Before enrolling in an executive MBA programme, students should ask themselves a few questions, says Prof Dr Col A Balasubramanian
Executive MBA is aptly suited for professionals who have at least a few years of managerial experience. It gives them an opportunity to upskill, reskill or cross-skill for further career advancement. However, the duration of Executive MBA ranges from one to two years, which means that you have to allocate dedicated time and efforts along with a considerable amount of money. It’s only natural that you want to find out whether doing an Executive MBA yield expected results in terms of return on your investment and career growth.
So, before you enrol yourself in an Executive MBA programme, ask yourself these questions to arrive at the right decision.
Why should I do an Executive MBA?
List down the benefits you are expecting from this programme. You may want to acquire new skills to make a career switch to another company, get a promotion, diversify your professional interests or seek offshore employment. It is important that you chart out your career goals for the next 8-12 years so that you can determine whether an Executive MBA will fulfil your future professional aspirations and skills/qualifications required for that.
Will I be able to devote time and money after enrolling in an Executive MBA?
The course fee of Executive MBA can cost you anywhere between Rs 40,000 and Rs 10-Rs 15 lakh, depending on the institute, duration of the programme (one to two years) and whether it is part-time/full-time/online or correspondence. You can either quit your current job or continue working to pursue an Executive MBA as per your personal and professional circumstances. You need to figure out whether you can afford the cost of the programme and allocate the required time and efforts to complete it.
Which institute should I choose?
The choice of an institute shouldn’t be driven by the cheapest fee factor. You should consider comparing the institutes on the following parameters:
- Reputation and affiliation of the institute
- Number of years since the institute was established or offering the programme, also the track record of the institute.
- Quality of faculty
- Course structure — whether it covers the subjects and specialisation you are looking at
- Duration of the course
- Placement record and average salary — if you are planning a job change
What is the quality of the candidates?
An Executive MBA programme may require you to spend time with fellow participants in the class or group projects. It also gives you an opportunity to gain a diverse perspective and grow your professional network. You can check the institute’s alumni network, interact with existing students or talk to other aspirants applying in the same institute to understand whether you will be able to fit into the crowd.
What is the ROI?
This is a crucial question to analyse the financial aspect of the program. The entire cost of the program should be worth the value you are expecting. Apart from the fee of the course, you should also consider commuting, accommodation, study material, meals, student loan and any other expenses applicable in your case. Ideally, you should be able to cover the total cost within a year or two after completion of the course.
Evaluate these questions thoroughly, get some advice from people you trust and find out information from the institute to arrive at the right decision.
The writer is Chancellor, Sri Balaji University, Pune
