Millennials have been responsible for many changes in the workplace, but one of the most striking differences between them and previous generations is their proclivity for going back to school. Where the standard career model once had young people completing all their education first, and then entering the workforce, it has become increasingly common for workers to go back to school periodically, either to develop new skills, change careers, or upgrade their credentials.
This has led to a parallel development in education institutions, which are increasingly pitching graduate programs to students who may have already spent years in the workforce. Perhaps unsurprisingly, this has led to renewed interest in the MBA, a degree program designed for those who already have extensive workplace experience.
While there are still plenty of competitive options for students to take their MBA full-time, the increased prevalence of more fluid career paths has meant that many students going back to school are often more likely to enrol in a part time MBA program this winter rather than taking time off from work to study full-time.
Though there are many reasons to choose this path, here are the three main types of student who opt for the part-time MBA:
Some people are seemingly born knowing they want to be business leaders; others come to it only after they’ve spent years working in other capacities. In addition to providing valuable knowledge about the dynamics of modern business, the MBA is also an important credential for those who want to move into upper management positions.
Many professionals who are already established in their careers and don’t want to jeopardize their chances for advancement choose to study part-time so they can stay focussed on their career while upgrading their credentials.
The Working Parent
The MBA has been shown to dramatically increase earning potential, and for many working parents who are struggling to make ends meet, an MBA represents an opportunity for greater financial security.
But for those who are already having a hard time paying the bills, taking a year off to go back to school isn’t realistic, and studying part-time is the ideal way to ensure they can still keep their bank balance afloat as they prepare for a brighter future in a more lucrative career.
The Non-Mobile Student
Not everyone can afford to up stakes and relocate for school, and for some students the appeal of part-time MBA is that they can enrol without having to move.
For example, those who have built social, family, and working lives in major centres like Toronto may not have the freedom to drop everything and relocate to a city like Kitchener-Waterloo, even if they are drawn to the Lazaridis program.
Studying part-time means non-mobile students can pursue their degree by taking classes in downtown Toronto, allowing them to carry on with their lives even as they receive a world-class education.
The MBA is one of the most popular and valuable professional degrees in the world, and precisely because it is geared toward practically minded students who want to get ahead in the business world, it tends to attract people working to move ahead in their career or switch into a different industry.
For these students, part-time study is a great way to upgrade credentials without having to move to quit their jobs, spend a year without a paycheque, or move to a new city.