In this edition, I am going to delve into the world of Executive MBAs. I will touch upon on –
- Current market trends and demand for executive education
- Traditional MBA vs Executive MBA
- Benefits of an Executive MBA
- Comparison of some of the top Indian Executive MBA programs
- Emerging trends in executive education
As a proud alumnus of the full-time MBA program at the prestigious IIM Bangalore, I can attest to the transformative power of a top-tier business education. The rigorous curriculum, world-class faculty, and diverse peer group shaped my career trajectory in ways I couldn’t have imagined. The extensive alumni network has proven invaluable, serving as my go-to resource for brainstorming and seeking insights as I navigate the process of building Dezerv with my team.
However, I’m acutely aware that many of my equally talented undergraduate peers were unable to pursue similar opportunities due to other priorities at that stage of their lives. The demands of early career progression, financial responsibilities, or personal commitments may have precluded them from taking the traditional full-time MBA route. Yet, their ambition and drive to succeed have remained unwavering.
For these professionals, executive education, specifically the Executive MBA, has emerged as an exciting opportunity.
Current market trends and demand
According to a Fortune Business Insights report, the global executive education market was valued at $237 billion globally in 2021 and is projected to rise at a compound annual growth rate (CAGR) of 11.7% between 2022 and 2028, with India playing a significant role in this expansion.
In recent years, the demand for Executive MBA programs has surged, especially among Gold-collar professionals (highly skilled professionals in high-demand fields) in India. The Graduate Management Admission Council (GMAC) reported a 6.4% global increase in applications for Executive MBA programs in 2023.
This growth is driven by professionals who seek to advance their careers, enhance their skills, and expand their professional networks.
A study by the Indian School of Business (ISB) found that 75% of Executive MBA graduates received promotions or salary increases within six months of completing their programs. This underscores the critical role advanced education plays in today’s fast-paced, technology-driven business environment.
Let’s have a look at how Executive MBAs fare in comparison to traditional MBAs –
While the differences between traditional MBA and Executive MBAs are distinct, for most mid and senior management working professionals with 5-10 years of work experience, Executive MBA is the most obvious option.
Benefits of an Executive MBA
- Continuity and career momentum
Unlike the full-time MBA, which requires a temporary departure from the workforce, the Executive MBA allows participants to maintain their professional commitments while pursuing advanced education. This continuity ensures that valuable work experience and career momentum are not sacrificed, enabling professionals to apply their newly acquired knowledge immediately within their organisations.
- Contextual learning and immediate application
The Executive MBA curriculum is meticulously designed to address the real-world challenges and strategic considerations faced by mid-senior professionals. By leveraging their existing industry expertise and exposure, participants can contextualise their learning, facilitating the immediate application of their newfound skills and insights to drive tangible results within their organisations.
- Peer-to-peer learning and networking
The peer-to-peer learning experience in an Executive MBA program is truly unique and invaluable. The cohort comprises accomplished professionals from diverse industries, companies of varying scales, and a wide range of functional roles. In one remarkable case, a class of an executive MBA program had the opportunity to engage with their classmate who had been directly involved in the very case study which was being taught, providing first-hand insights into the decision-making processes, challenges faced, and nuances that shaped the outcomes.
- Leadership development and strategic vision
Executives MBA have a strong inclination towards cultivating middle management to take on larger leadership roles. They are taught how to build and manage teams not just comprising 4 or 6 but 20-30 across geographies. Through executive coaching, participants develop a profound understanding of organisational dynamics, change management, and strategic decision-making processes.
- Accelerated career trajectory
The combination of advanced business knowledge, leadership skills, and a prestigious degree from a renowned institution often translates into enhanced credibility, recognition, and access to coveted executive positions.
As per a report by McKinsey, more than 50% of employees in India will need to change their occupations or upskill by 2025, thereby indicating a substantial market for executive education.
Indian institutes are cognizant of this market and have dedicated courses for mid and senior management working professionals.
So, when it comes to Executive MBA, working professionals need to evaluate the following factors –
- Need for executive education – identify the gaps in skill set and the courses that can fill this gap
- Course syllabus and its use case
- Reputation and location of the institute
- Mode of teaching – depending on preference towards in-person or online classes
- Cost benefit analysis
- How to fund the education
- Course of action after executive education
- Feedback and reviews from alumni
Emerging trends in executive education
1. Technological adoption
The widespread acceptance of online learning platforms, such as Coursera and edX, is ushering in a transformative era for executive education. There are already a number of online platforms that host pre-recorded courses contributed by reputable business schools. In an age when learners are getting more accustomed to online education, this model will only grow. The most successful of these platforms in the business space is Emeritus.
Further, business leaders need to understand and leverage emerging technologies such as artificial intelligence, blockchain, and data analytics. Executive education programmes are incorporating technology-focused courses to prepare leaders for technological developments.
2. Strategic learning partnerships
Opportunities for business schools to form strategic partnerships with corporations will grow in the future. As per an article by Harvard Business Review, the demand for custom executive education is growing, while the demand for open-enrollment courses is shrinking. As corporations demand greater accountability from executive education in terms of business impact, they will seek to partner with business schools to develop targeted and contextual learning for their employees. An early example is the partnership between Hult International Business School and Ernst & Young (EY) to create a custom MBA program for 284,000 EY employees worldwide.
Another disruptive force lies in the emergence of learning management systems (LMSs) offered as a service, which let companies and business schools host content on the same platform and make that content widely available to a company’s employees. For example, Infosys offers a platform called Wingspan, which features a Netflix-style interface for corporations that combines in-house content with business school content.
3. The rise and rise of hybrid learning models
The emergence of hybrid models—which integrate online coursework with traditional classroom experiences—is set to transform the field. This innovative approach aims to enhance flexibility and accessibility, making it easier for professionals to pursue advanced education while managing their demanding work commitments.
4. Focus on innovation and entrepreneurship
In line with the entrepreneurial surge in India, entrepreneurship is a major area of interest for mid and senior level working professionals. Institutes like IIBS Business School, Bengaluru, include entrepreneurship in their syllabus to nurture entrepreneurial skills and mindsets. Incubation centres, startup mentorship programs, and innovation challenges are being increasingly included in the curriculum to hone entrepreneurs in India.
5. Diversity, inclusion and ethical leadership
As businesses globally are recognising the importance of diversity, inclusion, and ethical leadership, executive education programmes are incorporating topics that address these areas. Executive education will need to embrace these concepts to develop leaders who can create inclusive work environments and foster ethical practices within their organisations.
In summary
About 88% of professionals in India are considering a new job in 2024, an increase of 4% from last year, shows new research by LinkedIn.
With an ever increasing workforce, the competition is only increasing. This leaves a dire need for mid and senior working professionals to upskill, enhance and adapt their skill sets. Executive education meets this need of working professionals.
By adopting cutting-edge delivery techniques, customising programs to meet emerging challenges, and emphasising measurable results, executive education is empowering professionals with the expertise, skills, and flexibility needed to tackle the intricacies of today’s business environment. This approach is centred on digitalisation, personalisation, and globalisation.
Disclaimer: The information contained herein is for informational purposes and should not be interpreted as soliciting, advertising, or providing any advice.