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 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?
If your mind is still wrestling between the full time and part time MBA decision, here are six factors to consider when comparing part-time and full-time programs:
1. Time duration-
Full time MBA programme is a course of two years duration whereas most of the part time MBA programmes are completed within 3 to 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,which may become less appealing after 3 to 4 years, when he will complete his MBA.
People opt for into full-time programs to switch careers entirely. Usually the students who have recently completed their graduation or masters and desire to continue higher study prefer full time MBA. Otherwise the students who have keen interest in business administration, management and want to make career in that only, they go for full time MBA. On the other hand the persons who are already in a job and want promotion in the same field they opt for part time MBA. Part time MBA have both the advantage of uninterrupted career and steady income.
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Sometimes, our decision changes with the changing bank balance of our account. Pursuing MBA or PGDM from reputed institutions is really a costly affair. On the other hand some MBA aspirant have financial responsibilities and in this case they cannot afford to leave their work to pursue a graduate degree. In these instances, the part-time program is appealing, as one can continue to work while going to school. Also, the course fee is comparatively less in part time MBA than full time MBA.
Academic requirements for full-time MBA admission are higher than those for part-time programs. If you want to study MBA in any reputed B-school but your marks are falling short then you can opt for part time MBA. Moreover, full time MBA have one joining date for all whereas in part-time MBA students can choose from 2-3 start dates a year.
5. Learning process-
In full time MBA programme the students spend most of the time together. They attend classes together, together work in projects and participate in discussions and seminars. As a result they develop team spirit and leadership quality. While in part time MBA, students lack all these things.
6. Work experience-
When the students continue MBA along with their jobs, they get the opportunity to apply their lessons immediately on their job. While the full time MBA students have to wait for 1 or 2 years to apply their knowledge in the practical field. But nowadays the experimental learning in MBA programmes has removed this disparity up to many extent.
7. Campus placement-
Campus recruitment is an outstanding part of the fulltime MBA program. 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!!
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