Part-Time MBA vs Full-Time MBA
A Masters in Business Administration is an internationally recognized degree which is a beneficial qualification in more than one way. An MBA provides the student with networking opportunities, new skills and knowledge and higher salaries among other benefits. Traditionally students would pursue a two-year full-time MBA immediately after completing graduation. However, in recent times, working professionals have begun opting for part-time MBA to improve their prospects. Here we discuss the difference between a full-time and part-time MBA.
Difference between Full-time and Part-time MBA:
1) Admission: The admission and selection process is quicker and simpler when it comes to a Part-time MBA. Candidates have to go through an in-depth evaluation and a mandatory interview to secure admission for a Full-time MBA.
2) Flexibility: Students opting for a Full-time MBA have fixed classes and a rigid schedule. Part-time MBA students, on the other hand, have the option to take classes on weekends or after working hours on weekdays.
3) Scholarships: Various Full-time management programs offer different types of scholarships based on pre-set criteria. However, most Part-time MBA students would have to bear the cost themselves. Very few management programs offer scholarships to Part-time MBA students.
4) Learn & Earn: Part-time MBA students can earn while they learn. They also have the opportunity to implement their classroom lessons on the job, helping them to get a practical understanding of what concepts work and what don’t. Full-time MBA students have to wait for internships to apply their learning.
5) Networking Opportunities: One of the most valuable sources of learning is from peers. Class diversity and interactive group sessions are the great sources of learning. Full-time MBA students spend most of their time together. In a Part-time MBA program, the hours and numbered and hence peer-to-peer learning is more functional and limited.
6) Time-frame: A Full-time MBA program is for the duration of 2 years whereas, a Part-time MBA can take anywhere between 3 and 5 years to complete. The drawback for Part-Time MBA students is that the market scenario might change by the time they complete their course.
7) Income Potential: Graduates who stay with the same employer for extended periods receive marginal increments. Pursuing an MBA immediately after graduation drastically improve the chances of securing a better package as opposed to a Part-time MBA after 3-4 years of graduation.
8) Choice of Institute: A Part-time MBA is not available at all premier institutes. As a result, one might not be able to study at their preferred school. Today, all leading business schools across the country offer Full-time MBA programs.
9) Career Change: A Full-time MBA opens up the opportunity to enter into more lucrative industries. It provides a 360-degree development to students to work in rapidly changing sectors. A Part-time program may not be ideal for someone looking to change fields.
10) Campus Placements: Full-time MBAs graduating from renowned business schools and institutes can secure placements with better packages. But Part-time MBA students don’t have this opportunity. Also, Part-time MBA is suitable for those who are already placed in the industry.
Does Part-Time MBA have the same value as Fulltime MBA?
As evident, both Full-time and Part-time MBA have their own advantages and disadvantages. Part-time MBA means steady income while learning new skills, the duration is longer and lacks peer-to-peer learning that is essential to personality development. Conversely, a Full-time MBA involves interaction with the diverse group an opportunity to gain practical experience in different industries without the risks of a job. However, without a scholarship, a Full-time MBA can be expensive.
Graduates and professionals looking to advance their careers should weigh out the pros and cons and make a decision based on their goals and current standings. Executive MBA is another alternative that provides a career boost.
Guru Nanak Institute of Management Studies (GNIMS) is one of leading institute that offers all three variations of MBA to aspiring manages.