If you are thinking about earning a fast-track MBA and are not sure how to go about the process, you could have more options than you originally thought. Even if you are a non-traditional student who is working full-time and has family responsibilities, there may be a part-time MBA program that fits your needs. For an accelerated path, you might want to consider an online executive mba.
Executive MBA programs
You may be wondering what is an online executive MBA. An executive MBA degree, or EMBA, is similar to a traditional MBA program. It is a graduate level degree program which requires a completed bachelor’s prior to enrolling. It targets managers, entrepreneurs, corporate executives, and working leaders.
EMBA vs. Part time MBA programs, What's the difference?
While a traditional MBA caters to students at varying stages of their career and different ages, online executive MBA programs are designed for working professionals who are not just starting out in their careers and are typically mid-stage in employment.
Are there different requirements to be accepted into an executive MBA program?
Usually there are. In order to be accepted into an executive MBA program, you often need a minimum of five years professional work experience. The GMAT is not typically required since candidates are evaluated based on what they could bring to the program. Standard MBA programs mandates that students take the GMAT and they do not have to have prior professional work experience.
Does an executive MBA program differ from a typical MBA?
Online executive MBA programs generally offer classes at night and on weekends. The schedule is often flexible and permits students to earn their degrees in two years or less. Online executive MBA programs may be available for students who do not want to drive to and from a physical campus and who seek even more flexibility. Students attend classes with the same classmates for the length of the program. In traditional MBA programs, students may select the courses they want to take and they tend to be with different classmates each semester.
What about the cost difference between an executive MBA and a traditional MBA? EMBA Vs MBA...
The cost of an executive MBA program will vary depending on the school you attend and if you qualify for scholarships or grants, which may be available to qualified students. The tuition is often a bit higher than a traditional MBA program. However, speak with your current employer to see if he or she is willing to help foot the bill for your executive MBA. Also, check your employee handbook and the company website for MBA reimbursement details or talk to someone in HR.
What are some pros and cons of earning an executive MBA?
- Don’t need to take the GMAT.
- Employer may cover the cost of tuition.
- Designed for working professionals.
- Class schedule is more flexible.
- Tuition may cost more.
- Need around 5 years prior professional working experience.
- Admissions regulations are more stringent.
- Applicants should have some managerial career experience.
Part time MBA Programs
A part time MBA may be known as a flex MBA. Classes are usually evening courses since many part time MBA students work during the day. As with any school, quality varies so check the college’s accreditation status and be sure the program fits your learning style. The length of part time MBA programs are anywhere from two to five years and admission requirements are similar to traditional MBAs: GMAT scores, resume, essays, recommendation letters, and a personal statement. The cost of any part time MBA program is comparable to other MBA programs as well.
One year MBA programs
One year MBA programs generally take between eleven and sixteen months to complete. School is the main focus since the program is time-intensive. This MBA might not be suitable for a working professional who wants to earn her MBA in his or her spare time. Some future employers may not look favorably upon a one year MBA so do your research in advance. The admissions process may be competitive and could include impressive academics and/or work experience.
Two year MBA programs
Like one year MBA programs, a two year MBA programs may be best suited for the student who is not working full-time. As the name suggests, this MBA generally takes 2 years to complete or four semesters. The first year of the program consists of core classes while the second year permits students to come up with their own schedules in areas of interest.
The tuition may be hefty, so make sure you can pay for this MBA in advance. Utilize any scholarships, which may be available to students who qualify, or employer reimbursement programs to defray costs. Regarding admissions, two year MBA programs tend to accept wider academic backgrounds while expecting academic dedication from enrolled students.
What are some popular degrees in MBA programs?
As you start to look at various MBA programs, you’ll usually begin with a core curriculum that teaches the fundamentals of business administration. Then, you may get the opportunity to focus your studies on a specific concentration or specialty. Some of the most popular MBA degree concentrations include:
If your program encourages you to choose one or two concentrations, make sure they align with your interests and future career goals.
- Entrepreneurship: If you dream of one day starting your own business, then focusing on entrepreneurship could be the best move for you. Entrepreneurship could help you develop a usable skillset and come up with innovative business ideas that might result in the creation of more jobs.
- Management: With an MBA in management, you could hone interpersonal and management skills that may enhance leadership. Team building and employee motivation are two management aspects you may study
- Supply Chain: Supply chain includes the distribution, transportation, and production of materials for a company. If you are interested in logistics and business management, this concentration might be a great one for you.
- Nonprofit: If you are concerned with addressing humanitarian challenges, earning your MBA with a focus in nonprofit may be a good choice. Learning leadership, operational, and financial skills is generally part of this program.
- Executive MBA: An executive MBA or EMBA is geared for working business professionals who want to enhance their careers. It is similar to a traditional MBA except classes are often on offered nights and weekends.
- Finance: With an MBA in finance, you may study portfolio management, securities analysis, corporate finance, and markets. If you desire a career in an area like investment banking, consulting, or broker-deals, then this MBA niche could be a good option for your future.
- Accounting: Do your friends and family refer to you as a “numbers cruncher?” If so, a MBA in accounting could be your graduate degree of choice. Accounting involves organizing, collecting, and reporting financial information.