At its core, the MBA is a business administration graduate program for professionals seeking knowledge, skills, a credential, and a network to help them advance in their career and maximize their professional performance. Although many people automatically think of a two-year, full-time program when they hear the term “MBA,” in recent years, program options have multiplied in response to students’ and organizations’ changing needs and interests.
In this post, we offer a roundup of available MBA program options and their benefits and drawbacks.
Full-Time MBA Programs
In the United States, full-time MBA programs are two-year programs in which students complete an internship over the summer between their first and second years. These programs target business (and sometimes other) professionals who have roughly three to eight years of work experience. They are ideal for 25- to 30-year-old career changers who can afford the opportunity cost of leaving their jobs to immerse themselves in education and experience. Most students’ primary focus is obtaining a new position after graduating, and recruiting by potential employers is a significant benefit of attending a full-time MBA program.
A business school’s reputation often relies on the brand value of its full-time MBA program. Full-time programs consume the majority of a school’s budget and rarely generate revenue. MBA programs dedicate more than 90% of their scholarships, fellowships, and other resources, such as career services, to full-time students.
Full-Time Program Pros
- Students have close and sustained interaction with other full-time students, which is ideal for career changers, internship opportunities, recruiting, company presentations, fellowships, and scholarships.
- Programs tend to feel like undergraduate programs, with comparable clubs and social activities.
Full-Time Program Cons
- Attending a full-time program comes with significant opportunity cost, including time away from industries that are undergoing rapid change.
- Families often get the short end of the stick, though schools typically have resources to support students’ spouses/significant others.
An alternative to the traditional two-year program would be a one-year or one-year plus accelerated program in the United States, such as those offered by Kellogg, Emory, and Columbia (J-Term), or a European MBA program.
Part-Time MBA Programs
Part-time programs are ideal for people who don’t want to leave their company or industry for a significant period of time or who can’t afford to stop working. Such programs target individuals who are employed full-time. These students’ sustained professional efforts shape classroom discussions and projects. Part-time MBA students tend to be a little older than full-time MBA students. While these programs traditionally serve local students, they increasingly offer varied structures and online components to attract distance students. They do not generally provide as much access to recruiters. Often, admission is less competitive than for the same school’s full-time program, which allows part-time students to obtain a “brand” they might not qualify for otherwise.
Part-time MBA programs take very few resources but often share the same faculty as a school’s full-time program. Generally, the part-time applicant pool is less competitive or diverse because schools typically receive fewer applications and are limited to their immediate region and to the industries that dominate that region. Furthermore, part-time programs can serve at least as many – and often more – students than their full-time counterparts.
As much as schools say that the quality of their full-time and part-time students is the same, that quality truly depends on the school’s location and how that location generates applications. Schools in larger cities have an easier time attracting great applicants to their part-time programs. They can maintain higher-quality standards, but full-time programs evaluate applications from around the globe, so choosing candidates for admission is easier.
Part-Time Program Pros
- Students can continue to work/earn and can apply their learnings in real time.
- Companies often fully or partially sponsor part-time students, lessening their financial burden.
Part-Time Program Cons
- Completing the program takes longer, internships are not offered, and many schools don’t offer access to recruiting. Working and studying simultaneously can be grueling.
- Most part-time programs do not offer scholarships or fellowships to part-timers.
- Part-timers typically have less access to comprehensive career services than students in full-time programs, because companies usually hold their presentations and interviews during the day.
Executive MBA programs
Executive MBA programs (EMBAs) are part-time programs targeting seasoned managers and entrepreneurs – typically, people in their mid-30s to late 40s (depending on the program) whose rise to senior level is imminent or who are already in senior management. These programs vary in terms of desired/required length of experience. Although the coursework covers the same topics as traditional MBA programs, it’s developed and presented with a higher-level perspective. A great benefit of EMBA programs is the chance to network and form relationships with peers from various industries. Students are at a career phase when a fresh perspective is valuable but sometimes difficult to obtain. These programs don’t target career changers but are increasingly used by and open to them, even though most EMBA programs don’t offer formal recruiting.
