How Fast Can You Earn an MBA?
The process of earning an MBA is an exciting and often transformational time in someone’s life—and for some people, the faster you can get through it, the better.
The benefits of earning an MBA, such as increased post-graduate salary, career advancement potentials, and development of a strong business network, remain true regardless of how long it takes to complete your degree program. Completing your degree quickly just means reaping the benefits faster, while limiting the amount of time without an income.
MBA graduates are a diverse group—not only are they rising business leaders, but they are also parents, community organizers, and working professionals. With so many different types of MBA programs available, such as Online or Accelerated MBAs, students can choose the best program for their busy life and time constraints.
The average time it takes to complete your MBA can vary depending on the school, program, and type of degree. Below, we’ve rounded up the most important information regarding the average program length and schedule for a variety of MBA programs throughout and beyond the United States.
How Fast You Can Earn a Full-Time MBA?
With so many options to truncate the amount of time it takes to complete an MBA, it may seem strange that someone would still choose to pursue a full-time degree. Nevertheless, there are still numerous benefits to pursuing your MBA full time. Among these benefits is the increased opportunity for full-time students to get fully involved in the goings on of their university and business school. From student organizations to case competitions to hands-on experiences, full-time students have committed their full schedule to their business education and most certainly reap the benefits when it comes to skills and network development. Furthermore, taking time off of work to pursue your degree full-time leaves you open for more opportunities- such as traveling for study abroad, business plan competitions or corporate visits- that likely wouldn’t be possible for someone working while they’re in school.
The average full-time MBA degree today typically require around 30-60 credit hours, with variation depending on the program. With the typical course load asking students to take three courses (nine credits) per semester, the average full-time MBA can be expected to be completed in two full years. Most full-time programs begin in August or September and take four semesters for students to complete their required work, earning their degree by May or June of the second year.
Since the number of credits required by a particular program can vary, some full-time MBAs may be able to be completed faster than two years. Whereas programs like the full-time MBA at NYU’s Stern School of Business takes two years and requires 60 credits, a program like the full-time MBA at McMaster University’s DeGroote School of Business can be completed in as few as 16 months.
How Fast You Can Earn a Part-Time MBA?
A part-time MBA is the perfect option for someone who doesn’t want to put their career on hold while they earn a degree. With a flexible and often self-paced schedule, students are able to complete their degree in a time frame that works best for them, with classes typically offered at night or on the weekends.
While the benefits of a flexible schedule are enormous, one downside is that taking less courses each semester will ultimately extend the amount of time it takes to complete your degree. Typically, students pursuing their MBA part-time will earn their degree in three years, but this can vary significantly—not just depending on the program, but the person! For example, the top part-time MBA program at Northwestern University’s Kellogg School of Management can take anywhere from 1.25 to five years to complete.
What About an Accelerated MBA?
It’s right there in the name—the Accelerated MBA is all about earning a quality business education quickly and jumping right back into work. Most accelerated MBA programs can be completed in just twelve months if pursued full-time, or twenty-four months on a part-time schedule.
Of course, completing a degree in this length of time takes an impressive commitment. Unlike other programs that have winter and summer breaks between the semesters, many Accelerated MBA programs have shortened vacation periods and will require students to continue working throughout the summer.
Not every school offers a One Year or Accelerated MBA options, but those that do take these programs seriously and ensure that the same quality education received in a full-time degree program can be provided to students in just one year. Programs like the One Year MBA at Emory University’s Goizueta Business School boast impressive statistics, such as a 5:1 student to faculty ratio and a 93 percent success rate for graduates receiving employment within three months of completing their degree.
Is An Online MBA a Faster Option?
The world of Online MBAs is a diverse one with a wide array of options to choose from. Really, the only commonality between all online programs is where the classes take place—online! These programs provide for maximum flexibility where students can pursue their education from the comfort of their own homes—or wherever the world may take them.
Online MBAs come in all shapes and sizes, but typically require an average of around 30 credit hours. Depending on the university schedule, this can take up to two years to complete. At Temple University’s Fox School of Business, for example, the Online MBA program can be completed in 20 months, and includes a one week long opening residency. Some schools may also offer their part-time or Accelerated MBA programs in an online format. At the Kogod School of Business at American University, their AACSB-accredited online MBA involves 48 total credits but can be completed in just one year.
What About an Executive MBA?
