The business world is extremely competitive and to maintain an edge over others, it is important to stay up to date. The more educated you are, the better chances you have to excel; therefore acquiring a Masters in Business Administration (MBA) is important since education will help you land better opportunities.
Once you have decided to pursue your MBA, the next step is to choose an apt MBA program. There are different kinds of MBA programs to suit your unique needs. Evaluate each program closely and make your decision accordingly. The following information will help you to understand each program better and aide you in your decision making.
What are the Different Types of MBA Programs Available?
This graduate level business degree program is not similar to ordinary MBA degree as it is especially formulated for the working professionals, executives and managers. As they are designed for working students, the program is usually flexible and allows students to take classes according to their convenience. Executive programs also enable working students to acquire their MBA within 2 years.
This program is a great addition for those individuals who are yearning to climb up the corporate ladder, as it adds substantial credentials to your resume. The cost of this program is slightly higher than your normal MBA degree, but financial aid is usually available for pursuing this program. It is extremely important to choose an apt executive program that is accredited and offers good career opportunities. Research properly and then take your pick.
Part- Time MBA
Also known as flex programs, these programs are best suited for individuals who are either working already or have other commitments to fulfill such as taking care of an ill family member or being a parent to a young toddler etc. The classes for such programs are scheduled in the evening for the ease of students.
There are many colleges offering part- time MBA; take steps to research thoroughly and then decide your pick. Accreditation is extremely important; therefore purse an MBA only from a recognized university so that your degree is valued by employers. The duration of a part time program varies depending upon the university but usually takes up to 2 to 4 years since the classes are less unlike fulltime MBA classes. Many universities also offer accelerated part- time programs that allow you to finish your MBA quickly. Part- time MBA is a great boost to your career which can be achieved with some hard work.
One year MBA
High tuition cost and current economic slump has resulted in less number of applicants for 2 year MBA programs but a rather renewed interest in the 1 year program. These programs offer a chance to students to pursue double dual- degrees such as MD and MBA or Real Estate and MBA. Thus students can have time to complete two courses and save time as well as cost. Apart from the obvious advantages, one year MBA offers equal opportunities as a traditional MBA does. Employers usually do not discriminate in the salary based on the type of MBA earned.
Skeptics are against this trend citing the lack of time for summer internships, which is an important prerequisite for jobs. They are also of the opinion that a 2 year program offers a much rounded experience. Yet many famous business schools have started offering one year MBA since once the alumni finishes their core requirements, they are integrated with the traditional 2 year class. Thus both the classes pass out as a single class. The core training during the summer classes require students to work in teams on live projects for companies. This offers them a chance of internship, while attending classes. One year MBA courses are in high demand now.
MBA adds advantage to your profile and gets you better career opportunities that help you to advance further in your career. Changing face of education has given rise to many options; but you must weigh every option and then decide to persuade the one that best suits your needs.