Finding and completing the best Master of Business Administration (MBA) program for your lifestyle requires some thorough consideration. As you compare MBA programs and approach a decision, your final analysis should specifically consider the difference between a full-time MBA and a part-time MBA.
Understanding Full-Time MBA Programs
To get a comprehensive picture of the respective advantages and disadvantages of full-time and part-time MBA programs, we first examine the structure, duration, benefits, financial implications and personal consequences of a full-time MBA.
Structure and duration
The core elements of the curriculum of a full-time MBA program include business operations and strategy, as well as specialty areas such as finance, marketing, and human resources. Due to the broad and in-depth nature of a full-time MBA degree, these programs are generally quite intensive, packing a concentrated amount of material into a relatively short period of time.
Typical duration of a full-time MBA
Although particularly dedicated students may graduate more quickly, a full-time MBA program typically requires two years of intensive study. In fact, students are generally expected to complete a full-time MBA program within two years by completing a certain number of credits each semester.
Benefits of a full-time MBA
The average full-time MBA program offers a very intensive learning experience that many students appreciate. From lectures to case studies to group projects, most full-time MBA students benefit from a wide range of educational and training modalities during their studies.
In addition, full-time MBA programs typically offer a lot of hands-on learning and real-world experience in the form of practical business simulations, project consulting, and internships/externships. Students who earn a full-time MBA also typically benefit from a variety of career services and networking opportunities designed to help them find rewarding employment after graduation.
Opportunity costs of not working
The cost of a full-time MBA program can be further increased by having to forego paid work opportunities in lieu of attending college classes and study time. As mentioned above, it can be difficult, if not impossible, to hold down a steady job while attending one of these programs. As a result, many students postpone or pause their careers while pursuing their MBA, which can result in a drastic loss of income during that time.
Understanding Part-Time MBA Programs
Now that you have a better understanding of the pros and cons of a full-time MBA program, read on to gain a similar insight into part-time MBA programs.
Structure and duration
Although the general format of full-time and part-time MBA programs can be quite similar, part-time programs are more flexible in terms of both scheduling and duration. However, this means that the average total length of the part-time MBA program is considerably longer; most part-time students take between three and five years to earn their MBA.
Advantages of a part-time MBA
Because of the time flexibility of a part-time MBA program, it may be the only viable choice for some people with existing work and family commitments. Many part-time MBA programs are specifically designed for working professionals and offer evening and weekend classes.
Because students can progress at their own pace, these programs also promote a healthy work-life balance and personal well-being. Compared to full-time MBA students, part-time MBA students can complete their studies with minimal stress.
In addition, prospective part-time MBA students are typically subject to less stringent admission requirements that give more weight to factors such as work experience and less weight to factors such as grades and tests. Additionally, there are typically fewer applicants competing for available spots in part-time MBA programs.
Opportunity to work alongside your studies
Avoiding the financial downsides of a full-time MBA program can pay off significantly for those willing and able to work while studying. Beyond the obvious benefits of a salary, working MBA students can sometimes secure employer funding for their studies—after all, covering the part-time MBA tuition for an employee looking to expand their skills can benefit a company in many ways.
Important factors to consider when comparing MBA programs
Before you decide whether to study full-time or part-time, consider the pros and cons of an on-campus MBA versus an online MBA. If scheduling, cost, and overall convenience are your top priorities, you may want to rule out classroom instruction when comparing online MBA programs. Since classroom instruction has distinct advantages, you may also want to consider traditional and hybrid online/classroom MBA programs.
Career goals and aspirations
When choosing between a part-time and full-time MBA, make sure that the program you choose matches your overall goals in terms of the type of work you want to do and the compensation you expect.
Industry expectations and preferences
If you want to be on the fast track to senior management, you should opt for full-time MBA programs, which tend to convey serious intent to C-suite employers. In certain career fields (such as senior-level management consulting), graduates of full-time MBA programs are also more in demand.
