The accessibility of acquiring an MBA in Literature, Psychology, Education, Accountancy, or any popular course has ultimately altered what getting a master’s degree means to the workforce. In fact, there were over 90,000 graduates with masters degrees in business last 2012, and this continues to grow, according to Forbes. This equals to 25% of all the graduates in America that particular year. Additionally, students who acquired a master’s degree in education came in second, with 24% of the graduate population.
However, recently, parents are thinking twice about encouraging their children to go into an MBA program because of the very high cost. Even students who know that getting a masters would be honorable and prestigious are slowly shunning from the thought. Health insurance and dorm costs are among the major reasons for the negative reviews of these MBA programs. Nevertheless, having an MBA on your title provides unparalleled opportunities, embeds priceless credibility, and enhances a lifetime of an edge in income and high-quality careers.
This article discusses the definition of MBA and the different formats of MBA that you can choose from, so you will know what it is you’re getting into.
MBA Formats And Costs
According to the Princeton Review, there are six major MBA formats:
Most, if not all, programs in the MBA are completed after two years. The post-graduates are usually advised to live in the school dorms or in areas close to the campus. Requirements may differ by program, but the workload is the same – rigid and arduous. One must attend more or less four hours of class or group activity daily, plus more hours spent on homework and reading. If you intend to go full-time, administrators advise you to stop working until the program is completed, as it takes most of your time. Some who are very capable of managing their time, though, can maybe do some writing of other online jobs here and there.
Thus, you must bear in mind before deciding to enroll that your income will practically be sacrificed and you’ll have to prepare nearly $400,000 for the whole full-time MBA course.
Since you’ll be studying fewer hours compared to the full-time program, you will finish the part-time program in at least three years from beginning to end. This is custom-tailored for students who can’t afford to stop working and those who find it impossible to live near the university. The credit requirements are not rigid. You can add more subjects when you have more time and probably relax in the second half of the semester with fewer subjects.
The tuition fee for the part-time MBA program is about the same as the full-time program. However, the other personal expenses are lesser because these students are not paying for their food and boarding fees. And again, they’re still working while studying so there’s room to make minor adjustments.
Early Career Program
These types of programs can last up to three years or more, depending on the MBA format being followed by the school. If you’re one of those who don’t have much work history and just planning to take a break first after graduating, or if you want to go straight to the program right off the bat, then perhaps this one’s a good fit for you. Aside from a less strict work experience requirement, this type of program also offers active mentorship courses, great placement services, and strong alumni networks.
This program is obviously more versatile than the rest of the MBA programs. It usually ends in two or three years, depending on the format and the speed of the class sessions. The online program offers more leniencies for those who are working or have family responsibilities. Also, costs are much lesser, as you can stay anywhere and don’t even have to worry about how you would dress up, because you’ll be doing your program online. One must be careful in choosing the quality of the program that he should enroll in, though, as there are hundreds of that are considered as class C or low-standard. On the contrary, there are also a lot of reputable business schools that offer online MBA programs. Some of these schools include the University of Southern California and the Chapel Hill University of North Carolina.
Here’s one for the professionals who want flexible but advanced programs. This type of MBA will still run approximately two years but the classes are held on the weekends on evenings on the weekdays. This is to accommodate the professionals who have been working in their careers for five years or more.
This type of program is only provided by the large-profile business schools that can afford to run programs on international campuses and is able to prepare opportunities for their post-graduates to study abroad. The expenses are estimated to be the same as with the executive MBA programs.