The Executive MBA is a program designed for professionals with several years of work experience under the belt, who are looking for an MBA education to enrich their professional experience and open new career opportunities. Since this degree is targeted towards working professionals, it is typically structured so that students can keep working full-time, taking classes in the evenings and weekends.
On average, Executive MBA programs will take up to two years to complete, though this is typically a very part-time schedule. One of the top ranked EMBA programs in the country is the Executive MBA at Fordham University Gabelli School of Business, which can be completed in 22 months by attending class for one three-day weekend per month.
From your first day of classes to graduation, a world-class business education is typically no more than two years away. However, the flexibility of many programs put the power in the student’s hands: important factors like your schedule, finances, and the impact of taking time off of work should all factor into your decision about what type of MBA to pursue.
How NYC Business Schools Help the Underprivileged Applicants
Pursuing an MBA is a shrewd move for anyone looking to earn a competitive salary right out of school. Though attending a renowned school can up the price tag of earning an MBA, it may also increase the overall return on investment. According to an article in U.S. News & World Report, “… graduates of top-tier business schools usually earn higher starting salaries than their peers who went to lower-ranked schools.”
It’s not jut the opportunity to have a lucrative job right out of school that makes a high starting salary appealing. An enviable starting salary could mean more earning potential down the line. However, a top-tier school may seem out of reach for low-income applicants. After all, how can you enjoy the return on investment if you can’t afford to invest in the first place?
Luckily, many prestigious business schools offer resources for students from different socioeconomic backgrounds. Below, we’ve outlined the resources available for low-income applicants at five of New York City metro’s best business schools.
How NYC Business Schools Help the Underprivileged
Columbia Business School
Columbia Business School offers need-based awards to many students, which may result in anywhere from $7,500 to $30,000 in tuition support. Nearly half of applicants receive need-based scholarships, which are automatically renewed at the start of the second year. Columbia students can also apply for private and federal loans. To create incentive for students to choose careers in public and nonprofit fields, the school offers a Loan Assistance Program for students who utilize their education to pursue these paths. Students are eligible to apply for this program for up to five years after graduation. Depending on the extent of students’ debt, they may receive anywhere from $2,000 to $10,000 of annual support. Columbia students may also receive merit-based scholarships, such as the Columbia Fellows Program, which may cover full or partial tuition and is granted to applicants with an outstanding track record in leadership and creativity.
Stern School of Business—New York University
NYU’s Stern School of Business offers a variety of scholarships for high-achieving applicants. According to the school’s website, nearly a quarter of students who enter the full-time MBA program receive a merit-based scholarship. There are also additional merit-based opportunities for students coming from different backgrounds and perspectives. Scholarships like the Advancing Women in Business Scholarship and the Forte Fellowship are particularly geared toward female-identifying students, to support women in business. The ROMBA Fellowship aims to help LGBTQ students succeed in business education. The Consortium Fellowship exists to increase the number of minorities such as Hispanic Americans, Native Americans, and African Americans in business school as well.
Gabelli School of Business—Fordham University
At the Fordham University Gabelli School of Business, graduate students may be eligible for federal financial aid, merit scholarships, or a variety of graduate assistantships. Awards based on academic excellence range from $10,000 to full tuition. Exceptional students may be eligible for awards like the Dean’s Premier Scholarship, which includes a $20,000 living stipend, and may include a stipend toward one of Fordham’s global programs. Students can also apply for a plethora of need/merit-based scholarships, like the Hitachi Diversity and Inclusion Scholarship, which seeks to help underrepresented minorities finance their education.
Rutgers Business School, Newark and New Brunswick
The Financial Times ranked Rutgers Business School among the top 50 MBA programs for return on investment in 2017, citing a 130 percent increase in salary for students within three years of completing their degree. Moreover, the school’s website states that, “More than 80 percent of Rutgers students receive some form of financial aid.” Moreover, at $31,011 per year (not including fees), this program is far more affordable than many other prestigious schools. Students can apply for federal or private loans, grants, and an array of scholarships. In addition to the awards offered by the Rutgers Business School Graduate Scholarship Fund, the Rutgers website lists 30 fellowships, scholarships, and partnerships. The Ralph Bunche Fellowships, for example, provide tuition remission, and a $15,000 living stipend to minority students from disadvantaged socioeconomic backgrounds.
