Types of MBA Programs

Types of MBA Programs

Handling business functions is not an easy job. While you may be well trained in your specific industry or area of business, you must learn the basics of business management and strategizing to be able to perform in senior leadership roles and emerge as the dynamic industry head. An MBA, or Masters in Business Administration program, offers you the scope to up skill yourself, acquire the necessary learning in the business fundamentals, and impact your realm of business. You can opt for an MBA to boost your career growth or even to change your career track. An MBA may be administered either as a full-time 2-years or 1-year program, a part-time program, a weekend program, as online and a distance learning program, a hybrid program, or even as dual-degree program.

 
Typically, an MBA program curriculum comprise of core courses, electives, and experiential learning. The core courses provide you an overview of all the fundamental business disciplines, irrespective of your academic/professional background or your desired post-MBA industry/role. Thus, you will learn the nuances of Finance, Economics, Strategy, Corporate Law and Ethics, Marketing, Operations, Human Resource Management, Leadership, Business Communication, Technology Management, etc. You will have the options to select one or more electives to derive detailed learning in your area of interest. Some MBA programs also allow you the option to select Pathways or Concentrations or MBA specializations to help you focus your learning needs. The experiential learning opportunities tend to be integrated with the curriculum and allow you to apply your classroom training in real-world business environments. You will work on consulting projects, go on international study trips, take on internships, participate in business club activities etc. Thus, with an MBA, you can broaden your horizons, gain an international perspective of the industry best practices, expand your industry network, and distinguish yourself from the crowd. Apply with MBA admissions consultants to understand the best MBA program fit for you!

Applying for an MBA typically requires you to have a good GMAT score, although you can also apply with a GRE score, a TOEFL/IELTS score, if you are an international candidate, minimum of 2-years experience, if you are applying for international programs. In addition, you must submit your Resume, application essays, as stipulated by each program, and recommendation letters. While applying for MBA and completing the program can heavily drain your financial resources, the ROIs on the program tend to be impressive as most companies value skilled leaders who can create opportunities, strategize, and contribute to the growth and sustainability of the firm. However, most MBA programs allow you the option of scholarships and fee waivers; or you can also opt for additional private loans.

Types of MBA Programs

MBA programs normally tend to be of 2-years tenure. However, MBA programs have been tailored to suit the learning needs, time availability, and professional commitments of the candidates giving way to a variety of MBA programs. The most popular types of MBA courses are briefly discussed below:

2-year full-time MBA

The full-time 2-years MBA is an 18-24 months program that spreads over 4 semesters. Usually, the 2-year MBA format is the widely administered MBA program. The 2-year full-time MBA offers you intensive training through detailed curriculum that includes core courses, electives, concentrations, experiential training, and internship scopes. Further, you can partake of such beyond classroom learning activities as membership of professional groups, attending seminars and workshops. Additionally, a well-integrated career services ensures that you attain lucrative opportunities to meet industry heads in one-on-one interview sessions and helps you connect to your desired industry representatives. On an average, the international 2-year MBA programs mandates a work experience of at least 2-years and the average age of the class tends to be 26 – 27 years old. The 2-years full-time MBA, undoubtedly, provides you innumerable scopes to learn and hone your business management skills.

On an average, 75% of MBA applicants opt for the full-time 2-years MBA program. Hence, despite the large scale availability of the program, you will find stiff competition in acing the admission process of your desired MBA program. One of the defining factors of admission to these programs is the GMAT score; focus on building a composite profile, replete with competitive GMAT score and robust essays. Refer to comprehensive resources for your GMAT preparation.

Some of the top-ranked full-time 2-years MBA programs are:

1-year full-time MBA

If you have amassed 6+ years of work experience and desire a fast career growth, you can opt for the 1-year full-time MBA program. The 1-year MBA or the fast-paced MBA program accords you intensive training in the business management fundamentals but in a brief period of time. The 1-year MBA programs are typically of 11 – 15 months duration and hardly offer internship scopes. The 1-year full-time MBA curriculum comprises of core courses, electives, and experiential learning scopes with more focus on applied learning. Students applying to the 1-year MBA format cannot hope for a career change as the format does not allow the requisite time to specialize in a new domain and internship scopes are limited and Internship scopes are limited. On the other hand, 1-year MBA programs allow you to complete an intensive training in business management at half the time and cost of that of the 2-years full-time MBA programs. Typically, the average age of a batch of 1-year MBA program feature at 30+ and the average work experience of the class features at 7+ years. Historically, 1-year MBA programs are have been prevalent in Europe, although there are some top-ranked US 1-year MBA programs that you can opt for.

