Full-time, Part-Time, Exec Education…Which Type of MBA Program Is Right for You?

As you begin thinking about earning an MBA, you may consider programs that are shorter or longer than the two-year time frame. There are many different lengths of study to MBA degrees, just as there are many different styles of teaching. Each, of course, has its pros and cons.

MBA programs today offer options to give you, the prospective student, flexibility in managing your life and your finances.  The question comes down to:
“How much time (and money) can I afford to spend to get my advanced business degree”?  

Explore Your Options
Here is a look at the different MBA program options available:

Understanding the different benefits of each option is an important part of the decision-making process.

Full-Time Two Year Programs. Most accredited institutions have full-time (two-year) programs. These are likely the programs with which you are most familiar.  Costs include tuition for two full years and many now include some work/study options abroad (these are additional costs not included in tuition). Of course, you need to factor in the cost of living (room and board, whether on campus or off campus), and the loss of income while enrolled in school. A two-year MBA provides you the opportunity to earn money during the summer as a summer intern (usually an 8-10 week internship). This is becoming increasingly more important in the financial services industry, as many 2nd year students have offers (with many accepting) from their summer employer.  

Accelerated 18-Month Programs. Not as many schools offer an accelerated 18-month program (compared to the number offering the full two-year program). Some schools offering accelerated programs include Columbia, Kellogg, Cornell, Michigan, and Thunderbird. In addition, a few international schools, including INSEAD and ESADE.  
It is more difficult to find a school that offers a program in one year;  most that do also offer other flexible timing options within which you can complete your degree (Simmons for instance has an intensive one-year program, an 18-month program and part-time programs all geared for women.)  

If you choose to concentrate your advanced business education into a one-year or even 18-month program, you may have to limit or even forego the opportunity to experience a summer internship (some programs may give you a shortened internship experience.) On the other hand, you will be saving (partially) the cost of that 2nd year tuition. Keep in mind that the accelerated (18-month and/or one-year program) is more rigorous given the number of classes you will be taking.  If your personal work/life situation requires a “balance” to your life, you may want to think about this option in the context of what you may need to compromise at home in order to complete your rigorous accelerated program of study.

Part-Time MBA Programs. A part-time MBA is offered by many schools to students who want to maintain their full-time employment while obtaining their MBA.  This is a great option for those who either recognize the desire (or financial need) to continue working while studying, or who may have personal life choices that prevent them from dedicating full-time to an MBA.

Courses for part-time students are usually held in the evenings and during the weekend, and your course load is usually significantly lighter compared to a one- or two-year program.  The trade-off, of course, is time: It will take you four to five years to complete your MBA (the really hard-core part-timers can complete their MBA in three years). If you are holding down a 40-60 hour work week PLUS evening studies, you give up a lot of sleep with this option, but it may be worth it.

As a part-time student, you may have to fulfill certain obligations (i.e., attend interviewing skills workshops) in order to participate in the on-campus recruiting process. While  part-time status may make you feel a little “disconnected” with your fellow students, the plus-side is that you will be able apply your learning immediately, real-time (i.e., on the job), and ultimately may help you to build your brand in your workplace.

Oftentimes, employers will pay all or part of a part-time MBA tuition (usually you must maintain a minimum GPA in order to be reimbursed and may need to sign a commitment letter to remain with the company for a specified period of time.)  This financial support could significantly offset the cost of the degree.  Business Week’s ranking of part-time programs can be found at: http://www.businessweek.com/bschools/00pt/index.html#dist

Executive MBA. The Executive MBA (EMBA) is almost always a degree program attended by students with significant work experience where their company sponsors their postgraduate MBA academic studies (largely because they are deemed to already possess the skills, or have the potential, to be high potential senior managers). Some of the schools that offer EMBA programs include: Kellogg, Columbia, NYU, Duke, Harvard, University of Chicago, Darden, MIT, Wharton and many international schools as well.  The Financial Times ranking EMBA programs can be found at http://media.ft.com/cms/e5222266-ffc9-11db-8c98-000b5df10621.pdf; the Business Week EMBA ranking can be found at: http://www.businessweek.com/bschools/03/emba_rank.htm

Five-Year BA/MBA Programs. More and more candidates are finding the five-year combination BA/MBA a viable alternative.  In this type of program, you would take some core MBA courses (accounting, marketing for example) while completing your undergraduate degree, thereby completing your MBA with only one additional year of full-time coursework and associated expenses. It represents a cost effective way to obtain both your undergraduate and graduate credentials. The drawback is that you give up the opportunity to gain full-time experience in between undergraduate and graduate studies—a critical learning and professional development timeframe.  Many corporations have “number of years of work experience” minimums for their MBA hires, so you will have some catching up to do with your colleagues who have taken time out to experience productivity as a full-time employee in the corporate (private or public sector).

Online MBAs. Finally, an option that is becoming more viable is an online MBA degree, or otherwise referred to as “distance learning”.  The distance learning MBA is taken entirely as an online course of study, where your learning is almost entirely self-directed, and the only opportunity to really learn from your colleagues is through interactive chat rooms and other online sessions.  Selling Power has a list of top online MBA programs at: http://www.sellingpower.com/topmbaprograms/topmbaprograms.pdf.  Be sure you check accreditation of online schools, as quality can vary greatly. And remember—online programs require discipline and self-direction.

Explore your options and research the choices of schools you are considering. No matter which option you choose, knowing that you have options will help you as you research and ultimately choose the appropriate MBA program that is the right for you.