Earlier this week, Financial Times reporter Neil Courtis offered up an enlightening examination of the pros and cons of one-year and two-year MBA programs. While there’s no denying that business school is intense, there are definite differences in the degree of intensity in each course. The fact that most American programs take two years and European counterparts typically take one to complete makes little difference in the area of rankings, employer preference or even syllabuses. So what are the differences, and how do you know which pace is right for you?

Compressed programs, such as the one-year MBA pioneered by INSEAD 50 years ago, leave little chance to catch up if you fall behind. Classes start at 8:30 a.m. and finish at 7 p.m., even on public holidays. As FT points out, in this format, core courses are largely dispatched in a four-month sprint at the start of the year. Engineers and business graduates certainly have the upper hand with subjects such as statistics or accounting; those without either a quantitative background or business education will have a tough row to hoe.

When it comes to class composition, one-year courses may have more sponsored students who may be older and have more workplace experience. These seasoned students may find discussions of leadership frustrating in classes where few have ever managed other workers.

In terms of what happens in the classroom, the differences are clear, says FT. A one-year program might squeeze a course of 10 three-hour sessions into 16 90-minute slots. Two-year MBAs, such as that at IESE Business School in Spain, thus have time to stick to the Harvard model where every class revolves around a discussion of a business case. This means shorter MBAs do not waste time rehearsing material students can find in textbooks.

According to FT, the critical difference between the two modes of study is off campus. At the heart of the two-year program, in the long summer break between first and second years, is an internship. This summer job on steroids allows students to subsidize their study and try a different career for 12 weeks.

Ask yourself, how crystalized are your professional goals? This can help the decision-making process, as those with a definite goal may appreciate the efficacy of a one-year progam. Conversely, anyone still contemplating several career avenues would probably enjoy the flexibility of a two-year program and the increased opportunities internships provide.

The indecisive might consider the latest intermediate options. London Business School has offered students a 15-month course since 2005. FT points out that this option is popular for would-be entrepreneurs who have found a promising project. Columbia Business School offers a 16-month variation, whereby those who do not want an internship can begin the course in January and study through the summer, beginning the second year in sync with the September intake.

So which program is best? No one can say for sure as nobody takes both paths. However, if you’re looking for Fridays off and a semblance of work-life balance, definitely steer clear of Europe.

Stacy Blackman Consulting is proud to be participating in the Beat the GMAT Scholarship for the second year in a row.  This year’s prizes are really fantastic - the first prize is valued at $7,890.  If you are not familiar with this scholarship, read on for more information.  It’s a great opportunity to receive some truly outstanding help in the MBA admissions process - for free!

Beat The GMAT is an MBA discussion community with a mission to help people achieve their full potential on the GMAT® and business school admissions by connecting them to the best resources available. In this spirit, Beat The GMAT is proud to host the annual Beat The GMAT Scholarship competition, co-sponsored by ManhattanGMAT and Stacy Blackman Consulting.  We will be distributing five scholarship packages valued over $15,000 this spring!

Submit your application by May 1, 2008. Competition ends in 60 days.  To learn more about how to apply, visit this scholarship information page. 

We look forward to reviewing your applications and working with some of you.  Good luck!! 

Undergrads interested in a taste of the Harvard Business School experience should consider applying for the HBS Summer Venture in Management Program (SVMP). This week-long management training program offers outstanding college seniors a unique educational opprotunity to develop a broader understanding of the business world, its challenges and the impact business leaders can make in society at large.

SVMP participants must be employed in a summer internship and be nominated by and have sponsorship from their company or organization to attend. Sponsoring organizations can include public or private companies, government agencies or entities, and non-profit organizations. In addition, applicants must be United States citizens or permanent residents, and must be rising college seniors who have completed their junior year of college by June, 2008.

HBS covers all educational expenses, including room and board, while the sponsors cover students’ salary during the week and assume the costs of transportation to and from the program. Participants will need to arrange the logistics of getting to Boston and back to their internship location. The application deadline is May 9, 2008.

For more information on this program, click here.

When Apple launched iTunes U earlier this year, the idea was to give institutions of higher learning an innovative way to get audio and video content out to their students. But by making hundreds of lectures from elite schools available online for free, Apple is also reinvigorating the minds of the masses.

A Los Angeles Times piece on the iPod Lecture Circuit revealed that millions of people—all separated from the classroom by age, distance or circumstance—have a chance to learn from some of the world’s top scholars. Although universities have posted recorded lectures on their internal websites for years, giving students a chance to brush up on their classes or catch ones they missed, 28 colleges and universities—including the Massachusetts Institute of Technology, Stanford and Yale—now post select courses at iTunes U.

The universities want to promote themselves to parents and prospective students, as well as strengthen ties with alumni. Prospective MBA students can peek inside the classroom of the schools they are interested in and see if the attraction is warranted. From the comfort of home, a café, or even the car, you can listen to discussions on Social Entrepreneurship at Stanford; check out a Wharton lecture on Home Truths for the Housing Market; or listen to Yale Business and Management alumnus Roland Betts weigh in on the State of Private Equity.

In Tech Learning, Dr. Steve Yuen blogs about podcasting in his classroom and lauds the medium’s great potential in teaching and learning. This flexible delivery method can’t be beat for delivering high quality learning materials. Administrators and professors alike view the idea of giving away courses that traditional students pay thousands of dollars a year for both as a free promotional tool and as a public service.

You already know B-school is going to cost an arm and a leg; why not get a head start by crashing a class or two at iTunes U?