The Master of Business Administration is a business-focused postgraduate program that has been designed to develop the skills required to work in business and management. An MBA degree is not only confined to the business world it is also useful for those who want to become entrepreneurs, pursue a career in the public sector, government, private industry, and other areas.
An MBA program provides practical skills along with theoretical knowledge in a wide variety of subjects like accounting, economics, marketing, human resource management, business operations, and many more. The demand of this universally accepted degree is growing rapidly along with that the pattern and curriculum of the course are also changing. Nowadays you can get an MBA degree by sitting at home too!! Yes, you have read it right. Apart from full-time MBA courses, one can also pursue part-time and online MBA courses. Students often get confused between fulltime and part-time MBA courses. What are its advantages and disadvantages and which one is right for them. So before taking any decision first ask these few questions to yourself.
1. What are your purposes for pursuing an MBA? Is it for the promotion in the same industry you are working or you are a fresher and have recently completed your graduation?
2. What are your financial responsibilities? Are you single or have kids?
3. How much debt are you able to take on?
Seven factors to consider when comparing part-time and full-time programs:
|Factors||Full-time MBA||Part-time MBA||What experts say|
|Time duration||2 years||3 - 5 years||Market demand changes continuously. There is a possibility that, if a part-time MBA student has targeted a specific course for a specific purpose, it might become less appealing after 3 to 4 years.|
||People already in a job want a promotion or raise||Here, a part-time MBA offers an uninterrupted career and steady income, whereas full-time MBA offers an option of a career switch.|
|Finance||The course fee is high||Affordable||MBA aspirants who cannot afford to leave their work to pursue a graduate degree can opt for a part-time MBA.|
|Admissions||Academic requirements for full-time MBA admission are higher||Requirements are
|If you want to study MBA in any reputed B-school but your marks are falling short then you can opt for a part-time MBA. Moreover, a full-time MBA has one joining date for all whereas in part-time MBA students can choose from 2-3 start dates a year.|
||While in part-time MBA, students lack all these things.||In a full-time MBA, the students develop team spirit and leadership qualities.|
|Work Experience||While the full-time MBA students have to wait for 1 or 2 years to apply their knowledge in the practical field.||When the students continue MBA along with their jobs, they get the opportunity to apply their lessons immediately on their job.||But nowadays the experimental learning in MBA programmes has removed this disparity up to many extent.|
|Campus placement||Placements are high.||There is no guaranteed placement.||The institutions spend huge resources for preparing the students to face the interviews as well as attracting reputed companies for campus placement. But, some of the institutions don’t allow their part-time MBA students to participate in this process.|
By analyzing the above factors thoroughly, you could be able to get a better understanding of which program is right for you.
All the best!!