1 Year MBA Programs

[Khayembii Communique]

Searched the forum but all I came up with were old threads.

I've been thinking about pursuing an MBA at a top school. I'm not really satisfied where I'm at in life right now. I'd like to get a job making more money, with more freedom and more control, more power, more responsibility, blah blah blah. Not going to go into any more detail than this as other people my age have already covered the feeling.

I came across the Northwestern 1year MBA program which is really appealing. I need to take a lot of the prerequisites but I can do it at my local college before applying.

What sucks is the cost. A one year MBA is like $100,000! Yeah, it's a top school, I should stop bitching. I'm looking for data on job placement rates and starting pay for graduates. I know a lot of people in the program start at a big firm and end up there, and get funded by them.

Anyways, has anyone ever went through this? What's everyone's opinions on this program? What about other 1 year MBA progs?

 

[jordache jeans]

Go with the 2 yr program unless you want to stay in the same industry and/or function. I think placement and salaries are similar to 2 yr students but there are more in the 1 yr program that are sponsored by their companies. If you're set on the 1 yr program, I think CBS has it too.

 

[Khayembii Communique]

Go with the 2 yr program unless you want to stay in the same industry and/or function.

Why? For the internship? Isn't getting the internship just as hard as getting the job out of the 1-year program? What's the advantage?

 

[rs232]

^Agree 100%. I've never gotten over the babysitting stigma of the internship.

You could work through the logic with some numbers. Assuming top schools:

American 2 year program: $150K (?), 2 years' forgone salary, one internship. Potentially increased possibility of being employed post graduation due to internship (by companies that only hire prior interns)
American 1 year program: $100K (?) 1 year's forgone salary, no internship. Potentially getting increased feet in doors due to American school recognition.
European 1 year program: $70K, 1 year's foregone salary, no internship. Potentially standing out as American with European degree, in good or bad way. More international mobility.

Graduate, start getting paid $150K pa.

At the two year mark, you are 150K in debt for the two year, 50K ahead for American 1 year, $80K ahead for the European 1 year.

Note you still actually have to get in, which is by no means a walk in the park.

 

[Ebichuman]

Be wary of he numbers, though - starting salaries are usually reportted readily by those with jobs and high starting salaries which brings the average up. It also depends on the industry. Even top schools will produce people who will earn less than 100k. What you should look for, if such statistic is available, is the difference between incoming salary (how much students earn before starting the B-school) and outgoing salary (how much they get upon leaving the school) - that can tell a good story, too.

Another important point to consider is whether yourdegree will be "transformational" or not; by transformaional I mean a degree that propels you to a new career or a new level. Some degrees don't do that - they merely add a little extra education or validate what you already do. If you're going to top B-school and shell out that much cash, make sure you get the corresponding bump in your career. Good luck.

 

[dragon8]



Searched the forum but all I came up with were old threads.
I've been thinking about pursuing an MBA at a top school. I'm not really satisfied where I'm at in life right now. I'd like to get a job making more money, with more freedom and more control, more power, more responsibility, blah blah blah. Not going to go into any more detail than this as other people my age have already covered the feeling.
I came across the Northwestern 1year MBA program which is really appealing. I need to take a lot of the prerequisites but I can do it at my local college before applying.
What sucks is the cost. A one year MBA is like $100,000! Yeah, it's a top school, I should stop bitching. I'm looking for data on job placement rates and starting pay for graduates. I know a lot of people in the program start at a big firm and end up there, and get funded by them.
Anyways, has anyone ever went through this? What's everyone's opinions on this program? What about other 1 year MBA progs?

GF went to INSEAD in Singapore which has a 1-year program and is doing quite well I must say.

 

[Biggskip]

I'll point out a few things. First you write:

I've been thinking about pursuing an MBA at a top school. I'm not really satisfied where I'm at in life right now. I'd like to get a job making more money, with more freedom and more control, more power, more responsibility, blah blah blah. Not going to go into any more detail than this as other people my age have already covered the feeling.

From this statement, it doesn't really sound like you know what you want to do. That's okay, but it should make the 1 year program less appealing to you. In a one year program you have to work much harder than your two year counterparts. This means a lot more time spent in the library and a lot less time networking with your classmates at the pub, which is legitimately one of the more important parts of an MBA program. Also, you will have to start recruiting probably less than halfway through your program (assume you start June/July and recruiting begins early October). You may not have really taken enough different classes to know what you want to start a career in by that point.

As somebody else pointed out, many of your classmates will be individuals who are sponsored by their employers and as such they have much less invested in the social and recruiting aspects of the program. They'll be able to focus on their projects because they already know what they're going to be doing in less than 12 mos.

In a two year program you'll have to give up another year of income, but you'll have more time to figure out what you really want to do. Not to sound like some sort of motivational speaker ass, but you cannot put a price on something like that. Liking your job, or even being able to tolerate it for years on end is one of the best ways to help your career.