This everlasting conundrum for the MBA graduates – whether to go for a full MBA or a Part-time MBA is not rare. The answer lies in answering a few questions- What is the financial condition now? Will you be able to take a bank loan for the MBA degree? What is your current work experience and are you willing to take a gap of two years to invest in a full-time program? You might be getting these
Professionals with more than 5 years of experience are facing a difficult time to go for a full time or a part-time MBA program. Let’s discuss some of the important pointers to get on when we are considering both: –
- Time – will you be able to handle both – your work and the classes? A part-time MBA might require you to give up on your weekend hangouts and movies. So your seven day week will make you work for the first five days and study during the weekends. You need to devote your precious time to MBA and to fairly complete the assignments.
- Investment and RoI – are you financially sound to cover the expenses? Since we know the MBA degree could cost around 10 Lakhs to 20 Lakhs, You need to scrap the amount for the program. You need to ask yourself if you are financially secure enough. Get all your priorities right before making the decision. Banks also provide loan facilities to the new MBA admits with certain conditions. Usually, a Part-time MBA doesn’t cost much as a full-time MBA
- Networking opportunities: Part-time MBA will make you let go of the networking opportunities which is easier when a full-time MBA is considered. Different colleges conduct various MBA events where the students get to show their capabilities through the competitions. Alumni interaction and seniors give their juniors valuable advice on the job-related queries, industry-related insights or anything else that is related to the course. Sometimes alumni and networking with fellow graduates help to find jobs in the market. Networking will also help practise work shadowing where the graduates can observe a professional/ their senior at work and can be able to better understand the job and the company.
- End result: If you are thinking to go for a Part-time or Full-time MBA then ask yourself – What is the job title that you want after the program? What is the long term benefits that you are chasing? Long term benefits could range from being in a better position in a multinational company to being an entrepreneur or consultant. The end result aligning with your passion will make the MBA worth it. A full-time MBA will be able to expose you to the challenges that the entrepreneurs face and overcome those with the help of rigorous assignments and group presentations.
- Institute that you are going for: Whether full time or part-time MBA, you need to do a background check of the institute. What is ranking? What is the placement percentage? What is the curriculum of the course – is it at par with the industry needs and getting updated as required? If you are going for the full-time MBA program then is the institute providing an opportunity for networking – if so, then how? Sometimes the reputation and brand correlate to the career of the student.
Thus part-time MBA can take longer to complete the degree and are often less competitive as compared to a full-time MBA. The bottom line is to check the pointers above and make an informed decision. So check these out and decide which one is best for you – part-time or full-time MBA?
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