Part-time MBA programs, also known as flex programs, were specifically designed for the working professional. Classes are almost always scheduled in the evening, because most part-time MBA students work during the day.
Finding Part-Time MBA Programs
There are many different business schools that offer part-time MBA programs. The quality of these programs vary; be sure to take time to research multiple programs to find the one that best suits your learning style and career goals. It is also important to find a program that is accredited. This ensures a quality education and a degree that will be valued by potential employers. See a list of the best part-time MBA programs in the U.S.
Duration of Part-Time MBA Programs
Part-time MBA programs usually take two to three years to complete, but may take up to five. Some part-time programs require fewer courses than full-time programs, while others require the same number. There are even a couple of business schools that offer accelerated part-time MBA programs, which allow you to earn your degree in a shorter amount of time.
Pros of Part-Time MBA Programs
Part-time MBA programs are wonderful for the student who needs to work. Because classes are scheduled outside of normal business hours, it is possible to achieve an education or further your career while you work full-time. And, if your employer offers tuition reimbursement, you can get your MBA for free.
Cons of Part-Time MBA Programs
Not all schools offer part-time MBA programs. You may be required to attend a school that is not your first choice. Also, if you plan to transfer to a full-time program at a later date, your credits may not be transferable. Read more about the pros and cons of part-time MBA programs.
Applying to Part-Time MBA Programs
Admission requirements for part-time MBA programs are very similar to the requirements seen in full-time programs. You will almost always need to fill out an application and submit undergraduate transcripts. You may also be asked to submit GMAT or GRE scores, essays, recommendation letters, a resume, and a personal statement. Some schools may also require an admissions interview.
Gaining acceptance to a part-time MBA program varies in difficulty depending upon the business school that you choose. Some school will accept nearly everyone who applies; while others limit admission to a select group of students who best meet the school's requirements. Read 5 tips for getting accepted to your MBA program of choice.
Paying for a Part-Time MBA Program
The cost of a part-time MBA program is similar to that of a full-time MBA program. In other words, tuition isn't cheap. You will have to be creative if you want to find ways to fund your education. The majority of students receive tuition assistance from an employer. If that isn't an option, you may be able to get scholarships or grants to cover part or all of your school fees. Another option to consider is peer-to-peer lending. This type of borrowing is often preferred by students who want to avoid high interest fees and strict credit checks.
If the above sources fail you, you can always apply for a low-interest loan from the government or a commercial bank that specializes in student lending. Of course, this type of lending could cost more in the long run. Try to borrow with caution and make sure that you are aware of your future financial obligations before signing on the dotted line.
Karen Schweitzer
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