The average age of a student earning their MBA is 28, but business school isn't just for 20-somethings in the early stages of their careers. In fact, executive MBA (EMBA) programs, designed specifically for workers with several years of experience, are becoming increasingly common.

Although applications to MBA programs are down year-over-year, the number of applications to EMBA programs was 31.6% higher in 2019 than in 2015, according to the Executive MBA Council (EMBAC), the academic association that represents the EMBA industry.

One potential reason for the increase in demand is that graduates of EMBA programs report higher earnings after graduation.

Since 2006, the EMBAC has surveyed graduates about their earnings and careers after they received their degrees. This year, the exit survey of 2,390 EMBA students determined graduates received an average 13.5% increase in compensation — accounting for both salary and bonuses — after completing their program.

According to the exit survey, EMBA students made, on average, $205,008 per year before their programs and $232,663 per year after graduating from their programs, in salary and bonuses combined.

Roughly 40% of respondents reported receiving a promotion while earning their EMBA.