A Harvard degree or that of another elite university can be obtained without worrying about entrance exams
Other celebrities also decided to go for knowledge, including American rapper LL Cool J and American actor Channing Tatum, who accepted the offer to study at the world's best universities.
However, on Twitter, they omit one thing: the courses they chose are not quite the same as traditional programs that culminate in a Master of Business Administration (MBA) degree. For instance, Harvard accepts only 12% of applicants into its MBA program. Moreover, the programs that celebrities sign up for can last only a couple of weeks. For example, the course on global strategic management chosen by Sharapova is designed for just one week. So why bother at all?
Leading business schools, including Harvard, have long been a magnet for entrepreneurs seeking to develop their skills, make useful connections, and gain an edge over competitors. However, unlike full-degree programs that admit only about 7% of applicants—who have nearly perfect scores from school and entrance exams—many executive education courses have no strict admission requirements.
Interested? To enroll in these courses, you need several years of relevant work experience and a lot of money, but you don't have to worry about missing your chance—admissions are ongoing. And since many leading business schools, including Stanford and Columbia Universities in the US, the London Business School in the UK, and IESE Business School (Institute of Higher Education in Entrepreneurship) in Barcelona, Spain, offer similar programs, you can choose a course that suits not only your career aspirations but also your location and work schedule.
“The requirements are not as strict as for an MBA degree at an elite school,” explains Michael Malefakis, Associate Dean for Executive Education at Columbia University. “We rigorously evaluate applicants in terms of their managerial experience, but the program does not involve deep theoretical training.”
Tuition for courses at Harvard ranges from $4,500 for a three-day program to $80,000 for a two-month course. Classes are taught by faculty from the main departments. One of the perks for those who can afford such training or are lucky enough to have a generous employer is the opportunity to make valuable connections.
For example, 38-year-old John Gassi, who participated in a Harvard course for leaders in education earlier this year, funded by his employer—George Washington University in Washington, D.C.—still keeps in touch with several classmates and is part of a group of Harvard executive education alumni on the professional networking site LinkedIn. He says he hopes these contacts might come in handy one day if he decides to change jobs. “I’m not fooling myself,” says Gassi. “I’m not going to tell people I graduated from Harvard University, but I did study with their professors.”
Executive education programs have long been a profitable source of income for business schools. Many require fewer resources than core programs. Some executive courses are held off-campus, and there are also custom programs tailored to the needs of individual companies.
According to the university’s financial report, revenue from executive education at Harvard Business School in 2015 was $168 million, out of total revenue of $707 million.
Classes can feel more like attending a conference than returning to a student desk. Often, participants spend the entire day in the same classroom, with instructors from different disciplines coming in. Throughout the day, attendees are periodically divided into groups to discuss business case studies.
During the four-day program that Gassi attended, all 40 participants slept in a dormitory, sharing rooms with two people each, and had breakfast in the common dining hall. Dinners, including a formal reception at the home of a former Harvard University president, were more refined.
Those who enroll in longer courses—advanced management programs—can study in conditions akin to a full MBA program, bond more closely with classmates, and enjoy virtually unlimited access to university alumni—all without difficult entrance exams. Alumni of Harvard’s advanced program include Australian Foreign Minister Julie Bishop and Ratan Tata, former chairman of the board of Indian holding company Tata Sons, which owns the Tata Group.
Over eight weeks, participants in this Harvard program review more than 130 case studies and attend classes six days a week for two months. According to Harvard Business School representative Ranjay Gulati, they live on campus in nine-person suites, each with their own bedroom and bathroom, but a shared kitchen and living room. After class, participants typically spend three hours working on group projects, which helps solidify relationships. Advanced program participants are given roughly the same access to the alumni database and invitations to faculty events as those who completed the full MBA program.
According to Malefakis, at Columbia University in New York, listeners who attended additional education programs for at least 18 days are given a Columbia University alumni email address, invitations to general events, and access to the alumni database. Similar opportunities are offered at Harvard.
These courses interest not only future captains of industry. Course administrators note that over the past decade, the composition of listeners of executive education programs has been supplemented by professionals without traditional education for working in business. For example, four years ago at the IESE business school in Barcelona, an advanced program "Management in Media and Entertainment" was launched, consisting of five four-day modules, with classes held over 10 months in New York, Los Angeles, and Barcelona.
As Idunn Jonesdottir, managing director of the executive education department at the IESE business school, says, many participants come from startups specializing in new media or from entertainment industry companies, hoping to get a classical business education. "These are self-taught individuals who did not have the opportunity to acquire the necessary knowledge base," says Jonesdottir.
Although executive courses can help you succeed in your current job, according to HR experts, investing in such training with the aim of finding another job is hardly justified. Instead of spending money on courses at a prestigious institution, Paul McDonald, executive director of the recruitment agency Robert Half International, advises those seeking a new position to fill gaps in knowledge through professional associations or other non-university training programs. "Having certificates is great, but they are not highly valued," he states.
On the other hand, McDonald adds that graduates of a full two-year MBA program at an elite institution may indeed receive special attention.
Listeners say it is easy to become addicted to studying. In November, Gassi plans to attend a course on behavioral economics at the Yale School of Management (USA) and plans to pay $6,850 out of his own pocket for the three-day program. According to Gassi, these expenses are worth it because the courses open global perspectives for him. "It is a level above attending a conference, it is real learning, and I see meaning in it," he is convinced.
So what's the conclusion? Follow McDonald's advice and do not choose a course solely by the name of the institution. Find out who will be teaching, how many listeners will be in the group, what topics will be covered, who you can network with during the studies. Additionally, it is important to weigh how much the knowledge and skills gained from the courses can fill gaps in your professional training.
"A brochure or program presentation may impress you greatly, but if you do not delve into it, there is a risk of spending huge money and leaving disappointed," warns Paul McDonald.