Is an Executive MBA right for you?

By Joe Issid
Monster Contributer

Contrary to what some may believe, an Executive MBA (EMBA) is a fully-fledged MBA degree, but geared towards working professionals who prefer not to enroll in full-time classes. A typical EMBA program is designed for experienced mid-career management professionals who are looking for new skills, more refined management techniques and an overall career boost. As this is a part-time degree, the average program can last up to 24 months. In Canada, there are approximately 20 institutions that offer an EMBA program in nearly every large city. So, if you subscribe to the notion that any form of further education is beneficial, doing an EMBA may seem like a no-brainer. However, there are a few factors that you need to consider before thinking of enrolling.

Cost
The cost of completing an EMBA program is substantial. Based on a 2013 MBA Guide from Canadian Business, the average cost of an EMBA program in Canada hovers around $60,000. For example, enrolling in the Kellogg-Schulich Executive MBA at the Schulich School of Business in Toronto will set you back $115,000 for an 18-month course. For most of us, this is not an insignificant total and will surely play a very large role in determining whether or not we may choose to go down that path.

Entrance requirements
Keep in mind that EMBAs are competitive programs with strict entrance guidelines. As the program is geared towards working professionals, many institutions will insist that all applicants have a minimum amount of real world management experience (for instance, the Schulich School of Business requires all candidates have at least 8 years work experience with “substantive management experience”). Additionally, it is assumed that all candidates already have the equivalent of a Bachelors degree from a recognised institution. Unlike other mini-MBA programs, the EMBA degree has a stringent admission policy and does not accept all applicants.

Financial ROI
Given the tremendous cost of an EMBA degree, most applicants should be looking at the eventual return on investment after graduation. It is telling that 97% of EMBA graduates say the program met or exceeded their expectations following graduation, with roughly one third receiving promotions while 44% were awarded additional professional responsibilities. According to a 2012 report from the Executive MBA Council, students experienced a 17.3% increase in bonus and salary from program start to program end. Additionally, 60.1% of graduates claim that they would be very likely to recommend the program to a friend.

Non-financial ROI
Of course, it is certainly more difficult to calculate the non-financial benefits of completing an EMBA degree. However, the non-tangible benefits can be numerous. As these programs are geared towards already successful business professionals, the benefits of being surrounded by management executives can be tremendous. Additionally, many programs have impressive faculties with very close ties to many prominent businesses and industries. The networking opportunities available within the walls of such a program can be invaluable.

Job security
I have personally worked for several companies who have offered to pay the EMBA tuition for some of their senior managers. In return, the company asks that the employee make a commitment to remain with the company for a pre-determined amount of time upon completion of the program. For many people, this is an extremely alluring prospect as they are able to obtain an EMBA degree for free with the added bonus of having a guaranteed job for years to come. Of course, there may be some trade-offs with this type of arrangement, such as a more controlled salary increase structure or lack of upward mobility. If your company offers such an incentive, be sure to understand your obligations and the terms of such an agreement in advance.

Don’t underestimate the work
Just because the program is offered on a part-time basis does not mean that it will not be intensive or difficult. The average EMBA program will require an investment of more than 20 hours per week in addition to your full-time job. Of course, the program itself is challenging and will require a great deal of focus and energy. If your schedule is already full with both professional and personal commitments, you need to think carefully about whether you can realistically afford to add more to the pile.