Have you considered which MBA program is right for you? Full-time, part-time, Executive, one-year, flexible, dual location programs...there are a lot of factors to consider!
Why an MBA?
You may be embarking upon the MBA application process, but have you asked yourself exactly why you are applying to business school? One common business school application question is "Why are you pursuing an MBA?" Although you are not expected to map out your entire life plan before b-school, you should be able to at least provide a thoughtful, well-reasoned response.
According to an mba.com survey, the top reasons for pursing a graduate MBA degree 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
How can you convince the Admissions Committees that an MBA is right for you?
According to Ben Baron, a VP with Kaplan who is also a Harvard MBA graduate and has worked on Harvard Business School's Admissions Committee, MBA admissions officers want candidates whose applications essentially tell 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 theoretically simple questions, but answering them requires substantial introspection on your part. Those who answer these questions well are the ones whose applications stand out, specifically because so many people fail to approach the process in this fashion. However, if business school is the right decision for you, you should be able to answer these questions honestly and compellingly.
Full- or Part-Time MBA program: which is right for you?
MBA programs can be intense and demanding, especially in the first year. You have to devote significant amounts of time and energy to study and group projects. The most cited advantage of attending business school full-time is that students can devote as much time as possible to this extraordinary amount of coursework without being stretched too thin by other competing demands.
The Full-Time Option
Immersion and Networking: A full-time program means that you and your classmates are fully immersed in coursework, group projects, and out of class activities, so you get to know them extremely well. Networking among classmates is one of the greatest benefits of full-time MBA programs. Business schools generally admit students with significant prior work experience. Consequently, students are often provided with invaluable high-level contacts for potential business partners, suppliers, or employers. The contacts made in b-school can help you throughout your entire career.
Internships and Job Opportunities: Full-time programs also provide an opportunity to gain significant professional experience through summer placements or internships. Through these important programs, participants can try out an interest in a particular field and determine if it's right for them. At most schools, placement services generally focus on helping full-time students conduct their job searches for the often dramatic leaps in job responsibilities and salaries that MBAs expect.
Juggling School and The Rest of Your Life: The intensity of being a full-time student can exact a price. This is especially true for those who have been working for a while and recently returned to school. In addition, there are competing demands for time for those with families. Finally, attending business school often entails relocating to a new area and the unique disruptions that go along with it.
Cost: Paying for two years of full-time school is often the biggest disadvantage of being a full-time student. While financial aid is available-usually in the form of loans, although some programs offer grants and scholarships based on GMAT scores and other factors-you should plan on accumulating significant debt as a full-time student.
The Part-Time Option
Attending business school part-time is often not a matter of choice but one of necessity. However, a part-time program can drag on for a number of years, during which your commitment to an MBA will be tested by professional and personal obligations as well as by simple fatigue.
Flexibility: This is the main advantage of the part-time route. Part-time students generally decide whether they want to enroll for any given term. This can help relieve some of the pressure from competing professional or personal demands. Many vary their course load in order to concentrate exclusively on a particularly difficult course and then take a heavier load later with less intensive courses.
Networking: Because of the flexible nature of part-time programs, enrollment patterns of students tend to vary greatly. This makes it comparatively difficult to develop the same kind of relationships with peer-or to do the same kind of networkin-that full-time students enjoy. Managing both a part-time student career and a "real life" can be tough. The demands of job or family won't always mesh with those of school.
Executive MBA Programs: Executive MBA Programs are especially attractive to those who have significant work experience and plan to continue with their present employers after graduation. Most of these programs offer classes on weeknights or on Fridays and Saturdays. They are often completed in two years. However, Executive MBA Programs are usually open only to the most senior managers who are supported by their employers.
Cost: Most schools have little, if any, financial aid for part-time students. However, some companies reimburse some or all of the cost of tuition for continuing education. Because of this and the fact that most are working during their education, part-time students often do not incur the massive debt associated with full-time students.
