MBA programs come in all sorts of shapes and sizes. Full-time, part-time, Executive, one-year, flexible, dual location programs – there are a lot of factors to consider! Many schools offer more than once MBA program, and you need to decide which type of course is the right one for you.
Why Business School?
Before you embark upon the MBA application process, stop to ask yourself exactly why you are applying to business school. A common question from admissions teams is "Why are you pursuing an MBA?" Although you are not expected to map out your whole career or commit to a life plan in your application, you should at least be able to give a thoughtful and sincere answer.
According to a survey by GMAC on mba.com, the top reasons students give for pursuing an MBA are:
- Opportunity for more challenging and interesting work
- Personal satisfaction and achievement
- Long-term income and financial stability
- Remaining marketable and competitive in a given industry
Convincing the Admissions Committee
Ben Baron, a Kaplan VP who is also a Harvard MBA graduate and has worked on Harvard Business School's Admissions Committee, says that MBA admissions officers are looking for candidates whose applications say to them: "Here's why I want to go business school. Here's why I want to go to YOUR school. Here's what I plan to do with my degree. These are my strengths. These are my weaknesses. Here are some things I'm most proud of. And I hope you accept me."
These are simple questions in theory, but answering them actually requires substantial introspection for most applicants. If business school is the right decision for you, then you should be able to answer these questions in an honest and engaging way.
Full-Time or Part-Time MBA?
MBA courses are usually intense and demanding, especially in the first year of study, and you will be expected to devote significant amounts of your time and energy to the large coursework load. One of the biggest advantages of a full-time program is that students can devote as much time as possible to their study without being stretched too thin by other competing demands.
The Full-Time Option
Immersion and Networking
On a full-time course, you will be completely immersed in coursework, group projects, and out of class activities, so you will get to know your classmates extremely well. Networking among peers is one of the greatest benefits of a full-time course, as most MBA students have significant prior work experience. Consequently, classmates can often provide each other with invaluable contacts for potential business partners, suppliers, or employers. The contacts you make in business school can help you throughout your whole career.
Internships & Job Opportunities
Many full-time courses offer summer placements or internships which can provide excellent professional experience and opportunities. Placement services can really help students to conduct job searches with a focus on the often dramatic leaps in responsibilities and salaries that MBA graduates are looking for.
Juggling School With Life
The intensity of a full-time MBA often comes at a price, and this is especially true for those who have been working for a while prior to the course. In addition, there are higher competing demands for time for students with families. Also, attending business school often means relocating to a new area (or country!) and the disruptions that go along with a move.
Cost
The cost of paying for two years of full-time study is often the biggest disadvantage of the full-time option. Although financial aid is available (usually in the form of loans, with some grants and scholarships on offer based on GMAT scores etc) you can expect to accumulate significant debt combined with the loss of 2 years worth of earnings.
The Part-Time Option
Attending business school part-time is often not a matter of choice but one of necessity. The downside is that a part-time program can drag on for several years, during which time your commitment is likely to be tested by the clash with your professional and personal obligations, as well as by simple fatigue.
Flexibility
Flexibility is the biggest advantage of a part-time course. Part-time students can usually decide whether they want to enroll for any given term of the course, which can really relieve some of the pressure from competing professional or personal demands on your time.
Networking
Due to the flexibility of part-time programs, enrollment patterns of students can vary greatly over time. This can make it much harder to build the same relationships with classmates and do the same level of networking as full-time students.
Executive MBA Programs
Executive MBA Programs are highly attractive to students with significant prior work experience who plan to stay with their current employers after graduation. Most Executive programs offer classes on weeknights and weekends and are often completed in two years. However, Executive MBAs are usually only open to the most senior managers who are supported by their employers and are often among the most expensive options.
Cost
Most schools offer little, if any, financial assistance to part-time students, although most continue to work during their course, so part-time students usually do not incur as large debt as those studying full-time. Also, some employers reimburse some or all of the cost of tuition for continuing education.
