Thinking about getting an online MBA degree? There’s no need to hesitate. Once considered a less attractive cousin to the conventional MBA format, online MBA programs have gained reputation and are now offered by the best universities!
Today, 15% of those hoping to obtain an MBA degree are opting for online courses. In addition, traditional full-time MBA programs showed only about a 25% increase in enrollments, compared to more than 35% of top online MBA programs.
So, what’s in it for you? Whether on-campus or online, an MBA qualifies you for a variety of jobs. According to the US Bureau of Statistics, MBA jobs are expected to increase by 15% in the following 2 years.
Looking at these figures, it comes as no surprise that 25% of US graduates are opting for an MBA for their master’s, making it the most popular graduate degree in the country. In fact, survey participants rated online programs 9.2, with top programs scoring even higher—between 9.7 and 10!
Need more convincing? Here are the top 5 advantages of choosing an online MBA degree.
Greater Flexibility
Most online MBA programs are completed in significantly less time (about 18 months). They also have more flexible schedules, and the coursework includes live video lessons, quizzes, synchronized learning via videoconferencing, as well as discussion forums.
However, online MBA programs also offer an opportunity for students to learn lessons using recorded lectures, email, and message boards. All this makes online MBA programs very convenient for people who already have full-time jobs or those who have to take care of their children. All you need is an internet connection and a computer!
Interaction Opportunities
Online education opponents usually stress the fact that it lacks the one-on-one interaction of the traditional education format. However, that’s not entirely true. Most online MBA programs offer various conferences, events, career fairs, as well as international and on-campus projects in order to allow students to experience the campus atmosphere.
Another misconception is that online courses lack opportunities for international exposure. On the contrary, you’re very likely to meet international professors and students in team projects, as well as in live online discussions and chat forums.
Quality of Education
The MBA programs run by renowned universities offer faculty, curriculum, and alumni networking that match the quality of their on-campus counterparts. In fact, the same instructors use the same curriculum as the one used for the on-campus course, so the quality of education is not compromised in any way.
Good Reputation
Quality online programs are conducted by reputed business schools and universities, which means that most recruiters value them quite highly. Having an MBA degree from a reputable school will certainly open up a number of opportunities, regardless of whether you’ve completed it on-campus or online.
The online format will also help you become skilled in communication and using technology, which can also be helpful in your future workplace.
Recruiters no longer view online MBA programs with suspicion. On the contrary, enrolling in an online course shows them that you’re determined, have a strong work ethic, as well as critical-thinking and project management skills.
Lower Cost
Another important advantage of online programs is that they’re accessible to everyone. Even if you aren’t able to attend the traditional MBA programs at top-notch schools due to the high tuition, you can still take part in the online format!
Students at brick-and-mortar schools spend an average of $140k to obtain an MBA degree. This includes tuition and fees, living expenses, transportation, and textbooks. For this reason, many students are looking for ways to cut their education costs. Signing up for an online program can reduce costs significantly.
The cost of online MBA programs depends on various factors like whether the student is eligible for out-of-state or in-state tuition, the program length, etc. The average cost per credit hour is $963 for out-of-state tuition and $841 for in-state. The average tuition for in-state students is about $35k, whereas for out-of-state students it’s around $39k.
Not to mention, students of online programs can continue to work while studying, which allows them to keep earning a salary and repay a part of their fee.
Finally, there are no relocation or commuting costs involved, which also means you’re saving time and energy.
What Are the Admission Requirements?
The requirement of work experience might keep you away from your dream degree, but on the other hand, you get the chance to learn the business while practicing it if you are already employed, which also benefits your company. Many online programs waive scores from standardized tests like GRE and GMAT if you have work experience.
Check if your company is willing to provide part-tuition or sponsor your MBA studies if you commit to returning after completing your MBA.
In Conclusion
Many online MBA graduates get promotions and pay raises soon after graduation, while others find better jobs or even new career paths.
If you’re certain that having an MBA degree will help you advance your career but you have a full-time job you can’t afford to leave, or maybe you don’t have enough money to pay MBA tuition, consider taking up an online MBA.
Do some research to find a program that suits your needs, objectives, requirements, as well as your learning style. High-quality institutions provide all the necessary information, so going through all the data will help you choose the program that works best for you.
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