Online MBA’s have become extremely popular with business professionals as they offer more flexibility than a traditional brick and mortar degree program. Earning an MBA degree online can be more convenient and cost-effective. However, completing an MBA is still a big investment, both in terms of money and time.
You must weigh up the pros and cons carefully and decide whether an online MBA is the best option for you. To help you make a well-informed decision, this article is going to discuss the benefits and potential drawbacks of earning an MBA degree online.
What is an MBA?
An MBA is a postgraduate degree that is designed to teach professionals the required skills and knowledge for senior-level roles in the business sector. MBA qualifications are globally recognized and highly regarded in many industries, including finance, marketing, management, and human resources. Therefore, if you want to venture into one of these career options, taking an MBA is a wise decision.
What topics are covered in an online MBA?
An online MBA covers the same topics as a traditional campus-based MBA program. According to Top MBA, core modules covered in an online MBA include organizational behavior, marketing, leadership, and financial management. You also have the option to choose elective modules and tailor the program to your interests and career goals.
There are several MBA specializations to choose from, including entrepreneurship, business analytics, strategy, and operations management. More and more professionals are choosing to complete an MBA degree via distance learning rather than attending a classroom-based course. This surge in popularity means that professionals now have a vast range of online MBA programs to choose from. Take the time to explore different online programs and enroll in a course that suits your preferences, interests, and career ambitions.
How will an MBA benefit my career?
There are dozens of great reasons to complete an MBA degree. The qualification is ideal for anyone who wants to advance in their career and meet the ever-changing demands of the modern business world. Here are some of the top benefits of getting an MBA degree:
1. Improve your business skills
An MBA is considered the gold standard for professionals hoping to secure senior-level positions in the field of business. The degree is designed to teach you the specialist skills and best practices to excel in your field and have a strong influence on business strategy.
An MBA program will teach you essential business leadership skills like effective management, strong communication, and strategic thinking. These skills are crucial in a wide variety of roles in the business sector. MBA graduates have a higher skill set and feel more confident in their capabilities and approaches.
2. Secure a promotion
A survey found that two in three leave their jobs because of a lack of career development and advancement. If you feel stuck in your current position, then an online MBA can help you achieve your career aspirations and move up the career ladder. Gaining an MBA qualification will prove that you have the skills and capabilities to handle the responsibilities of a senior role. An MBA will set you apart from your coworkers and put you in a stronger position when promotions become available.
Many MBA graduates also look for executive-level roles with other companies once they complete the program. An MBA degree that you take online will open up new doors and help you accelerate your career. Some of the top jobs you can land with an MBA are financial analyst, IT manager, PR direction, and marketing manager. These positions offer fantastic job perks such as high starting salaries, performance-based bonuses, and career advancement.
3. Higher salary prospects
MBA programs taken online are expensive, but you should recoup the cost of your higher education with a boost in salary. MBA graduates are in high demand, and the business sector is expanding year on year. With such a massive market available, finding a job with an MBA is quick and easy.
Collegedunia state that “many graduates are offered an annual salary of around £80,000 or more per year after completion of the degree.” Securing a higher salary will boost your financial position and improve your overall quality of life. You will have more disposable income to save for retirement or to pay for luxuries like holidays or cars.
4. Professional networking opportunities
Large numbers of business professionals enroll in an MBA program because of the networking opportunities on offer. An online MBA course will give you access to an international network of top industry professionals. Connections made while studying for an MBA degree can be leveraged to advance your career and secure top-level positions in your industry.
You’ve probably heard the saying, “it’s not what you know, it’s who you know.” This is particularly true in business, where networking is the key to career growth and success. Building a large and varied professional network will help you excel in your career and leverage new opportunities to your advantage.
If you choose to enroll in an MBA program online, you can connect and communicate with other business professionals all around the globe. Many students enrolled in MBA are influential professionals with many years of industry experience. You will also have the opportunity to connect with your tutors and alumni members while studying for an MBA degree online.
5. Prepare for entrepreneurship
If you are considering launching a startup, then getting an MBA will help you prepare for the challenges of running a business. An MBA program teaches students a wide range of core business and leadership skills that are essential for effective business management. Getting an MBA will also boost your business credentials and improve the image and reputation of your brand.
Investing in an MBA online is a great way for aspiring entrepreneurs to develop their skills and fulfill their career aspirations. You can choose an MBA program with an entrepreneurship specialization if you want to focus on the processes and methods used to launch a successful business.
