It’s interesting how one’s whole perspective can change quickly. As a career changer, I always believed that a two-year MBA would always be a better option. After in-depth research, I decided to take a better look at one-year MBA programs. About 96% of the material taught in the conventional two-year program is compressed in a shorter time frame. Moreover, as it turns out, the timeframe is not as much shorter as the two-year programs would like you to think.
A typical two-year program is 16 months, with extended holidays and Fridays off in many cases. Several students from different programs tell me that it’s pretty relaxing toward the end of their two-year programs. So one-year programs are quite a norm in Europe and are slowly getting approvals around the globe. With one-year programs at ISB, IIMs, S.P.Jain, etc., more and more institutes are looking to exploit this crack in the newly developing mindset.
The debate about ‘one-year MBA vs. two-year MBA’ will continue. From “let’s learn it fast, save money, and get down to business” to “let’s take it slow, learn well and make friends,” one hears all kinds of voices. Ultimately, everyone would agree that comparing one-year and two-year MBA programs is pointless; it all depends on individual profile, time and money one can spare, and, most importantly, the career path one wants to take post-MBA. If you’re an MBA aspirant wondering whether a one-year MBA would be more suitable for you, go through these points regarding a one-year MBA:
ADVANTAGES OF A ONE-YEAR MBA
- The first obvious advantage of a one-year MBA is the time that you save through a one-year MBA. Saving one year means one year more of employment. Your present company is often willing to give you a leave of absence for one year and partially or fully fund your studies. Companies are reluctant to make that kind of commitment for two years.
- The second obvious advantage is that you pay LESS fees, spend less on living expenses and lose less in terms of salary that you forgo while you’re a student. For example, if you were admitted to Harvard or Wharton, you would spend approximately US$71 000 or $80 000 for your tuition fees alone. In sharp contrast, if you were admitted to INSEAD, IMD, or IE, you would spend $54 500, $43 000, or $45 500, respectively. This may not be true for India, where IIM-A fees for a one-year executive MBA are nearly eight lacs and for a two-year MBA, is 3-4 lacs.
- The curricula of most one-year MBA programs are not much different from that of the two-year MBA programs, so you do not lose in terms of studies. It also means that a one-year program is highly intensive.
- It is highly suited to those who have already reached the mid-management level and are planning to join the same career post-MBA. These people want to join the work wagon back as soon as possible and reach the higher level of the hierarchy through their MBA degree.
DISADVANTAGES OF A ONE-YEAR MBA
- A two-year MBA allows you more time for internships and networking with corporations which can land you into good jobs very often. The pace of a one-year MBA does not allow time for an internship. Internship in a new career is essential for career changers who do not have a formal business education.
- A two-year MBA allows you time to network with companies and your classmates. You get more time to use your business school as a base for networking. The bonding that you form with your classmates is tremendous and serves as a lifelong network in your profession.
- The assistance given by the business school in career development is much more in a two-year MBA than in a one-year MBA.
- A two-year MBA gives you time to enhance your softer skills. You do not find this time in a one-year MBA. You can associate with clubs and societies in your business school or network with your professors. You can also join language courses and become fluent in one more language in two years. These softer skills can go a long way in helping you in your career.
- A two-year MBA is better for career changers and people from non-business backgrounds. The longer one studies the subject, the better he understands it.
You can make the right choice if you understand all the facts and can weigh them according to your situation.
List of one-year programs in India
One Year Post Graduate Program in Management – IIM Ahmedabad
(a) Bachelor’s Degree or equivalent in any discipline
(b) Minimum Age – 27 years at the start of the course
(c) Upper age limit: Non
(d) GMAT – ETS CODE: 7156
- Only GMAT scores are accepted, CAT scores are not.
- Deadlines for application is end June (Check IIM Ahmadabad website for more details)
- No minimum grade at Bachelor’s level, but a good academic record is desired.
- College is targeting candidates with atleast 7 years of work experience.
- Approximately 60 seats for the program
- Course fee is Rs 800 000.
- Loans are available from various banks such as ICICI, HDFC, SBI, Bank of India, ranging from 7.5 lacs to 10 lacs, with some banks requiring no guarantor.
- Small class size enables good job placements for the candidates.
- Accommodation is available for single and married students.
- No scholarship is available as of now.
