The Unsung Benefits Of A Part Time MBA
by Arina Smith Job & Career 01 December 2017
For business people who are already well into their careers, but who aspire to lead, manage, and be promoted to higher paying positions, there are options for professional development out there that won’t require them to leave the security of their current jobs. What they need to focus their energies on is finding a business school that offers a part-time MBA program. This is also an attractive option for those who have families and do not want to uproot themselves; pursuing a Masters degree part-time allows for flexibility where needed which is useful for those with personal obligations.
The return on investment is also something to consider when scouting out schools. It’s highly beneficial for students to have the opportunity to earn an income and offset tuition costs especially if they’re pursuing a quality MBA which can, unfortunately, procure debt for full-time students who are paying for school exclusively using loans. Furthermore, those in part-time programs graduate with the same stable job they began their degree with, giving them a leg up on the competition for openings internally that require more responsibility, as the company they’ve remained loyal to is already familiar with their work ethic. Some companies will even agree to cover a percentage of tuition fees if they see potential in an employee and want to groom them for advancement within the company.
While some may worry about whether the company they’re working for will promote them upon achieving their MBA designation, studies published in the Journal of Education for Business show that part-time MBA graduates achieve a pay raise of 41% above their pre-graduation salaries, and this number typically goes up to 56% within five years. Companies recognize good work and are willing to pay for the expertise of someone who went out to become qualified and lead in their position, or department.
Part-time MBA degrees are also on the rise; a 2011 AACSB survey found that while 44% of MBA students were attending full-time, 56% were enrolled in part-time programs thanks to the convenience they offered candidates. The Lazaridis School of Business & Economics is an AACSB accredited school and houses their part-time If you want to do your MBA in your spare time consider pursuing it through Lazaridis at the Sun Life Financial building campus in downtown Toronto. It’s situated in the heart of the city’s booming financial district and remains in close proximity to many top firms, banks, and agencies. It is a short commute for those working in Toronto and the GTA as it’s just steps from the subway and major GO Transit station.
The hesitation surrounding part-time programs is unwarranted. While it’s true that pursuing a top MBA part time can take anywhere from 3-5 years, these programs not only offer the same prestige as their full-time counterparts but demand the same academic rigor. They also teach students to juggle multiple responsibilities along with schooling, launching well-adjusted graduates with an admirable amount of work experience behind their belts – graduates who know how to multi-task and how to prioritize.