For some, getting an MBA was always part of the project. For others, a desired career or encouragement from management was the driving force. Whatever the path, it turns out the decision to get an MBA is just the first of many decisions to make.
Full-time, part-time, executive. How do they differentiate and how do you decide?
A personal choice
With regards to the argument, let’s agree that all programs do a fine job teaching technical knowledge (accounting, finance, marketing, etc.) and that all students get the chance to develop critical thinking frameworks which are valuable in the business world.
After that, it’s difficult not to evaluate these programs like you would evaluate a potential spouse. Will they uphold your side when the going gets tough (professional network)? Will they try and change you (flexibility)? Will their marginal benefit go beyond to their marginal cost over the long-haul (price)?
Stand by your man (professional network)
Those who have recently undertaken a job search knows the finest way to find a job is through networking. Sure, you are able to scour online job boards for opportunities but to make sure your resume is at the top of the list you’ll need a personal connection.
Full-time MBAs have an advantage when it comes to creating a robust professional network. They’ve got two dedicated years with the same classmates, free from professional demands, allowing them the time and energy to build strong relationships. They spend countless hours together: working, traveling, partying. They put up friendships, celebrate weddings, and attend reunions.
In the other side, part-time students don’t necessarily stay with similar classmates throughout the program. Because students have the cability to take off a semester or a year, new faces are constantly arriving. In addition, part-time and executive students typically meet in the evening after a long day of work and/or on weekends when the focus is often on getting work done as soon as possible. The result could be a class of students that is not as cohesive or bonded.
I love you just the way you are (flexibility)
What part-time MBA programs lose in network building they make up for in flexibility. Part-time programs don’t care should you only see them on nights and weekends. They don’t care if you need a rest for six to twelve months. Plus they don’t care if you’re always contemplating about work when you’re together. They’ll take you just the way you are. That’s the best thing because for a lot, going without income for two years, relocating, or leaving great job behind just isn’t a choice.
That was a case Yang Shim, a graduate of Duke University’s Fuqua Executive MBA program. While Yang considered a full-time MBA, he was concerned that stepping out for two years would have a harmful affect his career progression at PricewaterhouseCoopers. “I had a great experience. Maybe I could not bond with people as closely as in a full-time program, but I met some good people that I still keep in touch with.”
Saving up for the big date (price)
Full-time programs are expensive—quarter of a million dollars expensive considering tuition, books, lost wages, etc. The decision to spend that form of coin on a full-time program isn’t a decision to be taken lightly. At a time when jobs are scarce and debt is often a dirty word, the concept of taking out several hundred thousand dollars in loans may be a palpable concern for many.
In contrast, students in part-time and executive programs will often be sponsored by their employers. The thinking is that students will take courses on nights and weekends, bring back new tools and ideas, be better positioned for internal advancement, and look after a sense of loyalty for years to come. It’s an excellent gig if you’re able to get it. Unfortunately, in this economy, companies have cut back on tuition support. With few to no scholarship dollars readily available for part-time programs, current students are left to decide if it is worth it to pay their own way. For many, the reply is no. In accordance with a recent survey by Business Week, applications to top-10 part-time MBA programs declined by nine percent in 2009.
Who will you select? Bachelorette #1, #2, or #3?
Let’s review the options:
Full-time: TTwo-year program (although there are several accelerated one-year options). Typically attracts students with less than five years experience. Expensive. Strong professional network. Most programs need a summer internship. May require relocation.
Part-time: Typically takes 3 to 5 years to graduate. Students balance full-time jobs with night and weekend classes. Most students have substantial work experience and many have personal responsibilities (e.g. families) to take into consideration. Employers often provide financial support to high-performers. Flexible schedule allows students to load-up on classes or set time off as needed. Good professional network. No summer internships or relocation are needed.
Executive: Concentrated program typically completed in less than two years. Designed for individuals along with senior management or executive experience. Classes take place on weekends. Employers often provide financial support. Strong professional network. Travel may be required determined by location of program.
At the end, you can only decide what option is most effective for you. Consult with full-some time and part-time MBA graduates, assess your comfort level with risk and debt, and have a clear idea what you want from an MBA program. And remember, when all has been said and done, you have to move out what you put in with regards to relationships.
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