Many people preparing to apply to MBA programs in Canada debate whether or not they should take a program that lasts one year or two. While both programs have their pros and cons, these are the 4 reasons you should consider a 1 year MBA program.
Better Return on Investment
The first thing you’re going to learn in business school is to always consider your ROI. Can you get the same return for a smaller investment? If so, and you opt to spend more you’re in the wrong specialization. One year MBA programs, because of their accelerated speed, naturally cost less in tuition fees than two year programs. Beyond those savings, you also have to take into consideration 12 months of salary you aren’t earning, in addition to living expenses and the additional time spent not paying back loans or lines of credit. Most surveys conducted on the difference between the two programs have found that it makes little to no difference on graduates’ salary expectations. While some critics point out limited networking opportunities, advocates have noted that 1 year MBA candidates have the same professors and competitive, knowledgeable peers as candidates in the alternative.
Advance Your Career Faster
Those candidates who know their career goals and want to accelerate the process of achieving them benefit immensely from the faster one year format. Attending school is time consuming, and the one year format allows candidates who are needed at their firms or family businesses to spend less time away from their occupation. The general rule of thumb is that the accelerated format is ideal for those professionals who are looking to advance the careers in which they already have experience, not change them. If you have a clear vision of how your career is going to advance, it’s time to learn about the best MBA programs in Canada.
Fewer Core Requirements You Don’t Need
Business schools offering these 1 year degrees typically cut down on core requirements that MBA candidates have already learned from practical experience in their professional fields. Often, core business theory is taught in the first four-month term in an intensive, demanding format. This allows you to focus on the electives offered and specialize your degree. Specialization is a great way for candidates to distinguish themselves in an increasingly competitive market. While Marketing, Finance, Accounting, and Strategic Management are all popular specializations that lead to highly paid positions, there is a burgeoning interest in Entrepreneurship, Supply Chain Management, and Operations as the demand for job applicants with these qualifications increases.
Canadian business schools have begun to introduce 1 year MBA programs and many have focused on finding new ways to teach essential business theory in the first term. Innovative schools have designed courses that integrate core theories and demand students develop a holistic understanding of the major pillars of business. The degree gaining currency in the United States and Canada has wide recognition in Europe and South America (where the salary gap with Master of Business Administration graduates in the United States has been rapidly shrinking). Find a business school in Canada that fits your career trajectory and get started today.