Executive MBA vs MBA: What’s the Difference?
When you decide to go to business school, it can be a daunting task to choose what school to go to and what degree program to go into. Many young professionals who have just recently graduated with their bachelor’s degree often choose to apply for an Executive MBA instead of an MBA in order to launch their career sooner. In fact, the Executive MBA Council completed a survey in 2019 which stated, “More people are applying for Executive MBA (EMBA) programs than ever before, with a 31.6% increase in application received since 2015.”
However, jumping into an EMBA program may not be the best decision for every person. There are quite a few differences between EMBA and MBA programs, and it is vital to research the two in order to truly make an informed decision on what program will be best for you. It is also important to note that both the EMBA and MBA are widely accepted by all business leaders and will allow you many of the same opportunities within your professional career. This article will provide you with much-needed information so that you can understand the differences between these two different business school degree programs and choose which is right for you.
What Is an MBA?
An MBA, or Master of Business Administration, is one of the most popular business degrees. The AACSB states that in the 2020–2021 academic school year, 250,389 students were studying for an MBA worldwide. MBA programs are specifically designed to help young professionals gain the skills and knowledge they need to become successful business leaders. They offer courses that will teach you valuable leadership skills so that you will have the expertise needed to get a job in business administration or any other job you’re aiming for.
There are some business professionals who decide to begin a part-time MBA program after a few years in the professional workforce, but most MBA students are recent graduates of their undergrad degree. Students choose to enroll in a full-time MBA program, like Crummer’s Early Advantage MBA, before beginning their professional career. MBA programs like this one will provide classes that focus on leadership and management skills, critical thinking, accounting, and other fundamental business strategies. You will often have the opportunity for a concentration as well, in areas like entrepreneurship, finance, international business, marketing, and more.
The average MBA program requires 24 months to complete, though some can be finished in as little as 16 months.. Earning your MBA essentially guarantees you a job in the field you desire and will significantly increase your starting salary as opposed to a salary without an MBA. MBA graduates can often easily find jobs in business administration and leadership, too.
What Is an EMBA?
An Executive Master of Business Administration (EMBA) is typically designed for a business professional seeking higher education. The class structure and subject material taught in an EMBA are tailored to students who have already spent some time working in the industry. Many executive MBA students seek to gain management experience in order to advance their career, be promoted to a leadership position, and see an increase in their salary.
In fact, the Executive MBA Council completed a survey in 2021 which stated that EMBA graduates received a 14.7% increase in compensation after program completion. In addition, 36% said that they received a promotion while they were completing their master’s degree.
It is important for EMBA candidates to consider the length of their program before choosing their business school and deciding when to start their studies. Some EMBA programs take as little as 18 months, whereas others can take 24 months, like a typical MBA. Crummer’s Executive MBA can be completed within 20 months and offers courses like financial management for global business, accounting for business leaders, and strategic leadership courses.
EMBA programs tailor their courses to help experienced professionals become experienced leaders, all while never leaving the workforce. This is a draw for many people because you don’t have to quit a job or pause your career in order to get a degree. Oftentimes, companies will even pay for their employees’ EMBA because of the benefit they will receive in having an employee who is educated in business management. The EMBA has many perks, but may not be for everyone. It is important to research programs and business schools carefully before deciding what degree to work toward.
MBA vs EMBA: Key Differences
At first glance, it may seem like the only difference between an MBA and an EMBA is work experience, but that is not the case. Potential EMBA and MBA candidates need to understand that there are vital differences between these two degree programs. The cost of these programs is vastly different, and the career level in which course content is tailored to contrast quite a bit. Not to mention, the time commitment of a traditional MBA and an EMBA will differ greatly.
Potential students should consider these differences and also look at the specific admissions requirements for the business school they plan to attend. It is also important to know the tuition cost of the program you choose in order to determine what your return of investment will be. Consider your skill set, experience, and age — and all these other factors — before choosing which program to begin.
Cost
Depending on which type of program you choose and what business school you attend, the cost of an MBA and EMBA can vary greatly. However, EMBAs generally tend to be a bit more expensive than MBAs. The most expensive EMBA programs can reach over $200,000, but there are some more affordable programs as well.
The same goes for the MBA. In some business schools, tuition can reach $200,000 or more, but on average, MBA programs tend to be a little more affordable than the EMBA. With an MBA, one must factor in room and board on campus, since many MBA programs are traditionally structured. But with an EMBA, students are generally required to be on campus a few times a year and must pay for travel expenses, food, a place to stay, and any other incidentals that must be factored into the overall cost of an MBA.
