Full-time vs. part-time MBA: Which one is right for you?

This useful degree often attracts people trying to change careers, advance at their current workplace, or strike out on their own entrepreneurial ventures. MBA candidates learn “stronger communication skills, interpersonal skills, leadership skills, strategy and innovation, and how [to] apply those different capabilities to business,” says Andrew Walker, director of research, management and communication at Graduate Management Admission Council (GMAC), a nonprofit association of business schools.

If you’re MBA curious, you may be wondering whether a full-time or part-time program is right for you. What are the differences in time commitment, career outcomes, cost and projected salary? Who are these different programs geared to? Read on to find out.

Full-time vs. part-time MBA 

Full-time and part-time MBA programs offer the same degree and the same quality of education. The curricula are usually the same at schools that offer both programs.

The main difference is the time commitment required of each. Full-time programs are usually in-person and quicker but are more demanding over a shorter period of time. Part-time programs are more flexible, stretching out learning over many years. Full-time candidates are often younger, whereas part-time candidates are usually further in their careers and attend while juggling a day job and family commitments. 

Full-time MBA

Usually, a full-time MBA candidate forgoes a full-time job for about two years to pursue their degree. Full-time programs generally last four semesters in the United States, with many candidates opting to pursue an internship in the summer between academic years. As full-time programs are usually in-person, it’s common for candidates to relocate to attend.

Full-time MBA candidates are generally younger than part-time ones, with just a couple years of work experience under their belts, Walker says.

“A full-time program is mainly designed for an individual who wants to make a career change in addition to advancement,” says Lily Bi, president and CEO of business school accreditor and nonprofit association AACSB International. “Obviously, financial support, resource availability for them to do that is key. They’re able to quit their job so that they can [complete their degree] in a short period of time.” 

Program duration

Citing personal experience, Bi says a full-time program generally includes two different classes each weekday. Between class time, assignments and studying, Bi estimates full-time candidates spend 6 to 8 hours a day on their MBA.

Cost

 A full-time in-person program generally costs between $43,500 to $52,500, according to AACSB’s 2022–2023 survey of 699 global schools. Pursuing a full-time MBA online is cheaper, averaging between $32,500 to $35,000 for the entire program.

Pros and cons

 Pursuing a full-time MBA has many advantages over a part-time MBA, including better networking opportunities, and salary and career outcomes.

Full-time students are “more likely to have careers in finance, accounting and consulting, compared to part time,” Walker says. “Those tend to be more lucrative, tend to have more up-front signing bonuses.”

According to GMAC’s 2023 Enrolled Student Survey, full-time MBA candidates generally see a 42% increase in total compensation after receiving their degree, with a median salary of $170,000. GMAC’s 2023 Corporate Recruiter Survey projects average starting salaries of $125,000 for MBA holders.

Full-time candidates also benefit from more interactions with classmates and a fully immersive learning environment. “Full-time programs give you the full benefit,” says Bi, noting the bonds that people form in full-time programs. “It’s beyond just the classroom learning. You’re together night and day.”

On the con side, full-time MBA programs are less flexible than part-time ones, requiring a more intensive time commitment. Full-time programs are also more selective, with a 50% average acceptance rate in the U.S., according to Walker.

Part-time MBA

Part-time MBA programs are designed for candidates who are working full-time while pursuing their degree. Because of this, part-time MBA classes are usually held at night and on the weekends; full-time MBA classes, on the other hand, are usually scheduled during weekdays. 

In-person part-time candidates generally attend a program close to where they already live.

Part-time programs are more flexible than full-time ones. If a candidate can anticipate a big life or career development—like expecting a newborn child or a big promotion at work—they can reduce their course load for an upcoming semester.

“It’s less intense,” explains Bi, adding that part-time candidates are often looking to advance their careers at their current workplace, rather than change their careers. “Part-time programs are designed for the working professional.”

According to GMAC’s 2023 Enrolled Student Survey, professional MBA holders—which include part-time, full-time remote (online) and hybrid degrees—self-reported a median income of $90,000 after graduating, a 29% increase in total compensation. 

Program duration

Part-time candidates should expect to spend two to three hours per weekday and additional time on the weekends, Bi says. Because of the flexibility of the program, candidates generally take between two to five years to complete a part-time MBA.

Cost

Part-time MBA programs are more affordable than full-time ones. According to AACSB’s survey of 723 global schools, an in-person part-time MBA program averages between $38,500 to $48,000. An online part-time MBA averages between $32,500 and $35,500.

Pros and cons

Overall, part-time MBA programs are more flexible, cheaper, and less competitive than their full-time counterparts. According to Walker, 82% of part-time MBA candidates are admitted in the U.S. And compared with full-time MBA programs, the admission process for part-time programs gives more weight to job experience than test scores or prior GPA.

On the con side, part-time programs don’t offer as many networking opportunities, and part-time MBA holders generally make less money than full-time MBA holders.

How to choose between the two 

 So, which program is right for you?

The answer may simply come down to whether you can forgo working for two years while you pursue an MBA or not, and whether you can relocate. 

“Millennials and older candidates tend to be more interested in part-time MBAs than Gen Z or younger candidates,” Walker says. “Part-time MBA candidates are more likely to be further along in their careers. They have that interest because of the flexibility that a part-time MBA program is going to offer them.”

It may also be a question of whether you’re simply looking for career advancement or career change.

“Because part-time MBA candidates tend to be a bit further along in their careers, they’re more likely to say that they are pursuing an MBA to obtain higher level positions, or to change industries or functions,” Walker says. “The benefit there is they’re going to still be working full time, so they won’t lose out on any earnings that a full-time candidate might sacrifice to go to school full time, but those full-time MBA students are going to likely take more advantage of student and careers services, internships, extracurricular opportunities.”

See how the schools you’re considering fared in Fortune’s rankings of the best part-time, executive, full-time, and online MBA programs.