Thinking of doing an MBA?
siddlobo
18 August, 2009 10:27
Choosing an MBA program is always a tough decision. Here
are some things to bear in mind and choices to make before opting for your MBA.
1 year versus 2
years?
In recent times, many well recognized European Management
Schools have introduced one year programs which have offered MBA students an
alternative to the two year full time courses offered by the American
universities. Here are a couple of factors that can help you make your decision
on which program to go for.
One year programs offer the obvious cost and time savings by
cramming a more intensive curriculum into the schedule. While this is a massive
advantage for time pressed and cash strapped students, there a few downsides to
it.
Firstly, you might miss out on the time to absorb and learn
from classmates outside the classroom as the pressure to meet deadlines will be
much more intense. Another key point to factor in is for students considering a
career transition. For those planning on changing industries and /or moving to
a completely different role, a two year program will offer more opportunity to
test the water in the new field through more internship opportunities. Lastly,
a frequent complaint from students of the one year program is that there is
just too much pressure and too little time to really absorb and internalize
some of the lessons.
To recap, if you’re looking to transition into a new line
and need a bit more time to understand internalize management and build your
network, the two year program might be a better option for you.
Full time versus part
time?
Not sure whether to take the leap and opt for a full time
MBA or combine work and study and choose a part time program? Here are some
points to consider that will help you make the choice.
The biggest advantage of the part time MBA is that you can
stay at work and hence continue to earn an income. That said, a part time MBA
is not for the faint hearted. You’ll need to be focused and determined and have
the support of both, your family and colleagues. Never underestimate the toll
the part time program will take on your personal and professional life.
Weekends will need to be dedicated to study and homework and many people find
it a struggle to balance work, study and family. Also, part time courses will tend
to drag on for a longer time. Lastly, if you’re enrolling in a part time
course, make sure you opt for a recognized and reputed institution. After long
years of toil, you don’t want your degree to be undervalued simply because it was
completed on a part time basis.
On the other hand, the biggest advantage of the full time
MBA is that you can offer your study your full focus and concentration. The
biggest disadvantage however is that it requires nerves of steel to give up a
good job and take the plunge. One option to ease yourself into this decision is
to get your employer involved. Some students are sponsored by their company
which gives them the security of an income plus the time to focus on their MBA.
At the end of the day, if you can afford to take a break from work for a year
or two, the full time is definitely a better option.
GMAT versus GRE
Most business schools use GMAT (Graduate Management
Admission Test) scores as one of the tools to access eligibility for admission.
In recent times, GRE (Graduate Record Exam) is also accepted by some schools.
In general, GMAT is seen as the harder test to crack but if the school you
intend to apply to accepts GRE scores, good GRE grades can make you look better
than other students on paper.
Pursuing an MBA can be a challenging affair but well worth
it if you do it well and at a recognized institution. Good luck with your MBA.
Sidd Lobo
Freelance writer based
out of Munich
How to arrange your studies abroad? You will find the answer in our series of 5 articles:
Decide Where to Go
Determine When to Go
Language Problems and Programs
How to Pay for It
Practical Matters
