Join Stratus Senior MBA Admissions Counselors Melisa Prevost and Mike White for a FREE webinar to learn how to identify the best program for you! Register for “Full Time, Part Time, or Executive MBA: How to Decide” on Wednesday, June 9, 2021, at 12:00 pm ET.
“What MBA programs are a good fit for me?” Many prospective MBA applicants ask us this question, and occasionally there are some obvious answers. But the truth is, it takes introspection, research, and dialogue to find the best fit program(s) for any individual. Before even looking at specific programs, many people should consider what type of MBA program is the best fit for them.
You’ve likely noticed that in addition to the traditional two-year full-time (FT) MBA programs, other options are available including part-time (PT) programs, executive MBA (EMBA) programs, accelerated programs such as one-year MBAs, and online programs. So, why should you choose one type over the others? This blog post provides four steps to help you differentiate among the three most common program types: FT, PT, and EMBA.
Step 1: The MBA journey begins with a map and a starting point.
For the sake of this post, think of your MBA journey as a vacation. Yes, an MBA requires a considerably higher investment of time, energy, and money. But just as you would look at a map when planning a vacation, you should start planning for business school by visualizing a map for your MBA journey. As a first step, picture your starting point. In the MBA journey, this consists of assessing your career to date. Go beyond just updating your resume and identifying your strengths, skills, and experiences; reflect on your proudest moments and what experiences have shaped who you are. What has motivated you? Additionally, many people learn more from their failures than their triumphs, so don’t forget to reflect on your failures and low points, too.
Step 2: Where are you going on your journey?
The next step when planning a vacation is to plot out where you’re going. Just like you’d plug in your vacation destination on Google Maps, for your MBA journey, this step is equivalent to clarifying your career goals. A detailed road map and heavy analysis aren’t necessary for this exercise, but you need to be able to directionally answer the question Why are you getting an MBA? Knowing your career goals is a necessary step in deciding the best way to reach them. Many people want to make some sort of career-focused pivot, or even a major change, that falls into one of four categories:
Once you complete these first two steps, you’ll have identified two critical pieces: where you are now and where you want to go in the future.
Step 3: How will you get to your destination?
When planning a vacation, you’d consider various means of travel, such as air, train, and car. Likewise, with an MBA journey, if you already know where you are and where you’re going, the most common “vehicles” to get there are FT, PT, and EMBA programs:
For many vacation trips, each different means of travel—car, train, or plane—can get you to your destination. So, to make a decision, you’d look at the route and consider logistics such as timing, cost, terrain, and baggage. When researching MBA programs, the equivalent is to understand how programs are structured and what you want your logistics to look like while pursuing your goals. Consider some of the key differences across program types, and look out for red flags and important program features to help you get from your starting point to your goals:
You may also find it helpful to consider what’s the same across the various programs offered by a particular business school. Each program will give you the same distinction on your resume (i.e., an MBA degree). Likewise, you’ll be part of the same alumni network and will be able to participate in the alumni community regardless of the program you attend. Additionally, most business schools employ the same professors to teach in all program types.
Step 4: Are you ready for the adventure?
Okay, let’s review. On your MBA journey map, you’ve identified your starting point (aka career assessment) as well as your destination (aka career goals). You’ve looked at the different means of travel (aka FT, PT, EMBA) and considered the logistics of each. At this point, if you’re going to take the trip, you need to start making some decisions. Still on the fence? Here are a few strong reasons that applicants choose one program type versus another:
As a departing gift for your MBA journey, the following materials will help you narrow down your school selection:
- How to Find the Best Business Schools for You
- Stratus Program Guides (Free!)
- 21 Questions to Ask Students and Alumni While Researching MBA Programs
Bon voyage!