The growing economies, increasing corporations and globalisation has an evident and ever-growing demand for MBA professionals. This ripple effect drives most B-school aspirants to pursue MBA abroad. However, the very rise in demand and cost brought the option of a 1 year MBA program. Therefore study abroad aspirants find themselves in the dilemma of 1 year MBA vs 2 year MBA.
Your confusion of one year vs two year MBA can definitely be resolved by the end of this blog as we discuss key differences between 1 year vs 2 year MBA. To begin with let’s start with the advantages of MBA abroad:
Pros of Studying MBA Abroad: What are the Benefits of Studying MBA Abroad?
To figure out if MBA abroad leads you to the career you aspire to have, look at some of the top benefits of MBA abroad:
- Cultural Exposure
The first and foremost benefit of doing an MBA abroad is that you’ll get to expand your cultural horizon. As an international student, you learn new languages. You will also socialise and learn about new cultures. This cross-cultural exchange and learning helps you personally and professionally.
- Learning from the Best Tutors
Studying MBA abroad will give you industry exposure. Universities throughout the world provide certified MBA programmes for overseas students. Under the tutelage of teachers of various nationalities, a student is exposed to all aspects of Business, Finance, Accounting, Human Resources etc.
- Salary Benefits
Students usually associate their success with their pay and perk packages. Generally, it's excellent news for students seeking an MBA in a foreign nation. You may certainly anticipate a strong beginning salary package if you graduate from an international university.
- Stable Career and Growth
The primary motivation for pursuing an MBA degree is to further one's career. That is quite true because obtaining a management degree overseas will undoubtedly provide you with a bigger platform to study and grow both academically and culturally. In this manner, professional opportunities and mobility can be broadened.
1 Year MBA VS 2 years MBA: What are the Key Differences Between 1 Year MBA and 2 Year MBA?
Over the last decade, one-year MBAs have grown in popularity, particularly as more candidates with greater experience commit to full-time MBA programmes. Although, few business schools in the United States have adopted this model, one-year (or a few of months longer) MBA programmes are common in Europe and Asia. These courses are often more rigorous and rarely involve the option of an internship. Nonetheless, the compensating gains are not insignificant.
A standard two-year MBA programme is usually full-time, residential and lasts two academic years of nine months each and a summer break. However, the key difference between the two are-
Key Aspects
|
MBA 2 Years |
MBA 1 year |
|
Academic Background |
A Bachelor's degree with at least 50% marks in Business or related field from a recognized university. |
An undergraduate degree is required with good knowledge in quantitative areas or has a Bachelor’s degree in Business or Economics |
|
Work Experience Required |
3 to 5 years |
Minimum 3 years |
|
Other essential requirements |
One needs to essentially crack GMAT with about 700+ score. TOEFL (at least 100) or IELTS (less than 7.5)
Essays resume, LoRs, and interviews are the other important requirements. |
GMAT/GRE (700+ score)and TOEFL/IELTS scores are required by most schools. Essays resume, LoRs, and interviews are the other important requirements.
|
|
Career Goals |
Account Manager, Brand Manager, Consultant, Marketing Manager, Project Manager, Entertainment Manager, etc. |
Managers in multiple positions |
|
Popular Destinations |
USA, UK, Canada, Australia, Germany etc. |
USA, UK, Canada, Australia, Singapore, Germany etc. |
|
Curriculum |
The first year of MBA is dedicated to fundamental management subjects such as Marketing, Accounting, Organizational Behavior, Economics. Second-year is dedicated to specialization depending upon your electives. |
Focuses on foundational areas and specialist skills in domains such as Finance, Accountancy, etc. |
|
Fees |
INR 20 to 80 Lakhs. |
Approximately 1,09,69,644 INR |
Top 1 Year MBA Programs
If you are contemplating between 1 year MBA vs 2 year MBA, you can also refer to the universities that offer you the course and choose the best MBA university depending on your interests:
|
University Name |
Location |
QS MBA Ranking 2022 |
Annual Average Cost INR (USD) |
|
INSEAD |
France, Singapore |
=7 |
76,05,000 (100,000 USD) |
|
IESE Business School |
Spain |
10 |
79,16,546 (106,000 USD) |
|
Oxford Saïd Business School |
England |
=13 |
67,21,596 (90,000 USD) |
|
London Business School |
UK |
6 |
95,59,603 (128,000 USD) |
|
Judge Business School |
England |
17 |
62,73,489 (84000 USD) |
Top 2 Year MBA Programs
