by Guest Author, Amanda Albright Turner
Amanda is a freelance writer and communications consultant who works with companies of all sizes to develop targeted strategic communications. Prior to working for herself, Amanda was the director of Corporate Communications for Baxter International, a $10 billion healthcare company. Amanda holds a Master’s degree in Integrated Marketing Communications from Northwestern University and a Bachelor’s degree in English Literature and Communications from Vanderbilt University.
For some, getting an MBA was always part of the plan. For others, a desired career change or encouragement from management was the driving force. Whatever the path, it turns out the decision to get an MBA is just the first of many decisions to make.
Full-time, part-time, executive. How do they compare and how do you decide?
A personal choice
For the sake of argument, let’s agree that all programs do a fine job teaching technical knowledge (accounting, finance, marketing, etc.) and that all students have the opportunity to develop critical thinking frameworks that are valuable in the business world.
After that, it’s hard not to evaluate these programs like you would evaluate a potential spouse. Will they stand by your side when the going gets tough (professional network)? Will they let you be who you are or will they try and change you (flexibility)? Will their marginal benefit exceed their marginal cost over the long-haul (price)?
Stand by your man (professional network)
Anyone who has recently undertaken a job search knows the best way to find a job is through networking. Sure, you can scour online job boards for opportunities but to ensure your resume is at the top of the list you need a personal connection.
Full-time MBAs have an advantage when it comes to building a robust professional network. They have two dedicated years with the same classmates, free from professional demands, allowing them the time and energy to build strong relationships. They spend countless hours together: working, traveling, partying. They build friendships, celebrate weddings, and attend reunions.
In contrast, part-time students don’t necessarily stay with the same classmates throughout the program. Because students have the ability to take off a semester or a year, new faces are constantly arriving. In addition, part-time and executive students typically meet in the evening after a long day of work and/or on weekends when the focus is often on getting work done as quickly as possible. The result can be a class of students that is not as cohesive or bonded.
I love you just the way you are (flexibility)
What part-time MBA programs lose in network building they make up for in flexibility. Part-time programs don’t care if you only see them on nights and weekends. They don’t care if you need a break for six to twelve months. And they don’t care if you are always thinking about work when you’re together. They’ll take you just the way you are. That’s a good thing because for many, going without income for two years, relocating, or leaving great job behind just isn’t an option.
That was the case for Yang Shim, a graduate of Duke University’s Fuqua Executive MBA program. While Yang considered a full-time MBA, he was concerned that stepping out for two years would have a negative impact on his career progression at PricewaterhouseCoopers. “I had a great experience. Maybe I didn’t bond with people as closely as in a full-time program, but I met some good people that I still keep in touch with.”
Saving up for the big date (price)
Full-time programs are expensive—quarter of a million dollars expensive when you consider tuition, books, lost wages, etc. The decision to spend that kind of coin on a full-time program is not a decision to be taken lightly. At a time when jobs are scarce and debt is a dirty word, the idea of taking out several hundred thousand dollars in loans is a palpable concern for many.
In contrast, students in part-time and executive programs are often sponsored by their employers. The thinking is that students will take courses on nights and weekends, bring back new tools and ideas, be better positioned for internal advancement, and maintain a sense of loyalty for years to come. It’s a good gig if you can get it. Unfortunately, in this economy, companies have cut back on tuition support. With few to no scholarship dollars available for part-time programs, current students are left to decide if it is worth it to pay their own way. For many, the answer is no. According to a recent survey by Business Week, applications to top-10 part-time MBA programs declined by nine percent in 2009.
Who will you chose? Bachelorette #1, #2, or #3?
Let’s review the options:
Full-time: Two-year program (although there are some accelerated one-year options). Typically attracts students with less than five years experience. Expensive. Strong professional network. Most programs require a summer internship. May require relocation.
Part-time: Typically takes three to five years to graduate. Students balance full-time jobs with night and weekend classes. Most students have significant work experience and many have personal obligations (e.g. families) to consider. Employers often provide financial support to high-performers. Flexible schedule allows students to load-up on classes or take time off as needed. Good professional network. No summer internships or relocation required.
Executive: Concentrated program typically completed in less than two years. Designed for individuals with senior management or executive experience. Classes take place on weekends. Employers often provide financial support. Strong professional network. Travel may be required depending on location of program.
In the end, only you can decide what option is best for you. Talk with full-time and part-time MBA graduates, assess your comfort level with risk and debt, and have a clear idea what you want from an MBA program. And remember, when all is said and done, you tend to get out what you put in when it comes to relationships.
