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A great number of B-schools are offering one-year MBA program these days for students who may not be able to pursue a more traditional two-year program due to reasons like cost and time one has to spend on the campus while staying away from their job.
B-schools offering the traditional programs of 2 years say that they are better as one gets to experiment with different professions through internships. Also, they gain more experience in every field.
However, colleges which offer one-year programs say that their format is a much faster course for those students having fixed and clear goals in their career. This accelerates the course duration so that you can get back to the job market soon.
So which program should one prefer?
Before selecting which one to pursue one must find out the differences between the two.
The One-year format is a popular format in the European Countries. It was first offered by INSEAD in 1959. And there are a lot of opportunities available in the top B-schools with the one-year MBA program. Almost all European business schools offer the accelerated MBA. Top B-schools such as INSEAD Business School, Cass Business School, Warwick Business School and Lancaster University Management School in the UK; Bocconi University in Italy and IE Business School in Spain, offer the Management format. While in USA- Johnson School of Business, Kellogg, USC Marshall and Boston University, Thunderbird School of Global Management, Emory University's Goizueta School offer this type of program.
The program fully integrates teaching with interpersonal soft skills and practical business application. Along with the help of the leading CEOs of the industry and expert teaching staff, the program is curated to give you a practical and industry level experience.
Generally, people pursuing the one-year program are aware and familiar with the corporate environment. Due to this reason summer internships may not be offered. Though they may get to work on live project to increase their experience.
The program is helpful for those people who cannot afford to spend money on a two-year program or are unable to leave work for such a long period and go back to school.
Typical and traditional MBA programs are of two years’ time. The two-year course is common among young students who are fresh pass outs. Students pursuing this get a better college experience, longer academic environment and they can network more. The traditional 2-year program gives people a deeper experience to enhance their managerial skills. Students spend more time understanding management without distractions. An advantage that students have here is that they can have a holistic experience of the business. These graduates are preferred for entry-level consulting jobs, management programs, or other graduate-level job related to business and management. Two-year course is not very intense and offers various electives, activities, study trips etc. which allow you to focus better on the program.
That is the reason, why most of the top business schools in the U.S. still offer the traditional format.
Due to globalisation and constantly changing business requirement, many business schools now provide programs that are of flexible time duration. ESADE Business School, which is situated in Barcelona, offers MBA program with a flexible duration of either 15 or 18 months with a 12-month option for students who want to finish with the course early. However, each school may have a different curriculum to suit different time durations for students.
There are various benefits of the one-year program. It allows students with clear and focused career goals to quickly finish the program and grow in the workspace. Also, it saves time and cost of tuition and accommodation for the students. Despite of the shorten duration of the program, the starting salaries of the graduates are the same as of the two-year course.
Of course, the one-year programme has its own price to pay. Students who opt for the one-year MBA program have to make some sacrifices as it is a very specific & intense and there is no time for extracurricular activities, also there is lesser time to network with people outside your program. The access to academic environment is very limited.
On the hand, the two-year MBA program allows students to build huge network with fellow students, professors and alumni due to attending longer and regular classes; and participating in projects and extra-curricular activities. The students can afford the time to relax and be a part of the outside world and enjoy the student life as well. Unlike the one-year format, students in the two-year format have more time in summer placement (summer internship) that is becoming a key prerequisite for finding a job. These factors make the two-year program a preferable choice for younger students.
At the same time the two-year program is a lengthy course for which one has to be away from the work for two years, also it might cost much more than the one-year course.
One can say, 2-year MBA programs are done by young fresh graduates with little or no experience. On the other hand, 1-year MBA is done by more experienced people, who have a bit of experience and can’t afford to stay away from the job market for a longer duration.
After this, one can compare both the courses and decide which MBA course suits him/ her better. Both have their pros and cons and one has to decide for on their own which course they want to pursue on the basis of their needs and wants, and the purpose of pursuing the Management Program.
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