Insider's Guide to Finding the Best MBA Program for You

Going back to school for an MBA requires a strong time and financial commitment. The majority of full-time MBA programs take two years to finish, so many students decide to complete their MBA via part-time programs so that they can continue to work while completing their Masters. With the average cost of an MBA ranging from $40,000-$80,000, it certainly can make sense to work while going to school so as not to forgo the lost wages while paying for the expensive school costs. Another, less common option is to attend one of the full-time, one year MBA programs that are offered throughout the country. Let's look at the benefits and drawbacks of each of these options as you consider which is the best MBA program for you.

Full-Time MBA (Two Years): The conventional two-year full-time MBA from a top-ten school is the key to getting into Wall Street, so if that's your goal, this is probably the best MBA program for you. This option will allow you to complete an internship over the summer, which may make it easier for you to get a full-time job upon graduation. The full-time MBA will also allow you lots of chances to work closely with your classmates, which may make for some great networking opportunities. Of course, this option is the most expensive and will mean that you will not have a steady income for two years (although you will have a chance to make money during your summer internship and if you choose to work part-time during school).

Full-Time MBA (One Year): The one-year full-time MBA program is not offered by many schools - schools that do offer this program include the University of Pittsburgh (Katz Graduate School of Business), Cornell (The Johnson School), and Northwestern (Kellogg School of Management). A one-year MBA program can be the best MBA program for some, as you get to focus on your studies for a year without working and give up only one year of income (note that I am biased towards this option since this is the path that I chose). The major drawback to a one-year MBA is that you won't get to complete an internship, which may make it tougher for you to find a full-time job, especially if you are making a career change.