Challenges and Advantages of a Part-time MBA
| June 20,2012 10:46 am IST
Does it pay to earn a part-time MBA degree? Is it worth putting in 3-4 years of efforts to earn a part-time MBA degree? Well, if not much a part-time MBA degree would certainly serve the purpose of reducing the financial burden on an MBA aspirant.
Going for a part-time MBA degree while continuing with your day job, will keep intact your finances as well as future prospects of growth in career.
Popularity of Part-time MBA degree is on the rise. According to a survey conducted by AACSB in 2011, while 44% of MBA students were attending full-time MBA, 56% were enrolled in part-time MBA programs.
Does a part-time MBA degree pay off?
It has been argued by industry people every now and then that part-time MBA is a waste of time. The argument raised against earning part-time MBA is that it isnt worth investing hours into it, as you could end up in the same old job at the same old salary.
However, various researches conducted on MBA salaries shows that, on an average, part-time MBA programs do pay off.
The biggest of challenges before any part-time MBA degree holder is getting their employer recognize their capabilities. Employers often expect you to continue on the same profile, at same package. The only way out in this case is to change job to incur benefit of the MBA degree. It is best advised to take time and plan your move accordingly.
Advantages of a part-time MBA programme
1. Career growth
If you do not plan to switch careers and are already employed at your dream company on a job that you enjoy doing, earning a part-time MBA is an excellent way to increase the momentum of your career.
2. Maintain finances and family responsibilities
Given the fact that you can earn while you learn a part-time program is your best choice. It is easy to keep up to the family responsibilities and finances while pursuing part-time MBA.
3. Cost effective
MBAs always talk about money; they tend to see profit and loss in whatever they do. Doing a part-time MBA is much cost effective than earning a two year MBA. Another added advantage of part-time MBA is that you can continue to earn while studying.
Unlike two year MBA programme, relocating is not required for pursuing part-time MBA. Thus, you can avoid the cost of relocation and disruption due to moving to a new place.
5. Feasibility to apply knowledge at work
This is one of the greatest advantages of part-time MBA. One can apply the knowledge gained in the class room at work.
Our next article on Part-time MBA will discuss some of the disadvantages of such programmes. Keep watching this space.