EMBA programs are also lucrative, because the schools charge a premium for their EMBA programs, which are typically smaller than their full-time programs. EMBA courses are commonly offered every other weekend, and the programs tend to be less generous with financial aid than their full-time counterparts.
EMBA Program Pros
- Students can immediately apply what they learn at work, gaining breadth of exposure at a pivotal professional moment, a valuable credential.
- Students tend to bond well with their cohorts and faculty members.
EMBA Program Cons
- Managing school plus a demanding career and personal/family responsibilities can be challenging.
- Usually, no formal recruiting is available for career changers.
- Students rarely interact with either part-time or full-time students.
Online MBA Programs
Online and hybrid MBA programs have surged in popularity in an ever-evolving education landscape, particularly for individuals aged 32-37, offering flexibility and accessibility that traditional MBA programs cannot match. While there are many ways a school can deliver an online MBA experience, I focus here on the two major categories: synchronous and asynchronous.
Synchronous online MBA programs closely mimic the traditional classroom setting, in which students and instructors interact in real time. Classes are scheduled at specific times, requiring attendees to log in simultaneously for live lectures, discussions, and group work.
Synchronous Program Pros
- Students enjoy real-time interaction with faculty and classmates.
- The program follows a structured schedule.
- Networking opportunities are available.
Synchronous Program Cons
- Students have less flexibility.
- Differences in time zones can introduce constraints.
- Accessibility can be limited for students with other commitments (e.g., work, caregiving).
Asynchronous online MBA programs allow students to access course materials, lectures, and assignments on their own schedule – and sometimes advance through them at their own pace – without the need for live participation.
Asynchronous Program Pros
- Students have a great deal of flexibility in accessing and completing courses.
- Accessibility is more equal for all students, regardless of time zone, irregular schedule, or other commitments.
- Sometimes programs are even self-paced.
Asynchronous Program Cons
- Interaction among students is lacking.
- A higher level of self-discipline is required.
- Feedback and responses to questions can be delayed, which can disrupt the pace of a student’s studies.
Specialized Graduate Management Programs
These programs offer MBAs that focus on a specific industry or function. They vary in both format and approach. Boston University’s full-time Social Impact MBA is an example of a two-year specialized MBA, and the Executive MBA in Healthcare at the University of California, Irvine, is an example of a specialized EMBA. The Cornell Tech MBA is an example of a one-year specialized MBA.
Specialized Program Pros
- Students can focus intensely on a specific area of interest, with coursework adapted accordingly and a network of colleagues with related experience and goals.
Specialized Program Cons
- Students could miss out on the diverse perspectives of others from different industries/sectors that can refresh and invigorate one’s thinking.
Although most schools don’t allow you to apply to multiple types of MBA programs within the same admissions cycle (Stanford GSB is one exception), you can apply to different programs in separate cycles. Moreover, if you fall between a traditional MBA and an EMBA in terms of age or experience, you might apply to traditional MBA programs that skew older, EMBA programs that admit younger candidates, and/or online programs. Similarly, you should consider applying to full-time MBA programs while also keeping a nearby part-time program in mind as a backup. By strategically diversifying your applications, you can maximize your chances of finding the right fit for your experience, goals, and lifestyle.
By Natalie Grinblatt, a former admissions dean/director at three top business schools. Natalie has reviewed more than 70,000 applications, interviewed more than 2,500 candidates, and trained nearly 700 admissions directors and alumni volunteers to select outstanding candidates for admission. Her clients gain admission to top programs, including those at Harvard, Stanford, Wharton, MIT, Cornell, Columbia, Berkeley, Chicago, Northwestern, and NYU. Natalie holds an MBA from Michigan Ross. Want Natalie to help you get Accepted? Click here to get in touch!
Related Resources
- EMBA: The Ultimate Guide for Applicants
- Business School Selectivity Index, a free tool
- Admissions Straight Talk Podcast for MBA Applicants