Pursuing an Executive MBA is a significant decision that requires careful consideration of various factors. It's a balancing act between personal commitments and professional aspirations. The Hanken EMBA programme understands the details involved in this process and has crafted a checklist to guide prospective candidates through a seamless application experience. This blog post aims to introduce you to the essential steps and considerations outlined in the Hanken EMBA Checklist.
Motivation and timing
First, one must ascertain their motivation for study. Are you prepared and willing to dedicate yourself to long-term studies? Many might think that they don’t have time for the EMBA studies. More often, it's about prioritising one's time effectively. Another consideration is timing. This can be likened to aging a fine wine in the cellar, awaiting the ideal occasion to savor it. However, waiting for the perfect moment may mean it never arrives. Instead, one must make up one’s mind and decide to go for it!
Making time for studies
Taking on something new as the EMBA studies might mean you have to give up certain existing commitments to make time for your studies. Moreover, it's essential to establish new routines to manage the coursework effectively. After all, it can be challenging juggling studies with a full-time job, family, friends, and hobbies.
However, the studies are not only challenging but also highly rewarding. They represent an investment in your personal growth as a leader and professional. This investment will not only benefit your current organisation but is also likely to enhance your career progression.
Maintaining a healthy life balance
Maintaining a balanced life is crucial during EMBA studies. Having your partner and family help you by understanding when you need to focus on your studies is very important. This might mean that sometimes you are at home but cannot spend time with them because you are studying. In return, when you give your family and partner special time and attention to thank them for their support, they really appreciate it.
In addition, employer support is also vital. At a minimum the participant should have the possibility of attending the modules during working hours. Hanken EMBA has optimised the schedule to minimise workday absences, requiring only 36 module days on weekdays over the period of usually two or two and a half years.
Financing the EMBA
Financing is often the most challenging aspect of embarking on EMBA studies. Typically, employers contribute to the costs, at least partially. If you need to self-finance, either in part or full, it's important to decide how much you're willing to invest. When negotiating with your employer, offering to co-finance can shift the conversation from an all-or-nothing approach to one of shared investment.
If you're self-financing your studies, remember that you may be eligible for income tax deductions if the studies relate to your current job. A good idea is to contact the tax office for an advance ruling, which will clarify the exact tax benefits and the actual cost of the programme for you.
Making a business case for the EMBA
When crafting a business case for your employer, it's crucial to highlight not just the costs, but also the benefits and value the programme brings to the company. It's beneficial to adopt best practices such as regularly sharing new insights and learnings with your organisation, or at least with your superior or team.
A unique aspect of the Hanken EMBA is the personalised learning experience, where module assignments are often applied directly to one's own organisation. Additionally, the EMBA thesis is an individual development project, focused on delivering practical value to the company. For example, one participant once developed an ESG reporting system for their organisation as part of their EMBA thesis, which provided a return on investment several times over the cost of the EMBA programme.
Entry requirements and admission process
Before applying, it's important to review the entry requirements for the Hanken EMBA programme. Applicants must have relevant professional experience, at least a bachelor's degree, and a high level of English proficiency. There is also a quota for persons lacking an academic degree, which is compensated by substantial work-life experience.
The admission process is typically completed within a week. A study contract is signed with the participant, and if the employer is contributing to the financing, a payment agreement is also established.
Summary
To secure a spot in the Hanken EMBA, one must demonstrate motivation, manage timing and study schedules, maintain a balanced lifestyle, secure financing, present a compelling business case, and fulfill the entry requirements. The admission process is typically completed within a week. If you have any questions about the programme, studies, or application process, please feel free to reach out. I am more than happy to assist and eagerly await your application!