The internet has made its presence to be felt across all aspects of our lives. So, why would the arena of education stay behind? Millions and millions of students around the globe are accessing the internet to study. And it is not only to take additional notes for their curriculum. People are getting legit educational degrees from the internet.
Among the many degrees of education which is popular online, the one that sparks the most interest is that of MBA (Masters of Business Administration). Today, we are going to take a look into the viability of an online MBA and how it has made a name for itself in recent years. Let’s dig into it in detail.
What is Online MBA?
The 21st century requires us to be at the top of our game each day, every day. We hardly get a breather in between. To add to that pressure, the competitiveness of the world is ever-increasing. To get a well-secured job, you need to have a great resume. Working professionals with an MBA degree are prevalent in the market. But are all of them getting employed with their dream job? Probably not! This is primarily because if the level of supply and demand of MBA professionals are not in the same equilibrium.
Unfortunately, there are many people who get into jobs very early in their lives for varied reasons. This stops them from getting the much-required education which would be essential later in their lives.
Online MBA provides people, especially working professionals, the opportunity to get their educational degrees without having to compromise with their jobs. It is essentially an advanced version of distance learning. Here, the lectures are delivered through the means of video conferencing. You would be allowed to both record the lectures or to carry the notes in pen drives.
Now, the best part about an online MBA is the fact that they are asynchronous programs. This means that these courses allow you to access them at your own will. So, you can log in and study them whenever you want. You can do it in your lunch break, during your weekends, or when you are on your bed, etc.
Your participation in the degree is measured by real-life legitimate and respected professors through tour contributions to discussion forums. If you think that online MBA classes are just a secondary alternative to regular MBA classes, you are sadly mistaken. All the lectures, homework assignments, and classes are given to you through online portals. So, there is no chance of you missing out on anything.
The recent advancement of speed and data connection has made people more reliable on online educational programs. These courses will help you get an upgrade in your career, which, in turn, would lead to your chances of getting promotions easily.
The job profiles wherein you can get a boost in your ranking or promotion with the help of an MBA degree are as follows:
- Portfolio Manager
- Senior Executive
- Credit Risk Manager
- Finance Analyst
- Corporate Associate
Don’t be mistaken! An online MBA program can be as rigorous as that of a regular MBA program. In both of them, you would have to put in the same exact effort to excel. In fact, many experts opine that online MBA programs are harder than their regular counterparts because of a lack of face-to-face interactions with classmates and professors. You would have to bring in more determination, drive, and time management skills in order to excel in your course.
To put it simply, online MBAs are great for those who want to take care of their families or want to continue doing their job and don’t want to exit their professions.
How Long Does it Take to Complete an Online MBA?
The duration of your online MBA program will be determined by which type of MBA you are pursuing. Generally speaking, most types of conventional MBA programs can be completed within two years. However, some differ from others though. Prospective MBA candidates make their choices depending upon their priorities and circumstances. Let us take a look at some of them.
Executive MBA
The duration of an executive MBA is two years. These courses are ideal for mid-to senior-level managers who have around five years of business experience under their belt. They help sharpen your leadership, strategic, and decision-making skills.
Part-Time Online MBA
Part-time online MBA courses can last anywhere between three to five years depending upon where you get it from. These are recommended for students who are trying to balance their personal life, professional life, and other commitments. This is widely regarded as the most flexible type of online MBA course.
Hybrid MBA
A hybrid MBA course also has a duration of 3-5 years. In this type of online course, residential immersions are clubbed with virtual classrooms. What makes it extremely popular than others is the plethora of networking opportunities it provides and the in-person connections you get to make.
Accelerated Online MBA
This is the shortest online MBA course that you can complete within 12-18 months. Naturally, since its duration is so small, you can deduce how compact it is. This is because two years’ worth of study material is packed into a span of 12-18 months. This is recommended for those who can’t afford to invest more time. It is extremely tough but is also extremely rewarding.
Are Online MBA Degrees Worth it?
Online degrees are absolutely worth it. Had it not been for the opportunities provided by all these online platforms, can you imagine how many people would have stayed without a degree? Just think about the people who would have been denied promotions at work.
Unfortunately, many people are still apprehensive about the effectiveness of an online MBA. But, to be very honest, you shouldn’t. Online MBA courses are just as viable as their regular MBA counterparts, if not more. A recent study has just revealed that in the past five years, there has been an 83% increase in the number of AACSB-accredited business schools that provide fully-online programs.
It should also be noted that the curriculum of an online MBA program is designed to match the dynamic parallels of the contemporary global business scenario. They are concentrated on enhancing leadership skills and the usage of the modern-day application of concept-based management theories to legitimate practice.
This indeed increases the potential of not only online MBA courses, but online education in general, especially in the field of business and management.
What are Online MBA Courses in the UK?
