Applications are up but acceptances are down among executive MBA programs surveyed by the Executive MBA Council, which also found that individuals and organizations alike are getting a faster return on investments made in higher education than in previous years.
The nonprofit organization, whose membership includes 300-plus executive MBA programs in more than 25 countries, this month released data gathered from two distinct surveys designed to chart the current executive business education landscape: one of its member programs and another of recent executive MBA graduates.
The first study, the Executive MBA Council 2007 Membership Program Survey, found that the average number of applicants per program jumped 25 percent from 2005 to 2007 but that program and class sizes dropped slightly during the same time period.
On average, programs accepted 63 percent of applicants in 2007, down from 67 percent in 2005. In response to increased application volume, more than half of the programs surveyed (57 percent) are considering increasing capacity or opening additional programs in new locations.
Even as application volume is rising – or perhaps contributing to the surge – 36 percent of executive MBA member programs are expanding their outreach efforts in an effort to diversify class makeup. Of special outreach programs in place, 59 percent target women; others focus on drawing more applicants from ethnic minority, entrepreneur, nonprofit and public sector audiences. The member program survey also found that average total program costs rose slightly, from $54,295 in 2005 to $57,954 last year.
The council’s second survey, the Student Exit Benchmarking Survey, is designed to gauge the perceptions and opinions of executive MBA students upon graduation. This year’s respondents report that the time it takes for their organizations to get a return on the investment made in their executive MBA pursuits has shortened from 28 months in 2006 to just 23 months in 2007. Students who fund their own education are also experiencing a faster return on investment: 45 months in 2007, down from 52 months in 2006.
Recent graduates also report a jump in salaries upon completion of their programs, as well as more promotions than expected. According to the survey, executive MBA graduates reported an average salary increase of 21 percent upon completion of their programs, with average salaries rising from $107,097 to $130,056. Thirty-seven percent of students surveyed said they expected a promotion upon graduation; 43 percent received one.
The Executive MBA Council is a strategic partner of the Graduate Managaement Admissions Council, which owns the GMAT exam.
Comments closed
