Fact is, you’re giving too much effort to getting admitted into one of the best MBA programs.
You might think the previous statement is stupid, but it’s actually true. According to Poets and Quants, to obtain the best GMAT result, you don’t need to give up all your spare time and stop sleeping altogether. By the way, you also don’t have to give everything you have to the admission essay. Admittedly, only one-fifth of all candidates are allowed to enter top business schools, but there are other options than forfeiting your life to your future education.
These options are called part-time and EMBA programs, and they let you obtain the best education without the strain of a ‘normal’ full-time MBA. Classes and teachers will be the best, and you won’t have to lose your job or to give up sleep.
Part-Time Programs Admit Candidates With Lower GMAT Results
Of course, most people concerned with career advancement want to get into a ‘safety’ full-time MBA program. It’s the most widespread choice, and it gives you ample time to redefine who you are and make better professional decisions. Still, before you start pursuing it seriously, consider the other options.
For instance, let’s take the GMAT requirements. If you want to enter a top school like Chicago Booth or Harvard, you will have to earn the average 720 GMAT result. It’s no small feat. But a part-time program at these top universities can be entered with only 678 points. Thus, you don’t have to give up your life for improving your GMAT skills. The same education could be yours with considerably less effort.
EMBA Programs Prefer Job Experience To Test Scores
If we compare full-time MBA and EMBA, you’ll also find that the latter has an edge over the former. For example, to get into Wharton School of Business, you’ll need to earn at least 700 GMAT points – but better make it 730. For an EMBA, though, you don’t need more than 680.
However, not all EMBA programs report their GMAT requirements and averages. That’s due to the fact that for EMBA, test scores don’t mean as much as they do for full-time programs. Sometimes they don’t even have requirements or are happy to forego them if they find an interesting and promising candidate with extensive job experience.
Sometimes It’s Much Easier To Enroll Into Part-Time Programs
Admittedly, not only GMAT results matter in admissions. For full-time MBA, the average GPA was 3.51 last year, whereas part-time students who got admitted had an average score of 3.30, and EMBAs – even less at 3.20. From this, we can conclude that GPAs still matter, but not so much, especially for programs where experience and diversity is the key things to admitting a student.
Opportunities And Cost
Full-time MBA programs allow you to build a stronger network, as there are more students per class than in EMBA or part-time MBA. Still, although you have more people to network with at full-time programs, you have more qualified and experienced people to talk to if you study at an EMBA program, where job experience matters most.
Additionally, at part-time and executive MBA programs, you can keep your job which will make your student debt that much lower. Also, 23% EMBA students have a full sponsorship, and 36% can get partial compensation of their tuition fees. At some business schools like Kellogg, as many as 66% of EMBA students get full or partial sponsorship. Many employers are ready to sponsor their employee if it means the company gets a qualified manager after they obtain the degree.
Although EMBA usually costs more than full-time MBA, it is actually cheaper in the long run. Due to the ability to stay employed during your studies, you can start paying off your student debt as soon as you enter the school. Reimbursements, scholarships and sponsorships also help here. An EMBA or a part-time MBA program is less costly in most universities, excluding only Harvard, Dartmouth and Stanford, where full-time students are prioritized.
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