With many students who wish to pursue Masters in Business Management (MBA), most of them go for full time MBA without even considering the need to look at part time MBA. The ones who go for part time MBA are usually the working professionals who do not have time to attend regular classes. However, in this post, we will talk about the main differences of full time and part time MBA so to arrive at a conclusion that which of them is actually better.
Firstly, part time MBA is usually for three years or more while full time MBA is for two years. In part time MBA classes take place only on weekends or after office hours, in full time MBA classes are regular & take place daily. Part time MBA program is usually pursued by working executives while full time MBA is pursued mostly by students. In part time MBA you don't usually get placement facility, while most b-schools offering full-time MBA have an active placement cell. Fees of part time MBA is not as high as a full-time MBA program.
Now, as far as the admission in MBA is concerned, it has been argued that it isn't so much the difference between part time programs and full time programs, but the difference between ranked and unranked programs. Unranked MBA programs won't do much more for you than getting a BS in business. But going to a ranked program will open a lot of doors for you and give you a job with a high salary. Going full time to a very highly ranked MBA program can pay off very well. But going full time to a good but not great MBA program will get you just as much by going there part-time.
Thus, in this case, it's a better idea to go part time, because of the opportunity costs of going full time. You would not get more of a boost by going to such a program full time, rather than part time. Thus, if your aim is as high as getting into a premier institute like Indian Institutes of Management (IIMs) then it’s worth going for full time program. But if you are looking for schools below that level or average institutes then go part time, because going full time to such a program really doesn't buy you much more than you'd get part time.
Today, only 20% of business school students are enrolled in a full-time, two-year program. Part-time, evening and weekend programs account for half of current students and the rest are enrolled in executive, distance-learning and other smaller programs. The main reason for this is that with the recent recession and unemployment trends, more prospective MBA candidates are trying to maintain their current jobs, pursue a part-time MBA and in some cases use their new network of schoolmates, or career placement offices on campus, to parlay into a new career.
In the conclusion, seeing all the differences, a full time MBA program is certainly better if you aim not for good rather great MBA institute. Otherwise you should go for part time MBA. Also, part time MBA is being opted by students more these days so as to save their jobs at the time of recession.