College degrees equip you with the skills, knowledge, and qualifications to compete in multiple job markets. Upon graduation, you’ll have higher pay and better job opportunities.
One of the most popular degrees worldwide is the Master of Business Administration (MBA). However, these programs take two to three years to complete on campus, and not everyone has the time to complete another degree that long. Leaving the job market for years to pursue another degree may do more harm than good in your professional trajectory.
Fortunately, experienced professionals can pursue accelerated online MBA programs that take a year or less to complete. Accelerated MBA programs online follow the same curriculum and standards as the traditional 24-month on-campus MBA, but they condense the material into a shorter time frame.
Featured Programs
Pursuing an accelerated MBA online not only allows you to advance your skill set but also offers the exciting prospect of immediately applying what you learn to your professional endeavors. This means that with each new module, you’re one step closer to a more fulfilling and rewarding career. Another kind of accelerated MBA is the 4+1 program, where you earn your bachelor’s and master’s in five years from the same university.
What Are Accelerated Online MBA Programs?
Accelerated MBA online covers the same subjects as their on-campus counterparts but in half the time. It focuses on helping students delve into core business concepts and specialized areas of study with greater intensity and focus. These 12 month MBA online programs are sought-after by professionals who don’t want to lose career momentum.
Here’s a quick overview of how you’ll progress in an accelerated MBA program online:
- The curriculum is structured in a hybrid online format, divided into semesters.
- Each semester consists of two eight-week modules, during which students can enroll in up to three courses simultaneously.
- Students are required to take seven or more core MBA courses along with elective or concentration courses. All these can be completed online.
- Optional global immersion experience as electives.
Some MBA programs offer the flexibility to skip core classes, allowing you to concentrate on elective courses that align closely with your career aspirations and personal objectives. These types of online accelerated MBA programs can be completed in ten to eleven months.
It’s important to understand that specific structures will differ from program to program. Yet, the main goal of these programs is to offer flexibility and convenience. 12 month MBA programs online allow career-focused individuals to work on their own time as long as they complete the required materials before their deadlines.
Advantages of One-Year Programs:
Online MBA one year programs have gained traction over the years due to their significant advantages over two-year MBAs.
Time-saving
The duration of a one-year master’s program is the first and most evident advantage of accelerated online MBA programs. If all you want is a degree or the abilities you need to climb the corporate ladder, this is a fast route to take.
Cost-effectiveness
While the initial cost of tuition for a one-year MBA program may seem comparable to that of a traditional two-year program, the overall expenses can be significantly lower. Since you’re spending less time away from work, you’re not sacrificing two years’ salary, reducing the opportunity cost. Additionally, with most of the program being online-based, you can avoid expensive relocation costs and save on transportation and campus-related fees.
Quicker Return on Investment
Even while having an MBA might significantly advance your career, taking time off to study significantly reduces income. According to GMAC research, 66% of prospective students are concerned that getting an MBA could postpone good career possibilities. Accelerated online MBA programs allow you to swiftly re-enter or never leave the workforce, giving you a quicker ROI.
Targeted Curriculum
Many MBA programs eliminate the need to pursue general education courses or repeat courses you’ve already completed. Accelerated curriculums are depth and awareness, offering up-to-date courses in a shorter time frame.
International Exposure
Another advantage of an accelerated MBA degree online is exposure to different countries. Understanding other markets, cultures, and traditions is crucial for business professionals as the global corporate landscape grows more intertwined. Most accelerated MBA programs provide opportunities for global business trends and strategies-focused modules, virtual cooperation with students worldwide, and overseas study experiences.
Specializations
Many fast MBA online programs allow students to concentrate on particular industry sectors or areas of interest by providing specialized tracks or emphases. Through these specializations, you can get a competitive advantage in the labor market and cultivate specialized knowledge in fields pertinent to your professional objectives.
Finding the Right Program
Accelerated online MBA programs will have different curricula and structures. They are proven to accelerate career advancement. However, choosing a program incompatible with your preferences and goals could lead to dissatisfaction and wasted time and resources.
