The MBA isn’t going anywhere as a post-graduate choice of study—just over 250,000 students are enrolled in MBA programs worldwide, according to the Association to Advance Collegiate Schools of Business (AACSB). And pursuing this degree online is now more popular than in-person, as AACSB data shows that nearly 3% more students were enrolled in online MBA programs in the U.S. during the 2020-2021 academic year than in full-time programs.
In such a saturated market, universities must look for unique offerings and program types to draw more students, the AACSB notes. Schools may adapt and diversify their curricula and program elements to offer more options to students, often through industry-specific MBAs or other specialized degree and non-degree offerings.
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One such example is accelerated the MBA program—what many institutions refer to as a 4+1 track, or a degree program of four years plus one-extra year—which is designed to seamlessly transition a university’s current undergraduates into its MBA programs. While similar to dual-degree programs, these four-plus-one programs instead bridge undergraduate and graduate learning, allowing students to complete a bachelor’s degree and an MBA in five years.
Four-plus-one programs keep students connected with their goals, says Barbara Porco, the associate dean of graduate studies and managing director of the responsible business center at Fordham University. “We have an opportunity in this space to give students guidance in terms of their academic studies, and their career development that will be far more unique and specialized because we have the benefit of knowing and understanding the courses in which they’ve already completed and succeeded.”
While not all accelerated programs are 4+1 programs, it’s sometimes possible to complete both degrees in even less time, says Porco. At Fordham, students degrees are granted by achievement of credits, so the pace and completion rate of a student’s undergraduate program can often change the overall timeline of an accelerated program. That’s especially true if students take summer classes—which might allow them to potentially complete the accelerated program within a four-year period, she adds.
“We are very intentional in how we approach our four-plus-one experiences,”Porco tells Fortune. “We try to make it affordable in the sense of leveraging some of the course load, where students who are undergraduates can begin their graduate courses, so that accomplishes both reducing the semester course responsibilities for credit achievement as well as time to complete.”
At some institutions, 4+1 MBA programs may only be available to current undergraduates in the business college, while other programs offer pathways from any undergraduate program to an MBA degree. Further specializations of 4+1 programs are not uncommon either, such as the University of Georgia’s five-year bachelor’s in engineering to MBA program or the University of Alabama’s similar STEM to MBA program for undergraduates in science, technology, engineering, and mathematics (STEM) fields or the CREATE to MBA program for undergraduates from creative backgrounds. Similarly, the University of Massachusetts-Amherst offers specialized 4+1 tracks in a variety of programs, such as computer science, public affairs and business analytics.
Though accelerated options vary by school, these programs can deepen a student’s established relationship with an institution so they can continue to mature, according to Porco. “They are opportunities to represent the student body in terms of leadership opportunities, extend existing relationships with faculty in the opportunities to take additional classes offered by them or support them in research initiatives, and it also provides the students with a sense of familiarity with niche offerings within the institution that often would not be as visible or as well planned with students coming in externally for the first time.”
If you’re looking to get ahead of the game and fast-track your studies with an accelerated program, here are six options to consider.
1. Indiana University (Kelley)
Indiana University, which landed the No. 1 spot on Fortune’s ranking of best online MBA programs, offers current Kelley School of Business students majoring in accounting and finance a 3+2 accelerated MBA option. Earning both degrees simultaneously allows students to spend one less year in school to complete an MBA than standard. In 2022, 100% of Kelley’s 3+2 year program received job offers in their fields.
The program is designed for students interested in careers in accounting or finance-influenced accounting opportunities, such as deal advisory and valuation. Applicants to the program can be considered as early as their sophomore year, and specific prerequisites must be completed before students enter the program.
2. Fordham University
At Fordham University, the 4+1 program is available across multiple disciplines both inside and outside the Gabelli Business School and is designed to condense the time and expense of completing a bachelor’s and master’s degree. The university provides students with early education and information about the program, allowing those interested to be aware of the offering and plan their educational journey early on as an undergraduate, Porco says. The initial steps can being as soon as a student is ready, and students can transition into the program when they meet the requirements, typically during their junior year, she adds.
“If you look at how to guide students in their graduate space, I would suggest don’t wait ’til they’re seniors and they’re at the point where now they’re making decisions that have a much more compressed timeframe,” Porco says. “You want to be able to create those expectations early on to help students think about the future with a much, much longer-term lens.”
3. Cornell University (Johnson)
At Cornell University, the five-year bachelor’s/MBA program is open to undergraduate students “with outstanding grades, proven leadership potential, and personal maturity,” per the program description. Interested students must apply in the fall of their junior year and complete all requirements for their undergraduate major by the end of that junior year in order to successfully be able to complete both degrees in five years.
There are no undergraduate course requirements to apply to the program, but admissions guidelines suggest that taking quantitative courses to help prepare for the MBA curriculum may be beneficial.
4. University of Chicago (Booth)
The University of Chicago Booth School of Business offers an accelerated dual-degree program for both current University of Chicago undergraduates and recent alumni. Per the program website, this accelerated option can reduce the time and cost necessary to earn a Chicago Booth MBA. Applicants are able to select which MBA program they choose to enroll in post-completion of their undergraduate degree—either the full-time, evening, or weekend MBA program—depending on whether a student wants to work or complete an internship while earning their degree.
Students can complete their MBA in as few as 15 months, depending on their selected program track. Current University of Chicago students can apply as third or fourth-year undergraduates and alumni can apply up to two years after graduating with their bachelor’s degree. Alumni one year out from graduation are eligible to apply to the evening or weekend MBA program and alumni two years out from graduation are eligible to apply to the full-time MBA program.
5. Quinnipiac University
Quinnipiac University’s dual-degree 4+1 MBA program is open to any undergraduate student looking to get ahead, with options for either a BA/MBA or a BS/MBA track. For both paths, students begin taking graduate courses during their senior year, which count toward both an undergraduate degree and an MBA.
Current Quinnipiac students can apply for this program up until the spring semester of their junior year using an application form available from the business school. Students must have earned at least 75 credits with an overall GPA of 3.0 to be considered for the program and meeting the minimum criteria for consideration does not guarantee admission.
6. Rutgers University
Rutgers University’sfuture leaders MBA program is designed specifically for undergraduates interested in an accelerated MBA program. The dual degree program for BA or BS undergraduates aims to converge science, engineering, and business to help open new doors to jobs and careers. Undergraduates in the program major in fields such as biology, business, chemistry, engineering, environmental science, or physics, and during the first three years of study, students follow the traditional bachelor’s degree track.
In the fourth year, students begin taking courses toward their MBA, and once students complete their bachelor’s degree, they enter Rutgers’ part-time MBA program and complete their MBA in one-and-a-half to two years.
Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.
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