Whereas the 1 year MBA used to be something only European business schools offered, recent trends have brought this fast track option across the Atlantic Ocean and into the United States and Canada, where leading b-schools have quickly adopted it as an alternative to the traditional, time-consuming, and expensive 2 year option as an answer to declining enrollment rates. There are plenty of reasons it’s a wise decision to apply, but if these three aren’t enough to convince you, nothing will.
1. Lower Tuition Costs, More Time Earning
The opportunity cost of the three-term option is going to be much lower than the extended option, although there is an exception to this. Not only do you save money on tuition and living expenses, you’re also back to work and earning money to pay back that debt sooner. This is particularly relevant for students who take out a student line of credit to pay for their tuition, since unlike government-backed loans like OSAP, interest on a line of credit accrues during the school year. It’s the basic kind of business decision you would learn at b-school, and that’s the logic that’s been driving much of its rising popularity at the best MBA schools in Canada.
You’re not just enrolling in b-school to learn about management, you’re going to master soft skills that will distinguish you as a competent leader, manager, and executive. Here’s your first tip: the number one soft skill you can learn during your MBA is networking. Networking is likely the single most important skill you need to learn in order to achieve your career goals. Even luminaries such as Tom Farley, president of the NYSE (New York Stock Exchange), says he wouldn’t be in his current position if not for the personal relationships he spent years building. Institutions like the Lazaridis School of Business and Economics, which offers a 1 year MBA program in Waterloo, are not just places where you go to earn a degree – they’re where you go to start a business network that will last you for your career. Their new, state-of-the-art building, jointly funded by one of the original founders of BlackBerry and the Ontario government, will not only house its business school but also its hub for entrepreneurship. In the heart of Canada’s Tech Triangle, the school is bringing a new focus on collaboration between future business and tech leaders. To learn more about the tech industry’s acute need for talented individuals who can bring the knowledge to scale startups, visit Lazaridismba.ca.
Regardless how long you plan to spend earning your Master degree, you’re going to have access to one of the most valuable resources b-schools can provide: interest from recruiters. It’s common practice for major employers, especially in finance, insurance, banking, and accounting, to recruit new employees directly from graduating classes. In order to get the attention of recruiters from the most desirable companies, you are going to have to take steps to distinguish yourself, such as taking part in international case competitions. You may want to consider schools that typically do well in these competitions, such as the Lazaridis School of Business and Economics.
Earning your Masters of Business Administration is your way forward to a long and thriving career and the program you choose is going to leave a lasting imprint on your path to the future. If you’re ambitious about your career and you have a clear vision of where you want it to go, it’s a no-brainer: apply to a 1 year MBA now.