On the other hand, there are a number of 2 year MBA programs you can opt for at some of the top universities. Check out the list below:
|
University Name |
Location |
QS MBA Ranking 2022 |
Annual Average Cost INR (USD) |
|
Stanford Graduate School of Business |
United States |
1
|
1,13,64,276 (149,412 USD) |
|
Harvard Business School |
United States |
=2 |
1,11,71,692 (146,880 USD) |
|
The Wharton School |
United States |
=2 |
1,23,79,221 (162,756 USD) |
|
London Business School |
United Kingdom |
6 |
82,90,540 (109,000 USD) |
|
MIT Sloan School of Management |
United States |
5 |
1,17,38,760 (154,336USD) |
MBA Abroad Scholarships
Be it 2 year MBA vs 1 year MBA, if you are a smart intelligent candidate, there are a number of scholarships you can opt for to successfully complete your desired MBA. Some of the popular MBA Abroad scholarships are:
|
Scholarship Name |
Number of Scholarships |
Type of Scholarship |
Reward (INR) |
|
Ontario Graduate Scholarship |
22 |
Merit-based |
8, 23,000 |
|
Australia Awards Scholarship |
1985 |
Merit-based |
Variable |
|
GREAT Scholarship |
103 |
Merit-based |
9,46,000 |
|
Go Clean Scholarship |
1 |
Merit-based |
2, 64,000 |
|
- |
Merit-based |
1,05,329 |
|
|
3 |
Merit-based |
18,63,000 |
|
|
150 |
Merit-based |
Variable |
|
|
1 |
Merit-based |
75,690 |
|
|
1200 |
Merit-based |
Variable |
|
|
MBA Entrepreneurial Scholarship |
1 |
Merit-based |
Variable |
When you are thinking of MBA and beyond, 1 year MBA vs 2 year MBA battle might arise many such questions. To answer that read the section below:
MBA Career Opportunities Abroad
Mentioned below are some of the top MBA 1 year vs 2 year universities you can enrol in. Evidently, you will be investing a great amount of money in your MBA.
This will certainly arise the question of - is it even worth it? And of course, which is better 1 year MBA or 2 year MBA? You will want to know if you will be rewarded in the same manner as a 2 year MBA, even if you opt for a 1 year MBA course.
If you are thinking about this, you should know that your pay doesn’t get affected by the type of MBA you opt for. Packages offered are based on your experience and expertise. Therefore, the average pay you will earn as an MBA will be about:
|
MBA Job Roles |
Average Annual Salary Abroad (Converted to INR) |
|
Business Development Manager |
76 Lakhs to 13.68 Crores |
|
Assistant B.D. Manager, |
38 Lakhs to 68.45 Lakhs |
|
General Manager |
54 Lakhs to 13.70 Crores |
|
Project Manager |
45 Lakhs to 11 Crores |
|
Strategy Manager |
8 Lakhs to 16 Crores |
|
Marketing Manager |
4.50 Lakhs to 10.50 Crores |
|
Consulting Manager |
48 Lakhs to 12 Crores |
|
Operations Manager |
41 Lakhs to 11 Crores |
The above list shows you MBA salaries at various positions. However, your MBA pay also varies on the country you choose to study MBA in and their respective packages.
MBA Salary in Top Countries
Along with assessing between one year vs two year MBA, choose the country to study MBA wisely. As the rewarding packages, you can expect abroad after MBA are:
|
Country |
Annual Average Salary (INR) |
|
USA |
46 Lakhs to 14.45 Crores |
|
Canada |
41.6 Lakhs to 12.16 Crores |
|
Germany |
38 Lakhs to 12 Crores |
|
UK |
75.28 Lakhs to 16.5 Crores |
|
Australia |
48 Lakhs to 7.6 Crores |
2 Year MBA Vs 1 Year MBA: What Happens After an MBA Abroad?
One of the primary reasons students pursue an MBA overseas is to land a high-paying job at a well-known firm, allowing them to further their careers.
- As a Manager, students can work in industries such as Information Technology, Human Resources, Finance, Real Estate, Sports, Entertainment, Sales, Banking, Health Care and more.
- In international nations such as the United States, United Kingdom, Canada and Germany, the average income of MBA experts with an international degree ranges from INR 40 lakhs to 5 crores.
There's more to think about than just how long it takes to get your MBA. Higher programme fees, more time without earning a wage, and more time away from the job market make two-year programmes a much more expensive alternative — in terms of both expenses and return on investment, as well as missed career chances.
- CNN Money reports that students enrolled in two-year programmes end up spending close to $350,000 after factoring in student loan interest, tuition and fees, and lost work income.
Graduates who pick a one-year MBA programme will pay less for tuition, fees, housing, and living expenses. And their time away from work is half that of their colleagues who have been with them for two years. This implies they may begin repaying the cost of their purchase.
On the other hand, as a two-year MBA graduate, you have a better understanding and learnings as compared to a one year MBA. Thus, you need to base your call depending on what your priorities are for the future.
