The amount of time it takes to get an MBA depends on your school. There are various types of MBA programs, and they all have different requirements. They can last from one to slightly over three years. MBA programs come in five basic formats, and they all take different durations.
Accelerated MBA
The length of an accelerated MBA varies from one business school to another. However, most programs can be completed in slightly over a year. Students in this program take shorter vacations and do not follow the basic university schedule.
Full-Time MBA
A full-time MBA program is typically completed in two years. It includes four semesters of coursework, depending on the university’s schedule.
Part-Time MBA
Studying part-time, you are likely to spend more time in business school than others who study full-time. The course load for part-time students depends on what they can handle every semester. A part-time MBA program takes three or more years to complete.
Executive MBA
The executive MBA takes the format as a full-time MBA program. It can be completed in two years and is appropriate for professionals who already have some work experience. The classes are tailored to cater to the existing experience and knowledge of business executives.
Dual MBA
Studying for dual MBA programs may take three years. In this program, you can study for an MBA while earning a different degree. Taking two degrees at once takes less time than studying for one after another. Even though it typically adds just one year to the process, it is a lot cheaper.
Online MBA programs are different and may take different durations to complete. Most students pair their MBAs with second degrees that require more attention. The programs are divided into two main sections. The first section consists of major MBA courses and the elective options. The second option covers courses that are relevant to the second degree. The requirements vary from one institution to another.
Studying for an MBA is a good option for students who look forward to excelling in the business world. You may apply for the program right after a bachelor’s degree program, after working in the business industry for a few years, or hen trying to move from entry-level positions.
Even though students have to study the fundamental courses, they can take elective courses in the following specializations:
- Corporate finance,
- Entrepreneurship
- Accounting
- Sustainability
- Real estate
- Healthcare management
Full-Time Vs. Part-Time MBA Programs
The time you take getting an MBA depends on whether you choose to study full-time or part-time. Your choice depends on the amount of time you are willing to spend in school and whether you have other commitments.
Part-Time MBA
Part-time programs naturally take longer than full-time programs. The main types of part-time programs are part-time MBA and Executive MBA (EMBA). The main purpose of EMBA programs is networking. They are smaller than regular full-time programs and appropriate for business executives. The programs are expensive, and most employers foot the bill on behalf of their employees.
Part-time MBA programs are appropriate for students who have full-time employment and are trying to move beyond entry-level positions. They take their classes on weekends and after work.
Part-time students take the same courses as their full-time counterparts. However, they are unlikely to receive scholarships and mostly pay their tuition fees from loans or their pockets.
Most employers perceive part-time MBAs as less competitive than full-time MBAs.
The biggest challenge when taking part-time programs is balancing school and work. Students that need fellowships or scholarships may have a hard time finding them with part-time programs.
Full-Time
A full-time MBA program traditionally takes two years to complete. However, it may take longer, depending on an institution’s schedule. It is an appropriate choice for students who do not need to worry about existing jobs or other commitments. Full-time programs are a popular choice for younger students who recently obtained their bachelor’s degrees. There are many scholarship opportunities, and students typically live on campus or close-by.
The workload in full-time programs is high, and students have tighter schedules. Most employers prefer students from full-time programs over part-time programs. Business school rankings are based on their full-time programs. It, therefore, makes sense that they invest lots of effort in their full-time programs.
What are the Main Differences?
The biggest difference between full-time and part-time programs is that full-term programs require students to be present all the time. Part-time programs, on the other hand, require students to be available after work or on weekends.
The decision between part-time and full-time programs depends on your specific needs. Even though full-time programs take a shorter time, they are not always appropriate. They are only appropriate for students who can afford to study without having to work. Working individuals have no choice but to study part-time.
How Long Does It Take to Prepare?
When thinking about the time you will spend on your MBA you must also think about the amount of time it takes to prepare for it. It is a highly demanding program that requires you to invest lots of time and effort in preparation. Some of the most important things to do in preparation include:
1. Deciding Why You Want to Pursue It
You must spend some time trying to figure out your main reasons to pursue an MBA. Some of the most common reasons for earning an MBA include: to increase your salary, to earn managerial positions, networking, and self-fulfillment. Your reason for pursuing an MBA determines the school you choose and whether you should study part-time or full-time.
2. Finding the Right School
You must spend some time doing your research to find the right school. Even though there are plenty of business schools, they aren’t all the same. They all focus on different things. While some of them focus on building leadership abilities, others are more strategic. If, for example you are interested in an executive MBA, schools that focus on building leadership skills are a good choice. You may need to spend some time going through MBA rankings before making your decision.
