Earning a Master of Business Administration degree can provide you with the necessary knowledge and skills to succeed in the business world. The MBA degree can help you prepare to start your own business if that is the path you want to follow. If not, then it will give you a competitive advantage over other applicants when applying for jobs since you will have specialized in a business-related field.
Many employers prefer professionals with an MBA degree for management and leadership positions. According to a survey conducted by the Graduate Management Admission Council (GMAC), demand for MBA graduates by the technology industry is expected to experience a 10 percent increase in 2021 compared to the pre-pandemic demand.
If you are interested in pursuing such a degree, here we will present you to the different types of MBA programs that you can choose from and help you find the best one for you.
What Are the Different Types of MBA Programs?
MBA programs come in a variety of formats. Each one is designed to accommodate the students’ needs and career aspirations.
Although the many options may seem overwhelming for some, carefully looking through each one and assessing their features to see what would fit your needs best is the right way to go.
Full-time MBA
The full-time MBA program requires you to prioritize your studies. As the name suggests, students have to practically dedicate most of their time to their studies by attending classes Monday to Friday for 12 to 24 months, depending on whether it is a one-year full-time MBA program or a two-year one. Oftentimes, a period of time is even dedicated to students joining internship programs as part of the syllabus. And that is why this type of program is best suited for students who have just finished their undergraduate studies and are not working, or at least have sufficient time to dedicate to their studies.
This is one of the MBA types that most resembles undergraduate programs because it includes a full course load.
Part-time MBA
The part-time MBA program is a more flexible option. The length of this type of MBA degree depends on the number of classes the students take each semester. Generally, most candidates choose to have one or two classes per semester and thus complete the program in four to five years.
Part-time MBA programs are the best fit for people who work while they study. In order to accommodate the student’s working schedules, the classes can be scheduled outside of normal business hours. Oftentimes, students who join this type of program are happy with their career path but want to further develop their skills so that they can move up and be promoted at work.
Online MBA
Online MBA programs are another flexible option that would allow you to finish your studies while simultaneously working. Many online MBA programs allow students to pay their fees over time; thus, you could take your time and go through classes at your own pace, as well as create your own schedule without having to ignore or sacrifice time for personal and professional responsibilities.
Through different platforms, online MBA programs offer their classes in virtual spaces. Through technology, they are able to provide students with recorded lectures, live virtual conferences, course material, and so on. Although people pursuing an online MBA program can work whenever and wherever they choose to, this type of program requires high levels of organizational and time management skills; therefore, it should not be taken any less seriously than the other programs.
Executive MBA
Executive MBA programs continue to accommodate individuals who have already started their careers and want to further develop their management and organizational skills. Most EMBA programs can be completed faster than part-time ones. Generally, an EMBA degree can be earned within two years or less.
Classes are usually held during the weekends or evenings, thus providing students with enough time to deal with other daily responsibilities they have.
Oftentimes, to be eligible for this type of MBA program, you must have completed a bachelor’s degree in a relevant field with at least 55% marks, have at least 2-3 years of work experience, and provide management entrance exam scores.
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Accelerated MBA
An accelerated MBA program is a quicker variant of the traditional two to three years program. Students pursuing this type of MBA are expected to finish their studies in about a year and earn the same degree as traditional MBA students. To be able to finish the program in such a short period, students take three to five courses per semester. Their schedule is quite intensive, with breaks being shorter than usual.
Because of the short nature of the program, internship opportunities are limited. Most candidates already have enough work experience and are pursuing this program only for the degree.
Global MBA
Global MBA programs aim to provide diversity by combining programs between different universities or different campuses of the same university. Due to this combination of cultures, such programs tend to generally be more expensive. However, it is still a great opportunity because the diversity provided can help you gain a wider worldwide perspective, as well as develop leadership and communication skills.
Because Global MBA programs can last for up to two years, the candidates must deal with heavy workloads during the semesters, as well as deal with the traveling involved.
Which MBA Type Is Right for Me?
We understand that sometimes having too many options can bring even more confusion. However, simply taking some time to think about what you truly want from an MBA program will lead you towards the right path.
You must take into consideration your career goals, the time you can afford to invest in your MBA, as well as the location that best fits your needs. Once you have thought about those factors, go back to the descriptions we have provided for each MBA type of program and find the one that ticks the most boxes. That will be the right MBA type for you.