At a time when corporations are pulling back on educational spending, prospective students looking for executive master of business administration (EMBA) programs want the most bang for their buck. Fordham’s EMBA program offers that and then some, according to the latest rankings in The Wall Street Journal.
Fordham’s EMBA program landed among the top 20 American EMBA programs sorted by return on investment (ROI), according to the Journal. The list, as well as a ranking of international programs, appeared in the Dec. 10 issue.
“Prospective and current students are willing to pay a premium for an executive MBA program as long as the school has a top brand and the format of the program is convenient for today’s busy executives. Fordham offers that,” said Francis Petit, Ed.D., assistant dean and director of executive programs in the Graduate School of Business Administration (GBA).
Petit attributes the success of the 22-month intensive program to the caliber of its faculty.
“Faculty are the heart and soul of any EMBA program,” he said. “Fordham’s GBA faculty who teach within our program have done an outstanding job.”
This is the second honor bestowed on Fordham by the Journal this year. In its ranking of the world’s best EMBA programs based on overall excellence, published on Sept. 30, Fordham finished 25th.
The latest poll, in which Journal editors investigated more thoroughly the information collected for the earlier ranking, relied heavily on data culled from surveys of EMBA graduates. Categories included salary; raises received after graduation; company-sponsorship; tuition; and out-of-pocket costs.
The Fordham program, which has a median total cost of $80,000, according to the Journal, has a five-year projected salary of $142,108, translating to an 80 percent return on investment. Coming in at number 20, Fordham is the highest-ranking New York program on the list.
According to Petit, the typical student pursuing Fordham’s EMBA degree is a mid- to senior-level executive, about 33 years old, and making roughly $150,000. These days, many pay their own way through school.
“I have been in this business a long time and have seen the dwindling levels of full corporate financial support for executive MBA programs,” Petit said. “Yet admissions applications, especially for international programs, have been increasing and the market is dictating that students are willing to pay more out of their pockets for such programs.”
While honored that the program ranked highly, Petit said ROI becomes less of an issue for students as they travel through the program, and even less so after they graduate.
“In many ways, the EMBA experience transforms their thinking—how they look at strategy and business development issues—as well as increases their self esteem and confidence,” he said. “They become part of a tight group and this bond lasts well beyond graduation. The networking component of the EMBA and the students’ relationships with each other are really very powerful.”