1-year MBA or 2-years MBA?

1-year MBA or 2-years MBA?

If you are looking for a Masters degree in business management and administration, there are a variety of MBA courses that you can opt for and if you are particularly looking for full-time MBA programs, you can either opt for the 1-year or the 2-years MBA program depending on the time you are willing to commit and the kind of learning and exposure you desire. Essentially, 1-year and 2-years full-time MBA programs render you the same robust training and experience and the only difference in the two formats lay in the years of professional experience that you command and the internship opportunities that you can avail of as part of the program. The following table outlines the basic differences between 1-year full-time MBA and 2-years full-time MBA.

If you are unable to determine which MBA program will provide you with the best learning and exposure or which MBA program is best suited for you, apply with MBA admission consultants for best advice and guidance on your career improvement.

1-year versus 2-years Full-time MBA

While the 2-years full-time MBA program is more popularly administered, 1-year full-time MBA programs have gradually gained in popularity since its inception in European and Asian B-schools. With time, the 1-year MBA program has gained recognition and acknowledgement and has been adopted by many US B-schools as well. Apparently, the 1-year MBA program seems to be the most attractive format to pursue for the seemingly lesser duration, which also implies lesser cost and better ROI, between the two full-time MBA options. However, the 2 programs may be similar but they posit certain crucial differences in their basic formats.

1-year and 2-years full-time MBA: Differences

Discussed below are the essential factors that determine the distinction between the 2 MBA formats:

Age and Peer Group

Your age is a crucial determining factor when it comes to analyzing your fit for specific MBA programs. Although B-schools do not specify any age limit to be eligible for applying to MBA programs, your peer group will play an important role in your entire learning experience. Thus, you must opt for MBA programs that have cohorts with average age range resembling your age. You will find it easier to connect and participate in the peer learning experience. Typically, 2-years full-time MBA programs have a cohort with average age in the range of 26 – 28 years while 1- year MBA programs tend to have cohorts with average age of 29 or 30+ years.

Curriculum

Both 2-years and 1-year full-time MBA formats follow the similar curriculum including core courses, electives, experiential training, projects, etc. In most cases, the core courses for both 2-years and 1-year full-time MBA program are delivered simultaneously. However, that being said, the 1-year MBA program is fast-paced and the entire learning is packed into a tight schedule of 12 months. Thus, if you are looking for comprehensive learning in management nuances, you must go for the 2-years MBA program.

Academic Background

Ideally, candidates with an academic background in management disciplines can reap the maximum benefit out of the accelerated MBA program owing to their former acquaintance with the basic concepts. That being said, academic backgrounds do not determine your eligibility for applying to either of the programs. Mere knowledge of the basics of economics and mathematics and familiarity with quantitative and analytical skills are crucial to the MBA program. While the 2-years full-time MBA format allows you time to build upon your basic skills in the said domain, irrespective of your academic background; the 1-year full-time MBA does not leave you with much scope to master the same skills. Thus, you may need to partake of pre-MBA courses or self-learning initiatives to ensure grasp over the basic concept of the analytical and quantitative subjects to derive maximum benefit out of the 1-year MBA program.

Professional Background

The global MBA programs mandate a minimum work experience of 2 years to be eligible for applying to MBA programs. If you opt for the 2-years full-time MBA program, you will be placed with a cohort with professional experience of maximum of 4 years. On the other hand, the cohort of the 1-year full-time MBA program typically comprises of professionals with over 6 years of experience. Moreover, irrespective of your professional background, you can opt for a change in role/industry with the 2-years full-time MBA program as the intensive curriculum allows you enough time to learn and practice the nuances and the challenges of your desired domain. The 1-year full-time MBA only allows you to aim for career acceleration.

Internships

The 2-years full-time MBA format allows internship opportunities as opposed to the limited duration of the 1-year full-time MBA format. Further, considering that 1-year MBA applicants bring in considerable years of professional experience and only desire a 360-degree overview of business management, internships are not mandatory.

