You want to get your MBA. But do you really want to hit the brakes on your career momentum, lose touch with the real world, give up your paycheck, and shell out a ton of dough? Sounds rough. What if you could retain your job, preserve your income, and still work toward your B-school degree? According to the Association to Advance Collegiate Schools of Business - International, in the year 2000 some 60 percent of the MBA population-more than 120,000 people-pursued part-time degrees while working full-time. Hundreds of programs exist worldwide, many at top-ranked B-schools, and more are popping up each year.
Is part-time right for you? Here are 10 questions you need to ask yourself:
1. Where do you want to be in five years?
Do you want to switch careers or advance in your current field? If you fall in the former category, full-time is your best bet. B-schools often restrict part-timers from recruiting services, for two reasons. First, they already have jobs; finding employment for full-time students is priority one. Second, employers foot the bill for many part-time MBA candidates, and they don't want their employees poached by recruiters. Thus, part-time students can find it difficult to meet with companies; they may be restricted to certain interview categories or have to meet recruiters outside the set schedule.
Besides recruiting woes, being a part-time student and a full-time worker means you won't have time for a summer internship; and if you want to break into a new field, employers will want to see experience on your resumé. Some students who start part-time end up quitting their jobs and taking a full load of classes in order to get the most out of their business school's career center. However, be sure to verify that you have been promoted to full-time status, since full-timers tend to get first dibs when scheduling classes and getting interviews.
If you're more interested in climbing the corporate ladder than jumping to a neighboring rung, going part-time offers the bonus of school/job cross-pollination: Bring real-world context to your classroom studies. Learn something at school Tuesday evening, and apply it at work Wednesday morning.
2. What's the damage?
Business school is expensive. Unless you just won the lottery or enjoy amassing huge debt, it will be difficult to leave those paychecks behind when the tuition bills start rolling in.
3. Can you get a free ride?
Your employer may reimburse you for some or all of your part-time tuition, depending on your grades. That can add up to quite a load off your bank account.
4. Are you workin' 9 to 5?
Chances are you're not. If you currently spend 60 to 80 hours a week in the office, there's no way you can add another 15 to 20 of class time and homework and manage to stay sane. If you have a hectic work schedule, quit your job and go full-time.
5. Is your boss supportive?
If you're going to make a part-time program work, you must be sure that your boss will be supportive and allow you to leave on time for evening classes.
6. How much do you love your job?
Getting sponsored by your company is great-but will you want to split before you finish your degree? Jennifer Ippoliti attended NYU's Stern school part-time and admits, "My career suffered a bit because I stayed in a job that wasn't really challenging longer than I should have while I completed my MBA (and got reimbursed)."
7. Do you enjoy long commutes?
Time is of the essence when you're juggling work and school; reasonable distances between the office, school, and home are key.
8. How much time do you have?
Full-time programs take about two years. Part-time MBA candidates usually take two classes a semester, so the program may last three or four years-sometimes even longer.
9. Is networking important to you?
Part-time MBA students have a lot less time for networking and socializing with their B-school classmates.
10. How thick is your skin?
Part-timing it in business school can make you feel like a second-class citizen at times. Preference is usually given to full-timers for class space, and the best professors often teach only day classes. As a part-time student, you won't get many breaks. But once you hit the real world, getting the respect you deserve is just a matter of presentation: You went to the same school and took the same classes-all while holding down a full-time job. You are a multi-tasking, time-management master.
Have you concluded that part-time is the way to go? Now it's time to pick and choose from the programs in your neck of the woods.
1. What do you want to study?
Does the program suit your intended business focus, i.e., finance, marketing, IT? Or are you looking for a broad-based program?
2. Get the latest and greatest.
Does the course work incorporate current business trends?
3. Shoot for the stars.
Aim for a program that's a well-established part of a high-ranking B-school (check out Business Week and US News & World Report). Although there's some discussion about the accuracy of such rankings, they still carry a lot of weight.
4. Get the real deal.
Make sure the program is accredited by the AACSB (click here for a list of institutions) or one of the country's six regional boards (Middle States Association of Colleges and Schools, New England Association of Schools and Colleges, North Central Association of Colleges and Schools, Northwest Association of Schools and Colleges, Southern Association of Colleges and Schools, Western Association of Schools and Colleges). The Department of Education also offers a list of recognized accrediting agencies.
5. Learn from the best.
Do your due diligence on the faculty. Are they full-time, tenure-track professors well-versed in your area of interest? Do the same top-notch professors teach day and evening classes? (Some profs actually enjoy the flexibility that teaching night classes offers).
6. Stay connected.
As a part-timer your schedule could be erratic. Are professors easy to reach-either during evening office hours or via phone or e-mail?
7. Get what you need.
How easy will it be to schedule the classes you're interested in-and the ones you'll need in order to graduate?
8. Surround yourself with the best.
Check out selectivity (percent accepted) and GMAT scores for the programs you're considering. Part-time programs often have higher acceptance rates than full-time programs, but take that with a grain of salt: While full-time student X can boast making an 18 percent selectivity cut and scoring 10 points higher on the GMAT, part-time student Y brings up-to-the-minute business experience and top-notch time-management skills to the classroom. Who adds more value to your B-school experience?
9. Find a balance.
How many students attend the school part-time? What's the ratio of full-timers to part-timers? If your classes are populated by both, you probably have higher-quality courses and faculty. Some full-time students keep their days free by attending evening classes and stay on at their job part-time.
10. Who are your peers?
Research the general demographic of the program-age, race, gender, nationality, work experience. Look for a population that's diverse, but includes some similarity to your own background.
11. Getting to know you.
Does the school facilitate part-time student socialization? Does it sponsor orientation sessions, clubs, events, forums?
12. Make room for change.
If you decide to relocate, you'll want your credits to transfer as well. Do a little research to see how easy the process would be. A lot can happen in four years.
13. Keep it short and sweet.
Some schools are working to accelerate and shorten their part-time programs. Baruch and Pepperdine now offer two-year part-time programs, while Michigan State has whittled its program down to 18 months.
14. Money.
How much is the program going to cost you? What sort of financial aid is available for part-time students?
15. The power of the Web.
Does the school offer online registration and post professor evaluations, course schedules, and remaining requirements? These things will make your life a lot easier since you won't be spending your days on campus.
16. So they survived Y2K …
… but does the program use the Web to its ultimate capacity? Do they offer Webcast courses, live chats, videoconference lectures?
17. Getting ahead.
What recruiting services are available to part-time students? Who recruits there, and what are they looking for? What are the placement statistics for part-time grads? (If you can't find part-time stats, check out the number for full-time alums.)
18. Where does all the money go?
Check out the student facilities—computer labs, libraries, student center, etc.
19. Where's the love?
Do alums support the program with their money and involvement? Contact recent grads and hear what they have to say.
