MBA is no more simply a general degree of business administration that can be uniformly attained anywhere in the world. The need for specialist expertise and the rise of complexity in each field, requires each area to be managed effectively only with relevant knowledge. This requirement led to the different types of MBA such as marketing, finance, management, human resource etc. However, things are not that simple. The demand for MBA, its mushroom growth, specialist knowledge, methods of delivery, types of applicant, duration of the course, course content and many other factors have led business schools and colleges across the world to several types of MBA programs. In this article we shall briefly discuss each type.
1. Full Time American MBA
American MBAs are the earliest graduates in business administration. In America, the MBA full time program is for a period of 2 years. The reason behind this was that initially it did not require applicants to have previous business study and they were straightaway admitted in to the programs. The first year focussed on modules which only introduced the business subjects and its fundamentals. Over the years, business schools in America have introduced numerous changes, the fact remains that, almost all American MBAs are still 2 years programs.
2. Full Time European MBA
Traditionally the full time European MBA is a one year course. This is, however, not the case in all schools across Europe. For instance, Manchester Business School completes its program in 18 months. The London Business School offers its full time program with exit points at 15, 18 and 21 months. The duration of European MBAs may vary from school to school, yet the overwhelming majority of European Business Schools offer a program that is completed in a year’s time.
3. Part Time MBAs
These programs are part time programs and are becoming increasingly popular. Almost all schools, including the top business schools, have the part time MBA programs. It attracts those who are already in employment and may not be able to leave their jobs for full time courses. The duration of Part time programs ranges from 3 to 5 years in most cases. It is a big advantage for those who have either financial obligation or are not ready to incur the opportunity cost.
4. Executive MBAs
As the name indicates, EMBA is tailored according to the needs of those who are already in working positions and have substantial work experience. EMBAs are normally of shorter periods than full time and part time programs as the working executive may not need the rigorous training environment. Classes are scheduled according to the the applicants convenience such as weekends or evenings. Executive MBAs have also become very popular and many top schools offer the program.
5. Distance Learning or Online MBA
This can be either full time or part time. Due to the advancement in technology, Online MBAs have grown popular and the demand for it is increasing. Like any traditional MBA the online programs offers full time, part time, executive and other courses.
6. MBA by Subject
There was a time that MBA was considered to be a field of finance or marketing. Times have changed. Now IT, public administration, health care, NGOs, governments, Dental Practices, and even non-profit organisations have demand for MBA graduates. MBA is not regarded as a degree by a managerial requirement. That is the reason that we see doctors, engineers, pilots, dental surgeons etc enrolling for MBA programs.