In today’s fast-pacing world, everyone’s prime focus is towards competing with the rest most beneficially. Nobody likes to stay at the back. Hence, to win the race, a person needs to think and strategize like a winner. However, one cannot attain success in the dynamic world of business without acquiring adequate education.
Yes, fulfilling the prevailing academic requirements is the most tangible way to move forward in a career. The same goes for business graduates who need to push a little harder. You must be wondering why that is so. Well, doing just a Bachelors of Business Administration is not enough for an optimistic business person. To outperform themselves, they will need to go to the next level.
If you plan to become a prosperous corporate person, you must be considering doing masters from a prestigious business school. After all, you have come so far, and there is no option of stopping anytime soon. So why not get done with your masters and do what complements your profile?
When we talk about completing higher-level education, two prominent degrees come to mind; MBA and EMBA. Now, most of the business graduates are confused between the two degrees. They are unsure whether an MBA will be a more rewarding option or an EMBA. Besides this, many institutes offer top online marketing MBA and EMBA programs to facilitate career-oriented working professionals. Online education simplified distant learning, job schedules, and relocation needs if admitted to an international business school. If you are in the same boat, hold up. Your confusion will end right after learning about the significant differences between MBA and EMBA.
To make it easier, let us first start with the definitions.
- MASTERS OF BUSINESS ADMINISTRATION:
MBA is more like a traditional master’s program, which generally gets completed in a minimum of two years. If the student plans on studying it part-time, the course duration may exceed three or four years. As part of the admission procedure, students need to take GMAT (Graduate Management Admission Test) while applying. While studying for an MBA, students can specialize in areas like marketing, finance, and entrepreneurship. Also, they get to choose when to take a class and by whom.
- EXECUTIVE MASTERS OF BUSINESS ADMINISTRATION:
Just like an MBA, an EMBA is a two-year degree. However, it aims at providing education to business executives with a minimum of five years of managerial experience. For an EMBA, the average age of business graduates is 38 years old. Nonetheless, the age of students is an independent variable over here. Many top-notch business executives finish their EMBA before turning 38! Moreover, EMBA students manage their full-time jobs with studies, usually attending classes on weekends.
Now, it is time to discuss the significant differences between these two demanding programs.
- ADMISSIONS CRITERIA:
As the two programs cater to students at different stages, the admissions prerequisites vary here. An EMBA is for professional students. Hence the candidates prove their worth in terms of prior work experience.
On the other hand, business students have to take a standardized entrance test (GMAT) to enroll in the MBA program. The GMAT scores help in differentiating one candidate from another, making the selection process easier. Since EMBA applicants have already attained extensive business information, they don’t need to complete a GMAT. However, some business schools have specific in-house tests for EMBA applicants, with an advanced GMAT-EMBA version.
Both MBA and EMBA degrees require at least one letter of recommendation to complete the admission process. For an EMBA, useful advice comes from the recent employer. Some employers also sponsor their employees for an EMBA, so the applicants continue working towards organizational growth. For international students, both programs ask for TOEFL (Test of English as a Foreign Language) without any exception.
- PROGRAM DURATION AND CURRICULUM:
The program duration’s significant difference is that an EMBA is part-time, specifically designed for working professionals. None of the students are required to discontinue their jobs while doing an EMBA. Either they get to learn online or schedule classes during the weekends, according to their feasibility. Additionally, evening and night-time classes also take place, depending on the student’s availability.
An MBA program’s duration varies from student to student. Some of them finish their degree in two years, with full-time learning. Here, they have little to no margin of continuing a regular job. The ones who go for the part-time option tend to finish MBA courses within four years. Now, it is up to students whether to study online or attend classes in person.
While both degrees have almost the same set of courses, an EMBA program offers fewer electives. Students take most courses together. A fast-paced learning approach gets adopted here, with Entrepreneurship, Management, Finance, Marketing, and Strategic Management programs. Whereas, in an MBA program, students have the freedom to choose their classes from a more comprehensive set of options. MBA students are encouraged to specialize in fields like Supply Chain Management, Sports Management, Healthcare, and Hospitality.
- TUITION FEES:
The tuition fees of a regular EMBA program vary, depending on which business school you join. Nonetheless, it tends to be higher than the fee structure of an MBA program. There are chances that your employer will bear most of the tuition expenses. Almost 80-90% of firms afford their employees’ EMBA tuition fees. It makes it profitable for the employee to keep learning while earning from their full-time jobs.
Unfortunately, it is not the same for an MBA student, who has to cover most of their degree expenses. They are self-funded candidates who have to apply for scholarships through private and public organizations.
An MBA program costs around 50,000 USD in the United States. Add another 20,000 USD to this amount for book expenditure and boarding, according to your location. In the United Kingdom, the cost is around 15,000 GBP.
An EMBA program costs 160,000 USD in the United States. The same program cost over 18,000 GBP for UK residents.
- EXPECTED RETURN ON INVESTMENT:
After finishing their masters, both MBA and EMBA students can expect a pay raise. An EMBA graduate experiences a salary boost of approximately 38.5%, which adds value to their current occupation. In contrast, an MBA graduate’s salary rises to 64% as a hefty reimbursement for post-graduation.
To decide which program works best for you, analyze your options. From the expected salary margin and the number of electives to tuition and travel costs, study everything. If you wish to continue your full-time job or have a family to look after, consult your employer about EMBA. If you have recently completed your bachelor’s and want to learn more full-time, opt for MBA.
Please note that both programs are rewarding in one way or another. All you have to do is decide which option will assist you the most in building your future.