Career planning is essential if you want to fast-track your life towards success. There are many things worth considering while you think about your future. If you think that getting a job is a good enough boost for your career, you are not entirely right. Securing a job is just the first step. How fast you advance in your career, how steep your career graph looks matters in the long run.
So how do you ensure that your career is in the right path and you are indeed taking the right decisions? This you can do by objectively assessing the future the current path offers and how changing route can fast-track things. As a working professional, it may be the right time to think about going back to college and getting a 1 year MBA. This qualification can put you at an advantage when it comes to seeking better career options.
Confused? Don’t be. The one year MBA programs are increasingly becoming popular in India and abroad because of several reasons. As the name of the program clearly states, the duration is only 12 months (which in some cases does extend to 14 months). This can save you from the gruelling two-year program that often delays your transition from a student into a working professional. in this article we shall be discussing everything about a one year MBA program such as the colleges offering such programs, course scope, fees, admission, career opportunities etc. Here you will find every bit of information you seek about the accelerated MBA program.
What is One Year MBA?
Typically when we think of a Master’s in Business Administration or MBA, we consider it to be a two year program. But nowadays, almost all B-schools are offering a one-year program. Also known as an accelerated MBA program, this typically caters to professionals who want to advance their careers by adding another degree into their CV. Since the time frame of this course is shorter, the learning happens in a faster pace. The workload is expectedly greater and so is the syllabus. Usually there are no internships offered in these programs, primarily due to the time constraints of the course.
If you do not have the luxury to opt out of your career for two years, then this one-year program is ideal for you. This program is very popular among professionals who wish to take a year off and improve their credentials. Here you get the opportunity to learn everything that others usually learn in two years. Some of the advantages of enrolling into a one year MBA program are –
- It is of a shorter duration. This means you don’t have to put your career on hold for a longer duration. You get to learn all about business administration within a year.
- It is less expensive. Since the time frame of this program is shorter, it is naturally less expensive.
- You get a recognized MBA degree. Here we are not talking about a diploma program but a full-fledged MBA degree. The only difference is the time frame.
- It is also known as a professional MBA. Since the one year MBA program caters primarily to working professionals, it was initially referred to as a professional or executive MBA.
While there are many advantages of this course, it cannot be discounted that there are a few disadvantages too which you must know about.
- The duration can be too short. This means that the learning experience may not be as comprehensive as a two-year course would be.
- There are no internships offered in a one-year program. Thus you can miss out on the direct learning opportunity that your full-fledged MBA counterparts get.
- If you do not have work experience, it is almost impossible to enrol in a one-year program. Moreover, you will require a minimum of 5 years of work experience to apply for these courses.
- Without a pre-decided career goal, you may be lost with a one year MBA degree. This program is ideal for those who know exactly why they want the degree and how they can use it to improve their career.
- Networking with industry stalwarts and experts is limited as there isn’t much scope of interactions. This is due to the lack of internship opportunities in this program.
Despite the cons, this is definitely a course that you should consider if you are interested in fast-tracking your career. Upon completion of this course, you have the chance to pick up your career where you left but move ahead at a much faster pace. Many of the organization do allow their employees to take a sabbatical and pursue these one-year programs. If you are already part of the management industry or are looking at ways to expand your scope, then you should consider enrolling in a one-year management program.
Colleges in India offering One Year MBA
MBA is one of the most popular post-graduate level program in India. There is almost a 100% job guarantee upon completion of a MBA program which is why it is so much in demand. With local and global businesses fast expanding in India there is a huge demand for entry and mid-level management graduates.
It is also seen as a professional program that helps create managers and improve management in any organization. While in the two-year program, you are taught things right from scratch and in details, the one-year program is concise and abridged. That’s the main reason why the latter is offered primarily to working professionals who already have an insight on how things work and seek a professional degree to improve their career prospects.
There are numerous colleges in India that offer the one year MBA program. Below we list some of the most prestigious B-schools offering executive MBA to working professionals.
- Name of the Institution – IIM Ahmedabad
Name of the program – Executive MBA
- Name of the Institution – Indian School of Business
Name of the program – Post Graduate Programme in Management (PGPM)
- Name of the Institution – IIM Bangalore
Name of the program – Executive Post Graduate Programme in Management (EPGPM)
Post Graduate Program in Public Policy and Management
- Name of the Institution – IIM Calcutta
Name of the program – Executive PGPM
- Name of the Institution – International School of Financial Planning
Name of the program – PGD In Financial Planning
PGD in Financial Analysis
- Name of the Institution – SP Jain Institute of Management
Name of the program – Post Graduate Programme in Management (PGPM)
Post Graduate Management Program for Women
- Name of the Institution – MDI Gurgaon
Name of the program – National Management Programme
Fees of One Year MBA Programs in India
It is no hidden secret that MBA programs are expensive. If you want to enrol into a two-year program in one of the prestigious B-schools of the country, you will be ready to shell out a few lakhs upon the completion of the course. This may not be affordable for many professionals in early phase of their careers especially those working in the hinterland where salaries are somewhat lower.
