What is a Full-Time MBA Program?
The Master of Business Administration is traditionally administered as a two-year program with classes offered on weekdays. Students forgo employment during the academic year in order to fully devote themselves to their studies (although they may hold a paid or unpaid internship during the summer). Typically, the first year of the program covers general business studies, while students usually have the option to concentrate their second-year studies on a particular subject, like accounting, finance, marketing, human resources or operations management.
Advantages of Full-Time MBA Programs
A full-time MBA program delivers an intensive, comprehensive business education. These programs provide more face-to-face interaction with other students and faculty than alternative programs, more opportunities for collaborative and experiential learning, and more frequent networking opportunities. As with any MBA program, degree-earning graduates will gain access to high-level career opportunities and receive substantially higher compensation.
Disadvantages of Full-Time MBA Programs
The most significant disadvantages of a full-time MBA program are forgone income and the expense of tuition. Students accepted into the best programs tend to come from lucrative professions and often incur higher living expenses than graduate students in other disciplines. Giving up a salary and taking on the cost of tuition adds up to a six-figure expense. Students of the top 10 business schools average $87,000 in debt on graduation and work for an average of five years before seeing a return on their investment.
Is a Full-Time MBA Program Right for Me?
The choice of an MBA degree program depends on a number of factors that will differ according to each individual’s situation. However, one traditional view is that full-time MBA programs best serve professionals who want to make a relatively major career switch. A full-time program allows an unparalleled opportunity for a student to supplement their own professional experience with a wealth of knowledge about a new field while networking closely with students, faculty and other professionals, making it prime foundation for launching into a new career.