Are you considering a part-time MBA? You’re probably wondering if it’s worth your while, and how you’re going to use it to advance your career. Let’s be honest, an MBA is a massive investment – both financially and emotionally, not to forget about all the time you put into it too. You may not see any significant ROI for a start and must be wondering if a part-time MBA is the right choice for you. Read on to learn why a part-time MBA is well worth the investment!
There is plenty of research on MBA salaries which shows that part-time MBA programs certainly pay off. Here are some benefits of a part-time MBA that you don’t always experience from a full-time one:
1. Work & School Interplay
The beauty of studying part-time means that you can manage work and school a lot more effectively than if you were a full-time student. You can study outside of work, which doesn’t affect your overall performance during the day when you’re working hard in the office. If you went for a full-time MBA, then the chances of you holding down a job are almost zero. At best, you could probably fit in a part-time job during the weekends, but most of your days will be spent in classrooms studying. It’s simply impossible to balance both work and school when you go full-time. This is why a part-time MBA is the prime choice for many working professionals.
2. Class Profile
If you undertook a full-time MBA, there’s a chance that you’ll end up in a class full of people that are at completely different life stages than you. The majority will likely be college students fresh from graduation, which means you can feel a little bit lonely and left out. With a part-time MBA, the class profile is far more diverse. These programs are aimed at professionals looking to advance their existing working careers. As a result, there will be more people your age, making it easier to fit in and relate with others.
3. Time Management & Flexibility
It’s far easier to manage your time when you pursue a part-time MBA as compared to a full-time one. You don’t have as much pressure to complete work within a strict timeline – there’s more flexibility, allowing you to manage your time more effectively. This means you won’t be constantly rushing around cramming in lots of work to try and meet deadline after deadline, day after day. It will also be better for your mental health and wellbeing as a result. Your stress levels will be lower when you’re given a higher degree of flexibility, and this has a positive impact on the quality of your work as well.
4. Financial & Professional Stability
The great thing about a part-time MBA is that you have a more stable financial and professional life. Your finances are in better shape as it’s cheaper than a full-time MBA. On top of that, it also leads to promising job opportunities where you can expect higher pay to remain financially stable. This blends into your professional life as you can apply for jobs that require higher qualification, yet at the same time allow you to continue working as you study. As a result, you get stability both while studying and upon graduation!
5. Cost Efficiency
A lot of part-time MBA programs work out to be far cheaper than their full-time counterparts. This is often due to fewer learning materials and resources for you to purchase, while the costs are also spread out over a longer period. Furthermore, when you calculate the overall cost of a part-time MBA as compared to the future financial benefits, it proves to be an incredibly cost-efficient solution.
6. Current Career Progression
Many people want an MBA to help advance their current career and progress up the corporate ladder. However, it is not very practical to quit your job and study full-time as you lose out on working experience, and it might be harder to get back into the workforce where you left off afterwards. But, with a part-time MBA program, you won’t have to quit your job to study. You can stay in the same career, and gain better qualifications to help you progress further.
7. Career Goals
It’s well worth investing in an MBA if you have specific career goals. There are plenty of high-level jobs that require you to have an MBA to apply for them. Thus, if you’re someone who knows exactly what you want from this degree, then it’s perfect for you. Besides getting the qualification needed to apply for that dream job, you will also achieve your career goals.
8. Life Stage
When you reach a particular stage in your life, the prospect of going back to school may seem daunting. If you have a family or many responsibilities and commitments, then it might not make financial sense to quit your job and pursue an MBA. Your family would suffer as you lose a source of income, and this would also burden any financial obligations you have e.g. a mortgage. However, a part-time MBA is ideal for people in this stage of their life. If you have a family, then this allows you to pursue an MBA without ditching your job and giving up an income source. Plus, it’s easier to juggle your family and education as it’s part-time and flexible. If this is something that’s possibly holding you back from attaining an MBA, then you may find that a part-time program is the solution.
9. No Disconnection From Normal Life
Another aspect of a part-time MBA is that it allows you to stay connected to your normal life. With the full-time programs, you often have to move closer to the university and become a full-time student again. You’re almost living in a separate bubble from the outside world, and it can make you feel disconnected from friends and family. However, part-time programs don’t require you to move home or commit to the full student lifestyle. You can maintain your current lifestyle, and stay connected with your close ones. This means you will still have time for friends and family, while you pursue a higher education!
10. Apply Everything You Learn
With a lot of degrees, there’s the worry that you won’t apply what you learn during classes. However, one of the critical benefits of a part-time MBA is that you only learn things of value. Everything you learn will be applied to your career as you move forward. You’ll develop skills and knowledge that will continuously be put to the test when you progress through your working life. This means that you get so much out of your degree as it’s all so valuable. You’re not wasting money just to get a qualification; you’re actually learning a lot and becoming an improved version of yourself.
11. Your Company Might Sponsor It
Lastly, a part-time MBA is worth looking into as your company might sponsor it for you. A lot of businesses are investing in part-time MBA programs as a way of training their staff for higher positions. From their perspective, it keeps people in the company and lets them promote from within, saving money on recruitment. From your perspective, it means you can study a part-time MBA for much cheaper than usual. Some companies offer full sponsorships where you can do it for free, while others contribute to some of the costs. Either way, it makes the whole thing more manageable, and they often set things up so you can focus on your studies outside of working hours, achieving a better balance.
In conclusion, if you’re happy in your current job, then a part-time MBA is perfect for you. There’s no need to quit your job and give up 1 or 2 years of foregone salary; you can study alongside your full-time career! What’s more, the majority of part-timers will experience a substantial raise upon graduation, which leads to strong salary growth. All these can be achieved without the cost and hassle of giving up their job. Learn more about how you can leverage your career with a part-time MBA today!