But why does it cost so much?

"EMBA programs can provide broader professional perspectives in business and management that helps people move to a more strategic level on the corporate ladder," said a staff member surnamed Zhang from Cheung Kong GSB.

Unlike traditional education or undergraduate business programs that receive some financing from the government, most business schools have long been self-funded, with tuition covering the costs of professors' salaries, administrative staff, buildings, equipment and other expenditures.

To gain the coveted cachet of "an international business school", many EMBA programs also establish an overseas campus or invite eminent foreign professors and scholars.

Even so, there is still an envious profit margin in the programs.

According to the magazine Sino-manager, a confidential income and expenditure table of a business school show fixed costs account for less than 10 percent of total tuition, with gross profit reaching 70 percent, equal to luxury goods.

"Although business schools are expensive, students are willing to pay because they expect they can recoup their investment with well-paying jobs after graduation," said a professional working in EMBA enrollment at a Beijing's university who asked for anonymity.

"In fact, it tends to be more difficult attracting top students if the EMBA program priced below the market," he said.

"Our tuition is about 50,000 to 80,000 yuan less than other business schools, but students think our program is not as good because it is so cheap."

"They hold the notion that schools with lower tuitions can not afford to provide all the quality services they expect from a top business school."

But even as students compete passionately to get into top-flight business schools with tuitions pushing 500,000 yuan, not all EMBA students have rigorous attitude toward study.

"Senior managers are inevitably very busy. They are more willing to 'author' papers written for them by ghostwriters," a business education insider said.

Office worker Zheng Wen (not his real name), who has a master's degree in business management from the country's top university, has wide experience as a ghostwriter.

"I had an excellent academic record when I was a graduate student. So my boss always likes to ask me to ghostwrite his or his friends' speeches and papers," said the 28-year-old.

"As far as I know, many senior managers who take the EMBA program ask their assistants or secretaries to finish their work."

A review of the Top 20 EMBA programs released by Sino-manager magazine last week shows schools that top the list are also the most expensive.

In general, a typical EMBA candidate at an elite school is a senior manager with 8 to 10 years of experience and an excellent career background.

"The connections gained through an EMBA are more valuable (than the instruction itself)," said 38-year-old Steve Zhang, who graduated with an MBA from the US.

"Most students have successful track records. In an MBA or EMBA program you can meet and establish networks that are very useful for future development. And it is an important consideration for students when choosing a program."