MBA programs are a necessary step for many careers, both in business and in other fields where there is a corporate component. This leads to many students considering one, either directly after undergrad, or after a few years of work experience. Indeed, the work experience you gain can help both with the application to an MBA program, and in gaining practical experience from doing one.
To this end, some colleges offer deferred admission MBA programs. These are refereed to as 2+2 programs generally; as you spend two years working, then two years completing the program. In this article, we’re going to explore what these programs are, how they work, and whether they’re a good choice for your goals. Let’s jump right in!
What are 2+2 Deferred MBA Programs anyway?
MBAs are generally 1 or 2 year programs, depending on how much material they cover, and how intensive the instruction is. Most MBA programs work the same as college or other graduate programs; you apply and then immediately begin work in the program. Deferred 2+2 programs, however, work differently.
In college admissions, you have the option to defer your attendance for a year. This is a rare choice, but is often done by students who want to work for a year, or have a concrete project they are pursuing which would interfere with their time in college. These students apply as normal, but don’t begin attending the school until a year after they normally would. We explore more how this works for undergraduate programs in this article.
For deferred 2+2 programs, however, this is structural, and a core component. After you apply and are admitted, there is a built-in two-year gap before you enter the MBA program at the university. This is meant for you to gain experience working, either in the private sector, for the government, or with nonprofits, then apply this experience to what you learn in the MBA program.
This is generally two years, but can be extended to up to four, depending on the program. Harvard, for instance, has a two year gap as the standard, but allows you to defer up to four years if the work you are doing requires it.
The reason this exists is because many universities have found that having practical experience helps students succeed in MBA programs. Further, many students who plan on doing MBAs want to work for a spell after college anyway; both as a break from academics and to gain the sort of experience these programs like to see.
These programs allow students to apply for an MBA while still in undergrad, then have a built-in break to pursue a career before beginning the next phase of their education. The actual work done in the MBA program is standard for these programs; the only real variance is in the structure of the program.
Who Offers 2+2 Programs?
MBA programs vary in quality, with those offered by top schools offering significantly more to students in terms of networking ability and job prospects than lower tier programs. We are therefore not going to list out every single 2+2 deferred MBA program, but give a sample of some of the ones offered by top universities.
Top schools which offer deferred MBA programs include:
- Stanford: 6-7% acceptance rate
- Harvard: 9-12% acceptance rate
- Wharton (UPenn): 14-20% acceptance rate
- Northwestern: 20% acceptance rate
- UChicago: 12-20% acceptance rate
- MIT: 14% acceptance rate
- Columbia: 18-22% acceptance rate
- Yale: 5% acceptance rate
- UVA: 26-35% acceptance rate
- Berkeley: 13-20% acceptance rate
This is not an exhaustive list of these programs, but gives you a sense of the options available to you. There are subtle variations in what these programs offer, but that is the case for all MBA programs; the broad generalities are the same, while the specifics differ (much like colleges themselves).
To give you a sense of these differences, we’re going to look at a few of these programs in more detail, so you get a more in-depth understanding of what they offer.
Harvard’s 2+2 Program
This program is aimed at undergraduate students, and in its specifics is exactly the same as Harvard’s regular MBA program. The application is the same as well, though the due date is later. They have preferences for students who come from lower socio-economic backgrounds, those who are first generation students, and those who are planning to enter underrepresented industries.
The program is open to students in their final year of undergraduate study to apply to. If you are in a joint BA/MA program or another master’s program you are eligible to apply, so long as you have not had professional experience. Students enrolled in PhD or MD programs are not eligible to apply for this.
A GMAT or GRE score is required to apply. TOEFL or IELTS scores are required if your primary language is not English, and you attended an international university where the primary language of instruction is not English.
If you are accepted by the program, you must pay a $1,000 deposit to secure your spot, and withdraw from all of the other MBA programs (including deferred ones) you applied to.
Wharton’s Advance Access program
As with undergraduate colleges, similar programs at different universities have different names and descriptions, despite being quite similar otherwise. Thus Wharton’s deferred 2+2 MBA program has a different name, despite functioning nearly the same as Harvard’s program structurally.
