Financing_your_Exec_MBA:Rise_EMBA_2007.qxd 20/02/2008 16:53 Page 36
Courses often give students the opportunity to
put into practice the theories learnt in class
immediately, directly from the classroom into
the boardroom. The company not only benefits
from a direct return on investment from the rich
course content, but also sees the increased
confidence and broader communication skills
the employee brings back after each module.
This could prepare the ground for new
responsibilities, and when the company feels it
has benefited from the return on investment,
they pass on the benefits to other employees.
Executive MBA students foresee these benefits,
but underestimate their power: 37% of students
exiting an Executive MBA Council member
Financing your Executive MBA
program expected a promotion – 43% actually
were promoted. Not only that, but once
promoted they are more likely, than graduates
from other programs who received a promotion,
Choosing to do an Executive MBA is an investment in
to report an increase in their budgetary
authority, according to the 2007 GMAC Global
learning and personal development, costing both time
Graduate Survey.
and money. But in retrospect, for most, program costs
tend to be regarded as modest in comparison to the
“The Global Executive MBA is an extremely
practical program that allows participants to
benefits for both the individual and their company.
make a better contribution to their organizations
straight away. Typically, our students are in
The Executive MBA gives graduates greater positions of responsibility where they can really
strategic vision and skills that can be act on their ideas and implement what they
immediately applied to their current position, learn as they go through the program.
which can benefit leadership development and Thecost/benefit analysis for the organization is
obtaining a higher salary. This is as well as extremely positive!”
having the opportunity to immerse oneself for IESE Business School
two years in a stimulating and rewarding
learning environment. The actual payback For Marianne Vandenbosch, EMBA Program
period has been reduced from 28 months to 23 Manager at IMD, the Executive MBA program
months over the past year, despite the fact that should be regarded as a win-win proposal for
program costs have risen from $54,295 in 2005 sponsoring companies. “You can develop your
to $57,954 in 2007. It also took less time for high-potential people into internationally expe-
students who funded their own education to rienced, globally-oriented managers through a
enjoy a return on their investment: 45 months series of job rotations and projects over a num-
in 2007, compared to 52 months in 2006. ber of years. But with the EMBA, future stars can
get there faster, and take on broader responsibil-
An increasing number of students are ities. With our company-related assignments,
self-financing their studies with the proportion the manager keeps working on the company’s
of students paying their own way increasing behalf even while they are doing their EMBA.”
from 25% in 2003 to 33% in 2007. Meanwhile,
the number of organizations offering students Maureen Williams at Cranfield sees the benefits
full reimbursement in 2007 was 34%, down of a three-way partnership for the Executive
from 40% in 2003. Business schools will at the MBA. “Our experience shows that learning is
very least expect companies to support their greatly enhanced when the sponsoring organi-
employees, allowing them to take the time for zation becomes part of a three-way partnership
study and recognizing the additional workload with the student and the School, throughout
that they face. the program.
Employers understand the major benefits they This encourages sponsoring organizations to
receive from the improved managerial and view the MBA program as an integral part of
leadership skills of their employees. One big their own management and career develop-
factor which explains the upswing in ment programs, integrating the requirement for
applications to EMBA programs in recent years, personal development with the company's
is the reinforced loyalty and the possibility of a objectives and future plans. The MBA is a proven
company project. This project could perhaps be and very cost effective method of general man-
a report which looks at an issue within the agement development. But it is important that
organization, and then benefits from the expert the career path of individuals completing the
input of the business school faculty, increasing program is carefully planned, hence the impor-
the company’s acknowledgement of them. tance of the tripartite relationship.”
p
229
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