Students who have business aspirations, having an MBA becomes a very important endowment. But an MBA degree comes at a very high cost and with it, brings a tail of student loans, the ever-increasing tuitions and fees, because of which enrollment in MBA programs has seen a slow decline. So the rising popularity of the one-year MBA program comes as no surprise.
Why the renewed and rising interest in the one-year MBA? The benefits of this program are obvious for all to see:
- It offers you the same degree in half the time.
- Allows you to save substantially in rooming and boarding and tuitions.
- You don’t have to wait for two years to start your career.
And if you’re wondering whether the one-year MBA carries the value as a two-year program, the answer is yes. One-year MBA grads are awarded the same salaries as the two-year grads. The condensed academic experience does not affect one’s career adversely. In fact, there have been instances where some schools have even reported that their one-year grads were earning more than those MBA grads who did a two-year program.
The one-year MBA is ideal for those who want to start their careers as soon as possible. Because the entire academic curriculum is condensed in half its original time-frame, students have no option but to focus on their studies. The one-year MBA is not for those looking for a “college experience”.
Many esteemed universities in Europe such as Copenhagen Business School, IMD and INSEAD have been offering the one-year MBAs for a long time. In U.S. too, prominent colleges like the University of Southern California’s Marshall School have started imbibing the one-year programs. Apart from the U.S., the accelerated MBA programs are gaining popularity in many other countries. When the Melbourne Business School realized that Australian students preferred part-time study instead of studying full-time, they replaced their 16-month program with a 12-month version. Deputy Dean Jennifer George said that they have seen a drastic rise in the number of Australian applicants after this change.
The hitch in the one-year MBA is that students are not offered internships. In such case, courses are offered to students which provide them with an opportunity to work on live projects for companies and develop their team-skills and gain hands-on experience.
Here are few of the best colleges that offer the one-year program:
Northwestern University’s Kellogg School of Management
Kellogg is one of the most prestigious universities in the U.S that offers the on-year MBA program. It is the top ranked business school in the country. Due to the rising demand, Northwestern University’s Kellogg School of Management has started giving more importance to the accelerated MBA.
Cornell University’s Johnson Graduate School of Management
Applicants for the one-year MBA program are selected very carefully by Cornell. The school needs you to have extensive qualifications like a masters or doctoral degree in specified fields. They also do not allow career switchers to pursue a one-year program and direct them toward the traditional two-year MBA.
Emory University’s Goizueta School of Business
Emory University requires its applicants to have an undergraduate degree in subjects such as economics or business. The school’s one-year MBA program begins in May with an orientation, followed by a team-building exercise and a rigorous summer review of core business concept. The one-year program is taught by the same faculty that teaches the two-year program and students are given complete admission to second-year electives.
University of Southern California Marshall School of Business
University of Southern California’s International Business Education and Research program, also known as IBEAR is ideal for those applicants who have an extensive work experience. This program requires its students to have at least six years of work, graduate study or military.
University of Notre Dame’s Mendoza College of Business
An undergraduate business degree is a prerequisite for those applying to Notre Dame. The university also requires its students to have completed specified credit hours in various subjects. Notre Dame is well-known for providing their students with an “international immersion” which lasts for two weeks and takes place in China or Chile or Argentina.
Article written and published by Sun Maag. NorthwesternCollege in Chicago, Illinois provides career-focused training, diplomas and degree programs in Healthcare, Business, Legal, Nursing fields.