Apply to several schools to diversify your options. According to Forbes, you should apply to at least four of your dream schools.
3. Refine Your Recommendation Letter and Resume
Before applying to your dream business school, you must take time to go through your references, recommendation letters, and resume. Shortcomings could cost you your chance in top business schools. Your application should be solid, and it should cover your most relevant and recent work experience. Include your extracurricular activities and volunteer work. If you have trouble creating a good resume, consider seeking help. Communicate with your referees and ensure that they submit their recommendations on time.
4. The Application
The process of filling out your applications could take an average of two weeks. Usually, it is about answering a few questions. It helps the school differentiate you beyond your test score. Considers setting aside at least three hours for every application. You should have plenty of time to answer your questions and proofread them.
5. The Admission Essay
Writing your admission essay could take an average of four weeks. It is essential to have a good essay as it helps the program leaders decide whether to accept you. It is important to write good admission essays for all your top programs.
6. The Interview
Some schools may conduct interviews before admitting you to their MBA programs. You must prepare properly for the interviews to increase your chances of impressing program leaders. They may call you for a video conference or face-to-face interview.
7. Prepare for the Technical Courses
The first year of coursework requires a lot of preparation. Preparing for it is just as important as preparing for your application. Take time to polish your skills before starting classes. There are lots of short online courses that can help you prepare for your MBA. Most of them cover managerial accounting, economics, and quantitative methods.
8. Start Networking
Once you are certain that earning an MBA is the right choice for you, start building networks as soon as possible. Building connections with the right people could help you find employment. One of the most important skills for MBA students to possess is the ability to network. Start sharpening the skill as soon as possible. The best way to do it is by attending corporate events.
9. Mental Preparation
Most MBA programs are academically, financially, and socially challenging. Knowing what to expect may help you get ready. To ensure that you are up for the social and academic demands, consider speaking with the students and alumni. Ask about their experiences and the biggest challenges that they faced. While you can speak with them during campus visits, connecting on LinkedIn and other social media platforms is more convenient.
10. Financial Aid
Plan for the time you need to seek financial aid if necessary. Many MBA students rely on scholarships and tuition-supplementing options to fund their studies. Finding the financial aid you need could take several weeks or months. Spare enough time for it.
The preparation time varies from one person to another. It could take up to a year for some people. Whether you plan on attending a full-time or part-time program, do not forget to plan for the preparation process.
What Does an MBA Entail?
Most schools require applicants to meet a minimum GPA. Even when there is no minimum requirement, having a strong GPA could help you stand out. Generally, you should have a 3.6 GPA. Before completing your MBA, you must complete a few milestones. Usually, you have to complete 60 credit hours to earn your MBA. The program covers finance, business law, marketing, accounting, and management. However, management training is key to the curriculum. Most programs are now expanding their focus to cover training in international business.
What Can You Do With an MBA?
There are lots of career opportunities for MBA holders regardless of the program you choose. Some of the most popular options include:
- Business Operations Manager
The primary purpose of business operations managers is to help their companies overcome business challenges. They promote efficient operations to reduce costs. Their MBA is concentrated in supply chain management.
Financial Analysts
The role of a financial analyst is to offer financial guidance for companies or individuals. They help you make good investment decisions and avoid wastage. Financial analysts also offer investment assessment. A Master of Business Administration in Finance is the best option for financial analysts.
Management Analyst
A management analyst or consultant helps their company come up with creative ways to reduce the cost of operations and improve efficiency. They help companies maximize profits by enhancing their method of doing business. Most management analysts are employed full-time. As the global marketplace becomes more and more competitive, the role of management analysts becomes more important. They require a Master of Business Administration in project management.
IT Director
An IT manager is responsible for coordinating and planning the computer activities of their organization. They analyze the IT needs of the company and provide solutions. They are in charge of handling and implementing computer systems to meet company objectives. The most appropriate MBA for IT directors is an MBA in Information Technology Management. Unlike in the past, the demand for IT managers is very high. Companies in all industries are expanding their digital platforms and embracing the use of cloud-based services. The demand for IT directors is likely to keep growing.
Marketing Manager
The role of a marketing manager is to plan programs to promote customer interests. They also strive to bring in new customers by enhancing their interests in a company’s products and services. They have to find new markets for their products and generate new sales. Marketing managers require a Master of Business Administration in marketing.
In conclusion, the time it takes to get an MBA depends on the type of program you choose. The standard duration for full-time programs is two years. Online programs could take three or more years, depending on your specific needs.