Northwestern, Columbia, and UPenn have the best EMBA programs in the country. Here’s why

An executive MBA is designed for those with extensive work experience who are looking to advance their career to the next level—whether that is within their existing company or somewhere new. The more experienced cohorts allow for more advanced discussions of some of the biggest challenges facing the business world.

Todd O’Toole, associate dean for executive programs at the Kellogg School of Management, says his school is ranked the best time and again in part due to their commitment to continuously improving their program to produce leaders of today and tomorrow. He pointed toward new AI-focused electives as an example.

“There are a lot of places that someone can go for their executive MBA degree, (but) you are not going to find a place that is stronger in every dimension than Kellogg, nor more committed to staying and becoming continuously stronger in every dimension than Kellogg,” O’Toole adds.

The Wharton School highlighted their program’s commitment to attracting diverse and talented students across their three campuses—in Philadelphia, San Francisco and Global, as shared by Mauro Guillen, vice dean of MBA programs for executives at the school. 

The 5 best executive MBA programs

What makes the best executive MBA programs the best?

Fortune used 11 different metrics to create its executive MBA ranking (read more about it on our executive MBA methodology page), but the top programs consistently have rigorous curriculum and a track record of success. Northwestern, Columbia, UPenn, UMichigan, and UChicago have a history of producing Fortune 1000 c-suite executives and global leaders. For example, the current mayor of Phoenix—the fifth largest city in the country—is an alum of Wharton’s executive MBA program. 

Guillen says Wharton’s MBA program for executives equips students with analytical, decision, and leadership tools to further their careers in senior managerial positions or entrepreneurial endeavors. 

“We offer unparalleled depth when it comes to learning about finance, marketing, operations, people skills, or data analytics, for example. And every graduate learns how to use these skills strategically, and with a view to assuming ever-greater leadership responsibilities within their organizations. We prepare leaders to be systematic and creative in their thinking,” he tells Fortune.

Outside of the data used to create the ranking, some interesting findings were discovered. For example, about 65% of all executive MBA students are male, whereas about 34% are female, and about one-third of students are of color. 

The average class size of core executive MBA classes is 34 students. But, if you enroll at the No. 1 program—Northwestern—the average class size is nearly double, at about 60 students, according to data provided by the school.

O’Toole says because students all over the world see the differentiating characteristics of Kellogg, it creases a very high demand for their program.

Pursuing an executive MBA also is not cheap. The average approximate cost of a program is $114,000, and many programs, especially those at top-ranked programs, can be over $200,000. However, there are also many decently-ranked programs that cost half the average, with tuition closer to $50,000.

The 5 cheapest executive MBA programs

Luckily, executive MBAs are designed for working professionals—meaning students oftentimes do not have to forgo their typical salary. Furthermore, many are often able to apply the skills they learned as soon as the next day, increasing their chances of career advancement.  

Guillen adds that nearly half of Wharton EMBA students get promoted or switch careers within a few months of graduating; one in ten, he says, pursue entrepreneurship. 

“These effects happen quite fast, and they last a lifetime,” Guillen says.

Ranking changes

Fortune amended its ranking metrics this year to include many more factors, including tuition, graduation rate, and search engine search volume, so there was some dramatic ranking movement.

Of those who participated last time, Xavier University, University of South Florida (Muma), and the University of North Carolina–Chapel Hill (Kenan-Flagler) saw the largest jumps, with increases of 32, 19, and 17 spots respectively. Columbia Business School also saw a significant jump—rising from No. 18 to No. 2

University of California–Irvine (Merage), Yale University, and Case Western Reserve University (Weatherhead) were among the biggest droppers in rank, going down 23, 19, and 18 spots, respectively.

Overall, though, ranking may play just a small part in determining if an executive MBA is worth it. For those who are further in their career and looking to become a trusted business leader, pursuing the degree has historically led to significant return on investment.

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See how the schools you’re considering fared in Fortune’s rankings of the best executive, full-time, and online MBA programs.