Networking Scope

Relationship-building with industry representatives and exploring and understanding the industry are crucial opportunities that MBA programs equip you with through their internship and experiential learning initiatives. Although 1-year MBA programs provide extensive experiential learning scopes and largely tends to administer the curriculum through applied learning initiatives, it does not provide ample time for networking. On the contrary, the full-time 2-years MBA program allows you time to explore your desired industry through internship scopes, club activities, etc. In contrast, the intensive schedule of the 1-year MBA program hardly leaves you much time to partake of similar experiences.

Career Opportunities

Regardless of the MBA programs you opt for, you will receive robust career support from the respective school. It is a myth that 1-year MBA students do not receive good placement offers. On the contrary, the 1-year MBA students possess a profile enriched with years of experience in the domain and enhanced with in-depth managerial learning. Thus, 1-year MBA students command experience and expertise to take on senior leadership roles in their respective domains. Ideally, students completing the 1-year MBA program desire to fast scale the leadership ladder. 2-year MBA students, on the other hand, receive equally lucrative employment opportunities. The 2-year MBA grads present untapped expertise that has been enhanced by intensive training in business management concepts.

Cost and ROI

The cost of pursuing a 2-years MBA program, barring accommodation cost, generally range anywhere between USD 50,000 and USD 110,000 and can even go up depending on the program offerings. Undoubtedly, the 1-year MBA programs can be availed of at a comparatively cheaper rate, with tuition fees expenses ranging between USD 40,000 to USD 90,000. While both 1-year and 2-years MBA grads tend to obtain good ROIs, the 1-year MBA, for acquiring designations in senior leadership roles, experience a better ROI.

Admission Requirements

The admission requirements to both 1-year and 2-years MBA are largely identical and mandate the following: GMAT/GRE scores, academic transcripts, and essays. The only differentiating factor lay in the years of professional experience mandated as the eligibility criteria for applying to either program. While the application webpage of most B-schools list a minimum of 2 years of professional experience as necessary criteria for applying to either 2-years or 1-year MBA, some 1-year MBA programs such as the IBEAR MBA have earmarked minimum of 6 years of professional experience as the criteria for applying to the respective program. Ideally, professionals with rich work experience should opt for the 1-year MBA. Further, regardless of the duration of the MBA program and the years of professional experience that you bring to class, you must target obtaining a good GMAT score. Remember, GMAT score is not the only factor that determines your chances of being admitted to the program; however, a good or a competitive score implies robust quantitative, analytical, and comprehension skills.

Which full-time MBA format is the best fit for me?

If you are still wondering which full-time MBA programs to opt for, here are a few basic pointers to help you make a decision:

Who should opt for the 1-year full-time MBA?

The 1-year full-time MBA is an ideal fit for full-time professionals who only desire an accelerated career growth. Thus, it is best to apply for the full-time 1-year MBA if:

• You have 5+ years of full-time professional experience
• You are 30+ years old
• You want to fast scale the leadership ladder

Some of the top-ranked B-schools offering the 1-year MBA programs are INSEAD, IMD, Warwick, Cass, IESE, ESADE, Oxford: Said, Emory, Goizueta, IBEAR, Babson, SMU Cox, IIMA, IIMB, IIMC, ISB, UBC Sauder, Richard Ivey, HEC Montreal, Asper, Sobey, Simon Fraser, HKUST, SMU, etc.

Who should opt for the 2-years full-time MBA?

The 2-years full-time MBA is an ideal fit for full-time professionals who want to learn the nitty-gritty of business management. Thus, it is best to apply for the full-time 2-years MBA if:

• You have only 2-3 years of full-time professional experience
• You are 25 – 28 years old
• You want to understand the nuances of business management
• You want to change your career track

Some of the top-ranked B-schools offering the 2-years MBA programs are University of Pennsylvania, Stanford, Harvard, MIT: Sloan, Columbia University, Yale, University of Ann Arbor (Ross), University of California-Berkeley (Haas), Duke University (Fuqua), University of South California (Tepper), University of Texas – Austin (McCombs), University of Virginia (Darden), Ohio State University, University of Washington (Foster MBA), Mendoza College of Business, etc.

While you decide upon the best MBA program for you, take the free GMAT practice test to determine your learning requirement. You can also partake of the online GMAT preparation program or download the free GMAT app to avail of the flexibility of preparing at your own pace and comfort!

All the best!