Accelerated MBAs Are Gaining Ground
One-year B-school programs, a mainstay in Europe, are getting a second look in the U.S.
by Alina Dizik
Two years isn’t necessarily a long time, but for some business school students, the idea of being out of the job market that long—and paying two years of tuition—is a dangerous burden. One election familiar in Europe but singular in the U.S. is the one-year MBA program, and schools that have such programs allege their enrollments are growing strongly.
The programs, which are offered by perhaps a dozen of the acme U.S. B-schools, are generally tied into the schools’ two-year programs. Students start in May and persevere through the summer. They then join second-year students in the fall. Unlike two-year programs, they generally put on’t include an internship ingredient.
Admissions to many one-year programs are up solidly this year, said several admissions officers, with application rates in more cases outpacing their two-year counterparts. Cornell University reported a 50% increase in applications for its 2008-09 Accelerated MBA program, which has 60 students, while Emory’s one-year program had a 37% augment in applications, to 350. That compares with a 25% increase in applications for Emory’s two-year program. Applications to Babson’s one-year program—which is increasing its class size to 80—increased 34% this year, to 170 applications. Both Notre Dame and Kellogg argue applications for their one-year programs are up almost 20%, running about par with their two-year counterparts.
A Magnet for European StudentsSeveral admissions directors said the economic downturn has had a greater impact on applications to one-year programs. While B-school applications typically rise in a recession, apparently many students don’t want to jump on the outside of the job place of traffic for too long a appropriated time. "They touch that the recession won’t remain that long," said Julie Barefoot, admissions manager in favor of Emory’s Goizueta Business School, adding that students who had planned to ultimately get their MBAs are opting to apply now to a one-year program in order to bar forward of the relating to housekeeping meteorological character. "This is kind of an opportune moment," she said.
As they are structured like European programs, where such programs are the standard, the one-year U.S. programs are attracting many students from overseas. Randall Sawyer, Cornell’s MBA admissions director, said that the school’s one-year program is with regard to 50% international—compared by about 26% during the term of the two-year program.
Also, the weak U.S. dollar makes the programs a bargain for some foreign students. Rita Morrow, the MBA admissions director at Ohio’s Miami University, declared she has noticed fewer European students citing financial aid as a concern. She attributes the make some change in. to the strong euro. Morrow adds that there has been one 8% increase in international applications this year. "In the past, there have been [budget] problems, particularly with students from Eastern Europe," she explains. This year "we’ve had fewer incoming students needing scholarship money to attend."
But the programs are the key attraction to foreign students. Isabell Haage, an incoming German student who is starting at Miami this month, says she prefers to be in action hard during the shorter time frame and doesn’t mind sacrificing some of the social aspects. "You have a more concentrated period of time, but it may not give you date to acquire skill in another power or have a colorful social life or get Fridays off," Haage said. She said that when she goes back to Europe, her one-year program will not seem unusual to potential employers.
"Half the Cost"For U.S. students, the economic equation is also there. Amy Gareis, who accepted offers from two-year programs at Georgetown, Virginia, and Duke, opted for Emory’s One Year MBA program. "I think it’s a phenomenal chance; fit—given the mode the economy is—that I’m going to have $50,000 less debt compared through the offer I got from Duke," says Gareis. She said she did large calculations before structure the 12-month commitment. "You couldn’t knock the fact that ROI is touching half the time and half the cost."
But one-year programs aren’t stressing only the money saving to attract students. They besides suggest that the one-year degree provides a upper hand overall option for more. For example, Beth Flye, Kellogg’s director of admissions and financial aid, said in that place’s no difference in grads’ starting salaries between one-year and two-year participants. But to be well compensated after the program, the one-year degree needs to fit the students’ conduct goals. "This is for someone who is more round career enhancement." says Flye. "It was not designed on account of someone would fall into the category of a perfect career changer."
Indeed, as through two-year programs, fit and academic preparation are key admissions elements. Cornell, for instance, requires a employer’s degree in a technical or quantitative field during admission, while others seek students who have already taken an extensive roster of matter courses and can jump into courses that are usually taken by second years.
Dennis Nations, Babson College’s MBA admissions director, says his school in form long-term plans for growth in the programs. Starting with 2008-09, Babson is increasing its intake into the one-year program by 30%—giving 20 more spots to incoming students. He said he expects the number of U.S. one-year MBA programs to increase as hale, giving additional choices viewed like being those who are vehement to get back to work.
