WHY ARE MOST MBAS IN EUROPE 12-MONTH PROGRAMS?
The degree of MBA called Masters of Business Administration is recognized globally and mostly done by the people who have an interest in and insight about business and management. It is also beneficial for those who want to make their career in government, public, and private sectors. The key curriculum subjects of MBA are marketing, economics, accounting, and other elective courses.
Mostly schools and universities that deliver quality educations demand the applicant to have some professional work experience in his hands to start an MBA program. Candidates are also asked about the scores of GRE and GMAT assessment, academic record, personal statement, reference letter, etc. to meet the eligibility criteria in the MBA program. Moreover, non-native English speakers are required to give additional documents such as TOEFL or IELTS scores with other academic records. In contemporary times, the MBA is the trendiest and popular degree program in the world as every other student wants to pursue an MBA degree from a renowned university or school. There is more than 2,500 MBA programs that is offered globally to the students. In which most of them are in the English language.
MBA emerged in the 20th century at the University of United States and its have been evolving since that time. The traditional program of MBA is of 2-years but because of its development with time, the 1-year (12 months) program of MBA is becoming increasingly popular nowadays, especially in Europe. In recent times, many articles in a newspaper such as in The Financial Times and Fortune published about the coming age of the MBA program and its evaluation in the upcoming days. Approximately 50 top MBA programs were ranked as a 1-year program by The Financial Times is not only Europe but all over the country. The question will arise at this stage that why? Why is it happening that only MBA is getting evolved rapidly with time as compared to other Masters program of other fields? The answer lies in 5 simple answers:
- The tuition cost of the 2-year MBA program is comparatively high than other Masters’ programs and cannot be supported by all the students who are facing issues with finance. On the other hand, the 1-year MBA program will result in lessening the tuition cost to 50%, which makes a very big difference in expenses. Hence, become favorable in the preference of students and their families.
- Reduction in half of the fees of the program makes a big difference for the students who are using their salaries to pay the fees. As it will cause them an opportunity of saving their money.
- Many of the researches and evidence says that the student who graduated from a 1-year MBA program earns almost the same as the student who graduated from a 2-year MBA program. Moreover, the level of knowledge will be the same. Hence, it’s human nature that they save their energy and effort as much as they can so when the two things ranked the same and offering the same knowledge and learning outcomes then they chose to be enrolled in the 1-year program instead of 2-year.
- The efficiency level of the students with 1-year MBA program is quite high as compared to the students who completed 2-year MBA program because the former one gets fewer vacations and schedule to do the more intense study which boost up their knowledge and efficiency level.
- The 1 -year MBA program offers students to quickly apply their learned knowledge to their work and use it as a practical application. Because the learning is fresh and remains inside the head longer. It doesn’t hold the student to complete another extra year.
While concluding the argument here. I can say that whether students do a 1-year program of MBA or 2-year. They still get to learn many things and become an expert in the field of business. All they become a better version of themselves with each program, this is what we should focus on!