Specialize or Generalize: MBA Alternatives

Studying for an MBA is one of the most important decisions you will make in your life. If you are considering such a study, you already know this, but what you might not realize is that the MBA degree is one of great variation. The value of an MBA can vary greatly depending upon the school that awards it, the faculty specialization within each school and even the format in which the course of study is presented. You have to make the MBA, your MBA. You have to tailor the MBA experience from the very beginning to achieve the greatest value for your personal situation and individual goals.

In this article we will examine two different areas to help make your decision about which schools are best suited for your life-situation and personal objectives. Furthermore these areas may not be the usual criteria for making a selection process. They are: Your Time Commitment and The Dual Degree.

YourTime Commitment

How much of your life are you going to dedicate to achieving your MBA? The usual option is the traditional two-year MBA. But many schools also have the one-year MBA program. There are advantages and disadvantages to both.

The biggest advantage to the one-year MBA program is obvious. One year less in school could means one year of sooner employment. It means one less year of living as a student and not as an employed professional. Many one-year MBA students are already employed by a company, willing to give them a leave of absence or even partially or fully fund their tuition. Companies are willing to make that sacrifice for a year, but seldom for two years. Many family businesses or small entrepreneurs are also willing to make the sacrifice away from the workplace for a single year.

However, there are several disadvantages to the one-year MBA. You have to make certain that the coursework is equivalent to the two-year MBA. This shows equality in the levels of program education. It also means that your personal workload will be very intensive.

The two-year MBA has other advantages as well. One of the greatest advantages to the two-year approach is that its longer time frame allows the months necessary for an internship. Hiring practices have changed in recent years and corporations appear to be using internships as a way of getting to know potential employees and assessing them. The pace of a one-year MBA program seldom allows the time for an internship. Of course not every MBA student is hired through an internship experience, but this is an important factor to consider and may be completely dependent upon your own career game plan.

Two years as a student also gives your more time to use your school as a base and network. It’s a common mistake to underestimate your student status. Most organizations are very open to students. It’s a very advantageous time to approach companies with information requests for projects and coursework or join local professional societies. Many schools interact heavily with local corporations. This interaction is another thing to consider when searching a school’s website.

In addition to corporations, two years allow you to network more with your own classmates and to get involved with school clubs, academic societies and professors. Networking with your own class often establishes a lifelong network of professional contacts.

If you need to enhance your language skills, another year of school gives you valuable time to do so. Some schools have established opportunities to increase those skills and others have gone much further and created coaching programs for social and professional skills. The Joseph M. Katz Graduate School of Business has initiated an extensive coaching program that evaluates individual students’ strengths and weaknesses when they enter the school. Those weaknesses are then addressed programmatically and made into strengths. Again, when developing your MBA plan, you should consider if such programs relate to you and your goals both short term and long term for propelling your career.

The Dual Degree

One of the options becoming more popular among students is studying for a dual degree. In such a program, the student achieves an MBA and another Masters degree in a field of their choice. This again becomes a matter of time commitment, because most dual degrees add another year to your coursework. However, there are always options. For example, instead of doing a two-year MBA program with another year for your MS, you could opt for a one-year MBA program and spend that second year on the second degree. These options vary from school to school.

You might think this last example is very attractive. After all, if you are willing to commit two years of your life, why not finish those two years with two degrees instead of one? But the reality might be different. You have to carefully weigh the pros and cons. Does the school of your choice offer dual degrees and if they do in what disciplines? Do they offer a one-year MBA program and if so, are they structured to combine the second degree with the one-year format?

Even if you concentrate on the two-year MBA and go after a dual degree, some times that second degree takes longer than an additional year. A particular case in point might be if a student wishes to achieve an MBA and a degree in law.

But a dual degree has many advantages. It broadens your field of knowledge and by the very fact of studying another discipline, you’ve specialized. It’s a great combination. Generally students graduating with a dual degree from the same institution command a greater starting salary over their fellow MBA graduate. But this is not always so. When studying for a dual degree, you should determine if you still have the time and opportunity for an internship.

You should also determine the range of degrees schools offer with their MBA program and what the current demand and salary offers are for specific dual degrees. Traditionally an MBA and JD has been one of the most popular dual degrees. However, in recent years the demand for “Techno-MBAs” has soared. These are degrees like an MBA and an MS in Management of Information Systems or an MBA and MS in Engineering.

Dual degree offerings vary greatly. And one final and important word, you’ve chosen a business school for the business excellence it can bring you, make certain that the school has the resources to provide you with excellence in the second field as well.

Article contributed by Barry Kukovich, the Public Relations Director for the Joseph M. Katz Graduate School of Business at the University of Pittsburgh.