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.

Although the United States is still the number-one destination for business school, European MBA programs are making huge strides to catch up by offering shorter, smaller, cheaper and more diverse programs, businessweek.com reports. Increased corporate demand for employees with international experience, coupled with Europe’s dynamic business climate, has lured in top-notch candidates from all over the world.

U.S. applications to the elite French business school INSEAD grew 20% in the past year, and the school’s 2008 enrollment of Americans grew nearly 24% since 2007, to 73 students. Likewise, Barcelona’s IESE Business School received 32% more applications from the U.S. this year than last, and expects to enroll 35 Americans in the next class-an increase of 60%. Another Barcelona-based institution, ESADE, has fielded so many inquiries from Americans about its full-time MBA programs that it has begun encouraging them to wait until next year to apply.

According to the businessweek.com story, INSEAD’s dean, Frank Brown, says ever more young people are recognizing the value of an MBA but don’t want to spend two years earning one-the length of most U.S. programs. Others credit the U.S. recession. “Probably, the economic fear is making people think that it’s a good year for education,” says Olaya Garcia, ESADE’s director of full-time MBA programs.

Even with the dollar’s disastrous exchange rate, prospective American students can still find a good deal overseas. Tuition at the top 10 European schools averages less than $73,000, vs. $86,600 at Harvard Business School, and about $95,000 at Wharton. Only one elite European program costs more than the Wharton degree: IESE’s 18-month full-time MBA–long, by European standards–at about $102,000.

Many European schools offer courses on corporate social responsibility, social entrepreneurship, and doing business in developing countries in an effort to address the needs of those looking to pursue social justice through business. In 2004, Instituto de Empresa Business School in Madrid, another elite institution, founded the Center for Eco-Intelligent Management to teach sustainable business practices. That same year Oxford opened the Skoll Center for Social Entrepreneurship, which provides five MBA scholarships a year.

The repercussions for Europe’s MBA programs remain to be seen, but the present outlook is bright: applications are up, admissions are increasingly selective, and more companies want multilingual recruits with global polish. With the number of programs specializing in disciplines such as entrepreneurship, finance, and corporate social responsibility on the rise, Europe remains a compelling locale for MBA education. Watch your back, Wharton!

Source: businessweek.com