SC Johnson Graduate School of Management—Cornell University
Around 30 percent of entering the SC Johnson Graduate School of Management students receive some level of scholarship support. Scholarships like the National Society of Hispanic MBA’s (NSHMBA) and the TOIGO Fellowship specifically seek to help underrepresented minorities. The MD MBA Dual Degree Program and Lee Family Scholarship supports students on the rigorous path to receive their MD/MBA. Additionally, Cornell’s Park Leadership Fellows Program awards full tuition to up to 25 MBA applicants annually. The award is granted based on personal and professional achievements, academic performance, social contributions, and leadership. Students can also apply for federal and private loans.
Real Humans of the Syracuse Whitman Class of 2019
On the eve of its 100th anniversary, the student body of the Whitman School of Management at Syracuse University has become more diverse than ever before. Not only do most of the students from the Whitman Class of 2019 come from outside the United States, but the majority also earned undergraduate degrees from various non-traditional backgrounds, expanding what it means to be a Syracuse MBA.
Among the Class of 2019, just under half (46 percent) of students in the program identified as female; well over the national average, according to GMAC data. Along with the 61 percent of students arriving from outside the United States, the Class of 2019 shares the unique distinction of being one of the youngest in the country, with an average age of just 25. In an academic field usually dominated by older professionals with rich, traditional backgrounds, Whitman has managed to disrupt many of the perceptions that come with an MBA.
The average GMAT score has been steadily rising over the past several years as well, jumping from 623 last year to 643 for the Class of 2019. But alongside rising test score averages, the prior work experience of the class has fallen, dropping from an average of 38 months to 28 months in just one year.
The expansive talent pool at Whitman, however, isn’t solely limited to the traditional full-time program. The ever-advancing online MBA, known simply as MBA@Syracuse, allows students to study many of the more traditional MBA specialties, including: accounting, business analytics, entrepreneurship, and finance, as well as supply chain management and marketing management. Not only that, Whitman states emphatically that there is no distinct difference in the curriculum of the online MBA and the full-time program. Rather, the only key difference is flexibility. Students in the online program can take classes from anywhere, with residencies offered in multiple cities outside of Syracuse.
To get a greater understanding of what it means to be a Syracuse MBA student, we spoke with several current students, including an Azerbaijan-born startup founder, an Indian-born analytical software expert, and an American dual JD/MBA prospect who is making a huge transition away from a career in Antarctica. Read on to see what’s in store for these students at Whitman and what life after an MBA may look like.
Lehigh Business and Engineering Students Foster Eye Care Breakthrough
A group of students in the Lehigh University Integrated Business and Engineering (IBE) program’s class of 2018 may have devised a method of detecting glaucoma that could help those in countries with fewer eye care resources. Though still in its early stages (it has yet to receive adequate funding and FDA approval), the Virtual Reality Visual Field Analyzer.
Seven IBE students (Alli Rubin, Bryce Macomber, David Morency, Winston La, Zhuojie Ji, Sam Presti, and John St. Pierre) collaborated with ophthalmologist Avani Shah, M.D. to perfect their method, relying heavily on the resources in Lehigh’s virtual reality labs. Their goal was to make glaucoma testing more convenient and cost-effective for patients with limited access to medical care. This is a significant undertaking, seeing as, according to Glaucoma.org, glaucoma is one of the leading causes of blindness around the world. In fact, in African Americans, it is the second most common cause of blindness. Over 120,000 people in America are currently blind from the disease. Early diagnosis and treatment can help prevent further vision loss, thus significantly improving a patient’s prognosis.
After a year of research an experimentation, the Lehigh students and Shah were able to develop a working prototype for an apparatus that could perform the same function as stationary visual field analyzers.
“What this project aims to do is to provide a solution that is both accurate and portable, but at a low cause, using virtual reality,” La said. The team had faith that the the diagnostic tool could be beneficial in developing countries and other under-served areas.
The IBE program is offered by the Lehigh College of Business and Economics and the P.C. Rossi College of Engineering and Applied Science. The program allows students to graduate with degrees in both integrated business and engineering.The tool the students developed was the result of their capstone design course.
You can read more about Lehigh’s eye care research here.
Georgetown Jumps in Newest Financial Times Global MBA Ranking
Georgetown was one of the bigger winners after the Financial Times unveiled their newest Global MBA Rankings, with the McDonough School of Business earning 16th place in the U.S. and 30th in the world, up from 18th and 40th last year.
To create their rankings, FT evaluated each qualifying MBA program across a wide range of criteria. Much of the data is gathered from alumni and university surveys. According to McDonough, this year’s survey was completed by the class of 2014, which was the first cohort to complete the new school’s new MBA curriculum.