Part-time MBA programs place an emphasis on continuing education and skills acquisition, making them more suitable for professionals who want to apply new skills in their future careers. This makes them an excellent choice for employees who want to move up the hierarchy at their current employer.
Financial considerations
While the average cost of a full-time MBA program is higher than that of a part-time MBA program, there are significant differences in tuition costs within both types of programs. In general, full-time MBA students face larger initial investments and higher immediate costs, while part-time MBA students spread their financial obligations over a longer period of time. Although full-time MBA programs may offer more extensive scholarship opportunities, students’ employers often contribute to or even fully pay for part-time MBA programs.
Work-life balance
We’ve already explored the work-life balance issues and opportunities offered by both full-time and part-time MBA programs. After carefully assessing your ongoing responsibilities and your ability to manage them, you’ll need to weigh your ability to work long and dedicated hours against your career ambitions and other long-term goals before you can achieve a successful work-life balance for your degree.
Tips for deciding: Full-time MBA vs. part-time MBA
With the essential criteria for choosing an MBA program in mind, you can begin your decision-making process, focusing on your practical needs and return-on-investment (ROI) potential. You can strive for objectivity during this process and increase your chances of making the right choice by following the guidelines below.
Conduct an honest self-assessment
From your true career goals to your ability to achieve a sustainable work-life balance, take a hard look at yourself before embarking on your MBA journey or you risk taking wrong turns along the way.
Research on MBA programs
After you’ve identified your wants and needs, you need to find programs that will help you meet them. This requires extensive research into factors such as faculty reputation, student services, and overall program ratings.
I seek advice
A knowledgeable mentor can be an invaluable resource when choosing an MBA program. Take advantage of anyone in your personal or professional circle who can offer advice or resources.
Current students and alumni as resources
To gain a first-hand perspective, make the effort to connect with former and current students of the MBA programs that interest you.
Frequently Asked Questions
If you are thinking about pursuing an MBA, you have probably already asked yourself one of these frequently asked questions:
How long does a full-time MBA program typically last?
While timelines for part-time MBA programs can vary considerably, the average length of a full-time MBA program remains consistent at two years across all institutions.
Can I work alongside my full-time MBA studies?
Almost anyone can find it challenging to work while pursuing a full-time MBA, even part-time. However, it is far from impossible. Your ability to work as an MBA student will depend on many different factors – including the intensity of the program you choose, the intensity of your work, the effectiveness of your time management, and the level of your physical and mental stamina.
How do part-time MBA programs handle internships and career services?
Full-time MBA programs often offer extensive internship programs and career services—but that doesn’t mean that part-time MBA programs leave their students without opportunities for professional employment or career advancement. Because many of their students are currently employed, these programs may have few full-time internships available. However, they often offer specialized, hands-on training and professional networking initiatives designed to fit into students’ busy schedules.
Is employer sponsorship common for part-time MBA students?
An incredible benefit for business people and the companies they work for: employer sponsorship enables countless students to complete an MBA part-time. By limiting the financial burden on their employees, companies make further training possible for many who could not otherwise afford it.
What are the main factors to consider when choosing between full-time and part-time MBA programs?
As described above, several criteria must be considered in order to make a successful decision regarding enrollment in an MBA program. While the relative importance of each factor depends on your individual and specific wants and needs, you should consider career goals, schedule constraints, financial matters, personal commitments, learning preferences, and career services when choosing between full-time and part-time MBA programs.
Do you still have questions about a part-time vs. full-time MBA?
Because different programs (including full-time MBAs and part-time MBAs) have their own requirements and expectations for students, it is advisable to consult directly with an advisor at each college or university you are considering.
At Keiser University, we offer a standard MBA, an accelerated MBA, and an MBA degree program in Spanish and Mandarin. If you are comparing online MBA programs, contact a Keiser Graduate School admissions advisor today for more information about our MBA offerings.
