A typical online MBA program lasts between two to three years, which is only logical given that nearly all standard MBA programs regularly accept students who do not have a background in business. This means that the programs must last longer in order to properly educate all MBA students, including those without prior experience in the field. However, if you already possess extensive experience in business or hold an undergraduate degree in that field, then you do not necessarily need to relearn all of the fundamentals of business theory. A one year MBA online skips over the basics of business that well-versed students already know and delves right into more complex management practices and models. This will not only cut down your time in school, but it will also reduce your tuition costs for an MBA certificate because you will not have to remain enrolled for as long as typical MBA students.
Qualifying for a 1 Year Online MBA
As mentioned previously, you must have extensive prior experience in business in order to enroll in a 1 year online MBA program. This means that most programs will only consider applicants who earned their undergraduate degree in business or a closely related field, such as economics. Some schools, such as Emory University, will also consider students who have shown academic strengths in engineering or mathematics. However, simply having a bachelor’s degree in an accepted major is not enough. You must also have fulfilled all of the prerequisite coursework during your undergraduate studies if you wish to earn your online MBA in one year. These prerequisite classes, such as the ones listed below from Babson University, are similar across all schools and include:
- Financial Accounting
- Managerial Accounting
- Quantitative Foundations of Decision Support Systems
- Operations Management
- Organizational Behavior
- Business Law
These are all basic business topics that will be expanded upon in a one year online MBA program, so you must be certain that you are comfortable enough in those subject areas to not have to review them.
In addition, you must complete your prospective school’s application checklist. Along with your completed application itself, you must submit an official transcript, your GMAT scores, at least two letters of recommendation from previous employers or professors, an essay of intent, an updated resume, and your TOEFL or other English language test scores if you are of a non-English speaking background in order to be considered for entry into a one year MBA online program.
The Academics of Getting an Online MBA in One Year
You may wonder just how to get an MBA certificate after enrolling in a program. Essentially, a one year online MBA is the second half of a typical two-year MBA program. In fact, in brick-and-mortar schools, those who earn an MBA in one year attend the same classes as those who are in their second year of a regularly paced program. The top online MBA programs in 2011 begin during the summer and last until the following spring. You will complete about 35 to 46 credit hours in classes such as:
- Managerial Economics: This course is focused on the motivation and effects of decisions made by the administrative officials of firms, particular when it pertains to opportunity costs, transaction costs, and market power.
- Spreadsheets for Business and Finance: This course is practical hands-on instruction on how to use Excel for business and finance problem-solving, data organization, and data condensation.
- Leader Development: This course works to help students develop the skills needed to successfully manage teams and see projects to successful completion. You will learn lecture methods, self-presentation tactics, and behavioral skills.
All one year MBA certificate programs also allow students to pick a concentration within the business field, such as consulting, consumer products, global management, and much more. You will take classes strictly related to your concentration of choice. For example, if you decide to pursue a concentration in IT management, you will take courses such as Technological Innovation Management and High-Tech Product Marketing.
Every seasonal term is punctuated with examinations, and some of the top online MBA programs in 2011 also include mandatory internships, which will allow you to practice what you learned in the classroom. Most online MBA certificates may end with a Capstone project as well, which is an intensive research presentation and paper end-of-the-program assignment that is completed with the guidance of an online instructor or counselor. The Capstone project typically reflects a real-world case study of the existing business practices.
After completing all of these degree program requirements and earning satisfactory marks on your classes, examinations, and Capstone project, you will have successfully earned your online MBA in one year.
Profile of Online One Year MBA Students
Now that you know just how to get an MBA certificate, you may be wondering who typically enrolls in these types of programs. Varying types of students enroll in one year MBA programs, but the majority are working adults looking to go back to school, according to the student profiles of the University of Notre Dame and Emory University. For both schools in 2011, most of the students enrolled in the one-year MBA program have five years of work experience and are about 27 to 28 years of age.
These averages indicate that the fast-paced one year MBA is best suited for those who not only have an undergraduate degree in business, but also those who have ample professional work experience as well, though that is not an explicit requirement for admissions. This type of MBA program can help professionals in the field receive the additional education they need to take on more responsibilities and move up in their careers.
Why Earn a One-Year MBA?
For working professionals and those with an undergraduate degree in business, an online one year MBA program is a logical choice. It will allow them to skip unnecessary reviews of business basics and delve right into the more complex topics that will adequately challenge them. In addition, as the one year MBA is only half as long as a typical MBA program, the tuition is much lower for the shorter program. For example, at Clarkson University, the tuition for a one year MBA program is approximately $10,819 less than the regular two-year MBA program. With financial aid, grants, and scholarships, you could incur even more savings.
Overall, a one year MBA will allow you to get a quality education without having to relearn subjects you already know. You will save money and, arguably more importantly, time, which will allow you to continue working with minimal interference from your MBA courses.