“As a school that prides itself on innovation and excellence, we are pleased to continue climbing in the Financial Times MBA ranking,” said Prashant Malaviya, senior associate dean for MBA programs. “At McDonough, we prepare our students to be principled, global-ready leaders, and we are happy to be recognized by a ranking that values international experiences, career success, and faculty scholarship.”
In addition to alumni data, FT takes the international character and diversity of the school into account for their list. McDonough’s 42-place jump in the International Experience Rank (4th in the U.S.) contributed to high marks in those criteria, as did the required Global Business Experience consulting project and the growing number of international career treks. The school’s faculty research rank is now 19th in the world, up 10 places from last year.
The Financial Times publishes seven rankings annually, relating to MBA, EMBA, Master in Finance, Master in Management programs and Online MBA programs, as well as non-degree executive education courses. They also issue a separate ranking of top European Business Schools. Check out FT’s interactive rankings tables to search for a school of interest, sort by selected criteria and filter by location.
Read more about this year’s FT rankings in our recent spotlight, courtesy of Clear Admit.
Finding the Best Return On Investment for Your MBA: Dallas
Choosing the right MBA program can feel overwhelming. With nearly 800 accredited business schools in the United States, the idea of wading through the information on every program is intimidating to say the least. A variety of features, such as a school rankings, internship opportunities, and an extensive alumni network may be huge factors where you choose to earn your master’s. But one of the most important variables to consider is a program’s return on investment (ROI). It is essential to pick a school with an enviable ROI, as this will ensure that the time and money you dedicate to earning your MBA are not for naught. Given the considerable cost of higher education, it is important to attend the school that will give you the most bang for your buck.
The Best Dallas MBA Return on Investment
Cox School of Business – Southern Methodist University
At the SMU Cox School of Business, students can expect an admirable rate of return on the cost of education. The tuition rate of $45,976 per year for the two-year program is among the most enviable in the U.S. The average graduating salary for MBA’s was $96,587, which is more than double the yearly cost of tuition. This school is also ideal for students hoping to global perspective, as students at Cox have the opportunity to participate in an international MBA exchange program, which allows them to continue their education in Latin America, Europe, Australia, or Asia. Simply put, SMU Cox doesn’t just provide one of the best Dallas MBA return on investment opportunities, but one of the best in the country overall.
Hankamer School of Business – Baylor University
Baylor’s Hanker School of Business is another excellent option for students seeking a respectable ROI. The full-time program can span from 16 to 21 months, with a tuition of $20,597 per semester (over about three to four semesters, depending on course load and core requirements met during undergrad). According to Hankamer’s website, the average starting salary for MBA graduates in 2017 was $73,314. Additionally, Hankamer’s Career Management team is nationally-ranked, and can provide extra support for students seeking help with job placement.
McCombs School of Business – University of Texas at Austin
The MBA program at the McCombs School of Business currently costs $30,750 per semester, bringing the total tuition to about $123,000. The cost will is steeper for non-residents (closer to $189,000). Though the cost of tuition at McCombs is nothing to sneer at, neither is the reward. In fact, the most recent MBA class had an impressive average starting salary of $117,068. McCombs, which is also one of the largest business schools on this list, also has an extensive alumni network, which includes the CEOs of Southwest Airlines (Gary C. Kelly) and Heinz (William R. Johnson).
Naveen Jindal School of Management – University of Texas at Dallas
Like many of the schools we mentioned on this list, the Naveen Jindal School of Management has a solid track record when it comes to ROI. Tuition for the full-time MBA program is just $32,998 for in-state residents and $64,332 for non-residents. In addition to the reasonable cost, the school’s website states that 80 percent of students receive scholarships that cover an average of 45 percent of the total program cost. In 2017, U.S. News & World Report stated that the school’s MBA program, “… had the highest salary-to-debt ratio among ranked business schools.” According to the article, average starting salary for graduates (of those who were employed within three months of graduation) was $86,644.
Neeley School of Business – Texas Christian University
At TCU’s Neeley School of Business, the average starting salary for the most recent graduates of the full-time MBA program was $93,093, surpassing the total tuition of $88,020. Moreover, Neeley boasts a 92 percent employment rate 90 days after graduation. Recent graduates have taken jobs at renowned companies like Ernst & Young and IBM. In addition to standard core classes, Neeley introduces a great deal of experiential learning into the curriculum. At the end of their first year, students participate in an Integrative Project that offers them the opportunity to apply their skills to real-world business obstacles via a week-long simulation.
