In today’s turbulent economy, risk-averse professionals may be reluctant to quit their well-paying job to go on a study sabbatical for pursuing higher education. If you’re fired up to pursue an MBA degree without taking a professional break, an executive MBA could be a good fit.
Most of the top international business schools offer an executive MBA which follows a curriculum on similar lines as a full-time MBA program and usually offer the same MBA degree. These programs are tailored to meet the requirements of working professionals.
How does an executive MBA help in career change?
Career change is the top reason why professionals go for an MBA. According to a 2022 survey by the Graduate Management Admission Council (GMAC), 51% of MBA students intend to switch careers. The big question now is ‘Does an executive MBA (EMBA) help with a career change?’
Career change could mean transitioning to a new function/role, switching industry or change in geography. It could involve either one, two or all of the above. There are MBA grads who’re able to pivot all three – the post-MBA career triple jump.
The fact that company sponsored executive MBA numbers have gone done in the recent years, students do not have an obligation to continue working for the same employer on completing graduation. In this article, we’ll discuss some ways an executive MBA can help transform careers.
1. Career progress
The age of EMBA students usually ranges between 30-40 years, the average being around 38 years. The more experienced EMBA professionals usually seek to evolve their career within the same industry. There may be those looking to get a foot in the C-suite door.
One huge advantage of an EMBA is that you get a chance to implement at work all that you’ve learned in class over the weekends. According to 2022-2023 EMBAC student exit survey, students reported a compensation of $231,143 (average salary and bonus) at program start while it rose by 17.7% and was $272,160 by the end of the program.
Here are a few other findings of the survey:
| 2020-21 | 2022-23 | |
| Students who got a promotion during the program | 36% | 42% |
| Students who reported increased responsibilities | 49% | 52% |
2. Career transition
A survey by GMAC showed that 42% of EMBA students intend to change job functions while 29% plan to switch industries entirely after graduation.
EMBA students can make use of career services offered by the business school. Several schools offer one-on-one career coaching sessions, helping students identify their strengths, skills, abilities and offer them a personalized career strategy to address their specific career development needs.
The careers team may conduct workshops helping students build their resumes, cover letters, written communication skills, interviewing skills, LinkedIn profile optimization, networking strategies and employment offer negotiations.
Students’ outreach initiatives including connecting with peers and tapping into the international alumni network can be of great help during the job-hunting process. Students also get access to employer job postings on the college internal website.
Schools like Washington Foster also organize MBA treks for EMBA students giving them exposure to various industries and companies, right from MNCs to startups.
Very few EMBA programs publish employment-related data as they do not want to antagonize the companies students work with.
Here are some encouraging statistics for those looking for a career change:
At INSEAD, among those completing the Global Executive MBA, 60% changed employer, 56% changed sector, function or geography while 11% returned to their own company.
The Kellogg Executive MBA program saw 56% students promoted from program start to one-year post-grad, 52% changed industry or function during the same period while 28% joined or founded a startup.
“When we see career switchers, they’re not quite that hard switch like you might see in a full-time program. They’re more of a soft switch, where it’s either industry or function,” says Joe Stephens, senior assistant dean and director of the working professionals and executive MBA programs at McCombs.
Also read:
– What’s a good executive assessment (EA) score for top executive MBA?
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3. Entrepreneurship
Career change could also mean leaving the corporate world to start your own venture.
A GMAC survey showed that about 30% of EMBA students aspire to become entrepreneurs or be self-employed post-graduation.
An entrepreneur has to don many hats. An EMBA would equip aspiring entrepreneurs with a 360 degree know-how of business so as to navigate the complex challenges in todays’s fast-paced and constantly evolving business landscape.
Personal branding is another aspect that plays a key role for entrepreneurs in building trust and credibility with customers and investors alike. Earning an MBA from a reputed school increases investors’ confidence in your ability to run or expand a business.
The learning derived through interaction with high-potential peers coming from varied industries and functions, interaction with industry experts, robust network of alumni can empower entrepreneurs with the required expertise and leadership experience to successfully launch their business. Many also end up teaming with their peers or alumni to set up their new venture.
Intrapreneurship is innovating and starting something new within an existing company. So, you’re acting like an entrepreneur within your current organization. A striking example of large-scale intrapreneurship is Google’s 20% time which allows employees to spend 20 percent of their time on creative initiatives. This has resulted in Google’s various line of businesses including Gmail, Google News, AdSense.
According to Financial Times data, at INSEAD, EMBA students taking up final projects focusing on entrepreneurship has gone up from 12% to 25% in a 5-year period. At Wharton, around 40% of EMBA students opt for courses focusing on entrepreneurship.
Tips to improve your career change chances after an Executive MBA
Those attending the EMBA are seasoned professionals wishing to gain a better understanding of the bigger picture so that they can move up the corporate ladder to become global leaders with a more strategic thinking approach.
“It’s hard to get that when you’re immersed in your role at your job. You’re within your bubble, and your EMBA takes you outside your bubble.” says EMBAC Executive Director, Michael Desiderio.
If you’re looking for a career pivot with an executive MBA, it would require a dedicated effort from your side considering that you’d be working full-time along with handling the rigour of an MBA.
The job-hunting differs considerably from full-time MBA where recruiters hire for entry level positions. A full-time MBA also has internship opportunities to test the waters which would not be available in an EMBA.
You can improve your chances of changing careers after EMBA by putting yourself in the driver’s seat. Think about all that you would do if you had no access (even if you do) to the school’s career resources. Create a personalized outreach plan and then execute it.
This is exactly what many EMBA students who worked with MBA Crystal Ball have done to manage some really impressive career transitions.
Lastly, you need to have realistic expectations about the program outcome. While shortlisting the programs, take into account the school’s location, curriculum offerings, schedule, career services, also alumni feedback. You need to have clarity about what your career goals are so that you can decide on which program would be the right one to help you reach there.
Doing an EMBA is not everyone’s cup of tea. It’s a rigorous program and most importantly, you’ll need a solid support system (both personal and professional) in place. You need to make the most of the all opportunities available, with an emphasis on networking and relationship building. This will help you get the best bang for your EMBA buck.
We can help you with your Executive MBA admissions process. Send us an email: info@mbacrystalball.com
Also read:
– Is an Executive MBA (EMBA) worth it?
– UCLA PGP Pro for Executives: Costs, eligibility, application, essay tips, career impact
– ISB PGPPro Review
– ISB PGPMax Review
– INSEAD ILPSE Admissions and Interview
– Executive MBA salaries in USA, Canada, Asia, Europe, Africa and Australia
– Top 10 MBA programs for career growth
References: 1, 2, 3, 4, 5, 6, 7
