Are you thinking about pursuing an MBA? You need to know all the aspects of the degree. MBA Programs come in a wide variety of formats. You can choose from the different types of MBA programs. So you need to select the right MBA program depending on your future career goals and the amount of time you’re willing to invest in your MBA.
In this blog, we will be discussing the different types of MBA to choose the right one for you.
Before we discuss the various types in detail, let’s first discuss what MBA is.
The Master of Business Administration (MBA), an internationally recognised degree, helps students develop the skills required for careers in business and management. The core courses in an MBA program cover various business areas such as accounting, applied statistics, business communication, business ethics, business law, finance, managerial economics, management, entrepreneurship, marketing, and operations.
Types of MBA programs
This is generally the traditional MBA and is conducted typically in live classroom sessions. These classes occur in the day and the night, depending on the course schedule you choose. There are two types of full–time MBA, two-year full time and one-year full time.
The two-year program has four semesters and completes in two years. Such programs offer the most opportunities for experiential learning in the form of internships and other projects. They also require the most commitment in terms of time. a full-time student will have access to career services, counselling, and other activities conducted in the school
One-year MBA programs are rising among universities due to MBA students’ demand to complete their degree faster than the typical two-year MBA program. They are commonly found outside of the U.S. Since extended semester breaks do not occur in most one-year programs, internship opportunities may be limited. However, the majority of candidates coming to these programs have good work experience.
The average cost of a full-time MBA varies depending on the university prestige and can range from $40,000-$150,000. A full-time MBA is recommended for students who are young professionals who are looking for new career opportunities or career change and working professionals who can commit to a full-time academic workload
Part-time MBA programs offer flexibility to focus on your work or internships, and classes are generally conducted, allowing students to take courses online and on-site. It can take as short as 24 months to complete a part-time MBA, while other programs can take as long as 48 months, depending on your flexibility. You have the flexibility of choosing how many classes you take each semester. The average cost of a part-time MBA ranges from $40,000 to $150,000. Part-time MBA programs are recommended for working professionals who cannot give a full-time commitment.
With various course formats, including recorded lectures and live web conference courses conducted in virtual classrooms, online-MBA programs provide a flexible combination that suits both your learning style and lifestyle. Most online MBA programs offer all learning entirely online. However, some programs require students to meet on-campus or at a remote location once throughout their degree.
Some online programs can be completed in a year; however, the average range to complete an online MBA program is 16-48 months. Online MBA programs are typically the most affordable program ranging from $10,000-130,000-plus.
Most Executive MBA programs can be completed in two years or less, significantly faster than traditional part-time MBA programs. Classes generally meet on Fridays and Saturdays and often on alternate weekends. Generally professional with work experience of more than seven years applies for this program as required for most of these programs. The average time to complete an executive MBA program is 20-36 months, and the average cost of an executive MBA is between $40,000-200,000.