A good GMAT score is just the first step on your path to business school. If you are trying to get into one of the top 5-10 business schools in the U.S., you have many options, decisions, and challenges ahead of you.
Just as working with a private GMAT tutor can provide the customized guidance and support needed to perform well on the GMAT, working with a business school admissions consultant can provide the insights that give you an edge in the business school admissions game. In the post below, one of MyGuru's core admissions partners discusses a common decision point for aspiring MBAs: the part-time vs. full-time program.
If you are debating whether you should apply to a full-time or part-time MBA program, you have to consider a few factors. The admissions experts at Admit1MBA, an admissions consulting firm located in NYC, suggest you ask yourself the following questions.
Are you a career-switcher?
If you are looking to move across industries (from engineering to banking, from consulting to private equity, from non-profit to marketing), a full-time MBA program is usually the best way to go. The full-time MBA offers more opportunities for career-switchers to meet future recruiters, and provides more options in terms of internships and consulting projects.
Where do you want to study?
Some schools, like Harvard Business School, Stanford School of Business, London Business School, INSEAD and Wharton, do not offer a part-time MBA program. If you have been dreaming about going to Harvard or Stanford as an MBA student, there is only one route to consider.
How much do you care about MBA rankings and the school's brand name?
If the brand and the ranking of your MBA program are a critical consideration, you want to evaluate your chances at your target school. Historically, part-time MBA programs are less competitive than full-time ones, but this is starting to change slightly. This means that there is an opportunity for an arbitrage - getting into the Chicago weekend MBA program is less competitive than getting into the full-time Chicago Booth program, and the same is true for Kellogg Business School (i.e, the full-time program's average GMAT score might be 710, but the part-time program might be closer to 670). Still, many top business schools, including NYU, Columbia and Berkeley, have experienced an increased demand for their part-time and weekend MBA programs, making admissions into these programs significantly more selective.
What is your opportunity cost?
By going into a full-time program you are forgoing the income that you would have generated during your studies, as well as promotions and business opportunities that you could have pursued. If you are at a critical juncture in your business, or expecting a promotion that would accelerate your career track, a part-time option might work better. You may even decide to postpone your education and apply to an Executive MBA in just a few years (as an early-career candidate).
Still not sure whether you should apply to a full-time or part-time program? The admissions experts at Admit1mba.com would be happy to set up an initial consultation and talk more about your profile. Contact them on their website or send them an email at [email protected]