One of the most common questions that ponder in the mind of many young professionals and graduates is whether it is worth studying for an advanced degree or not. As soon as they make up their mind to study an MBA, the next significant choice they have to make is whether to study it via traditional classroom or online distance learning. This article discusses some of the benefits of an MBA degree and why to study it online. I hope it will help you make the right decision.
What is MBA
MBA stands for Masters in Business Administration. It does not necessarily mean that only people who want to go in the field of business have to pursue this degree. An MBA is also for people who wish to have more than one career option to choose from in the future or to start their own business. Therefore, an MBA is relevant to entrepreneurs, accountants, lawyers, doctors and other professions. It is a degree programme that teaches you how to be an effective manager. It is a common qualification for aspiring managers.
How to Pursue an MBA Degree
Most MBAs typically last two years in America while some UK schools offer it within 18 months. The time to complete an MBA also depends on if you learned it through distant learning or classroom. Traditionally, most schools offer classroom MBA courses; however, in recent years, MBAs through online distance learning or mixed has been growing mainly in Europe and America. I studied an MBA through distance learning, and we had some weekend lectures with local learning partners.
Online MBA and Its Benefits
Online MBA degrees are becoming popular among universities across the globe. In 2018, Rice University’s Jones Graduate School of Business welcomed the first cohort of MBA students. The University of Illinois at Urbana-Champaign announced in May 2019 that it plans to focus on Online MBA which will call IMBA. Illinois even intends to shut down its residential MBA programmes both the full-time and part-time. According to US News 2019 ranking, the best online MBA schools in the USA are Indiana University-Bloomington (Kelley) and the University of North Carolina-Chapel Hill.
Additionally, one of the best online MBA programmes in Canada can also help you achieve your MBA dreams, as the country also offers excellent courses.
Why are online MBA degrees popular? The number reason is that online MBA gives maximum flexibility to students. You do not have quit your job to attend the lecture. The lecturers will provide materials, and you can download and read at your pace at any time and anywhere. Another important reason is that online MBA courses are cheaper than residential classes. Traditional residential MBA are costing between $80 to $120 thousand in the USA while online MBA can be less than $25,000 in similar universities.
In a 2018 survey conducted by Poets and Quants on how satisfied are the graduates with their online MBA course including the professor, it was found that vast majority are satisfied and would even recommend an online MBA to their family or friend.
Benefits of Studying MBA Degree
As the name implies, MBA holders are assumed to be mastery of business management. This help MBA holders to standout in job shortlisting or promotion opportunities.
MBA can help you become an outstanding candidate in a job shortlist among thousands of candidates. MBA is the most popular degree that can help anyone to get executive-level jobs in a big firm. If you want to proof that, simply scan through the job listing requirements of executive roles. Many international firms still have a graduate programme sometimes called Young Professional Program to recruit young people. They are mostly targeting MBA graduates.
Diverse Business Management Skills
If you plan to start your own business, then MBA can go a long way toward a smooth startup. An MBA degree programme is best for candidates who are willing to learn the skills to start and maintain their own business. The degree is designed to teach students almost all critical skills needed to run a business effectively. It is a degree that covers various areas of business such as ethics, law, communication, product development, applied statistics, accounting, management, operations and entrepreneurship which help students learn all kinds of work skills to improve their career options. The diverse content allows students to learn a different aspect of business and most especially the latest international trends. The modern learning management systems make it possible to learn the mentioned areas through an online MBA course.
With an MBA qualification and an excellent performance, you will likely be given promotion, and higher pay compared to a college certificate or a first degree. Although it depends on the country and school, data from the USA shows that average starting bonus and salary for MBA graduates ranges from $50 thousand to $161 thousand.
Access to Network and Culture
Most top universities offer MBA through their business schools who enrol students from a different culture and work experiences. For instance, most MBA students have at least two years of working experience. These diverse student profiles create a learning atmosphere of different perspectives of culture, business practice around the world. Additionally, some business schools have an alumni network through which they do share not only the latest business trends but also exclusive business opportunities. The opportunities include new jobs, funding programmes, networking sessions and business analysis.
It does not matter if you an employee or an entrepreneur. Studying an MBA degree can go a long way in supporting your career growth more, especially in the current competitive environment. Online MBA degrees are more flexible and cost-effective, and they are the future of MBA courses.