More executives are discovering that if they want an executive MBA, they have to pay for most or all of it themselves.

A decade ago, full sponsorship of an employee's master of business administration was standard practice at many big companies. Since such programs are designed for executives who remain at their jobs while studying for their degrees, companies figured the skills employees gained were worth the cost. But along with generous health-care benefits and reliable raises, corporate sponsorship of pricey executive degrees is disappearing as companies trim costs.

Although the economy now is stronger and the job market is beginning to recover, sponsorship is still sliding. In 2004, just 37% of students were fully sponsored, down three percentage points from 2003, according to a study by the Executive MBA Council, an organization of 210 universities and colleges around the world that offer executive MBA programs. Twenty-eight percent of students received no funding, up three percentage points from 2003.

Program directors don't see full funding bouncing back anytime soon. "It might come back with a very robust economy but it would come back much more slowly," says Tom Hambury, director of executive programs at the Johnson Graduate School of Management at Cornell University in Ithaca, N.Y.

The cost of an executive MBA is substantial, in both time and money. The average executive MBA program in the U.S. and Canada costs $46,926, according to a 2004 survey by the Executive MBA Council. The priciest programs cost more than $100,000. They're exhausting too: Since an executive MBA involves staying at your job while earning a degree, you may feel like you're working two full-time jobs at once. Programs typically last for about two years and require attendance at periodic weekend or Friday classes, or evening classes. Your family's support and understanding are crucial.

With the stakes so high, companies and students are demanding more from each other and their programs. Penny Oslund, executive director of executive MBA programs at the University of North Carolina's Kenan-Flagler Business School and past chairwoman of the Executive MBA Council, says she has noticed more companies who do sponsor employees make students put their postgraduate work commitment in writing. Five or 10 years ago, the obligation would be assumed, but not necessarily put into a contract, she says.

Employers who don't contribute to the education, may lose loyalty. Amid the erosion in corporate support, nearly 30% of executive MBA students said they were looking for a new job after graduation in a 2004 survey by the Graduate Management Admission Council, an organization of business schools in McLean, Va. Two years ago, the figure was 17%.

No matter who is paying, students should look for strong programs. Professors must be accessible, quick to grade work, and use recent case studies. If your teacher is using an old case study, ask him to explain why it's relevant. Some schools administrators are advising their professors to do this already. "There are some classic cases that definitely are worth using, it's just vital that you explain why you are using that case," says Ms. Oslund.

The end cost of the program must be worth both the time and money. One obvious indication the degree is probably worth it: You're missing job opportunities because you lack the degree. But even if your career hasn't hit a roadblock, an executive MBA might still be a good idea if you think it'll pay off later.

Kerry Fehrenbach, a 39-year-old marketing executive at software company Intergraph Corp. in Huntsville, Ala., is footing most of the bill for her executive MBA at Vanderbilt University's Owen Graduate School of Management. She says she wanted to add a broader business perspective to her marketing skills "to help me do the job I do better and to look for promotion opportunities," she says. She was a bit apprehensive about the cost, but decided the degree was worth the expenditure. "It's like buying a house or a car," she says. "You have to feel comfortable that you're going to get that [investment] back and you don't know going in for certain."

Justin Williams, a 30-year-old director of business development for new media at the Cartoon Network in Atlanta, paid most of the cost of his executive MBA at the University of North Carolina Kenan-Flagler Business School. "It wasn't that I was hitting a ceiling or gunning for anything in particular, but I knew this would be something that would help define and further my knowledge about what I was able to do," he says. The timing was right too: Mr. Williams, who recently completed his degree and got married has no children yet. "I was never going to have more free time to get this done," he says.