The most important initial decision that MBA applicants must make is choosing between a one-year or two-year MBA program. In the past there was a stark contrast between the American two-year MBA model and the one-year European model. The American model has traditionally been more quantitative-focused, research-based, U.S.-centric and younger; while the European model focused more on soft skills, global business, leveraging industry connections and more experienced candidates. U.S. MBA programs have spent much effort on developing industry connections and incorporating global business and soft skills such as leadership and teamwork into the curriculum and therefore these old distinctions have been blurred. Complicating things further is that more and more business schools in the United States are offering one-year MBA program options.
People struggling to choose between a one-year or two-year MBA program will want to evaluate the following considerations before making a final decision:
One-Year Programs:
Advantages: Less time spent away from work; students can gain high-level skills that can be brought to the job market faster and increase their ROI; total expenses much lower.
Disadvantages: Fewer elective choices may be offered, short-time frame might not allow adequate time for those with little experience or career-changers to develop the new skills and knowledge necessary to make a major career transition; minimal time to conduct a job search or engage in outside-the-classroom activities.
* Other factors to consider: As stated above, more and more U.S. business schools are offering one-year options (such as Kellogg, Emory and Cornell) and more are likely to offer one-year programs in the future. These programs are geared towards people with some business training and a solid understanding of statistics, accounting, economics, etc. Significant differences might exist between U.S. and European one-year MBA programs therefore applicants are encouraged to carefully research these programs before making a decision.
Two-Year Programs:
Advantages: Offers high interaction with students and professors through numerous courses and projects; opportunity to take part in activities like case competitions, student clubs and consulting projects; the ability to do a summer internship after the first year and extra time to explore career options makes it much more appropriate for younger students and career changers.
Disadvantages: Expensive and requires more time away from work.
As we noted recently there are impressive job placement statistics for 2011 graduates of both one- and two-year MBA programs, but candidates are advised to carefully consider these choices in order to find the program that is the best fit.