So how can you decide which one is best for you?
Your decision for an MBA programme largely depends on what you expect from the programmes, what your budget is and how much time you can invest into your studies. If you choose to pursue a two year MBA programme then you will be able to acquire essential business skills and knowledge. But as the tuition fees for full time programmes are excessively high, you will get burdened by your student debt. On the other hand, one year postgraduate diploma online programmes are more affordable and will offer you a great platform to start your career.
MBA- The need of the hour
As the global job market is getting increasingly competitive, pursuing an MBA has become more important now. Perhaps for this reason the demand for MBA programmes is rising constantly. Your MBA degree will undoubtedly offer you excellent return on investment and enable you to advance your career. The average salary for MBAs in North America is around US$109,200, while in Western Europe you can expect a salary of US$105,900, according to the 2013/14 QS Jobs & Salary Trends Report. Moreover job opportunities for business graduates are also rising with a 13 per cent increase worldwide in 2013. This number is expected to grow further in 2014.
But even with the financial benefits, investing 2 years and forgoing your salary for this period for pursuing a traditional MBA can be put off for many.
So what can you do?
Fortunately many institutes around the world offer shorter MBA programmes, both on-campus and online. These short courses help you to learn the essential skills within a short period of time and begin your career faster.
Here we have listed some of the shorter MBA programmes that can enable you to earn an accredited qualification without investing 2 full years from your life and career-
One Year MBA Programme
One year MBA programmes usually requires you to have at least 3 years of work experience so that you can understand the concepts better. Students who opt for these programmes are mostly in the age group of 28-29 years. As you will already have an understanding of the corporate world, the modules are less academic and more application based. These include several hands-on projects which you will need to complete using your course knowledge and your experience.
One year MBA programmes generally integrated courses and fewer electives as compared to full time programmes. These programmes are especially for those learners who want to develop their leadership and management skills. The one year MBA is aimed for established professionals who want to quickly earn a recognised level 7 diploma and return to the workplace.
Online MBA Programme
Pursuing an online MBA is perhaps the best option for you if you want to earn a degree without giving up your current job. Online programmes offer excellent flexibility and convenience so that you can study at any time and any place you want. As the entire coursework is available online you can easily access the content through your laptop, tablet or even smartphone at your office or home. Moreover, postgraduate diploma online programmes are highly affordable.
Although some people are still sceptical about online MBA programmes, the 2013 QS TopMBA.com Applicant Survey revealed that more than 16 per cent respondents were keen on pursuing an MBA online. Many reputed B-schools and universities are now offering accredited online programmes which are taught by reputed in-house faculty and with the same curriculum as their on-campus programmes
Executive MBA Programme
The executive MBA is also a great option for mid-career professionals who are looking to advance to leadership roles. This part time MBA programme can also help to make a career shift and pursue your dream job. EMBA programmes usually require 6 years of work experience and the course includes various core and advance concepts related to business management. If you wish to upskill and add value to your resume then this programme can be highly useful for you.
What do you think?
So now that you know about the different type of shorter MBA programmes, which one do you think will suit you best? Before you make you decision you need to identify your needs and your career goals and also determine your budget and time limit. These factors will help you to decide and enable you to pursue the MBA programmes that will be perfect for you.
Do you want to go for an online MBA programmes or is a one year MBA programme more suitable for you? Let us know what you feel.