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40 BizEd JULY | AUGUST 2015 BY FRANCIS PETIT ILLUSTRATION BY JING JING TSONG THE UNIVERSITY OF CHICAGO LAUNCHED the first Executive MBA in 1943 to target executives who wanted to study for MBAs as they continued to work. Since then, EMBA programs have become "cash cows" in the business school portfolio—not only have schools been able to charge pre- mium tuition rates, but many EMBA students have had their tuition fully sponsored by their companies. Most business schools haven't even needed to oƒer career ser- vices to EMBA students, who traditionally have planned to stay in their current jobs after graduation. But market trends have changed significantly from those that drove the original EMBA model, and it's time for EMBA programs to evolve accordingly. If business schools are to serve the needs of 21st-century executives, they would be wise to rethink what they oƒer to better attract and serve this increasingly diverse and demand- ing demographic of students. " E " is for "ECLECTIC" No longer just for executives, EMBA programs now serve a more diverse range of professionals. As the market evolves, should business schools be rethinking—and repositioning—the EMBA model?

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