It is important to note that scholarships tend to be greater for MBA candidates, but employers often like the idea of paying for their employee to get an EMBA. However, in recent years, EMBA candidates have found it more difficult to get sponsored by their employer and find themselves paying out of pocket for their degree. In any case, a potential student needs to be informed of the price of their degree program at their desired school and weigh their options.
Career Level
It is no secret that MBA programs are largely intended for those with little to no professional experience in the workforce, but that does not make them an inferior degree. A young professional would be wise to get their higher education before launching into the business world. This will ensure they enter their career well educated and with a greater chance at a higher salary.
The MBA is a great degree, but those already in the workforce would make better use of their time pursuing an EMBA. They will find that seeking an EMBA will also put them around individuals closer to their age, since most MBA programs have students at an average age of 28 years old. EMBA programs often push their students to work harder, too, and expect more out of them because of their skill set and experience. An EMBA is a great way to pursue higher education a little later in life and advance your career at the same time.
Time Commitment
With both the MBA and the EMBA, there are a variety of different program formats and time commitments. With Crummer’s Executive MBA, it will only take 20 months to complete, whereas at other business schools, you could take as long as 24 months to finish your program. Executive MBA programs are designed so that students can work full-time while getting their degree. This means that the schedule will be more relaxed, but keep in mind that the course load and requirements are still just as heavy.
MBA programs can vastly differ in their flexibility and time commitments. There are now many more online MBA programs, part-time programs, and still the traditional full-time MBA program. There are also programs like Crummer’s Professional MBA, in which you can hold a full-time job and begin your career while you get your MBA.
Course Content
EMBA programs are designed to skip over some topics that MBA programs usually cover, since students have gained that experience in the workforce. This is an important reason why it’s more practical for an experienced professional to pursue an EMBA so that they are not sitting in classes they don’t need.
With an MBA, you will have more courses dedicated to teaching you business management and leadership. Your coursework will be more detailed and specific to fill in the gaps that those in an EMBA have gained through work experience. In many programs, you will also be given the ability to pursue an elective concentration like entrepreneurship, marketing, finance, and more. This is a perk of the MBA — to earn a specialization in your business degree.
Admission Requirements
With any degree, it is important to know the admissions requirements. If the information is not readily available on your school’s website, there are often ways to contact them to get all the information you need.
Admission requirements for MBA and EMBA programs tend to be pretty similar. You’re going to want to find out if your school requires the GMAT or GRE, what type of work experience they require, if there is a specific type of bachelor’s degree required, and whether or not you need recommendations along with your application. In many cases, if you do not have enough work experience required for you to apply to a program, they may accept a test score in its place. These are the things you need to know before applying to the business school of your choice. Set yourself up for success with a good application.
Return on Investment
Before choosing your degree program, take a moment to consider the return on investment. You’ll want to know how long it will take you to earn back what you spent on your degree. For your MBA ROI, you’ll need to factor in your tuition and fees, scholarships, and the starting salary you will begin your career with. With an EMBA, you’ll factor in the same things, but your ROI may end up being greater because you won’t have to go without a job while getting your degree. Knowing your return on investment will help you better determine what degree program is right for you.
How to Choose Between Executive and Traditional MBA?
So how do you determine which business degree is better for you? If you have managerial experience or quite a few years of work experience, then you’ll want to start an EMBA program. On the other hand, for recent graduates of undergraduate school or those with limited work experience, obtaining an MBA would be a beneficial decision.
You’ll also want to consider what type of financial aid you could get. Schools love to chat with their prospective students, so reach out to them and see what it is possible to be offered. Consider your career goals as well. An MBA will often allow you to pursue a concentration for your degree, so factor in whether or not that will benefit your career path.
The Choice of School Makes a Major Difference — Choose Crummer
Whether you choose to pursue an EMBA or MBA, take a look at Crummer! The affordable tuition and variety of degree programs give options for any prospective student. If you aim to enroll in a full-time program, Crummer has it. If you need an online MBA program, the Flex MBA may be a great choice for you. And if you choose to pursue an EMBA degree, Crummer’s program is a cornerstone of their executive offerings.
Crummer has options for anyone and provides career support the whole way. If you’re ready to expand your horizons and excel in your career, reach out to Crummer today.