Is an Executive MBA Right for You? 4 Crucial Factors you MUST Consider

UPDATE: This article was originally posted on November 13, 2019. It has been updated with new information and tips below. 

Though attending business school is a powerful tool to accelerate your career, the truth is that full-time MBA programs just aren’t for everyone. 

However, for many of our clients around age 30, deciding which program is correct can be even more challenging. 

At this age, many potential applicants are slightly on the old side for a traditional MBA but are perhaps not quite experienced enough for an Executive program. As a result, many of our clients struggle to decide which type of program is best to accelerate their career development. 

Though here at Ellin Lolis Consulting we believe there is no one “perfect” answer that applies to everyone, there are several critical questions you should ask yourself when determining if an Executive MBA is the right move for you and your career. 

That’s why we’ve compiled the four most important factors you must consider when determining if an EMBA is right for you. 

 

Key factors

At Ellin Lolis Consulting, we know that no two applicants are the same. 

For that reason, the programs we recommend to each applicant are completely different, based on the priorities, goals, and extenuating circumstances that make each applicant unique.

Though the list of factors below certainly isn’t exhaustive, the following criteria are those that most commonly determine if an Executive MBA program is a more advantageous decision for you, depending on your circumstances. 

 

1. Age and seniority

One of the most important benefits of an MBA is your ability to use your business school degree as leverage to earn a higher salary and land a more senior position. 

However, as you get older and advance your career, promotions are less frequent. This is due to the simple fact that most organizations have few people at the top calling the shots, meaning it may take years for you to nab an open C-Level position. 

Since helping candidates advance their careers (and, hopefully, earn more after the MBA than they did before) is a key priority for traditional MBA programs. The older you get, the harder it is to leverage a traditional MBA into serious gains for your career. 

As such, if you are on the older or more senior side of the applicant pool (usually 30 is a good cut-off), you may want to start giving an Executive MBA a thought. 

Though there is no definitive cut-off date, if you have more than 8 years of work experience and are not planning to change industries (more on this later), an Executive MBA may be more valuable for your career.

If you’re right on the cusp, you may also want to consider 1-year MBA programs as an option.  

2. Recruiting and changing industries 

In general, EMBAs will not help you change industries. They are designed to help more senior executives perform better in their roles and are most often paid for by the company, rather than the student. 

As such, if you’re seeking to use business school to change your industry, the EMBA may not be the right choice for you. 

In the full-time MBA, you’ll have access to a wide range of recruitment opportunities. After all, one of the main reasons applicants pursue an MBA is for the support the schools provide in switching careers. 

3. Geographical and time limitations

For some professionals, taking 1 or 2 years off to live and study in a foreign country or attend school full-time is simply not feasible. Nonetheless, this doesn’t mean that all bets are off for using a business degree to advance your career. 

Unlike traditional MBA programs, which are designed to provide an immersive experience, many Executive MBA programs are designed with senior executives’ busy schedules and location restrictions in mind. 

For example, Columbia offers some of the most popular EMBA programs in our client pool. In addition to an EMBA that meets weekly on Saturdays (and is well-suited for professionals living in or around New York City), they also offer an option that meets bi-weekly on Fridays and Saturdays, as well as the EMBA-Americas program, which meets one week per month. 

That means that busy professionals who aren’t able to commute weekly to attend classes, much less take a 1 or 2-year pause, can still reap the benefits of the MBA. 

There are many other programs, including Kellogg’s and INSEAD’s EMBAs, that require students to attend in-person sessions once per month. Such programs allow students a large degree of flexibility while still offering the benefits of in-person learning.

On the other hand, many top business schools do offer full-time EMBA programs, like MIT’s Sloan Fellows program. If you live in the area, can easily commute, or don’t mind taking time off work, these can also be fantastic options to accelerate your career advancement. 

4. Financial implications 

There’s no point beating around the bush. EMBAs are more expensive.

Though the “sticker price” of EMBAs is certainly higher, these figures alone don’t tell the full story. 

In addition to tuition, you must account for numerous other expenses you will have in the full-time MBA that you just won’t have in the EMBA (in most cases). 

First, since you’ll continue to work, you have to factor in what you would lose in salary, bonuses, and potential lost equity or stock options. 

In our client Guillaume’s case, he had recently been made partner at his firm, which meant he was entitled to equity in the company and a share of the profits. When we did the math to see just how much he’d be leaving on the table to quit his job, the “expensive” EMBA option started to make a lot more financial sense. For that reason, he spoke with his employer and joined Columbia’s Americas EMBA program, which allowed him to keep his job, his equity, and advance his career through business education. Win win win! 

In addition to lost salary, you should also consider the fact that part-time EMBA programs offer housing and meals as part of the “sticker price” for the times you are required to travel to campus to study. Though you’re responsible for your own transportation to and from campus, this is often still considerably less than renting an apartment in a new city for a year or two. 

Despite the fact that these programs are more expensive, EMBA graduates can generally expect to recoup the costs of the MBA within 17 months of graduation. Of course, factors like currency exchange rates could heavily influence this time window, but EMBA programs do most often help students secure a salary bump after graduation. 

All in all, your personal situation will determine the best financial course of action, but it’s important to research and compare the options available at the different EMBA programs you’re interested in. 

 

Consult with an expert

We are known to deliver the most complete and effective MBA consulting services in the market because we know an MBA is not simply a one- or two-year degree, it’s an investment in your future.

That’s because we care about each and every one of our clients and are committed not only to getting you results but to being your partner and advisor at each step of the process. 

For example, after being admitted to his top program, our former client Bruno said:

“Ellin Lolis Consulting accompanied me on the best path using all her knowledge and intelligence to support me in making the best decisions. When I was accepted, my consultant was the first person I told, because I felt she was living the moment with me.”

Whether it is figuring out if a 1-year program is right for you or how to phrase an email to the admissions staff to negotiate scholarships, you can count on us to be there for you, even for your smallest questions.

Ready to put the Ellin Lolis Advantage to work for you? Learn more about working with us today!