“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? In this blog post, we at Stratus provide four steps to help you differentiate among them and find out which might be the best option for you.
Before we jump into the differences, it’s important to highlight what is the same across these programs. Each type of 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 and leverage alumni resources regardless of the program you attend. And most often, depending upon your available time, you can participate in the same extracurriculars. Doing so can be challenging while working full time, but it’s good to know that it is generally an option.
Step 1: Begin your MBA journey 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: Determine where you are 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 this 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. Often, the more complex the change, the more time you must spend getting there or experience you must gain to make that change. For example, when pursuing an MBA, you’d spend more time in a full-time program than an online program and generally have a summer internship to gain experience.
Step 3: Determine how you will 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, you can choose the best “vehicle” to get you there: FT, PT, EMBA, accelerated, and online programs:
Program Definitions
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. Like how someone might travel on a vacation, how you gain an MBA education is a very personal decision. My uncle doesn’t like to fly, so that always eliminates air travel as an option for him. Similarly, some people can’t leave a full-time job to get an MBA, so that might rule out a full-time program. Identify what is important to YOU to find the right type of MBA. 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:
Key Differences Across Programs
If you are making a larger change, then you should take into account how you can gain experience in your post-MBA career. A full-time MBA offers this experience in the form of a summer internship or even in-term internships. However, there are other ways to gain experience as well. Accelerated programs such as the Tech MBA offered by Cornell Johnson and NYU Stern were designed to help students get experience while in school, so they can both graduate more quickly and have the experience needed to pivot into tech. In addition, EMBA and part-time programs have built-in projects that can give you experience in a new function.
Step 4: Ensure you are ready for the adventure.
Just like planning a vacation, selecting the right program and type of MBA is a personal decision based on what you want to get out of your MBA experience. While mapping out what you want from your MBA, 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, accelerated, and online) 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:
Why Choose a Certain Program
MBA programs are trying to add flexibility to be more accessible, and you should ensure that you are getting the same quality of education. For example, more schools are introducing hybrid EMBA and online programs that offer both in-person and online classes. If you are interested in online programs, it’s a good idea to ask if the same professors teach both remote and in-person courses.
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!)
- 25 Questions to Ask Students and Alumni While Researching MBA Programs
Bon voyage!
Learn how Stratus’s team approach can help get you into one of your top-choice schools. Start with a FREE consultation with one of our admissions experts!