reputations, which hinge on the ability to improve the careers or startups of their graduates. You should absolutely research any program you’re interested in to investigate how satisfied graduates are with the networking opportunities and career development aspects of them.
Many people go into EMBA programs because of the rapid development within their industries. EMBA programs often come with specializations that pertain to specific career paths, and focus on new practices, strategies and technology, and how they have and will continue to impact business. Especially for managers working in health professions, IT, or global business. There are also specializations, in entrepreneurship, if you’re looking to leave your current career and start a business of your own. Another option to consider is George Washington University’s EMBA program. It offers a cyber security specialization, which is an incredible opportunity to combine its high quality, invaluable education with a pressing, undersupplied and increasingly important aspect of the lucrative tech world.
Another good reason to get an Executive MBA is if you’ve always had a weakness in some aspect of your work. For example, if managing accountants is your strong suit, but you’d like to brush up your actual accounting skills, you might consider an EMBA that focuses on them. Similarly, if you’re in tech management because of your coding skills, but need to work on leadership, and EMBA could be an opportunity to build competence that pays dividends throughout your career and life.
Working in one career path can be confining, especially if you began it after graduating from college. In an EMBA program, you will be exposed to new concepts, practical strategies, as well as similarly situated and motivated people. If you want partners or investors in a new business plan or concept, these programs are a great place to find them. In an uncertain economic climate, investing in yourself, your portfolio and knowledge base can be one of the smartest bets you can make.