What is part time MBA?
All the courses and classes are very similar to the normal full-time MBA program offered by the same institute. The only difference being this course is designed for professionals. Those who do not wish to quit their jobs pursue a part time MBA degree program to boost their career growth and look for alternatives in the management field. The classes for part time MBA are usually held in the evenings or on weekends as per the convenience of the students. The part time MBA is offered by most Universities and B-schools in India, even by the top B-schools. For a list of the top B-schools in India, read the article: Top B-schools in India and value of MBA degree
Benefits of doing a part time MBA
There are many advantages why one should go for a part time MBA program. Some of them are listed below:
1. No need to quit your job for part time MBA
The most important factor while considering a part time MBA is the ability to continue working. Most IT professionals in India find it very difficult to quit a high paying job which is the only source of income for their family. For such professionals who wish to pursue MBA, a part time MBA is the best option. You can continue working in your fields without any break in your job. Also, the burden of the part time MBA fees would be reduced as you will still be working in your company.
2. Flexible class and exam timings
For a part time MBA for working professionals, the class timings are very flexible. Most of the classes are scheduled in the evenings. For IT professionals, classes are also held on weekends as they have to spend extra hours during evening in their office. The flexibility in class timings makes it possible for working professionals to complete a part time MBA. Also, the examinations can be scheduled such that the professional can manage his time properly. The taking of examinations, presentations and other necessary coursework is extremely flexible and can be changed on need basis.
3. Tuition fee funding by company for part time MBA
Many companies provide funding to their working employees who wish to pursue an MBA without leaving their current job. This reduces the financial burden of the applicants. This helps the professional to keep his job as well as study for MBA. Most of the IT companies who do not wish to lose their employees are willing to fund for a part time MBA program.
4. Faster promotions and incentives
Having a professional MBA degree will most certainly shine on your resume. If you do not wish to quit your job, a part time MBA will definitely help with your promotions and incentives. In most IT companies after a certain level of promotions, an MBA is almost necessary for faster growth. If you wish to jump up the corporate ladder faster, a part time MBA will be most suitable to you.
5. Low Fees and less competition for admissions
The fees of part time MBA program are significantly less compared to the full time MBA programs. Also, the financial burden is considerably reduced as one is also earning from their company. The admissions for part time MBA are usually less competitive. The Entrance exams for full time MBA in India are extremely competitive and difficult. Comparatively, for part time MBA, admissions are relatively straight forward and less competitive.
Disadvantages of doing a part time MBA
There are many disadvantages of a part time MBA program as well. Some of them are listed below:
1. Hectic schedule and time management crisis
Most of the part time MBA applicants are from an IT background. The IT companies require the professionals to work long hours and meet deadlines. In such a scenario, managing both the job as well as part time MBA course becomes a huge challenge. Your social life will almost be non-existent. Add to it the travel and other hassles to and fro from the college and company; it is most difficult to manage your time. The hectic schedule and other corporate commitments make time management extremely difficult.
2. Duration of part time MBA
To complete a reputed part time MBA equivalent to a full time MBA requires 3 to 5 years. Compared to a 2 year program of full time MBA, this duration might be very high. Adding the job and company pressures for the entire duration of the course, it might not be an easy task. It takes extreme hard work and dedication to persist with the studies and job and complete the MBA.
3. Commitment to company in case of funding
If your company is funding you for the part time MBA program, it will also take a signed bond towards your commitment to the company after completion of the degree. This might come in your way if you are looking for better opportunities outside your current working environment. You might have to let go some of the best offers which you would have otherwise taken.
4. Placement opportunities after part time MBA
The sad truth about placements of part time MBA degree holders is that there are very few offers compared to their full time counterparts. Since most of the part-time MBA degree holders already have jobs, it is not possible for the institutes as well the employers to arrange for placements of part time MBA degree holders. For a detailed analysis of salary prospects of full time MBA courses, read the article: Salary and job prospects of MBA graduates. The part time MBA will help you in your current job, but do not expect radical offers that are otherwise given to the full time MBA degree holders. But there will always be exceptions, so hope for the best.
A part time MBA is definitely a very good option financially and economically. A lot of your problems will be solved and career aspirations will be set in place. But, there are as many disadvantages as well, primarily the kind of stress and dedication required. The article is an attempt to provide information and guidance to all the MBA aspirants who do not wish to leave their current job.