How Much Does an Executive MBA Cost?
It is no surprise that the cost of an EMBA differs greatly. A lot of students are seeking the most cost-effective choice. Some want to pursue a top degree at a top school, regardless of price. The tuition average of an Executive MBA program is under $75,000 annually. If an average MBA program lasts two years to finish, that’s an expenditure of close to $150,000. A study conducted by Ivy Exec reports that EMBAs from top schools like the Wharton School at the University of Pennsylvania and the Booth School of Business at the University of Chicago can cost almost twice as much. Costs for textbooks and tuition could add to the price. It’s a substantial investment even for mid-career professionals You may be thinking about how to fund an EMBA.
Employers typically pay for the tuition at the very least. According to the EMBA Council reports that 20 percent or more of executive MBA students receive their tuition completely covered through their employer. A further 34% of students can benefit from a portion of their tuition being subsidized by their employers. The remaining 46% have to pay their own tuition but are able to avail tuition aid or financial aid. It is estimated that the Executive MBA council has found that 59 % of EMBA programs provide grants or scholarships. Therefore, before you scoff at the cost, consult your workplace to determine whether they’ll sponsor your degree and at what grade. You can then research the possibilities for fellowships and scholarships. Then you’ll be in a better position to determine the potential ROI.
How do I choose an Executive MBA? Career Path with an EMBA?
We’ve seen that the executive MBA is designed specifically for mid-career professionals in the workforce or executives looking to progress in their field typically within the same company. The career path for those with an executive MBA is pretty clear. With an EMBA, you’ll move upwards from your current position. What will this appear like and how much do you anticipate growing?
The Executive MBA Council’s survey of the most recent EMBA graduates reveals that between the beginning of the program to its conclusion 54 percent of executive MBA applicants were awarded greater job responsibilities, and 39% received promotions. It’s a pretty impressive result, particularly over the course of two and three years. The study didn’t try to gauge the effect on the future of an EMBA beyond graduation, however, it’s probable that the information and skills acquired during the course of the study will continue to be rewarded by advancing your career over the next few years.
What is the average salary through the Executive MBA?
The majority of people view the MBA being the most lucrative kind of master’s degree. However, an executive MBA could be a more lucrative investment. As of 2012,
The Washington Post reported that the average annual salary of an individual who has an old-fashioned MBA is $90,000. Likewise, the average salary of one with an executive MBA is $164,845. It’s $74,845 more annually! Of course, some of the reasons for this disparity could be due to the disparity in the professional experiences of students. MBA students are typically significantly younger and have less experience as professionals in comparison to those pursuing the executive MBA degree.
The most recent survey of the EMBA council found that the median pay and bonus package of EMBA participants was $172,498. At the conclusion of their course, their compensation and bonus package was up to $197,719 on average. This is a 14.6 percent increase in total compensation. That’s a massive jump in only two years! The substantial increase in compensation signifies that being an EMBA graduate you’ll soon get an increase in your earnings. The Huffington Post explains that it currently averages seventeen months to get the executive MBA to be able to cover the cost on its own.
A lot of employers don’t charge tuition fees and do not give promotions to their executive MBA employees, but they also provide bonuses for those who have completed the degree. All of these data support the perception that this EMBA is a solid investment in your career.
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