One Year Post Graduate Program in Management – IIM Calcutta
(a) Executives with graduate degree in any discipline (or equivalent qualification)
(b) At least 5 years of full time post-qualification professional experience
(c) A valid GMAT score (taken within the last 36 months at the time of application)
(d) Proficiency in English
- Applications for the year 2007 – Feb 7 to May 25. (Download from http://www.iimcal.ac.in)
- Last year student’s profile
Average GMAT score – 711
Minimum GMAT score – 650
Maximum GMAT score – 770
Average years of experience – 9 years 7 months
- Course fee is Rs 8,00,000.
- Study loan is available from SBI against some criteria.
- No scholarships are available.
- Total seats available – 40
Post Graduate Diploma in Management – S.P.Jain Institute of Management and Research
PGDM is a one-year full-time residential program with six months online learning as a pre foundation before joining the course.
(a) Minimum 3 years of Bachelor’s degree in any discipline from a recognized University in India or abroad.
(b) Work experience of 5 years after graduation. Those with 3 -5 years experience may be considered on a case-to-case basis.
(c) Candidates are required to undertake CAT/XAT/GMAT. In case the candidate has not appeared for either of these tests, s/he can opt to appear for SPJIMR test that will be held in May end 2007.
- The program fee is Rs. 553 000.
- Banks like SBI, Corporation Bank & Union Bank of India provide loan based on the offer letter given by SPJIMR. SBI is also running a Scholar Scheme, under which they are providing educational loan to SPJIMR students without any guarantor or collateral, and loan will be sanctioned on the name of the student only.
- SPJIMR does have a hostel and staying in the hostel is compulsory for all candidates. There is no provision for special housing for married candidates.
- The candidates are expected to indicate their choice of specialization at the time of application – ‘Manufacturing & Operations’ or ‘Information Management’.
- Number of seats – 57
Link to website – www.spjimr.org
General Management Program For Working Executives – XLRI
Eligibility Criteria :
(a) Minimum of three years Bachelor’s Degree from a recognized University in India/abroad in any discipline.
(b) Employed in a full-time job, must have at least five years of relevant managerial experience as on March 31, 2007 in an organization of repute in the public, private or nongovernmental sector after completing graduation.
(c) A candidate has the option of either taking XAT 2007 or submission of GMAT Scores. Those taking XAT need to register for XAT 2007, being held on January 07, 2007 . GMAT candidates need to submit GMAT scores taken during January 1, 2005 to December 31, 2006 .
- The course fee is Rs 6,00,000.
- Work experience breakup
- Upto 4 years – 12%
- 4 to 5 – 38%
- 5 to 6 – 27%
- 6 to 8 – 10%
- > than 8 – 13%
Link to website – www.xlri.ac.in
Post Graduate Program – Indian School of Business
- A Bachelor’s degree
- A valid GMAT Score( ETS code N2DJ501)
- 2 years full-time work experience after graduation
- TOEFL or IELTS score only if language of instruction during undergraduate education was not English
- Average GMAT score is 706, the range is 600 – 780
- Fee for the course is USD 40,000
- Number of seats for the batch starting April 2007 – 425. (The college has been increasing the number of seats every year)
- The are two application deadlines, the 1st one is in early Oct and the 2nd one in Early Dec
- Average work experience of the students is 7 years.
- CAT scores are accepted but once a student is offered a seat he has to take the GMAT exam and score a minimum of 690 in the GMAT.
- Scholarships are awarded, one in four students receive a scholarship ranging from 1 Lacs to 14 Lacs.
- Bank loans are available which covers upto 95% of the college expense
Link to website – www.isb.edu
Post Graduate Diploma in Executive Management – IMT Ghaziabad
- Course Duration – 15 months
- Course Fee – Approximately Rs 5,00,000
Post Graduate Program- Great Lakes Institute of Management, Chennai
(a) A bachelor’s degree from any recognized institute
(b) Two years of work experience, candidates with less then 2 years of work experience will be considered on case by case basis
(c) Applicants are evaluated on basis of GMAT/CAT scores.
- Fee for the course – Rs 5.6 Lacs
- The application forms open around end September and ends in January
- Academic session begins in mid April
- The school has collaboration with prestigious Yale University of USA and Nanyang Business school of Singapore
- Hostel facility is not available as of now
- Average compensation for the year 2005-06 was 7.2 Lacs
- Total number of seats – 162
Link to the website – http://www.glakes.org/academic-programs.htm
My subsequent post will talk about various programs that are available outside India. As I have taken my sweet time collecting all the information, I feel I am in a good position to share a lot of it with the students at MBA Notesworld.