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 two year and a one year MBA could be a complicated exercise. There are several factors to be scrutinized before arriving at a judicious decision.
One-year MBAs 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, 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 one year MBA over 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.
A GMAT score is required for admission to both one year and two year MBA. If you are planning to take the GMAT, we can help you with a personalized study plan and give you access to quality online content to prepare. Write to us at email@example.com. We are the most reviewed GMAT prep company on gmatclub with more than 1830 reviews (as on June 3, 2019). Why don’t you take a free trial and judge it for yourself?
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 one-year MBA, 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.
While the compensation and opportunities available are in the same ballpark for both formats, one-year MBAs 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.
One-year MBA vs two-year MBA – Which should you choose?
Getting an MBA is a personal, as well as a professional decision. Therefore, you must carefully weigh the comparative benefits available, while factoring in your unique situation and circumstances; before opting to make a choice.
While most MBA programs in the US are spread over 2 years, here are some of the top global programs that follow the one-year format:
|Business School||Location||FT Ranking (‘19)||Avg. Work Experience.||Avg. GMAT|
|INSEAD||France/Singapore||3||6 years||670-750 (mid 80%)|
|London Business School||UK||6||5.5 years||707|
|University of Oxford (Saïd)||UK||13||5 years||690 (median)|
|Kellogg (both 1Y and 2Y options)||USA||14||5.1 years||732|
|University of Cambridge (Judge)||UK||16||6 years||693|
|HKUST||Hong Kong||18||5 years||680|
|Cornell – Johnson (both 1Y and 2Y options)||USA||27||5 years||698|
In addition to the listed programs above, there are some exciting options being offered by NYU Stern (NYU Tech MBA), Columbia Business School (J-term), IIMs (EPGP, PGPX, etc.), NUS and NTU in Singapore and the Sloan Fellows programs (MIT, Stanford and LBS) that offer an MBA in the shorter format.
e-GMAT and Admit Square Consulting bring to you The MBA Bootcamp – a one-day Workshop to help you get a detailed understanding of the best MBAs suitable to your profile. The workshop will offer suggestions and strategies to facilitate the building of a winning application and one-to-one interactions with alumni from top business schools such as Wharton, Kellogg, INSEAD and Oxford, in addition to exclusive panel discussions with Admissions Officers from ISB, IIMB EPGP and the Schulich MBA. Click HERE to know more and book a seat well in advance.
About the author
Prashant Tibrewal is the founder of Admit Square Consulting and has mentored 1000+ MBA aspirants to get into top global universities like Harvard, Stanford, INSEAD, Oxford, HEC, ISB, etc. With a team of Consultants from some of the top business schools such as Yale, Wharton, Duke and Oxford, Admit Square offers 100% Money-back Assurance on its services. You may send your details to firstname.lastname@example.org for a free profile evaluation.