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As the economy begins a slow recovery, accelerated MBA programs increasingly appeal to out-of-work professionals.

By Liz Warren-Pedersen, Eller College of Management
September 29, 2009

Graduate school has always been a safe haven for out-of-work professionals in a down economy.

Now, as economic indicators suggest that the economy has bottomed out and the long recovery has begun, those workers-turned-students face a tough decision: try to stick it out in a brutal job market or invest in retooling those skills that will allow them to re-enter the market on the upswing.

For many, the decision comes down to timing.

Accelerated MBA programs, like those at the University of Arizona, are an increasingly appealing option for professionals who want to earn an advanced degree quickly – and affordably – and time their returns to the workforce to coincide with the economic recovery.

The UA's Eller College of Management has developed a suite of graduate business programs that minimize the opportunity costs of pursuing an MBA. The latest – a 12-month MBA for those who already have an undergraduate business degree – is set to launch in 2010.

"Beyond timing, a traditional, two-year MBA program just isn't the right fit for everyone," said Trina Callie, the assistant dean of Eller MBA programs.

"Workers with significant professional experience will be more at home in an accelerated program," Callie said, noting the college's 14-month Executive MBA.

She also noted that business professionals who are three to five years out of college could benefit from the 12-month MBA, where they can focus on elective coursework.

"People should definitely factor culture into their MBA program decision-making," she said.

Currently, the Eller College offers three accelerated MBA program options, along with the traditional, two-year program for full-time students seeking an immersive experience.

The 18-month Evening MBA is aimed at working professionals; the innovative 14-month Executive MBA is designed for high-level professionals with extensive work experience; and the 12-month Accelerated MBA is for professionals with an undergraduate business degree, who will step into the second year of the full-time program to focus on elective coursework.

Information about all four programs will be available during an open house that will be held at the Eller College Scottsdale Campus, 16425 North Pima Road in Suite 370. from 9 a.m. to noon on Oct. 3. Individuals can register to attend by visiting the Eller College's Web site.

"After months of an unsuccessful job search and networking efforts, I realized most of the employers were looking for the total package: MBA plus experience," said Hoon Choi, a student in the 14-month Eller Executive MBA program.

"Now I am expanding my network through an opportunity to work on an innovative, exciting project with my peers, who are all experts in their fields," Choi said.

"I lost what I thought of as my dream job in December," said Katherine Tunsky, who entered the traditional, full-time program this fall. "I knew then that I had two options - settle for trying to find a job that wasn't my dream job or go back to school. I'm confident that by choosing to better my education, I'll be better-suited for the job market when I graduate, and that the market will also be in a better place."

Tunsky said she sees the MBA program as a way to build skills in industries she hasn't yet explored. "My passion is real estate finance, but while here at Eller, I plan on focusing on sustainability and I will be applying for the dual-degree program in hopes of earning an master's in environmental planning."

"MBA programs are designed to help broaden students' horizons," Callie said.

"For example, all of our programs include an international component, which we believe is vitally important in today's global business environment," she said. "But we also offer students access to consulting projects and career services, to help them build their resumes and best position themselves for their coming job searches."

In addition to dual-degree options that allow students to concurrently earn an MBA along with another graduate degree at the UA, the Eller MBA program recently introduced new focus areas that help students build skills in specific growth industries, such as energy and health care.