Out of the many and diverse degrees that are now provided online, MBAs have fast become one of the most popular courses to pursue.
Sceptics may say that online MBAs do not hold as much value as qualifications pursued offline.
While online MBAs had existed for some time, Choudaha believes that the widespread adoption of virtual communication during COVID-19 resulted in a wider acceptance of remote learning.
And, according to GMAC, 60% of MBA programmes offered an online start followed by a transfer to in-person study in the 2019–20 applications cycle.
However, there are significant arguments that can be made in favour of online MBAs and the opportunities they present to graduates.
In this blog, we will be covering everything you need to know about an online MBA.
From costs to benefits, target audience, and expected salaries, keep reading to learn why pursuing an online MBA can be beneficial for your career!
Who is an Online MBA for?
The popularity of online MBA courses can be linked to the benefits they present to aspirants.
One of the key advantages of online MBAs is that they can be pursued by individuals who are already employees in the field.
As a professional, you can opt to pursue an online MBA on the side to boost your expertise and skills.
This can further enhance your performance in the workplace, allowing you to immediately practise the theoretical knowledge you gain.
An online MBA can also be pursued if you do have the luxury of an unspecified time frame to dedicate to your education.
For instance, an online MBA can be completed in as little as 18 months or can be spread out over 2 years.
This is, therefore, a great choice if you want to pursue additional academic or personal activities while gaining a new qualification.
An online MBA is also recommended if you want to pursue your qualification from a recognized university, but you are restricted by location.
By completing your degree online, you gain the opportunity to receive an excellent qualification from the comforts of your home.
Finally, pursuing an MBA online is a great way to boost your career after 2 to 3 years of working experience.
Online MBAs can demonstrate initiative and enthusiasm, helping you achieve senior managerial roles in your organization.
How Much do Online MBAs Cost?
Given that online MBAs can be completed from the convenience of your home, the price of this qualification is significantly lower as compared to traditional MBAs.
This is primarily because associated travel and accommodation costs are minimized, allowing you to achieve a qualification that is well within your budget.
Here is a comparative cost analysis of full-time MBAs vs online MBAs from some of the best B-schools overseas:
Vlerick Business School (Belgium)
Full-Time MBA - USD 47,000
Online MBA - USD 45,000
Imperial College Business School (England)
Full-Time MBA - USD 76,000
Online MBA - USD 57,000
UNC Kenan-Flagler (United States)
Full-Time MBA - USD 134,000
Online MBA - USD 125,000
Birmingham Business School (England)
Full-Time MBA - USD 42,000
Online MBA - USD 30,000
The above costs are inclusive of all study material that you will require to successfully receive this qualification.
Taxes and additional costs may vary depending on the university you select and the location.
How Will an Online MBA Degree be Useful for a Successful Career in Management?
Online MBAs are preferred by aspirants across a different range of living and employment criteria.
The cost of an online MBA is an added advantage, in addition to the following 5 benefits of the same:
Technological Awareness
Online MBAs will introduce you to learning and training on several integrated platforms. These are platforms designed for the conduction of classes and examinations.
With machine learning & artificial intelligence, you will be exposed to the latest technologies in the education industry.
Practical Knowledge & Experience
Compared to traditional MBA courses, online MBAs will typically have an open-book format for exams.
This combats the existing practice of rote learning, allowing you to answer questions by combining your critical thinking skills and knowledge acquired in the classroom.
This is an advantage that you will continue to experience in your corporate career.
Career Opportunities
Pursuing an online MBA is a strong indication of your interests, enthusiasm, and motivation to up-skill yourself.
An online MBA will demonstrate your initiative in today's cut-throat competition, helping you gain significant career opportunities after graduation.
Excellent Networking
Pursuing an MBA online will give you several opportunities for interaction with like-minded peers and professionals in the industry.
Networking is a critical skill to succeeding in your career and an online MBA will help you gain excellent contacts for the future.
Self-Management Skills
Self-management is a crucial component of succeeding in the corporate world. With an online MBA, you will automatically be required to discipline and structure yourself and your everyday life.
This will help you develop management skills which is one of the keys to good employability potential.
Online MBA Salaries - The Returns on Your Investment
One of the best ways to consider the worth of an online MBA is by calculating the return on investment or ROI.
This can be done by drawing a comparative analysis of the money paid for the course vs the salary you earn after receiving the qualification.
Statistics reveal that the cost of an MBA degree can range between USD 60,000 and USD 200,000 in total.
A study published by the Graduate Management Admission Council has revealed that online MBA graduates earn a median salary that is 75% more than aspirants with an undergraduate qualification.
This can range from USD 115,000 to a whopping USD 145,000 (the latter is often provided in consultancy industries).
In the academic year of 2019-2020, graduating classes from online MBA courses saw a salary increase of USD 20,000.
The highest salaries are offered to graduates in specializations that require operational excellence skills and logistics.
Some of the industries that have reported high remuneration for aspirants with an online MBA qualification include:
- Finance
- Information Technology
- Health-Care
- Marketing Management
Key Takeaways
- With the COVID-19 pandemic effectively altering the education industry, online MBAs have emerged to become one of the most sought-after qualifications.
- The key benefits of online MBAs include excellent employment & networking opportunities, in addition to the development of industry-relevant skills.
DPU COL offers an integrated blend of professional courses that are designed to set you on the path to a successful and rewarding career.
Our online MBA and other courses are designed to give you a strong foundation that will prepare you for the practical functioning of the global business world.
DPU COL - Why Us?
With DPU COL, you can tailor your education and learning around your life, helping you apply theoretical knowledge in your chosen specialisation.
With continuous mentoring and monitoring by faculty, you will develop all the skills needed to advance with your education and career goals!
Click here to learn more about DPU COL’s dynamic courses and industry-oriented curriculum!