One-Year MBA programs have slowly been on the rise in the US, lagging behind the popularity of the degree in Europe. But demand for the accelerated MBA has grown over the last decade as US prospective students look for more focused paths and less expensive options to accelerate their careers.
According to the Graduate Management Admission Council (GMAC), 47% of prospective students in 2018 considered a One-Year MBA, the highest percentage in a decade, and yet, One-Year MBA programs accounted for just 10% of AACSB-accredited MBA programs in the US.
While a One-Year MBA isn’t for everyone, more prospective students are considering it for good reasons.
Let’s take a look at Goizueta Business School’s One-Year MBA Program as a case study and find out how Emory University’s Goizueta Business School offers a high impact, high ROI One-Year MBA.
Emory University’s One-Year MBA program is a strong example of how an MBA program can make the most out of a shorter timeframe.
While there are certainly drawbacks to the One-Year MBA, for someone who is looking for an opportunity to advance their career or pivot into a new field can do so efficiently with Goizueta’s One-Year MBA program.
Emory’s One-Year MBA can be the perfect solution for those looking to accelerate their existing career path since a traditional summer internship is not a necessity for those continuing within their existing functions or industries. Whether you work in finance, consulting, marketing, tech, or any number of fields, the One-Year MBA provides an accelerated pathway to advanced roles. It is also the preferred MBA degree for students who are sponsored by their companies or entrepreneurs who need to quickly build a foundation of business fundamentals to grow their ventures.
The intensive nature of an accelerated MBA enables students to focus on putting into practice what they learn to accelerate the trajectory of their current career and move into leadership roles after the program. Although One-Year MBA programs offer slightly fewer electives than a traditional Full-time MBA, electives are often used for career exploration and not necessary for those advancing within their existing fields. At Emory’s One-Year MBA students complete 10 electives (versus 14 in the Two-Year MBA) giving them the opportunity to expand their knowledge and skillsets and dive deep into topics that directly apply to their current industry.
Career switchers shouldn’t rule out Emory’s One-Year MBA degree either. While it may limit a transition into some industries – those few that traditionally hire exclusively from an internship pool – it can be a gateway for those with transferrable skills looking to transition into a related industry. For example, those looking to transition from sales to marketing roles, engineers wanting to move into technology product management, or researchers and regulators seeking to move into the business of healthcare.
An accelerated MBA is also a great tool to add value to other graduate degrees. Emory offers six One-Year MBA dual degree options: JD/MBA, JM/MBA, MD/MBA, DPT/MBA, MDIV/MBA, and MTS/MBA. Law and business as well as healthcare and business are natural fits providing graduates flexible career options as well as the ability to transition career paths more easily further into their careers.
The obvious reasons to pursue Emory’s One-Year MBA are the reduced time to completion and cost. Requiring just one year to complete instead of two reduces your time away from your career and away from a steady income. The opportunity cost of being away from your career is vastly reduced and the acceleration in your career (which often means a higher salary) comes in half the time.
The One-Year MBA program is also less expensive than the traditional Full-time MBA program. Emory’s One-Year MBA has 25% lower tuition than the Two-Year MBA but students also save on cost of living expenses including housing and health insurance.
This translates to a faster return on investment for One-Year MBA students. It’s worth noting that Emory One-Year MBA graduates realize similar salary outcomes as their Two-Year MBA counterparts. For the class of 2022, 94% of graduates accepted job offers within three months of graduation. The median base salary was $162,500 and the median base salary plus bonus was $190,000.
A significant portion of an MBA program’s value comes from the network you develop with your class and with program alumni. It’s natural to assume that a small class size means that you will have a smaller network. However, the trade-off for network size is often network strength, and having a more intimate connection with your MBA cohort and with your school’s wider alumni network can often be advantageous.
Emory University’s Goizueta Business School ensures that your network will be strong and far-reaching:
Another myth is that One-Year MBA programs have fewer experiential learning opportunities.
Emphasizing experiential learning and putting lessons into practice, Emory’s One-Year MBA students have the same academic experiential learning opportunities as the Two-Year MBA students as well as the option to take on an additional global immersion experience.
Students participate in leadership development programming throughout their One-Year MBA, including:
Finally, a common myth is that a One-Year MBA is a watered-down MBA degree. Although it is a shorter academic experience, it is also a more intense experience that packs the full learning opportunities from a traditional Full-time MBA into just one year.
Experiential learning, leadership development, real client projects, global travel, student clubs, social activities, career coaching are all available for One-Year MBA students at Emory University.
Make no mistake, One-Year MBA programs will not surpass the traditional two-year full-time MBA in number of program options or prospective student demand. They also are not for everyone.
The intensity of the program can be daunting, and full-time Two-Year MBA programs give MBA students the opportunity to explore different career paths through multiple internships. Further, despite the larger class size, Two-Year MBA students also have more time to get to know their larger network,
However, for those looking to accelerate their existing career paths or transition into a related field or industry, the lower cost, shorter timeframe, faster ROI, and higher touch accelerated MBA degree may be an ideal fit.
