For most people, the deciding factor when choosing between a part-time EMBA vs. a full-time, standard MBA comes down to how efficiently they can juggle classes with their work. Furthermore, most mid-career individuals will go for an executive MBA as they can’t or don’t want to stop working. Below in this article, we will cover the MBA or EMBA: Which is Right for Your Business Venture.
An EMBA is better for them at such a point in their lives. In reality, they are similar when it comes to value, prestige, and content. However, educational institutes deliver both these programs in different formats. They require different commitment levels and serve varying career development opportunities. That said, let us look at a few key differences between an MBA and EMBA to decide which one will be the appropriate choice for you.
Comparing Schedule And Course Length
A master of business administration or MBA is a degree type that deals with general management. These consist of a one to two-year program. However, both these programs require a full-time commitment. For example, many universities offer 12 to 24 months MBA programs. The students need to be present on campus to attend classes. That said, there are tons of one to two-year online MBA programs available as well.
An EMBA is also another type of general management degree. However, the difference between them is that you can do an EMBA part-time, and it takes a couple or four years to finish.
Whether you decide to choose an MBA or an EMBA depends on your preferences. If you can take out time from your business venture, you can quickly complete a traditional MBA. If you cannot, an EMBA will give you the flexibility to operate your business while also earning a high-value education.
As an EMBA is best for individuals with prior work experience, most universities and admission offices consider managerial experience or a varied professional background. These schools and universities assume that individuals applying for such a degree program already have a particular level of business know-how that they picked up while working.
For most MBA programs, such as an AACSB online MBA no GMAT degree, you will only need three years of working experience. Plus, you won’t need to give a GMAT examination as such is the beauty of this type of degree.
Differences In Curriculum
Both an EMBA and an MBA degree cover the same core concepts and aim to advance or develop similar skills and knowledge. Both EMBA and MBA students engage students with the same subjects and topics. Both programs also allow students to specialize by enrolling for electives in different business areas like entrepreneurship, business analytics, project management, marketing, or finance.
Both programs also enable students to apply what they earned in class via different practical projects. So, as far as the curriculum for an MBA and an EMBA goes, there is not much difference. Both offer the same value to students.
Professional Experience And Age Difference
One significant difference between an EMBA and an MBA degree is the profile of the applicants. MBA students tend to apply for the degree a couple of years after completing their bachelor’s. In contrast, EMBA students tend to be older and have more professional experience on their CVs. Students who apply for an MBA have an average age and work experience of around 32 and 7 years, respectively. In contrast, students who apply for an EMBA are approximately 37 years on average and have an average working experience of 11 years.
Such a difference in seniority plays a vital role in the way students engage in classroom discussions and course content. It is crucial to know what program fits you the best as your peers will be valuable to you when building a network for your business venture.
Financing, Fees, And ROI
The fees for both these degree programs are somewhat similar. However, it depends on the school you apply to and whether you choose an online program or a campus-based one. Students usually self-fund an MBA- Although financial aid packages and scholarships allow them to save some money. When it comes to factoring in everything related to an MBA program, students also have to look at accommodation, transportation, and other external costs. Fortunately, successful graduates usually can see a quick ROI as their newly earned educational credentials allows them to apply for senior management roles.
In contrast, students can either partially or entirely fund an EMBA by themselves or their employer. It is because an employer will benefit from the knowledge and skills their employee earns, and many will be happy to contribute partially or wholly for their staff’s development. Employer-funded candidates need to commit a few years to their employer’s company after graduating from the EMBA degree. That said, more and more students are looking to partially fund their EMBA degree while searching for financial aid and scholarships to fund the other half of the program. Individuals looking to fund their education, be it an MBA or an EMBA, have to keep a close eye on their finances. Then, decide whether they can take a large chunk out of their working capital to fund their education.
Whether you are working a nine-to-five job or running your own business, gaining an education will always benefit your business and professional career. Both MBA and EMBA require commitment, dedication, and money. However, it would be best for business owners if they considered an EMBA rather than a typical MBA degree. It provides them the flexibility to study part-time while gaining the same skills and knowledge an MBA degree usually provides!