Choosing to pursue a Master of Business Administration is a big step for many professionals. The networking opportunities can open doors, and research has shown the degree can boost salaries in the long run because the leadership and management skills taught in the program are valued by companies.
But an MBA is also a huge time and financial commitment. Full-time programs typically take two years to complete in the US and one year in Europe and Asia. Total tuition runs from $50,000 to $200,000. Add in the lost wages from not working, and the costs of a full-time MBA can be daunting.
That’s why many business schools now offer part-time MBAs. These programs provide more flexible schedules and allow students to continue working their full-time jobs while taking classes either at night or during the weekends. The workload is smaller than that of a full-time program because students take fewer courses, but they graduate with the same degree as full-time students.
Alex Chan, an MBA student in Hong Kong, chose the part-time program because of the flexibility it offered. As a software engineer, he wanted to keep his position at his company to ensure no gaps in his resume and boost his chances of a promotion. At the same time, he wanted the benefits of an MBA program, especially because he was aiming for a managerial role with bigger responsibilities. “The part-time program was a good in-between option,” he said. “I could continue working during the day and learn subjects I might not touch in my day job, such as finance and managerial analytics.”
For Alex, the part-time MBA accelerated his career by allowing him to continue building his reputation at his firm while picking up soft skills to prepare him for the next role in his company. Emily Lee, on the other hand, opted for the full-time program because she was looking for a major career change. A former marketing executive, she wanted to shift into management consulting and saw a full-time MBA as an opportunity to learn the necessary skills and build her network.
Because Emily didn’t have prior experience in management consulting — her first job out of undergrad was in advertising and she had already done it for four years — she felt comfortable leaving the job market for a year to complete an MBA full time in Hong Kong. “The case studies are probably the most helpful part of the curriculum,” she said. “They cover a lot of the real-life work you might get in a consulting firm.”
When deciding between a part-time and full-time program, career goals and cost should be factors to consider. As the examples of Alex and Emily demonstrate, part-time MBA students are often in positions where they want to accelerate their career within an organization, whereas full-time students tend to be pursuing a major pivot. In terms of cost, part-time students usually don’t have the scholarship opportunities available to full-time students, but they can seek sponsorship from their companies to alleviate the financial burden.
And networking, while present in both programs, is often a bigger part of full-time programs because of the large amount of time students spend with each other. That is what makes full-time programs more conducive to career changes. Another factor to consider is that full-time programs tend to be more competitive than part-time programs — many of the most prestigious business schools don’t offer part-time programs. If prestige is a consideration, going full-time may be the only option.
Regardless of whether they were pursuing the MBA full-time or part-time, students said they found the degree useful in expanding their worldview and building connections with people outside their professional fields. After spending eight hours a day with other engineers, Alex said the chance to work with part-time students from other industries was a breath of fresh air. Emily said her school often invited consulting firm partners to give talks, which she found useful in building her professional network. “When you don’t have any exposure to the industry, just being in the same room as these people is a step forward,” she said.
If you’re debating between a part-time and full-time MBA program or just want to hone your application, Crimson can help. Don’t hesitate to reach out to one of Crimson’s expert advisors. We can’t wait to meet you!
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