Executive MBA programs are an increasingly popular option for experienced mid-career managers and professionals in many fields who want to advance their careers through education. The class schedule is formatted to allow students to continue working while they pursue their studies-in fact, the expectation is that you will remain employed in a position that allows you to apply what you are learning while you complete the program. Students also bring their current and prior experience into the classroom to enrich the learning experience of their fellow students.
Evaluating Executive MBA Programs
To find an executive MBA program that meets your needs, screen your options carefully. Here are some questions to ask when you are researching programs:
- Will you get access to the business school's top faculty? Faculty must be adept at teaching you about their areas of expertise while facilitating classroom interaction among experienced students.
- How do students contribute to the classroom experience? You'll learn as much from the experience and insights of other students as you will from the faculty, and you'll be expected to contribute at the same level.
- Will the program help you develop an executive perspective? Look for a program that helps build your knowledge of the key business disciplines, but focuses just as much on integrating this knowledge with your prior background and experience.
- Will you have opportunities to apply what you're learning? Applying what you learn to challenges and opportunities in the business world should be an integral part of the executive MBA experience.
Admissions Are Competitive
In evaluating candidates, admissions committees consider many factors, including: work experience, prior education, future leadership potential, and ability to contribute. You may be asked to submit an application (including a short essay), academic transcripts, letters of recommendation, a statement of support from your employer, and standardized test scores (many executive MBA programs require that you submit scores from the Graduate Management Admissions Test).
Costs and Financing Options Vary
The cost of tuition and fees for executive MBA programs varies widely depending on the region where the program is offered, the features of the program, reputation, quality of the faculty, and other factors. While the cost of executive MBA programs worldwide ranges from less than $15,000 to more than $130,000, the cost of a program in the United States and Canada averages between $55,000 and $60,000.
Employer Endorsement, Financial Support
Most executive MBA programs require that applicants obtain an explicit statement of support from their employer as a condition of admission. This involves more than obtaining a letter recommending the applicant for the program, though that is part of the requirement. Most often your employer must agree to release time to allow you to participate in classes and (where necessary) travel to the location where classes are held. Some programs require your employer to commit financial support to cover all or part of the cost of the program.
The full version of this article originally appeared in Hobsons' MBA Guide.
Louise Kapustka is the executive director of Executive MBA and Technology Management MBA Programs at Michael G. Foster School of Business, University of Washington.
