In today’s workplace competition is fierce.
The unemployment rate is down but many are still struggling to achieve the salary and position their education and experience merits. To gain an advantage, completing an advanced level degree such as an MBA or EMBA may be the answer. Graduates of these programs see benefits like better job security, promotions and raises. But which of these Master’s of Business Administration degrees is the better choice? Read on to understand the difference between an MBA and an EMBA, as we answer some frequently asked questions.
What makes them different?
Both an MBA and EMBA are Master’s of Business Administration degrees. What makes them different is the “E”. An abbreviation of Executive, the “E” encompasses the experienced level of the curriculum and students in an EMBA program.
An MBA is designed to prepare an entry-level or mid-level associate to enter an executive level position. Sometimes a student may even be a recent business school alum with very little out of the classroom experience. Since MBA students can be a bit green, programs tend to cover all aspects of business administration so that students leave carrying the knowledge to communicate with professionals across departments. Additionally, students are required to choose a specialty, such as supply chain management or strategy, to prepare for their future career.
EMBA students do not need to select a specialty since the majority will enter programs having already spent years in a management role. Since these individuals are currently supervisors and leaders within their company, the curriculum is geared towards helping them expand their skills, learn new techniques and grow as leaders. An EMBA program also differs from an MBA in its schedule. Classes are offered evenings and weekends so that students can maintain their full-time job while they pursue their degree.
Which has better benefits?
Both programs equip students with the tools they need to succeed at the executive level. Students graduate with the ability to run a team in an efficient and productive manner, and can apply their new knowledge to improve procedures and the work cycle. Increasing your value as an employee often comes with monetary benefits, such as a higher salary or raise.
How many years are needed to complete a Master’s of Business Administration?
A full-time MBA typically takes two years to complete. Some universities offer previous business majors the option of fast tracking their MBA and completing the program in one year. An EMBA takes a bit longer, usually two to three years. Electives are omitted from the course schedule and students are not required to choose a specialty, therefore completing the degree in two to three years is possible even though classes are only held evenings and weekends.
How can I manage going to school and working at the same?
The curriculum in a Master’s of Business Administration program is definitely demanding, and if you are planning on pursuing an MBA full-time you will need to leave your job to do so. Alternatively part time MBA programs and the EMBA are options for working professionals who want to earn their degree while remaining employed. Classes cater to the workweek and are offered on evenings and weekends so that you can balance your time between work and school.
How am I going to cover the cost of attendance?
Determining how to pay for your master’s can be stressful but it doesn’t have to be. There are many options to help you afford the cost of attendance. If you don’t have savings to apply towards tuition you can take out a federal or private student loan, and see if you qualify for any scholarships. Your employer may also be willing to help.In 2009, 32% of companies completely reimbursed employees for the cost of their EMBA degree.
Inquire about company contribution or reimbursement for employees seeking advanced degrees. If financial burden is a concern, an EMBA might be the better program for you since students are able to continue working while pursuing their degree.
Is getting an MBA or EMBA worth the cost?
The payback period of an EMBA is just 17 months. In a marketplace where many degrees have a low impact on salary, graduates of MBA programs anticipate their salaries to increase by 33%. Investing in a Master’s of Business Administration is an almost guaranteed return on investment that will continue to benefit you long after the cost of attending is covered.