What are the Costs of Executive MBA?
Executive MBA program costs can be staggering, especially for students who are attempting to self-fund their education. The top EMBA programs in North America carry six-figure price tags. Some EMBA programs also mix studying abroad with the on-site courses. This program feature fills the important need of educating executives on global business issues, but it also drives the overall degree cost even higher.
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Not all programs are quite so expensive. Costs vary depending upon how the program works, as well as the relative prestige of the school. One of the things that impacts the high price tag of many EMBA programs is that room and board is figured into the total since the programs often run on weekends and students need a place to stay for the duration. Even if these costs aren’t figured into the tuition, if there are required in-person hours, the student will need to cover travel and lodging expenses.
How can I fund my EMBA?
Because of the tremendous expense, it can be difficult to fund an EMBA degree without employer support. In fact, according to a report from the EMBA Council in 2012, about 25.9 percent of students have their education funded by their employer while another ~48 percent of the 276 member EMBA program respondents offered scholarships or fellowships. Many companies also provide their employees paid time off to be used for their studies. For individuals who must secure their own funding, it is good to know that there are scholarships available to help with the expenses.
About 26 percent of MBA students have their education funded by their employer.
While the costs are high, studies have shown that graduates of executive MBA programs have a high degree of satisfaction. Most graduates (97 percent) said that the program met or exceeded their expectations by allowing them to earn a coveted MBA degree without needing to take two years away from their career in order to complete a traditional program.
What can I expect upon completion of an EMBA program?
Of the individuals surveyed by the Executive MBA Council, one-third earned promotions upon completion of the program and 44 percent received additional job responsibilities that furthered their careers. In addition, even during the most severe recession since the Great Depression, many new EMBAs reported receiving salary increases and bonuses in excess of ten percent.
Are all EMBA programs expensive?
There are EMBA programs that are not so pricey. In fact, some are about half as expensive with fees in the $50,000 range. However, you may compromise the prestige of having earned a degree from a top-ranked school for the reduced cost. That doesn’t have to be a bad thing however. There are many quality programs without the designer price tag. Professionals who are looking to earn an executive MBA need to research what’s available, the quality of the education and the outcomes for recent graduates to determine if the reduced cost will impact the quality of education you hope to receive.
Where can I find out more information?
View a list of top EMBA programs
Best Executive MBAs in North America
Counting the Costs