Less is More – you would think – if you could get the same MBA in just one year and at a much lower cost. The obvious cost advantage and relative time-saving feature notwithstanding; the choice between a one year MBA vs two year MBA could be a complicated exercise. There are several factors to be scrutinized before arriving at a judicious decision.
MBA in one year have become increasingly popular over the past decade, especially with more candidates with higher experience committing to the full-time MBA. Although not many business schools in the US have introduced this format, a one-year (or a couple of months over one year) MBA, is ubiquitous in Europe and Asia. These courses are usually more intensive and rarely include the option of an internship. Nevertheless, the compensatory benefits are not negligible. Here’s a lowdown on the potential pros and cons of a 1 years masters program over a two year MBA.
Pros of one-year MBA
Here are a few pros of one-year MBA:
Shorter and hence, cheaper
This one is a no-brainer. Shorter duration translates to lower opportunity cost, (usually) less tuition fee investment and less out-of-pocket living expenses. You get to revive your career momentum in one year, instead of two years and ensure less time away from a paying job. It also works out well if you cannot afford to take two years off because of other commitments.
The outcome is essentially the same as a two-year MBA (and therefore promises better ROI)
If you are going to a top-notch business school, the world of opportunities open to you will essentially be the same, irrespective of the duration of your degree. For example, all else being equal, an employer is not going to make any differentiation in the compensation awarded to someone from a top two-year program such as that of HBS and someone from a top one-year program such as that of INSEAD.
Cons of one-year MBA
Here are a few cons of one-year MBA:
It can be too short a duration for a comprehensive learning experience
If you are opting for a masters 1 year program, you must be prepared to maximize the opportunity by adopting a clear goal and a focused approach. The shorter duration prohibits the luxury of quest and discovery and enforces meticulous precision in deciding exactly what you want and in selecting the courses, clubs and campus opportunities you wish to leverage.
No internship
While the compensation and opportunities available are in the same ballpark for both formats, 1 year masters degree programs online miss out on a key benefit enjoyed by two-year MBAs – internships.
An internship is a great way to dip your toes in a company/job profile and figure out whether it is the right fit for you. Further, if you are a career switcher, you may want to buy some extra time networking with organizations of your choice and exploring newer industries – and internships play a huge role in this context.
Additionally, with a one-year MBA, you get the opportunity to interact only with students enrolled in the same year as you, whereas in a two-year MBA, you establish connections from 3 batches of students – one year prior, same year as yours and the year after yours.
Differences between a one year MBA vs two year MBA – Which is better?
Thus apart from the namesake difference i.e. the duration of each there are a few significant characteristics that distinguish each kind. One year MBA programs are generally an intense experience, where all the learning and activities are packed into a 10-12 month time-frame. On the other hand, a two-year MBA program allows students to explore alternative post-MBA career paths through internships and other campus activities such as case-competitions, clubs, etc.
A one year MBA requires that much more focus and clarity of career goals and may not be suitable for individuals looking to make industry or career change. Thus, the choice between a one year vs two year MBA depends ultimately on your career goals and what you are looking to accomplish through the MBA program apart from career growth and an increased salary.