What are the advantages of studying online?
Distance learning is becoming the preferred method of study for many business professionals. By taking a degree online, it allows working professionals to develop their skills and advance in their roles without needing to delay their careers. It is possible to work full-time while studying for an MBA, as the program allows you to study at your pace and create a flexible learning schedule. Here are the main advantages of studying for an MBA online:
1. Create a convenient study schedule
The biggest benefit of getting an MBA degree online is that you will have the freedom to choose your learning schedule. You can study at a time that is convenient and easily fit learning around your current responsibilities and commitments. For instance, many students enrolled in online MBA programs study in the evenings or weekends when they are not working.
Distance learning is also a great option if you have young children to take care of. An MBA online course will allow you to focus on your career without sacrificing your family life. You can learn at your pace and make your study schedule work for you and your family. The availability of online courses means that there is no reason to delay getting your MBA qualification.
2. Learn from anywhere
Distance learning gives students the freedom to study from anywhere with a stable internet connection. This means you can choose to complete coursework at home, at your local library, in a cafe, or at any other location of your choosing. Many students prefer to work at home or in a more casual setting than formal lecture halls and classrooms.
Distance learning also makes it possible to earn an MBA while traveling. If you’re taking time out to travel, then it could be the perfect opportunity to learn new skills, invest in your education, and improve your future job prospects. All you need is a laptop and a reliable internet connection, and you can learn from anywhere in the world. Check out this article by travelalerts.ca for advice and tips on how to study and travel simultaneously.
3. Lower tuition fees
Cost is a huge factor when deciding whether to pursue a postgraduate qualification like an MBA degree.
A huge advantage of studying via distance learning is that online degrees are typically much more affordable than traditional brick and mortar courses. You could save thousands of dollars by choosing an online MBA program instead of a campus-based course. Plus, you will have the freedom to work while studying to reduce your student debt.
Along with lower tuition fees, online students also save money as they don’t need to commute to classes or pay to relocate and rent accommodation on or near campus. Online degrees also tend to use digital materials, which are often cheaper than buying physical course books and other learning materials. Overall, opting for an online MBA program is ideal if you’re looking for a budget-friendly way to get an MBA qualification and want to minimize student debt.
4. Wider choice of schools
Another benefit of getting an MBA online is that you will have a wider selection of schools to choose from. When you attend a campus-based course, you will be restricted by your geographic location and may be required to relocate to attend your preferred school.
Whereas distance-learning gives you access to thousands of top business schools all around the world. You have the freedom to enroll in a school thousands of miles away without needing to relocate. This makes it easier to find an MBA program and school that suit your preferences and lifestyle.
Are there any drawbacks to studying online?
Getting an MBA online has dozens of advantages, but there are some potential drawbacks. Here are some things to consider before enrolling in an online MBA program:
- Credibility – An online degree holds just as much weight as a campus-based program. However, some employers still favor traditional brick and mortar qualifications over distance learning. This is something to consider when you are deciding whether to invest in an online MBA instead of a traditional course.
- Social interactions – When you enroll in an online degree, you will have fewer opportunities to socialize with your instructors and other students. Some people miss the face-to-face interactions and social life that comes with a campus-based course. If you are studying online, then take advantage of online communication platforms.
- Structure – Online MBA programs offer a high degree of flexibility, but some students struggle to stay engaged without a strict course structure. To be successful at distance learning, you must be extremely organized and self-motivated.
- Course length – Online MBA programs usually take longer to complete, especially if you’re trying to juggle learning with work and other commitments. This can result in delays in the time that it takes to get your MBA certification.
- Networking – You may find it more difficult to build meaningful and lasting connections with people online. There may also be fewer opportunities to attend networking events. If you enroll in an online program, then you may have to work harder to build your professional network and maintain strong connections with your professors and peers.
Earning an online MBA is a big investment, but for many professionals, it’s worth it. An MBA degree can help career growth and bring about some fantastic rewards such as higher salary prospects, job advancement, and networking opportunities. However, getting an MBA is no easy task, and you must be committed and prepared for the challenge.
Before you enroll in an MBA, ask yourself whether you have the skills, knowledge, and experience to excel in a leadership position. If the answer is no, then it might be a good idea to build more on-field experience before you enroll in an online MBA. Weigh up the pros and cons to help you decide whether now is the right time in your career to enroll in an online MBA program.