You apply for this program during the final year of your undergrad program, or during your graduate degree program. Unlike the Harvard program, you may still apply if you have already graduated from your undergraduate program, but it must be recent. A GMAT or GRE score is required to apply.
You must pay a split deposit; $1,000 is required when you accept your place in the program; another $1,000 is required the year you would enroll. You must submit a yearly declaration of intent to enroll in the program. You must withdraw from other MBA programs you have applied to, including deferred ones.
Stanford’s Deferred Enrollment Program
This program allows you to apply to Stanford’s standard MBA program now, then enroll after one to four years of professional experience. A notable difference between this program and others of this type is the one year option; most of these deferred programs require at least two years and up to four, but Stanford allows you to defer for only a single year should you so choose.
They are looking for either undergraduates in their senior year or graduate students in their final year to apply. Unlike some other programs, they will accept students who are currently pursuing PhDs, MDs, or law degrees, so long as you entered these programs directly out of undergrad, and you did not work full time before beginning your graduate program (this includes full-time internships).
The application for the deferred program uses the exact same application as Stanford’s regular MBA program, with all of the same components. You request a certain amount of deferred time when you apply, but they may offer a different amount of time based on your application. A $1,000 deposit is due if you are accepted, with another $1,000 deposit due the year you are set to matriculate. Both are applied to your first year’s tuition for the program.
UChicago’s Booth Scholars Program
UChicago’s deferred MBA program sets itself apart by not including the terms “deferred” or “MBA” in its title. The program accepts applicants who are in their final year of undergrad, including joint Bachelor’s/Master’s programs, but not students who have graduated or those in other graduate programs. If you transitioned directly from undergrad to a master’s program, you are still eligible to apply.
Unlike other deferred programs, you may defer from two to five years before beginning coursework at the Booth school. In all other ways, the coursework you end up taking is the same as that done by all other MBA students at the school.
GMAT or GRE scores are required in order to apply. If you are an international student whose primary language of instruction in college was not English, you are required to submit scores from an English proficiency test. You must maintain full time employment during the period of deferral. You must submit a form each year of your deferral which updates the program on your employment.
Is a Deferred MBA Program Right for You?
This depends entirely on your goals with your MBA. Certain careers and fields require one, especially to advance past a certain level within the corporate hierarchy. Some of these fields have additional requirements, and only look for candidates who have both real work experience and an MBA under their belt when they apply.
This is true of many consulting firms, plus many management positions across a wide array of industries. You should consider what your own ambitions are in light of getting an MBA, and whether or not having career experience would help you attain your overall goals. If so, then a deferred program offers a number of benefits.
First, and perhaps most importantly, it saves you the stress of applying again. Applying to graduate programs is stressful enough when you’re in undergrad, but when working full time (or more than full time, as is often the case in finance and consulting), finding the time to apply can be a dicey proposition. Having a spot ready and waiting for you already is a major stress reliever.
Further, having a set time frame to do work then return to an MBA can help you reconfigure your career path, and open new avenues for advancement. There is often a set amount you can advance within one company; having a set deadline where you return to education provides a clean break, often on good terms, and allows you to either pivot the direction of your career, or reinvigorate it in the same setting.
Finally, having real world experience puts a lot of the things you encounter during an MBA into a new light. Having the practical experience with how a business runs, regardless of field, gives you new insights, and lets you take more away from many of the courses you will be taking. This makes the work you do in an MBA far more valuable overall.
Final Thoughts
MBA programs are a key stepping stone for any number of careers in business and administration, and offer students a wealth of information and experiences. Deferred programs are an avenue of MBAs which many students are unaware of, but which offer a unique set of advantages, especially to students who are already thinking about their long term career goals.
We hope that this article has given you a good sense of what a deferred MBA program can offer, and the kinds of variance you can find in top programs. If you are looking for help in applying to one of these programs, or advice on planning out just how an MBA can fit into your long term goals, schedule a free consultation with us today. We understand exactly what admissions officers are looking for, and are always happy to hear from you.