Listed below are some of the top-ranked 1-year MBA programs:

Part-time MBA

Part-time MBA programs allow you the flexibility to keep your job while completing your education in MBA. Thus, you do not need to take a break from your work or worry about financial resources when you decide to apply for an MBA if you opt for the part-time MBA. Usually, part-time MBA programs are administered in 2 formats: either you enroll with a cohort and partake of the networking experience or you opt for the self-paced programs that allow you more flexibility in completing the course work. The part-time MBA programs typically extend over a period of ~5 years. Typically, students applying for the part-time MBA programs are not designated in any leadership roles and the MBA degree allows them to scale the leadership ladder. Also, scholarship opportunities are limited for students pursuing Part-time MBA programs. Part-time MBA programs are usually delivered in evening classes or as weekend programs.

Listed below are some schools that offer part-time MBA programs:

Weekend Executive MBA

The Weekend Executive MBA programs typically cater to the learning needs of full-time working professionals in leadership roles. Thus, if you command a leadership role and wish to partake of the learning accorded by an MBA curriculum, you can opt for the EMBA or the executive MBA programs. These programs are similar to the part-time MBA programs, are administered over the weekend, and extend over a period of ~3 years. Professionals with 8+ years of work experience, who does not want to leave his/her job, can opt for the Weekend Executive MBA. However, considering that you will be earning while pursuing your MBA, you will have limited to no scholarship offers for pursuing this program.

Listed below are some schools that offer Weekend Executive MBA program:

MBA through Distance Learning

Many B-schools allow you the option to pursue an MBA through distance learning. The distance learning MBA is best suited for professionals with rich years of experience, who are unwilling to resign from their job and are uncomfortable with relocating to pursue an MBA. Typically, professionals with well-settled family and in crucial leadership roles opt for the distance learning MBA. These programs are cost-effective as the opportunity costs are low and the ROI is significant. MBA through distance can be correspondence-based as well as an online course. With the technological disruption making the world a global village, the distance learning MBA is mostly administered online nowadays. You may have to attend few virtual classes, made possible by a web cam and an internet connection. You will also be handed course materials, assignments, and case studies that you must complete. An advantage of this MBA format is that you get to simultaneously apply your learning to your real-world environment. Further, you have the flexibility to complete the program at your own pace: you can take a break if required by professional or personal commitments. The program typically extends up to 3 years.

Listed below are the MBA programs that allow learning on distance mode:

Online MBA

Although very similar to the Distance learning MBA, online MBA differ in that these programs are entirely administered online. Lecture videos and classroom simulations, that can be recorded, typically form the course material for these programs. You can opt for the online MBA if you are designated at a senior leadership role, your career growth has plateaued, and you are not willing to take a break from your professional roles and responsibilities. The online MBA, although does not provide you the networking scopes and peer learning opportunities, it does allow you the flexibility to learn at your own pace. Ideally, you can complete the program in ~36 months.

Some of the Online MBA programs are listed below:

Hybrid MBA

The Hybrid MBA is similar to the Online MBA but it allows for face-to-face sessions with the faculty. Hybrid MBA programs use a mix of Online MBA format and physical MBA sessions to deliver the complete MBA experience. Thus, although you get the flexibility to complete the program at your own pace, you will have to attend few scheduled sessions with your instructor.

Listed below are some of the Hybrid MBA programs:

Dual-Degree MBA

Many B-schools allow the option to partake of a Dual degree MBA-MS program. Thus, you get to pursue core management courses and opt for an elective or concentration in your preferred discipline and partake of a Masters program in the particular discipline in the second year. Usually, the MBA-MS programs are ~4-years course and offer you the experience and knowledge of two Masters Degrees. The programs are separately delivered by the respective partner institutions and you may have to separately enroll with each of these partner institutions, depending on the set institution norms. This program is ideally suited for professionals who desire a change in their career track: you can take a break, invest time in the program, and begin with robust managerial and specialized skill-set. The difference between pursuing a Joint MBA-MS or Dual Degree MBA and an MBA with specialization is that you get in-depth learning from the additional MS course. Thus, if you wish to shift to a career in Law, for instance, and command no proper background in same, you can opt for the JD-MBA program and acquire the necessary learning in almost 4 years, thereby saving on the time required to complete the two programs separately.

Listed below are some of the Dual MBA programs:

Tech MBA

Tech MBAs or STEM-designated MBAs are a recent development in the realm of management education. The Tech MBA program requires you to have a background in technology or any of the STEM discipline to be suitable for this program. The Tech MBA lies at the intersection of business and technology and helps you build a robust skill-set to take data-driven decisions in the realm of business. Usually accorded by US B-schools, STEM MBA programs have been designed specifically to allow students with H-1B visas to extend their Optional Practical Training experience by 2 years, and thereby earn the scope to forge networks in the industry and land their dream jobs.

Some of the Tech/STEM-designated MBAs are listed below:

 
Go ahead and choose the MBA program that best suits your learning and career advancement needs. For more assistance regarding MBA admissions, you can contact the best MBA admissions consultants.

All the best!