EMBA degrees are no longer just for the corporate world. Distance learning and sponsorship changes have helped business schools broaden their horizons.
Before Leo Castellanos enrolled on an executive MBA program he was a senior advisor at the consultancy EY, where he transitioned after six years at PwC, another of the big four professional services firms.Now he is a start-up founder and investor, working across London’s entrepreneurial scene while running his business Comparabien, the fast-growing Latin-American price comparison website which he founded with classmate Alfredo Ramirez in 2010.
“It is easier to have a corporate career, and it’s always less of a risk,” says Leo. “[But] at some point you realize that regardless of what you do, you’re just a number,” he adds.
Since graduating from Cass Business School’s EMBA and launching Comparabien in Peru, he has grown the company to operate across Colombia, Brazil, Chile, Mexico and Argentina. In 2013 the company raised £350,000 in a funding round. The business expects to close a second round of £1.5 million in investment this year.
Leo is one of a growing number of corporate deserters who have been turned toward entrepreneurship while on executive MBA programs. These programs were once seen as the corporate world’s degree and participants were sponsored by their companies, hoping to gain promotion.
But now, EMBAs are populated with executives seeking to make a career change and transition into a new industry, function or even location.
Many of these managers enrol to establish start-up businesses, according to Federico Frattini, director of MIP Politecnico di Milano’s EMBA programs. “We have seen a growth in the number of our EMBAs starting their own businesses and launching entrepreneurial ventures,” he says.
This diversification has led to a fall in the number of companies sponsoring EMBA students. At the Wharton School in the United States, corporate sponsorships of EMBA students have fallen to as low as 22%, from 50% in 2009.
During the financial crisis companies cut back on funding business education and executive courses, which are notoriously expensive, were some of the hardest hit.
“Most of the companies around the world have cut down on training and education programs, and that has affected business schools because there were many company-sponsored students that now need financial aid,” says Pilar Vicente, senior associate director of admissions at IE Business School.
But executives are happy to bear the cost. At INSEAD which has a campuses in France, Abu Dhabi and Singapore, 70% of EMBAs are self-funding their fees, up from 7% in 2006.
This change has forced business schools to adapt. EMBA programs have beefed up their career services and job search support to match that of the full-time MBA, as more senior students who have fiscal freedom are seeking fortunes in new areas of business.
“What is most important for our EMBAs is career coaching. Our services are targeted to improve their CVs, presentation and interaction skills, and to advise students about their career options,” says Federico.
Business schools have also had to adapt their curriculums to meet the needs of more diverse EMBA cohorts. “We have tried to support this change by increasing the number of elective courses on entrepreneurship,” Federico says.
At Warwick Business School in the UK, in addition to core modules like finance, accounting and economics, EMBAs can choose from 50 elective modules which cater for different functions.
“They can choose… Entrepreneurship and new venture creation, or e-business and IT entrepreneurship, which is very fashionable now with all the tech start-ups out there,” says Nigel Pye, assistant dean of the Warwick Executive MBA.
The increase in provision of distance learning on EMBA programs is also helping to attract students from a wider range of backgrounds.
“Our school decided to invest heavily in distance learning,” says Federico. MIP launched a new platform called Flex EMBA, where 80% of the activities are carried out through a distance learning platform, developed by Microsoft.
The program received so many applications that the school decided to roll out a second intake, which begins in April 2015. “Our students are increasingly asking for more flexibility and the opportunity to study, interact and work together in mobility,” Federico says.
Other schools have also introduced new formats. Columbia Business School in New York runs a program which is taught on Saturdays, while Henley Business School in the UK launched a Flexible Executive MBA that can be taught almost entirely through an online learning environment, according to Ashley Arnold, Henley’s director of recruitment.
Georgetown’s McDonough School of Business is testing a pilot this year which moves 25% of each core EMBA course online, says Paul Almeida, senior associate dean of executive education.
As well as choosing between distance and bricks-and mortar-learning, executives can pick from a wider range of study locations for their degrees. Business schools are offering EMBA programs in different locations through joint ventures or multiple campuses. Georgetown now teaches its degree jointly with ESADE in Spain, while the world’s highest-ranked EMBA program, Trium, is taught in France at HEC Paris, and in the UK and the US.
“The main benefits are related to networking opportunities, which are exponentially increased in these joint EMBA programs,” says Federico.
Corporate careers are still accelerated – 15% of MIP’s EMBAs move into a top management position including CEO or board member within two years of graduating – but it is clear that more options are open for today’s executives.
For Leo at Comparabien, entrepreneurship is about the freedom of controlling his own future. “We’ve had this entrepreneurial dream for some time and it’s truly exciting to do something for us – a business that is ours and not someone else’s,” he says.
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Classes
The diversity at City University facilitates interactions and is a direction toward the unity of the world. The classes are well built to match the number and needs of all students regardless of the elements of diversity that set people apart. The use of technology in delivery makes learning even more interesting and achievable. At City University there is no distinction pegged on the issues that make people unique.
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The team of lecturers at the Uiversity are well experienced. Their level of insight and the methodologies of delivery works for the interes of the leaeners. My learning experience was largely boosted by the level of knowledge of the professors at the institution, and their passion to transfer the same to learners. I appreciate every class I attended because of the level of insight I was able to gather
The best university I’ve been to
The campus and the people I've met have made it a wonderful experience. I was reared in a small town with a graduating class of only 88 individuals, so moving to City University was a huge adjustment for me. My dorm has more residents than my whole high school combined! I enjoy the atmosphere here, and everyone is so friendly. Outstanding academic options and a stunning campus. Really great from beginning to end. The educators genuinely love what they do, and the students are ready to learn. On or around college, there is always something to do with friends, and the social scene is particularly warm.
Bayes Business School
As a student at City university attending Bayes Business School I would totally recommend choosing this university as the experience is exceptional with great social networking opportunities . Professors are significantly helpful, delivering with excellence and professionalism. Everyone is happy to help and make you feel welcomed in such an esteem university as City, offering exceptional development and guidance through out the course.
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Incredibly amazing university, the way they polish students and help them boost their morale and think intellectually is worthwhile. Many universities have international partnerships to allow exchanges between their students. The most obvious subjects for these opportunities would be those that involve languages, and the study of people and places.
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I really like it it’s perfect for me with not too many people and not too few either. All the modules are amazing. I love the toy bar. I love all the societies that I’ma part of. Especially the colour Bollywood society
Unlocking My Potential at City University London
My time at City University London was truly transformative. The university's vibrant community and diverse extracurricular activities allowed me to forge lifelong friendships and professional connections that extend beyond the classroom. I was impressed by the university's commitment to academic rigor, character development, and personal growth, which created an ideal environment for me to reach my full potential. The research-driven and industry-relevant curriculum provided me with a solid foundation in international business, while the dedicated faculty and staff offered invaluable guidance and support. I feel grateful for the well-rounded education and holistic experience that City University London offered, preparing me for success in my career and beyond.
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At the University of London, I have experienced dynamic and diverse academic environment where I was challenged by rigorous coursework. You will have the flexibility to choose from the wide range of courses, participate in numerous extra-curricular activities and take advantage of the many opportunities
