A standard MBA program requires 2 years
of full-time study. For many people, that represents an
unacceptably long time away from the world of work. Some
people find it difficult to forego 2 years' salary.
Others worry about missing out on developments in
fast-growing industries, or about losing touch with key
contacts and professional networks.
Four of the top U.S. business schools offer accelerated
MBA programs that can make it easier for people with
these concerns to commit to a b-school education. But
while these programs are an excellent option for the
right kind of applicant, the decision to apply to one
should only be made after careful research. Accelerated
programs differ from 2-year programs in ways that may
work to the disadvantage of many b-school applicants.
The four top U.S. b-schools that offer an accelerated
MBA option are:
The Columbia Business School –
Accelerated MBA Program (16 months, starting in
January)
The Kellogg School of Management
(Northwestern University) – The One-Year MBA Program
(12 months, starting in June)
The Johnson School (Cornell
University) – The Accelerated MBA, previously called
the Twelve Month Option (or TMO) program (12 months,
starting in May)
The Goizueta Business School (Emory
University) – The Full-Time MBA, One-Year Experience
(12 months, starting in May)
There are 4 key issues that applicants should consider
in deciding whether to apply to an accelerated MBA
program:
Your preparation for graduate-level business study:
Most of the accelerated MBA programs condense a
semester's worth of core business courses into a few
weeks. Students need to enter the program with a certain
level of pre-existing business knowledge to be able to
keep up with that pace of study. These programs require
applicants to either hold a previous degree in business
or a related field or to have completed certain
prerequisite courses in economics, statistics, finance,
and other business topics. (See individual program
descriptions for details. Columbia's 16-month
Accelerated MBA Program has more flexible entry
requirements than the other programs do.)
Cost: Don't assume that attending a one-year MBA
program would cut your b-school expenses in half. A
one-year program will save you some money on tuition –
in very general terms, you'll spend about 75 per cent of
what you would for a 2-year program – but you'll also
miss out on the salary you could earn as an intern
between your first and second years. If you think that
can't be much of a loss, think again: the median monthly
salary for Stanford MBA students who served internships
in the summer of 2006 was $6,700.
Career exploration: An accelerated MBA program
does not offer the same opportunities for career
exploration that a 2-year program does. This makes them
a poor option for anyone who is seeking an MBA as part
of a career change. The accelerated programs are best
suited for applicants who are already happily
established in a specific career track and industry, and
who know exactly how and where they will put their
newly-learned management skills to work after
graduation.
Internships: A major difference between
accelerated MBA programs and 2-year programs is that
accelerated programs do not include internships. For
most applicants, this is also the main disadvantage of a
one-year program. For most students, internships are a
key component of an MBA education. They help students
assimilate what they have learned in the first year of
their program and often lead to full-time post-MBA
employment offers. An MBA program that does not include
an internship is only advisable for people who are
certain they would not need an internship to achieve
their post-MBA career goals.
The bottom line on accelerated MBA programs is that they
can be a good choice for professionals who are already
well-established in their career tracks and networks and
who will benefit from being able to return to work
quickly. They can also be a good choice for
entrepreneurs and for people taking on positions of
responsibility in a family business. Applicants who want
to change careers or industries, or who are looking for
entry-level management positions, will generally be
better served by a traditional 2-year MBA program.
