According to a Graduate Management Council (GMAC) survey, the top motivating factors for pursuing an MBA include getting more job opportunities and increasing the potential to earn a lucrative salary. An MBA is also beneficial for gaining business knowledge and skills, becoming a leader, accelerating career paths, developing leadership skills, and getting professional credentials. In detail, let’s look at the advantages of an executive MBA (EMBA) or MBA for working professionals.
Types of MBA for Working Professionals
There are four main types of MBAs for working professionals that one can choose based on their preferences:
1. Executive MBA for Working Professionals
An Executive MBA (EMBA) is designed for working professionals with at least three to four years of experience. Professionals who pursue an EMBA are typically looking to upskill. The program focuses on teaching business and leadership skills to enhance career opportunities.
2. One-Year MBA for Working Professionals
Though similar to an EMBA, a one-year program can be regarded as an accelerated MBA for working professionals who want to learn new skills and grow their careers quickly. This course usually lasts for 11 to 12 months and is full-time.
3. Part-Time MBA for Working Professionals
However, a full-time executive MBA for one year may not always suit working professionals. In such a case, part-time or evening MBAs are a better option. Part-time MBA classes are mostly held on weekends or late evenings to allow working professionals to manage their jobs along with the course. Since the classes are of short duration, part-time courses are usually for three to five years.
4. Online MBA for Working Professionals
Online MBA has become the most popular type of MBA in the last few years, especially after the pandemic. In the above-mentioned MBA courses, classes are mostly held online. However, online MBA programs are taught virtually through online platforms. These include recorded as well as live classes for self-paced learning and flexibility. An online MBA for working professionals makes it easier to access quality education worldwide.
Is It a Good Idea to Pursue an MBA While Working?
Pursuing an MBA while working helps professionals learn key business, managerial, and leadership skills. It allows professionals to upskill while focusing on their careers and reduce the likelihood of taking a career break. An increasing number of working professionals are pursuing an MBA while working to get better and well-paying opportunities, secure promotions, or become better managers.
In fact, according to a GMAC survey, 50% of MBA applicants having six or more years of post-qualification experience applied to part-time MBA programs—commonly called the MBA for working professionals. It offers quality access to advanced skills and education without spending a fortune. In fact, according to another GMAC survey, around 92% of recruiters said they intend to hire MBA graduates. Therefore, pursuing an MBA while working is a worthwhile endeavor. However, at the same time, this decision also depends on one’s career goals. A regular MBA can be better for those wanting to take a career break or switch to another field.
Advantages of Pursuing an MBA for Working Professionals
An MBA for working professionals uses a skill-oriented approach to train participants and help them achieve their career goals. The following are the top benefits of doing an MBA for working professionals:
1. Career Advancement
An MBA offers comprehensive knowledge and skill training by teaching business and technical skills in specific domains such as finance, human resources, operations, supply chain, and more. It helps professionals gain expert knowledge of various domains and boosts career growth.
2. Skill Development
An MBA for working professionals is one of the best ways to learn leadership skills, gain business acumen, and grasp industry insights. In fact, employers are always on the lookout for professionals who possess a diverse business skill set. Thus, an MBA helps secure better work opportunities.
3. Networking Opportunities
Another key advantage of an MBA for working professionals is the opportunity to build a professional network of diverse groups of professionals from different industries. It helps learners seek mentorship, get job referrals, and find business partners.
4. Specialization Options
Many MBA programs offer specialization in various industries, such as finance, marketing and sales, strategy and operations, human resources, supply chain management, etc. Therefore, an MBA helps learners gain expert knowledge of their respective domains and gives them an edge over other professionals in the industry.
5. Entrepreneurship and Innovation
An MBA for working professionals is extremely beneficial for those who want to start their own venture or gain entrepreneurship skills. It teaches skills in strategy and planning, financial management, market analysis, operations, and other fundamental aspects of business. Moreover, an MBA course also teaches working professionals how to identify gaps in the market and design innovative solutions. Therefore, it is safe to conclude that an MBA for working professionals promotes professional growth and personal growth.
6. Increased Earning Potential
A salary increase is one of the most significant advantages of an MBA for working professionals. Another survey by GMAC suggests that MBA graduates earn a 77% higher salary on average compared to professionals with a bachelor’s degree. Hence, an MBA helps in a professional’s overall career growth.
7. Credibility and Reputation
Companies mostly prefer candidates with an MBA background for senior-level or technical roles. Popular MBA programs for working professionals from leading institutions boost credibility and add value to the resume.
Which are the Best MBA Courses for Working Professionals in India?
Finding the best MBA course is a challenging task. You need to consider multiple factors such as cost, class schedule, instructors, and course outcome. With multiple institutions and specializations available, the choice can be extremely confusing.
Many professionals consider opting for online MBA courses to gain advanced knowledge and skills while still working on their careers. Emeritus partners with leading educational institutions to offer quality executive programs and leadership courses. Its courses are taught by industry leaders who offer first-hand insights into the industry and the challenges that professionals face, and how they can overcome them. It also offers a great opportunity to network with like-minded professionals and gain more knowledge and learning.
Frequently Asked Questions
1. What is the Best MBA Program for Working Professionals?
The best MBA program depends on your personal and professional goals. An online MBA is best for those who do not want to quit their jobs. On the contrary, for professionals looking for a career switch, an executive MBA is more suitable as it offers both business and technical skills.
2. How Much Does an MBA Cost for Working Professionals?
Full-time MBA for working professionals can cost between ₹25,00,000 and ₹30,00,000 for the entire course. On the other hand, part-time MBA courses cost somewhere between ₹8,00,000 and ₹10,00,000. An online MBA for working professionals is more cost-effective than other MBA courses. They have a fee of around ₹4,00,000.
3. Can You Complete an MBA Program While Continuing to Work Full-Time?
Yes, it is possible to complete an MBA program while working full-time. Many institutions offer part-time and online MBA programs to upskill professionals while they continue their jobs. Such courses offer flexibility by conducting online classes or weekend classes.
Which are the Best MBA Courses for Working Professionals in India?
There are many MBA courses available for working professionals in India. Search for a course that suits your needs and helps you accomplish your goal of higher studies. The curriculum should also be such that it helps you sharpen and expand your skills. Upon completing executive education, you can get a chance to work with some of the best companies in the world, such as Deloitte, KPMG, Grant Thornton, Wipro, Hyundai, and others. So, without much ado, enroll for an executive MBA course today!