Types of MBA: Which One To Choose?
Master in Business Administration or MBA is an internationally known post graduate program that prepares a student to master in different concepts of business. It teaches the fundamental concepts of business that includes economics, finance, management, human resource management, sales, supply chain management, and marketing. The program is available to candidates who have a bachelor’s degree and want to go ahead in their careers to earn more. Basically, MBA prepares students to be a part of the business industry.
Some of the fundamental skills that you can upgrade with MBA degree are:
- It opens up multiple opportunities in your career.
- It gives you practical experience of the career ahead through group assignments, projects, and internships.
- It makes you strong with the foundation of the essential business concepts.
- It polishes your wide range of skills such as negotiation and communication, and expands your business knowledge.
- It makes you tough enough to handle roles such as leadership and management.
- It allows you to start your own business after you get the MBA degree.
Gone are the days when you have one degree and a handful of subjects to choose from. At present, the students are given opportunities to study as per their own convenience and select from a huge variety of subjects.
Types of MBA Programs
MBA degrees are split into plenty of categories. A student can select the program based on their own requirements. Some of the major MBA types are:
1) Part time MBA degree program
2) One year full time MBA degree program
3) Two year full time MBA degree program
4) Online MBA program
5) Executive MBA program
Keep reading as we explain you in detail about these programs. Go through them to help decide which program would be useful for you.
Part time MBA degree program
Part time MBA typically means the duration could take longer than or equivalent to the traditional MBA courses. The time period could vary based on the subjects and college you choose. Most of the part time MBA programs usually take two or three years, and some could end up for five years as well. However, some universities might have accelerated the course to save the time of the students and of the college itself. Although it is a part time course, the focus is similar to the conventional full time program.
However, it provides a balance and flexibility to the students to reach their final goal. You need not put your career away when you are pursuing your part time degree course. You can schedule your classes as per your preferences and can choose as many classes as possible per semester. The candidates whose job is valuable to them and do not have much time for studies may take one or two subjects in one semester, and so their program might take longer to end.
Students who completed their part time MBA course need not worry about finding jobs. The employers of top companies and organizations do not judge a candidate based on part time or full time MBA program. Hence, candidates have a huge advantage as they have nothing to lose when pursuing part time MBA and when finding new jobs, as they already hold work experience.
One year full time MBA degree program
The MBA programs that are designed for about 12 to 16 months are usually time consuming and intensive. Candidates can attend classes during weekdays and sometimes during weekends as well to complete the program within the stipulated time. However, they would not have any extra time for leisure or to do any extra activity as their schedule would be swamped with studies. The course will have some strict requirements in terms of academic and work experience, and not all the students would be able to enrol themselves.
Mostly, the one year full time MBA programs are designed for experienced professionals who already have work experience and just need a degree to show their skills or need an advanced in their career profiles, say a promotion. Most of the universities may not give break during the schedule to offer immersive and intensive MBA experience. In addition to this, the internship opportunities are fewer in comparison with other full time MBA programs. Basically, the main goal of the one year program is to get an MBA degree.
Some of the noted advantages of a full time MBA degree program are diverse business models, a global approach, practical academic framework, and exposure to seasoned professionals. There are some universities that offer exchange programs, which means half academic studies are offered in their domestic country, while the rest is imparted in a foreign country. Such MBA programs not only help students achieve a degree but also give them a practical exposure.
Two year full time MBA degree program
The most common and popular MBA program is spread over a two year schedule. It immerses the students in academic studies and also gives them several opportunities of internships. The two year schedule is divided into four semesters. During the first year, students would be taught basic management concepts to develop their core skills. In the second year, they will be given a flexibility to get deep into the subjects and select the ones that they like or hold interest in.
Some universities want their students to have just a bachelor’s degree, while others may want candidates with a year’s or two experience at work. These programs offer theoretical and practical experience to the students through projects and internships. However, the candidates need to commit their entire time for the course, with no time left for leisure activities or job. There are some merits that you can gain as a full time MBA student, such as speaker series, professional and social clubs, career services, counselling, and other extracurricular activities. One of the biggest benefit of choosing two year full time MBA is that the student need not compromise on studies or experience, and need to focus completely on the course.
If you want to get engrossed in management studies for a while and want to gain in depth knowledge, then a two year course would be an ideal option for you. The courses are designed in such a way that they give you practical exposure by letting you work with other companies for a few months. This way, you can even have a certificate of internship, which would add value to your resume. Hence, such full time MBA program would be a win-win choice for your career.
Online MBA program
Not everyone is privileged to leave their jobs and other schedules behind to get a graduate degree. There are some people who cannot leave their current jobs and may also not have enough time to pursue education. This is why, online MBA programs have been introduced. It is suitable for candidates who can study from their own comforts, as per their convenient time schedule, and get a MBA degree. However, it calls for time management and self discipline to the extreme levels.
When the distance learning or online MBA courses were introduced, people thought that it doesn’t match the calibre of a traditional MBA program. However, the advanced technology made it easier. Online MBA education can still let students interact and have debates with their peers through online video conferencing. Fundamentally, online MBA course offers utmost flexibility to the students to get proper education irrespective of their busy schedules. It allows the students to learn at their own speed by fulfilling their professional and personal commitments.
In addition to this, another major benefit of an online MBA program is that it is affordable and diverse. Students are at liberty to choose from any subjects that they are interested in.
Executive MBA program
The Executive MBA courses are scheduled for a year or less than two years. They can be complete faster than the part time or full time MBA courses. Either the course is spread over the weekends or during alternate weekends, based on the university or the candidate’s preference. It can be said that the MBA course is customized to meet the needs of the candidate. Some of the essential concepts that an executive course focuses on are communication, management strategy, and leadership skills. It also gives practical training on leadership and management to the candidates by teaching them management skills.
Which type of MBA to choose?
If you are confused and are unable to decide which course to choose, then you need to think on what is important for you. It is all about your preferences and how fast you need an MBA degree in hand. You should also give a thought over your current job profile and how much cost you can afford to get through the MBA program. Once you have the answers with you, then selection from the varied MBA types can become easier for you.
So, which MBA program are you going to choose for yourself to earn the MBA degree?
Check other option of MBA program named “Mini MBA“