Once you decide to pursue a Masters in Business Administration, the next question arises whether to pursue a two year regular MBA program or a one-year fast track program. Both these programs deliver a Master’s in Business Administration upon completion and both hold great value from a career perspective. Then, what is the difference between the two and how to decide which one to pursue? This article will hopefully help you decide.
The difference between one-year and two-year programs
The core difference lies in the way you achieve your MBA degree in a one-year or a two-year program. Think of these programs as an express vs a regular train respectively. By the means of an express train, you will reach your destination faster but you would not enjoy the experience so much. On the other hand, the regular train will take longer to reach the destination but will provide you with an opportunity to enjoy the view that comes in the way and give you time to interact with the people you meet on the journey.
That is precisely the difference between the two types of MBA programs. Depending upon the personal and professional goals set by individuals for themselves, they can decide on how they want to achieve their MBA degree.
There are several factors that need to be scrutinized before arriving at any decision.
|One-year Program||Two-year Program|
|Career Goals||For those who have a clear vision about their aspirations and goals of MBA are the ideal candidates for a one-year MBA. They would have already decided their specialisation and know the way forward in their career.||Two-year applicants have the leisure to take their time in deciding what they want to achieve from their MBA and they also get a chance to explore different electives.|
|Cost of the degree and ROI||The one-year MBA program is often drastically cheaper than a two-year program and hence converts to a better ROI upon getting a job.||The cost of a two-year program from a good university is often very high and hence the ROI is much lower as compared to the one-year program. Also, breakeven in terms of recovering the cost of education comes much later.|
|Career Break||A one-year program does not necessarily require a break from the career. In some cases, professionals pursue a part-time or an online course and in some cases, even the organisations sponsor their employees to pursue such fast track programs for skill enhancement.||A two-year program will demand a break from your career if you are not a fresher. Most candidates take this break and pursue a regular MBA degree to enhance their skills or completely change their career path.|
|Internship||A one-year program usually does not include a full-fledged internship, given the shorter duration of the program. It also takes away the networking opportunity that comes with the industry interactions||The two-year program includes internships and provides the students with an opportunity to network with professionals in their respective domains.|
|Placements and job opportunities||Depending on where you pursue your one-year MBA from, you will get ample placement or job opportunities in your area of specialisation.||Depending on where you pursue your two-year MBA from, you will get ample placement or job opportunities in your area of specialisation.|
The Benefits of a One-Year Program
One-year MBAs are becoming increasingly popular as more and more candidates, especially the experienced folks are committing to these programs. Some of the pros of the one-year MBA are:
Shorter and Cheaper
The shorter duration of the program directly translates to a lower opportunity cost, lesser tuition fee, and lesser accommodation cost. Hence, the overall cost of a one-year MBA program is much lower than a regular two-year MBA program.
Also, you get to accelerate your career in a year’s time with less time away from a paying job. In some cases, with online or weekend classroom modes, the program allows you to keep working as you pursue your Master’s in Business Administration.
The outcome of a two-year MBA program and a one-year MBA program do not vary drastically. Hence, when compared to a two-year program, the one-year MBA provides a much better return on investment due to the lower cost of education.
When you pursue your degree from a renowned institute, the employer’s are unlikely to differentiate your compensation based on the duration of your MBA program.
Keeping the above points in mind, it is safe to say that pursuing a one-year MBA program would be a wise decision if your goals are crystal clear to you. It is also a good choice in case you do not want to invest too much on your post-graduate studies, or in-case you are unable to commit to a two-year program. If you are looking for a worthy one-year program, check out Great Learning’s PG Program in Management.