There are numbers of approved MBA & Executive MBA programs administered in colleges around the world, but many aspiring candidates don’t know the difference between both of this. ‘Executive MBA’ utterly means ‘Executive Master of Business Administration’, that is usually misconstrued to be the superior course of MBA education. But the reality is that the two are very much similar in terms of value and cachet on the graduation – and they are delivered in many different manners.
Whether candidates go for an MBA or an Executive MBA based mainly on the current situation. Executive MBA candidates are normally older & have more experience. The full-time MBA students are quite looking for some quick career change or are wishing extensive experience for career enhancement – but the diversity between them extend much further than the work experience and age of students.
Executive MBAs are provisioned towards working professionals with much more work experience – usually in the region of ten to fifteen years. In the selection time, Executive MBA admission groups look for some varied professional area & with different work experience. And it is assumed that candidates would already possess great business intelligence picked up over the career. So, they are not normally needed to sit entrance tests – although students without bachelor’s degree might need a GMAT score.
Though, for full-time MBA education, the emphasis is so much placed on GMAT scores & essays. The lowest GMAT score of 600 is needed in most colleges, with top institutes demanding 700 & above. And also more management experience is the definite benefit for MBA education, students are mostly only needed to have up to three years’ work life.
Duration and pace:
The duration of degree courses differ per college, however, the typical time period of an MBA is 2 years in India. Executive MBAs are likely to fall into a similar sort of area. The contrast is, however, that Executive MBA education is part-time, weekends, on evenings & intensive weeks that could take place at various places across the world. Executive MBA students, by and large, stands in the current positions on a full-time basis (along with a full-time payment) while they get to learn. Much of the study would be by online and/or distance. Executive MBA students likely to classwork at some more intense speed than the MBA counterparts to depreciate distraction from family or work.
Full-time MBA candidates have intensive work calendar, making it so much difficult to maintain a job apart from the course. Also, the classes are finished at a faster rate, the Executive MBA curriculum deals the similar material as of MBAs. Though, Executive MBA courses offer limited electives & candidates are needed to take the most of the classes together. MBA candidates get the freedom to specialize in a variety of topics, with a wide range of choices available to them. There are targeted Executive MBAs out there for those who like to specialize though!
Fees and sponsorship:
Typically, the majority or whole of Executive MBA candidates’ tuition fees was entertained by employers, who benefit from the refreshing skills their managers are receiving. Though, current years have seen a trend around self-funded students – that has meant that more institutes are offering Executive MBA scholarships. Either way, applicants would also be having a full-time payment when studying, making the financial associations of Executive MBAs somewhat less daunting compared to full-time MBAs. Company-funded candidates are normally needed to have a few years to the organization on completion of the course – so they should be sure of the careers before Executive MBA degree.
In stark contrast, MBAs are completely self-funded, and there is a wide range of scholarships accessible to applicants with private schools and companies. The prices blended with MBAs likely to a little lower than Executive MBAs but full-time MBA candidates have to factor in other fees like permanent board & accommodation as well as a foregone stipend (but don’t forget the ROI).
It is so important to consider when picking between the 2 different courses. If students want a more immersive study experience they have to most surely go for an MBA. Living fully on or near campus opens the doors to extracurricular ventures – consists of clubs, conferences, sport & student-run events and also social experiences & obviously, a tight-knit social group as you would be working with the classmates each day.
For Executive MBA students, the emphasis is put very much on networking in a tighter cohort, with a little less interaction with the wider candidate body. Students interact with the group on a weekly basis – mostly at the weekend. However, the relationships might not be as intense, formal and informal networking is key to the Executive MBA study (as it is for the full-time programs) & is much beneficial for the future career.
Should You Pursue an Executive MBA If You Already Have an MBA?
There was a time when people who had received an MBA never gave a second thought to the executive MBA (EMBA), but business colleges – seeking to diversify themselves & extend the reach to a broader demographic – are identifying the 2 degrees more often.
Typically, the MBA is for somewhat younger students, who are in their late 20s or early 30s & have less experience of work, than those entering the Executive MBA, who are in their mid to late 30s & have more experience of work. Actually, you may find Executive MBA candidates in their 50s & 60s.
Based on the kind of program you enter, you could earn an MBA in 1 to 3 years. Executive MBA courses are likely to be 2 to 3 years. Traditional MBA courses have applicants consistently meeting for assignments and class, whereas Executive MBA students meet on weekends or through intense weeklong courses.
There’s no dismissing the curriculum is same. The major difference is the Executive MBA contributes far fewer electives & a more focused core as it is for those already in more senior positions, who are proceeding to work.