EMBA: Great ROI at half the investment
Many professionals who have accumulated several years’ worth of experience, and who want to climb up the career ladder would aspire to pursue an MBA qualification. Professionals who do not possess an undergraduate qualification but have gained sufficient work experience can consider getting an Executive MBA or EMBA.
EMBAs can add specific business skills to your toolkit that can all work in your favour to give you the desired outcome for your career progress. All MBA programmes are generally helpful in opening new and bigger career opportunities and promotions that lead to improved remuneration and compensation.
Full-time MBA programmes come with a financial and time cost factor and a good MBA programme from a reputable higher learning institution can set you back by about US$100,000, on top of the two-year investment.
Professionals who do not have the luxury of leaving their full-time careers, but crave for a solid learning experience should pursue an Executive MBA in place of the full-time MBA.
An EMBA applicant generally has more extensive work experience ranging anywhere from 10 to 15 years and therefore may not be required to have undergraduate degrees to enrol.
The EMBA applicant typically has more business knowledge acquired through work experience and therefore may not be required to undergo entrance examinations, unlike the average MBA candidate.
An EMBA applicant may not be required to have GMAT examination qualifications. This, however, depends on the institution that is offering the programme. Some run their own in-house tests, while others require candidates to take up a version of the GMAT specifically designed for EMBA applicants.
EMBAs are a good option for candidates who either do not qualify for external scholarships and choose not to fund their own upskilling.
Many employers provide scholarship schemes or some sort of financial assistance for their employees who are getting an EMBA. According to research by the Executive MBA Council, 66% of Executive MBA students obtain tuition reimbursement from their employers, and 30% receive full tuition reimbursement.
It is also important to note that while Executive MBA programmes were initially started as employer-sponsored programmes, now almost 50% of Executive MBA candidates are self-funded.
An EMBA can provide a great return of investment
Based on the Financial Times Global Executive MBA ranking of the best 100 programmes worldwide, Executive MBA graduates generally reported a salary increase by 59%.
The top-ranking programmes around the globe, according to FT’s Global EMBA Rankings List are the Yale MBA for Executives programme, offered by the Yale School of Management in the US. Graduates from this programme reportedly experience a 123% growth in salary averaging at $285,000 per annum.
Three schools in China also sit at the top of the list. They are the SJTU Antai EMBA programme offered by Shanghai Jiao Tong University: Antai, the BI-Fudan MBA offered by BI Norwegian Business School / Fudan University School of Management and subsequently the HKU-Fudan MBA (International) programme offered by The University of Hong Kong. Graduates from these programmes reported a salary increase of 117%, 107%, and 106% respectively.
The EMBA-Global Asia programme offered by EMBA-Global Asia: Columbia/HKU/LBS school where graduates of this programme reportedly earned a salary increase of 98%.
The EMBA programme offered by Korea University Business School, South Korea is not far behind and graduates of this programme also reportedly earned 98% more than previously.
The Arizona State University: Carey’s EMBA/SNAI EMBA programme graduates reportedly earn 96% more while EMBA graduates from the Yonsei University School of Business of South Korea earned 91% higher salaries.
Graduates of the HEC Paris International EMBA programme, from HEC Paris, a top-five ranked school on the list of Executive MBA Ranking 2019 reportedly earn 89% higher than previously.
The University of Oxford EMBA from the University of Oxford’s Saïd Business School and the Cambridge EMBA by the University of Cambridge’s Judge Business School graduates report a salary increase of 89% and 88% respectively.
One major difference in terms of return of investment that needs to be taken into consideration is tuition cost. EMBA candidates have, until recent years mostly enjoyed having their tuition fees covered by employers due to the mutual benefits reaped through the nature of these programmes.
More recently, institutions have started offering scholarships for EMBA candidates to pursue qualifications in top business schools. As EMBA students tend to juggle studies and full-time employment, the issue of financial constraints may be completely averted.