Which MBA is Right for You?

Once you decide an MBA degree is right for you, you need to choose the right type of program. Options include full-time, part-time, executive, and distance-learning programs, as well as those that concentrate on a specialized area of study.

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Specialized Areas of Study | TOP
Two-year MBA programs typically offer a core selection of courses in the first year and the opportunity to study electives for the remainder of the program. Some MBA programs allow students to specialize in one or more particular fields, or majors, while pursuing a general management framework. The ability to specialize may be important if you are interested in a particular field.

Full-Time Programs | TOP
Full-time programs are traditionally 2 years, or 21 months, long. There are also a number of 1-year programs, mostly in Europe. Two-year programs allow for a 10- to 12-week internship period between the first and second years.

Students in full-time programs can concentrate fully on the MBA experience, which can involve significant extracurricular activities and community service, important for developing networks, career, and leadership opportunities.  Time spent away from a professional work setting also affords students with the opportunity to reflect on their career progress to date and consider their future goals.

The duration of full-time programs is typically shorter than of part-time programs. Speaking generally, full-time students may leverage the benefits of the degree faster. The attrition rate for full-time programs is low when compared to part-time and executive programs, mostly because full-time students make a significant commitment to an MBA program.

Most full-time programs assign significant resources to a career management effort. Understanding that their students are using the degree to develop their careers, they provide the network and contacts to interface with potential employers.

The short-term opportunity costs of full-time study are high.  You need to consider both the loss of income and giving up a job to participate in the program. These costs are reduced with the one-year model. Full-time students are not typically sponsored by their employers.

One Year or Two Years? The major advantage of a 1-year program is its length, which reduces opportunity costs. Two-year programs allow more time for extracurricular and community service experiences, as well as internship opportunities between the first and second years. When choosing between the two, see how schools balance these issues and create opportunities. Also make sure you understand how schools manage the entire curriculum during 1 year.

One-year programs may be suited for candidates further along their career paths, candidates with business undergraduate degrees, and those who are specializing in a niche, although some of the more prestigious 1-year MBA programs are essentially general management in focus. Two-year programs may be better suited to those looking for a complete MBA experience, including opportunities to get involved outside the classroom, and for those who want to gain experience outside of their current careers.

Also consider the relative prestige of the respective MBA programs. In Europe, 1-year programs have been very successful and include some of the region's most prestigious programs. In the U.S., this is not often the case, although programs may offer the flexibility to finish your academic studies early.

Part-Time Programs | TOP
While full-time programs may be suitable for candidates in a relatively early stage of their careers (average years of experience for full-time programs can range from 2 to 6 years for 2-year programs; longer for 1-year programs), part-time programs cater to students who are a little further along in their careers. If you have a reasonably clear career path and are planning to remain within the same company or geographic area, the part-time option may be suitable for you. Overall, the risks of a part-time program are lower, since you are able to keep working and thereby reduce your opportunity costs. Many companies value the MBA and offer financial support to employees pursuing the degree.

Part-time programs typically take longer to complete than full-time programs (3 to 5 years, and some schools do not apply an upper limit). As a part-time student, you may not have access to the career management resources that full-time students have, since demand for those limited resources is high. Inquire about career services support from the part-time programs you're considering.

Networking opportunities are typically more limited in part-time MBA programs, because students move through the program independently, as opposed to in a group as in full-time programs; and students are usually working, so they're very busy. Your involvement in extracurricular activities and community service may also be limited, since classes typically take place in the evenings. Thus, your overall level of interaction with your fellow students is limited.

The term "modular MBA" is sometimes used for a part-time MBA format that offers classes over set periods of time (2-week increments perhaps), where the student is on campus full time and then returns to the workplace. This requires more commitment from your employer or good use of vacation time.

Other models for part-time education include corporate MBA programs, where a company will partner with a university to offer an MBA program exclusively to its employees (often using the part-time, evening class model). This type of program has the advantage of  tailoring the education directly to the needs of your company and your industry. It can also offer additional convenience to you, especially if the classes are offered in your company's facilities. Companies may also partner with other companies and a university to offer a similar experience, with the added advantage of cross-fertilization of learning across different industries or different aspects of a value chain within an industry. These types of part-time MBA programs are reasonably rare (although modular programs are a growing trend in the U.K.).

Applying to Part-Time Programs: For part-time programs, you may be limited to the geographic region within which you live. If your company does not offer a corporate-style MBA, they may send employees to certain part-time programs in the area. It is advisable to network within your company and find this out. Try to select programs that are accredited, as this will lend more credibility to your degree and give you more mobility should you choose to leave your geographic region or company. Look at the MBA alumni in your company and in your region to get a sense of which part-time programs are a good option. When selecting a part-time program, you are not likely to apply to many schools since distance from work and home is a significant decision factor.

Executive Programs | TOP
Executive MBAs offer some of the advantages as part-time programs in that you can continue your career while participating in the program. The Executive MBA program is also of shorter duration (similar to full-time programs), because classes are typically offered during the weekends. (Be careful: some part-time programs use the term "executive" in the name of their program, when they do not offer a degree that is comparable to a traditional full-time degree. Such programs are part-time programs for all intents and purposes.) Executive MBA programs often have minimum work experience requirements and target candidates with significant management experience.

The entire experience of an executive MBA program can be more intense than the part-time program, given that the degree is accelerated, although the number of classes required is the same (as it should be for all types of MBA programs). Executive MBA programs are usually offered in a "sectioned" structure, enabling students to get to know each other reasonably well, which helps facilitate networking.

The networking opportunities are fewer than full-time programs since extracurricular opportunities are limited and class sizes are typically smaller. Executive MBA programs are also more limited in terms of their ability to offer students specializations in particular functional areas; they are usually general management MBA degrees only. Many executive MBA students are sponsored by their employers, and some programs require employer support for admission.

Applying to Executive MBA Programs: The issues here are similar to those surrounding part-time programs, since you are still limited in terms of your flexibility. However, due to the weekend format, more prestigious programs do tend to draw students from a wider geographic base. (Some students fly to the program location.) You will need to investigate not only the programs based in your area, but also those programs that may be farther away geographically.

Distance-Learning Programs | TOP
Distance-learning programs (also known as "open-learning programs") offer  the convenience of being able to complete the MBA degree from anywhere in the world. If you are considering one of these programs, investigate the style of the learning process to understand how the format facilitates student-to-student interaction and to ensure that it suits your needs. Many programs combine distance learning with "event-style" learning, which brings students together for short periods for additional learning opportunities.