One-year MBAs are the go
For the first time ever, one-year Master of Business
Administration (MBA) degrees are more popular than the traditional two-year
equivalent. CarringtonCrisp introduced Tomorrow’s
MBA in 2009 — a survey for students to have their say on the qualification,
with the latest poll collecting results from 1,463 students in 75 countries.
Respondents from the United Kingdom and Canada preferred the
one-year MBA but there were plenty who still opted for the two-year version,
including the United States, Germany and India. When students were queried
about what factors would influence them to pay extra to study, 46 per cent
referenced quality teaching staff, while attracting top employers (38 per
cent), strong career services (38 per cent) and high rankings (36 per cent),
also made the list.
This transition reflects the Millennial generation’s desire
for instant gratification, but there is more to it than that. A 12-month course
is a considerably less intensive commitment from a financial perspective, it
takes up less time and it allows MBA students to re-enter the workplace sooner.
If nothing else, a MBA on your CV is a sure-fire way to stand out in a job
interview.
The one-year model is also suited to recent undergraduates
who want to gain their MBA before entering the workforce. This decision to
pursue further qualifications prior to gaining industry experience might have
seemed crazy once upon a time but this is no longer the case. The media
attention on young entrepreneurs and start-ups that ‘go big’ quickly has only
fuelled a hunger for Millennials to do the same – for a huge number of
graduates, the prospect of starting their own business and founding the next
Uber or Airbnb is more appealing than climbing the corporate ladder.
Even in the one-year format, MBAs are a rigorous process and
participants must be willing to put in the hard yards. While it is no guarantee
of a high paying job, there is no doubt it will give you opportunities and
connections that will hold you in good stead somewhere down the career path.
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