Comparatively, the one-year programs are a lot cheaper though even their fees run into a few lakhs easily. However the cost of the program becomes insignificant when you consider the lucrative job offers that await you after 12-14 months. For working professionals who seek to fast-track their career, you should be looking at this course as an investment for a future where your income increases manifold.
Most of the IIMs offering a post-graduate executive MBA charge approximate fees from anything between ₹15 lakhs to 30 lakhs. In the most prestigious IIM Ahmedabad, the course fee for an Executive MBA program is ₹28 lakhs. In IIM Raipur, the program called Post Graduate Programme in Management for Working Executive (PGPWE) costs only about ₹8 lakhs.
Enrolling in a private institution can be an equally expensive affair. But again the dividends are worth every penny spent. The advantage of paying such high fees is that you get the opportunity to learn from the best in the industry since we are talking about a specialized course that is meant for only a targeted section of professionals, it is important that only the best teach. This is exactly what you can expect from the best one year MBA courses in India.
Admissions for One Year MBA Programs in India
A full-fledged one year MBA program was first launched by ISB Hyderabad in 2001. It was a full-time residential program equivalent to already existing post-graduate MBA program. The course was a huge success as working professionals were looking for such opportunities as similar courses have been popular elsewhere. These programs were already very popular abroad, especially in Europe and the US and were much awaited in India too.
After the first success, IIMs too started similar programs. Once the AICTE approval came for private institutions to offer similar courses, many B-schools started offered full-fledged residential programs for working professionals. Today over 25 B-schools offer the one-year program additionally to the full-fledged two-year MBA course. This has increase the scope for working professionals to learn new skills in the middle of their careers.
Admission for the program is primarily dependent on your GMAT/GRE score. The average GMAT expected ranges between 690 and 710. The better the score, the brighter are your chances of getting admitted into a prestigious B-school. However the GMAT score doesn’t alone determine your chances. Since we are talking about an executive MBA here, your work experience will matter. Colleges seek a minimum experience of 4-5 years and maximum of 10 years. You cannot be a fresh graduate and expect to enrol in a one-year program.
Admissions happen almost all round the year, depending on the institution. IIMs usually start new batches in the month of April while AICTE approved colleges commence at various times of the year. Some begin their classes in January, some April, some in September and some later in November as well. You will have to keep a check on the various institutions to see when their admissions open.
Career Prospects after Completion
The primary reason why you would think of enrolling in a one-year post graduate management program is to help move your career in the right and upward direction. Having worked in the industry for a few years if you feel that there is something lacking in your job or how your growth trajectory looks like then you should think of going back to school. Of course it is not east to go back to books, classrooms, lectures and assignments once you get into a 9 to 5 groove but it is challenges that makes a person grow. If you do not want to stagnate with your career than you must do the unthinkable and enrol in one of the illustrious executive MBA courses offered by one of the many prestigious B-schools in India.
Upon completion of the course you can go back to your field and get a better position. Alternatively you can also plunge into a new industry without having to start afresh. The opportunities after the executive MBA are numerous. Placement packages after the completion usually range between ₹17 lakhs and ₹30 lakhs per annum.
While it may seem to be an arduous task to get back to studying, the advantage of an executive course is that the course work is very targeted and specific. Moreover you will be taught in a manner that doesn’t belittle your years of experience rather helps you grasp advanced concepts better. There is no doubt that once you complete such a course, you will only succeed in your career.
One Year MBA in a Gist
- Also called an Executive MBA
- Offered primarily to working professionals
- Minimum requirement is to have at least 4 to 5 years of work experience
- GMAT/GRE scores are crucial
- It is not a diploma course but a recognized post graduate masters’ program
- It is different from a similar two-year program in the sense that its duration is only 12 to 15 months.
- The course plan is concise and to the point
- In most cases no internships are offered in this course as the time period is very short
- Job placements are offered by some institutions while many others do not offer so
- Students are taught by highly skilled and experienced teachers
- The course is less expensive than the two year program
- IIMs all over the country offer the accelerated MBA program
- AICTE approved institutions can also offer the course
- There are over 25 B-schools that offer this program
- It has been a very popular program abroad and was introduced in India in 2001
The 1 year MBA has been designed for a specific section of management executives – primarily the working class. Though it is a full-fledged recognized Masters’ program, it is short and specific. However it is not a course of fresh graduates. This is where the main difference of this program lies. This is the perfect course for you if you want to take a break in your profession and take time out to study. If you think you can do it, the one-year course in MBA is just made for you.