The executive education provides a platform to the working professionals who can enhance their skills according to the industry trends and demand. The Executive Education Programs are different from regular courses in their approach and time frame. Regular courses give comprehensive and broad idea about the subject matter while the Executive Education Programs due to the limitation of the time frame are able to target only the specific points of a subject or field of study.
Executive education is often a relatively inexpensive, small time commitment for an employee to get exposure to the latest trends, research, and business thinking. Moreover, executive education acts positively for both company and employee as these programs are more of ‘on the job training’ that enables employees to not only benefit personally, but also allows employees to bring that knowledge back to the office where it can have better influence on work. The US Executive Education Program market grew at a healthy growth rate with the favorable outlook of the government towards the higher education and skill development. The awareness among the professionals for the executive education is on the rise which aided the market growth during 2014-2017. The number of enrollments in the industry witnessed a steady growth rate on account of increasing working age population (age group 15-64) in the country. The US Executive Education Program market has showcased rise in number of enrollments in the country.
Open programs include varied teaching methods such as case studies, simulations, role plays, closed group analyses, and applied learning projects, interspersed with lecture sessions on theory and practice. Institutions in the US offer exclusive custom-designed programmers to address specific Executive Learning and Corporate Training as per the needs from individual organization. Under this format, courses are designed in collaboration with the client organization and scheduled at a mutually convenient date and venue.
Finance and strategy dominated the open executive education market. Finance and strategy programs include measuring, analyzing, and driving corporate performance, linking strategy to finance and the new role of a CFO, master the essentials of corporate financial management, understand state’s economic performance, national income and global business environment. Women and leadership program includes strategy, negotiation, communication and leadership, as women pertain to the highest level of an organization. Marketing and SCM followed Women and Leadership courses in the open executive education market in the US.
Business schools and universities have dominated the US open executive education market on the basis of number of courses. Management schools and the universities have contributed as major source of the revenue of the executive education market in the country due to greater preference of the premier institutes of the country by the majority of the program seekers in the US. Online Executive Education Programs are conducted for multiple enrollees at a time which has resulted in lesser number of courses. Foreign collaboration followed online as mode of delivery in terms of number of programs
In terms of revenue, Harvard Business School is the market leader in the US Executive Education Program market which accounted for 21.1% of the overall market revenue during 2017. Some of the other major prominent players operating in the industry include Wharton School of Business, MIT Sloan, Bernard M. Baruch College, Stanford Graduate School of Business, Kellogg School of Management, Columbia Business School, UCLA Anderson School of Business, Stephen M. Ross School of Management and Baruch College.
The online executive education segment has been trending in the US in recent years. In the online market, the companies and private players act as intermediaries that tie-up with institutions and B-schools who provide online executive education. These intermediaries provide facilities and access for online programs such as flexible schedules, accommodation if needed, class rooms and others. Over the years, foreign players have increased their presence in the US market with increasing alliances with institutions and universities. The online executive education market in the US has witnessed a considerable growth in the past few years. With the advancements in the technology, cost saving and easy access, the executive education sector has also experienced a shift which has resulted in increase in the value of the overall online segment in the US.
Introduction of new technologies in the market coupled with exposure of exposure of newer skills to the workforce will lead to more demand from the workforce for the executive education market. It is expected that institutions and B-schools will come up with more programs for freshers and entry level professionals, which will result in rising number of courses and enrollees in the market.
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Ankur Gupta, Head Marketing & Communications