One of the main differences between an MBA and an Executive MBA is the cost of the program. According to CareerBuilder.com, a full-time MBA costs around $100,000 for two years at a top-ranked school. An Executive MBA program costs around $58,000 for 20 months on average, according to the Executive MBA Council. Full-time MBA programs may also offer study abroad. However, Executive MBAs offer no global immersion programs due to the shorter length of the program.
A full-time MBA program is two years long, allowing members of the class to obtain a deeper understanding of business administration and complete a couple of internships while at school. Full-time MBA programs require students to focus and dedicate two years to school. An Executive MBA typically lasts for about 20 months on average and requires about 15 to 25 hours plus class time per week. It is structured to accommodate the needs of busy professionals, without them having leave their jobs for two full years.
An MBA and an Executive MBA target two different groups. Some full-time MBA programs require no work experience, but most typically expect around four to six years of experience. Executive MBA programs require 10 or more years of experience and target mid-career professionals at the managerial or executive level. Due to this difference in the target market, different sets of faculty members may teach each of the programs.
The curriculum in these two programs vary as well. For Executive MBA programs, students will learn about the integration of different business areas and learn more about leadership. Executive MBA programs emphasize leadership and management of a company at the executive level. Full-time MBA programs teach core business classes, which can be taken by students with no exposure to business, and then allow students to specialize and take elective courses in the second year.
The main benefit of an MBA degree is it will open doors for the individual who may be looking to get into a particular area within the business world or get promoted to the next level. It may also boost his salary. The main benefit of an Executive MBA is to complement and update an individual's business skills in a shorter amount of time, with minimal opportunity cost. Executives also use the Executive MBA as a step to venture out and pursue entrepreneurial paths as an executive.