The UK is almost synonymous with the ultimate peak of higher studies. For over 200 years, it has been dishing out education to millions of students around the globe. Be it the iconic University of Oxford or the epic University of Cambridge, from the University of Bristol to the University of Birmingham, from the University of Leeds to the University of Edinburgh, you name it, and it has it all. But which one stands at the top of the list when it comes exclusively to online MBA courses. Time to find out!
Based on our extensive research and meticulous study, we have presented before you the top-notch online MBA courses in the UK. They are as follows:
- University of Edinburgh – Business School
- London School of Business & Finance (LSBF)
- Hult International Business School
- University of Birmingham – Birmingham Business School
- University of Strathclyde – Strathclyde Business School
- Oxford Brookes University – Business School
- University of Liverpool – Management School
- Warwick Business School – University of Warwick
- Northumbria University – Newcastle Business School
- Durham University – Business School
- Aberdeen Business School – Robert Gordon University
- The Open University – Business School
- Imperial College – Imperial College Business School
- Royal Holloway, University of London
- Henley Business School – University of Reading
- Aston University – Aston Business School
- Bradford University – School of Management
- Kent Business School – University of Kent
- Kingston Business School – Kingston University
- The University of Leicester – School of Management
- FBT – Finance Business Training
Please note that the above list is not in any sequential or chronological order, meaning this is not a ranking. So, feel free to pursue your online MBA course from any of these aforementioned places as you feel like.
What are the Best Online MBA Courses in the USA?
The USA is one of the most sought-after countries when it comes to the scope and diversity of education. Naturally, it draws the attention of numerous national and international students every year. The online MBA scene is no different. It comes as no surprise that a country that is known for its advanced technology has plenty of resources to provide for when it comes to online MBA courses.
However, before we enlist the best online MBA courses in the USA, let us make it very clear that this is extremely subjective since different things work differently for everyone. However, if you strictly go by the reviews and opinions of the experts, then top 10 online MBA programs of 2020 are as follows:
- Johns Hopkins University, Baltimore, MD
- University of Southern California, Los Angeles
- University of Minnesota—Twin Cities, Minneapolis, MN
- Boston University, Boston, MA
- University of Virginia, Charlottesville, VA
- The University of Iowa, Iowa City, IA
- The University of Illinois at Urbana-Champaign, Champaign, IL
- Carnegie Mellon University, Pittsburgh, PA
- Syracuse University, Syracuse, NY
- University of North Carolina at Chapel Hill, Chapel Hill, NC
What are Online MBA Course Fees in Different Countries?
The fees for online MBA courses differ from place to place depending upon the school where you get it from, your area of specialization, credit, and overall accreditation. An extensive study conducted a few years backs showed some interesting results regarding this.
As per the study, the average total cost of an online MBA course from a public university in 2014-15 was $25,525. Now, the interesting part about this is the fact is the huge disparity between the two ends of the spectrum. You could do an online MBA course for $2,000 and you can do it for $96,000.
We take a look at the fee structure of some of the most popular international destinations where thousands and thousands of students pursue online MBA courses from.
- USA –535-78,000 EUR/year
- UK – 4,020-21,775 EUR/year
- Canada – 875-13,700 EUR/year
- Australia – 10,675-24,760 EUR/year
- France – 5,000-23,750 EUR/year
- Spain – 300-20,850 EUR/year
- Switzerland – 5,000-33,000 EUR/year
- Germany – 4,500-12,400 EUR/year
What is the Cheapest MBA Program?
Before we begin discussing this phase, we must tell you that we are only taking into account those schools that have the distinction of earning rankings from major publications such as The Princeton Review, Forbes, World Report, and US News. Based on this, the three most affordable online MBA courses are as follows:
- Georgia Southwestern State University – $3,855
- Valdosta State University – $4,395
- California Coast University – $4,485
How to Study an MBA for Free?
If we categorically speak of the free MBA courses in the USA, we will come across a bunch of business schools that provide over 100% of tuition fees. There are business schools that award full-tuition scholarship wherein your course fee is taken care of in its entirety.
Usually, it depends on two types of criteria:
- Need-based scholarships, that are given based on the requirement of the financial need.
- Merit-based scholarships, that are given to students based on their nationality, leadership potential, GMAT score, and gender.
While approaching a business school, make sure to enquire what kind of financial support they offer and whether any of the aforementioned two scholarships are provided by them or not.
Conclusion
As you have seen, online MBA courses are highly regarded as viable options and are even preferred over regular MBA programs because of how flexible they are. In addition, you don’t have to incur any extra expenses on textbooks, living expenses, and parking.
They are extremely mobile and will allow you to continue with your job or any other personal commitments that you might have. Not to mention, you will also be able to save a lot of time since the accelerated options provided by various online MBA programs allow you to complete the entire program in 18 months, which is significantly quicker than a regular MBA program. At the same, if you want to space out your study, it even allows you to complete it for over five years – whatever is convenient for you.
So, it is almost a no-brainer of why you should opt for online MBA courses. Go out there and check out the most popular options available and based on your requirements, pick the best one among them for yourself.