The Pros and Cons of a One-Year MBA

B-schools across the country are offering students a faster way to get an MBA, often time in a year or less.

Accelerated programs at b-schools such as Northwestern Kellogg, Cornell Johnson, and the University of Florida offer accelerated MBA programs – allowing students to save time and money, Bloomberg Business reports.

HOW IT WORKS

At schools like these, accelerated programs generally admit students who have studied business in undergrad enabling them to skip entry-level courses in the MBA.

Additionally, some schools offer an accelerated MBA online, such as at Fitchburg State University, in Massachusetts. The university, according to its website, offers five MBA concentrations including Accounting, Healthcare Management, Human Resources Management, Management, and Marketing—all online.

Accelerated programs can have their benefits. For one, because less time is spent, students can often save on money and costs.

For instance, as we’ve previously reported, the total cost for Kellogg’s one-year program is an estimated $140,366, roughly $70,000 lower than its full-time two-year MBA, which costs around $211,000.

At Cornell, a one-year MBA costs an estimated $141,000; two years in this Ivy League school’s two-year program costs nearly $190,000.

DRAWBACKS

While there are financial and time savings that come with an accelerated MBA, there can be drawbacks as well.

Alex Min, CEO of The MBA Exchange, says the biggest drawback is the lack of a summer internship.

“Beyond the lack of summer internships, key disadvantages of a one-year MBA education include having fewer chances to add basic management knowledge through core courses and/or specialized learning through electives,” Min tells P&Q. “Furthermore, the shorter duration of one-year programs means less opportunity to bond with classmates and participate in student clubs, activities, and treks.”

Sources: Bloomberg Business, Fitchburg State University, Poets & Quants