Before committing to an accelerated online MBA program, research and evaluate your options thoroughly. Here are practical tips for researching and selecting the right program.
Course Content
MBAs are only good as their course content. The program’s quality should be your top priority. You should check if your preferred business school is accredited, as MBA accreditation is limited to high-quality programs. While regional accreditation is important, pursuing an MBA with AACSB accreditation is also wise.
Next, ensure that you are interested in the course content. If the course options of an MBA program do not pique your interest, it may not be the ideal school for you, even if it meets all other requirements.
Admission Requirements
Qualifications vary from university to university. Some accelerated MBA programs accept candidates with at least three years of professional experience, while others accept fresh undergraduates. Some will also require high GMAT scores, while some look into GPAs.
Ensure alignment between your qualifications and the program’s expectations to optimize your chances of acceptance.
Network
Networking is crucial for career development in the business world. It lets you stay updated on industry trends, improve your skills, and meet potential partners, mentors, and clients. Ensure that the accelerated MBA online offers plenty of avenues to network.
Program Cost
Many prestigious business schools cost a fortune. While these programs may provide more networking opportunities, carefully weigh the financial investment against the potential returns.
It is not recommended to pursue a program that requires you to take on exorbitant student loans. Instead of enjoying the ROI, you will end up drowning in debt before beginning your new career.
Find programs that offer scholarships, grants, or fellowships to help offset costs. Remember, the true value of an MBA isn’t determined by its price tag only but also by the knowledge, skills, and connections you gain along the way.
Support Services
Finally, the online accelerated MBA program should feature a career services department to assist recent graduates. Transitioning from one career to another can be tough, but working with a career officer can help you get there.
However, some MBA students will have already decided on their post-MBA job, and the career services offered by a particular program will neither enhance nor detract from their time at business school.
Financing Your Education
Accelerated MBA programs require a full-time commitment. This means you’ll be required to take time off work or work part-time. Either way, you’ll have reduced income, which can potentially cause significant financial adjustment and strain.
It’s important to complete your FAFSA early to increase your chances of obtaining the available financial aid. The FAFSA offers several financial assistance, including:
- Merit- and diversity-based fellowships and scholarships
- Need-based awards
- Low-interest loans
- Grants
Here are other tuition-paying tips to reduce financial burdens, allowing you to focus more on advancing your skills than worrying about your bank balance:
- Understand the tuition scheme of the program and create a realistic budget that includes your daily expenses
- Consult your employer if the company offers work-study or tuition reimbursement programs.
- Try to get an institutional scholarship
- Use 529 college savings funds
- Tap into the school’s alumni network and see if they’re offering financial assistance
- Use crowdfunding platforms to ask for financial help
Although loans are readily available, we don’t recommend them to be your top choice. Loans need to be repaid, which may hinder your ROI. You can first try exploring external scholarships. Some of the most popular MBA scholarships include:
- Association of Insurance Compliance Professionals
- Goldman Sachs MBA Fellowship
- Military MBA Merit Scholarship
- National Black MBA Association
- Knight-Hennessy Scholars
Time Management and Flexibility
While online accelerated MBAs offer the flexibility and convenience of studying at home, it also comes with challenging time management. Remember, flexibility is a double-edged sword. Without structured class schedules, you need to cultivate strong self-discipline.
- Prepare for the unexpected.
- Fall into a routine to stay on top of your schoolwork.
- Create (and regularly update) a to-do list.
- Be realistic about your schedule.
- Engaging in leisure activities, exercise, and sleep can help maintain academic energy and prevent fatigue by promoting a balanced lifestyle.
Conclusion
Accelerated MBA online courses are more intensive than their on-campus counterparts due to their condensed time frame, which can typically be completed in one year or less. They pave the way to faster career advancement and ROI.
The curriculum for accelerated MBAs will vary from program to program. It’s best to research various programs thoroughly, considering factors like curriculum, accreditation, cost, and support services. When paying for an MBA, it’s important to exhaust all gift aids before taking on loans.