It isn’t uncommon for many mid-level leaders to find themselves plateauing in their careers. They’ve excelled at running their team, but a well-rounded understanding of all business areas, not just their functional area, is needed to take the next step into a senior management position.
The good news is that there are several options to develop business acumen, from attending a full-time MBA, an executive MBA, or a mini-MBA. However, for many professionals striving to strike the right work-life balance and meet personal financial obligations, attending a full-time or executive MBA is not an option due to the time commitment and high cost. That’s why a mini-MBA has gained popularity among working professionals in the last few years.
With a mini-MBA being a relatively new option for developing business acumen, it leaves many with questions such as what is a mini-MBA, is it worth it, and what will I learn? We address these questions and more within this article. So, let’s jump in.
A mini-MBA is a condensed version of the traditional MBA program that typically takes place over several weeks vs. a year or more for gaining a Master of Business Administration degree. This non-degree version of an MBA gives professionals an overview of all functional areas of business in a relatively short time frame, at only 5-10% of what a traditional MBA costs.
In addition, many mini-MBA programs are delivered by the same faculty who are also professors in degree MBA programs. Essentially, a mini-MBA is a brief overview of the greatest hits found in the traditional degree MBA program.
Every individual has to answer this for themselves as it all depends on your professional goals, work experience, previous education, and career aspirations. A degree MBA is necessary for some individuals to achieve a goal or attain a specific position. However, a mini-MBA is ideal for another person as they’re only looking for upskilling business acumen, and a degree is not needed to attain their goals.
To compare the two to determine if a mini-MBA is worth it to you, here is a list of a mini-MBA vs. a degree MBA.
Length
An MBA can run anywhere from a year to multiple years, depending on the format. A degree MBA is delivered in several forms, including full-time and part-time, and can accommodate professionals while they work. In contrast, a mini-MBA is completed over several weeks, and most participants are working professionals.
Cost
There is a significant difference in the fee for a degree MBA vs. mini-MBA. The cost of a mini-MBA is typically anywhere between 5-10% of what it costs to attain a traditional degree MBA.
Typically, individuals cover a full-time, part-time, or executive MBA program tuition. In some situations, the company they work for covers a portion or all of the cost for an individual to attend. Whereas, we see at Niagara Institute that most participants are sponsored by their organizations as part of an individual’s personal development plan.
Credentials
The distinct and most recognizable difference between an MBA and mini-MBA is the degree. In a full-time, part-time, or executive MBA program, participants achieve a master's degree, whereas mini-MBA participants earn a non-degree certificate of completion.
The program content of a mini-MBA can vary from different providers; however, Niagara Institute's program is relatively typical for any general, non-specialized mini-MBA. In the mini-MBA program, participants learn the core functions of business and how they interconnect with each other to give participants a holistic understanding.
Strategy
The strategy component of a mini-MBA program provides participants with a foundational knowledge of developing a corporate strategy. Participants learn how to uncover insights into their industry and the market, understand their competitive advantages and what might be a barrier to entry, use information and insights to build a value proposition, and gain the tools and knowledge for conducting strategic planning back on the job.
Finance and Accounting
Having a solid foundation of financial acumen is critical for senior management. In these sessions, participants walk away with a deeper understanding of financial and accounting principles, budgeting and financial controls, and the critical role of the time value of money in decision-making.
Operations
Understanding the core principles of high-performing processes and how to implement them are needed for senior management. In the operations modules of a mini-MBA program, participants gain a deeper understanding of the principle of operations, how the operations function integrates throughout the organization, and how to create an effective operational strategy for their organization.
Strategic HR
A mini-MBA equips you with the knowledge and appreciation for how a strategic talent strategy can impact an organization. In the strategic HR modules, participants learn the principles of HR, how to leverage HR to ingrate with a business strategy, the importance of performance management, and to lead change in their organization.
Marketing
In the marketing component of the mini-MBA program, participants explore customer expectations, the importance of market segmentation, targeting, and positioning, the core principles of marketing, and how to drive a digital and marketing strategy.
According to KornFerry, C-suite executives have a sense of urgency to fix their pipeline of leaders ready to step into senior management roles. Their research concluded that “developing leaders to drive strategic change” was the number one development priority, with “filling the gaps in the leadership pipeline” coming in second. Given the urgency to develop ready-now senior leaders, investing in a mini-MBA, where participants dive deep into business acumen training for managers over a short period of time, could be the exact solution many organizations need.