Is a Part-Time MBA The Right Option For You?
The MBA is one of the most popular master’s degrees in the world, and year after year more evidence for the practical benefits of pursuing an MBA accrue. But while there is no question that an MBA can help students compete for better jobs, many students who could benefit from an MBA education face constraints that keep them from applying.
Here are three types of potential MBA student who may not feel they are able to go back to school, and some of the ways that a part-time MBA can help them succeed.
When most people think of a university student, they probably imagine a young person in their late teens or early twenties. While this is the typical profile of a university student, in certain degree programs — and most notably the MBA — this is not always the case.
MBAs explicitly appeal to students who already have significant workforce experience, and tend to attract driven, motivated individuals who may be quite a bit older than the average graduate student. These adult learners often have jobs and responsibilities that don’t allow them to drop everything to enrol full-time.
This is one of the reasons they often gravitate toward schools like the MBA program at Lazaridis at Laurier University that offer the possibility of part-time study.
Students Who Need to Maintain Their Income
Of course, it isn’t just adult learners who may find it financially impossible to leave their full-time jobs to go back to school. For many younger students, full-time study is simply impractical for the simple reason that they cannot afford to give up their income for a year.
It is a well-documented fact that Millennials typically have less money than their parents did, and people who may already be struggling to make rent and cover previous student loans may be unwilling to take out massive loans to finance further education. In such cases, part-time study can provide a perfect way of balancing the need for a steady income with the desire to cultivate better prospects through new credentials.
Students Who Need to Upgrade their Credentials
In some cases, of course, prospective students may not need to stay in their current position for financial reasons but may feel that leaving their current position would be bad for their overall career path.
Many people find, after spending a few years at a company, that they are interested in moving into a management position, but lack the formal credentials and practical skills to make the jump. An MBA is often exactly the asset needed to transition into a management position, but quitting your job to pursue it may jeopardize your career path.
Studying part-time is the ideal solution because it allows you to keep your place within the corporate structure while you burnish your credentials.
The beauty of the MBA is that it gives students an opportunity to zero in on the skills they want to develop and to focus on developing them in the context of the modern economy. Evidence shows that the MBA is a good investment that leads to higher wages and better jobs, and with part-time study, anyone with drive and passion can get the education they need to unlock their full potential.