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or accounting background. She also is in favor of using tech- nology in between onsite residencies, but she's a firm believer in the value of the classroom experience. "Technology can't take the place of face-to-face learning," she says. The Student Bond In fact, while educators in general are divided on the ques- tion of how well students can learn via technology, within the field of executive education the feeling is almost unanimous: The in-class camaraderie generated by EMBA students is one of the most valuable aspects of the entire program. "It's an intensely social and collegial experience," says aren't afraid to join in. "In our newest class, the three oldest participants are women, all of them very senior people," says Parker. "This says to me that women don't think they've hit any kind of glass ceiling.One is the president of a division of a major company. She doesn't see herself as topped out." EMBA class. "It's the richness of the mix that we're really after," says Liquete. Andwhilemen still dominate the EMBA programs,women Bishop. "Because everyone already has a job, they don't have to compete with the person sitting next to themat the end of the term. So they enjoy each other's company. The perform- ance standards are set by the peer group. Participants want to look good, and this is their reference group for the rest of their careers. When they finish, they typically have a letdown because they lose their highly structured social interaction. Some continue to meet monthly for dinner—forever. Here's a noncompetitive reference group of people whose opinions you trust and respect. You don't get that often anywhere." Because EMBA participants are generally in their mid-30s, A Look Toward the Future While the student profile has remained constant in recent years, Badame wonders if changes are in the offing. "I do think there's soon going to bemarket saturation in theU.S.," she says. "As more people get MBAs when they're younger, there will be a smaller pool of older applicants. If a lot of upwardly mobile people already have an MBA degree by the time they're 38, they won't need EMBAs." On the other hand, some changes could make EMBAs they tend to be undergoing certain major life experiences. "Some participants have had babies. Some have seen their parents pass away. The other people in the class do everything they can to support this person, and that really binds people together," says Liquete. Even though the widespread mem- bers of the Global EMBA program don't spend much time together physically, she notes, they are so used to communi- cating from a distance that they tend to stay in touch once class is over. "Just a couple ofmonths ago, the class that grad- uated last year organized a weekend skiing event, andmost of the class went." The individuals who make up these tightly knit classes are, programs is a new study being planned by the EMBA Council thatmeasures a company's return on investmentwhen employ- ees achieve their degrees. Badame and George Bobinski, who co-chair the EMBA Council's Center for Research, launched the ROI survey in the spring. They asked members for corpo- rate contacts and began conducting telephone surveys of line managers and human resources staff. Results of the survey will be presented at the EMBA Council's annual conference in San Francisco October 31 through November 2. "We will be getting quantification that our member on average, 36 years old, with 13 years of work experience and eight years of management experience, according to EMBA Council surveys. Those statistics have remained pret- ty stable over the years, yet there have been recent subtle shifts. According to EMBA Council surveys, the average stu- dent has gotten a little younger. Administrators say their typ- ical classroom now includes more international students; more entrepreneurs, professionals, and self-employed stu- dents; and, in some programs, a slight uptick in women. Diversity, always prized in EMBA classes, has become the absolute watchword. Looking for a group of friends that includes a neurosurgeon from Spain, a finance consultant fromtheU.K., and an IT specialist fromMexico? Come to an more attractive to potential participants. For instance, many schools have dropped the GMAT requirement for students in these programs. "It's too much of a pain in the neck to take when you're 40.Giveme a break," Badame says. "Having the requirement is a deterrent to getting quality students." Something that could have a decidedly positive impact on schools can take to corporations," Badame says. "They'll be able to say, 'The average return will be $250,000 within X number ofmonths, and this is why you should send your stu- dents to our EMBA program.'" Once the survey results are unveiled, it's possible EMBA programs will see a renewed interest from corporations will- ing to sponsor education for key employees. Even if that doesn't occur, the diverse and ambitious students who do enroll will continue to pursue their dreams aggressively. As business gets more complex, more international, and faster- paced, managers will need up-to-the-minute business expert- ise to stay competitive. The EMBA programs that will be suc- cessful will be those that adapt to meet the ever-evolving needs of top corporate executives. s z BizEd JULY/AUGUST 2004 35