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Full Time Vs Part Time MBA

For most MBA applicants, the full-time versus part-time MBA is a critical decision. Typical question such as Which MBA format is better? Full Time MBA vs. Part Time MBA? The Pros and Cons and which MBA is right for me? Need to be answered.

Number of Applications and Early Indicators of Application Volume Trends

At the time of the survey, MBA programs had received a total of 193,324 completed applications. Full-time MBA programs located in the Asia-Pacific region and the United States received more applications on average (843 and 733 per program, respectively) than programs in Europe or Canada did (393 and 346 per program, respectively).

Despite receiving significantly more applications than other regions in 2009, 15 percent fewer programs in Asia-Pacific and the United States reported that their 2009 application volume surpassed that of 2008 (Figure 5). Europe, largely here represented by Western European countries, was the only region where more full-time MBA programs indicated stronger application volume in 2009 (72%) than in 2008 (67%).

Masters in Business Administration (MBA) and graduate education offers two important things: Academic education and Networking. Two primary reasons why one would pursue an MBA are career change and career augmentation.

Whilst, Full-time programs tends to offer "better" than part-time programs simply because full-time means you're 100% immersed in the action, Part Time MBA provide you with the more relevant business network which are critical for business success. Because Part Time MBAs in many cases bring more significant professional experience than students on other graduate programs, the diversity of people drawn to MBA study, and the value of the cross-pollination is an important consideration above Full Time MBA.

Full-Time MBA Programs

Full-time MBA programs are typically two-year programs. During the summer between the first and second years most students obtain paid internships in the field in which they are interested in working.

Many schools also offer a twelve-month option which allows students with quantitative background (i.e. scientists and engineers) to earn an MBA in one year. Generally people who decide to go to business school full-time believe that they are making an investment of time and money that will pay dividends immediately after graduating or further down the road. Arguably, attending a full-time program is the preferred option since it allows you to focus on your studies, participate fully in extracurricular activities such as clubs and social events, and build relationships with your classmates and professors.

For career-changers, a full-time MBA program offers the advantage of a summer internship and the ability to take a number of elective courses. Although there are many advantages to attending a full-time program, there are also disadvantages, primarily the cost of paying for school and forgoing the opportunity cost and loss of income. In today's economy, prospective and current MBA students also cite as a key disadvantage the risk of not finding the job they want. Most students agree, however, that the degree is well worth the investment.

In 2008, a record number of graduate management programs, especially fulltime programs, reported increases in applications. So it is not surprising that after a surge in the number of applicants seen last year, application volume appeared to level off across degree and program types in 2009, even as it remained at its highest level.

Ross Geraghty, Managing Editor of the QS World MBA Tour and TopMBA.com, says: "A valuable part of the full-time MBA experience is the concentrated time with academics and, just as essentially, peer group, and, while it's hard to quantify that value, there definitely is some.

Part Time MBA

There are several clear benefits of Part Time MBA, besides the distinct advantage of having the best of both worlds, earning a graduate degree and maintaining an income while in school will allow you to keep up your lifestyle and continue to save money. The balancing a complex schedule gives excellent experience for handling greater amounts of responsibility in the future, upon graduating, you'll have additional, resume-building work experience under your belt.The key concern about Part-Time MBA is the clash of work schedule and study requirement. It also led to the sacrifice of social life and most Part-time MBA takes longer to complete.

The Financial Perspective

Think carefully about what you want from your career and from your life, and analyze what kind of MBA education is the best fit for your goals and needs. You have a variety of options for getting an MBA education. Make sure you understand what different schools and different programs offer, and how the programs you're looking at have benefited past graduates.

That investment usually does pay off handsomely in the form of enhanced career prospects and higher income after graduation. As with any investment, however, there is no iron-clad guarantee of a positive outcome. There was a time, just a few years ago, when some MBA grads had trouble finding suitable jobs. I don't think we're going to see a repeat of that any time soon, but some amount of risk is always there.

There's no getting around the fact that business school represents a huge investment. You need to have faith in yourself and in your choices to feel comfortable making it. You should approach this investment by doing the same kind of careful research that you would undertake before making any other major investment.

Making The Right Choice?

The more information you gather about your school and program options, the more confident you'll be of choosing the MBA program that is the right fit for you, and the more confidence you'll have when you enter your chosen program.

Download the Latest GMAC Application Trends Survey 2009

Source: Graduate Management Admission Council (GMAC) www