1-year MBA programs represent a great opportunity to secure a graduate business education at an accelerated pace. This program format has long been a staple in Europe, with venerable programs like INSEAD establishing a successful track record of success in producing top flight candidates via their accelerated curriculum.
The 1-year program has taken a bit longer to gain steam in the United States, but largely pioneered by Kellogg’s 1-year program, this format has begun to pick up in popularity in the U.S. as well.
The benefits of these 1-year programs are obvious to interested students – the ability to shave a year off of one’s time away at business school is attractive to many MBA applicants. This shorter program format also typically comes with a reduced price tag and a much lower opportunity cost, allowing students to get back into the work force much faster.
Time and money aside, most applicants are primarily considering business school for career reasons. The ability to pursue desired career opportunities, which are directly provided by their business school, tends to be the leading decision driver for those interested in a 1-year program. Given the shorter timeline of a 1-year program, it has largely been seen as an ideal choice for MBA candidates seeking to remain in the same industry or with the same employer. For those seeking to make a career switch post-MBA this program may not be ideal, but it certainly presents some opportunities.
For more traditional MBA feeder industries like management consulting and investment banking – where recruiters are looking more for raw talent and intellectual horsepower than for work experience – having pre-existing industry experience is less important. The key loss here is the inability to test out an industry through internships prior to accepting a job, which many MBA candidates on the traditional 2-year track have the opportunity to do. Also, the reduced opportunities to secure a job offer, given the 1-year program’s tendency to focus only on full-time employment, puts an intense emphasis on making the most of the chances a 1-year business school student does have.
Many 1-year MBA programs do offer in-term internship opportunities that give interested students the chance to test out industries and jobs in other fields. The key for 1-year students is to really come into business school with a plan. By understanding the limitations of the 1-year program, students can better plan paths to achieve their post-MBA goals. The clearer one’s goals are prior to matriculation, the more realistic it will be to make a career switch after graduation.
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Dozie A. is a Veritas Prep Head Consultant for the Kellogg School of Management at Northwestern University. His specialties include consulting, marketing, and low GPA/GMAT applicants. You can read more articles by him here.