An MBA degree has long been the most popular master’s degree and still maintains its popularity as an opportunity for salary increase and promotion. Thus, as a current full-time employee and/or senior undergraduate student, you may question whether or not to pursue an MBA degree. And if the answer is yes, you need to determine the right path for your education—online or in person.
Should You Pursue an MBA degree?
Many agree that an MBA degree provides an opportunity for salary
increase and promotion. According to Ronald Yeaple, a regular contributor to Forbes
who taught MBA students for almost 30 years at the University of Rochester, the
average pay for those with an MBA degree is about 50% higher than those without
an MBA degree, and the average fifth year pay is up 80% over the post-MBA
starting pay (2014). As the average payback period is relatively short, about
four years, it is worth pursuing (The Best Business Schools, 2015).
Should You Pursue Your MBA Online or in Person?
Your decision may depend upon various factors—money, time, qualification, ambition, age, and other criteria. If you are young and very ambitious for a top-notch job or career, sufficient money, time, and excellent qualification to be admitted to a top five or top ten MBA program such as Harvard University, Stanford University, University of Chicago, University of Pennsylvania, or MIT, you may be advised to pursue your MBA in person (Best Business Schools, 2017). Your time, money, and effort will probably be fully compensated when you successfully attain your MBA degree there; the best MBA school graduates’ average starting pay (salary and bonus) falls between $140,000 and $150,000 (Smith-Barrow, 2016).
In fact, many employers preferred a traditional MBA degree
to an online MBA degree until recent years. However, that prejudice began to
fade away as more qualified students and/or employees chose an online MBA
degree due to various reasons. Additionally, many organizations sponsor, fully
or in part, its employees to earn their MBA degree online.
Advantages & Disadvantages of Online & In-Person MBA Programs
User-Friendly Admissions Process
Many full-time employees who left school a long time ago may have difficulty in preparing for the required exams to be admitted to a prestigious, traditional business school. There are many online schools that do not require these exams, however, understanding that students may face this challenge. Additionally, advisors can walk students through the process of applying over the phone or online.
Flexibility
An online MBA program offers more flexibility in time than a traditional MBA program. As online courses are usually asynchronous, students do not have to log in to the course site at a specific time. Students do not have to leave their full-time job, which may be one of the strongest merits or reasons that an online MBA degree has been gaining in popularity.
Affordability
With the exception of a few outliers on the spectrum, online MBA programs tend to cost less than traditional MBA programs. According to The Best Business Schools (2015), tuition and fees for a two-year online MBA program are around $20,000-40,000 on average (except a few more expensive private schools), which are much more affordable than those of a traditional MBA program (around $120,000-$140,000 on average except a few cheaper public schools).
Support
Support can come in many forms, and for online MBA programs that support is a web of peer support, professional guidance, and numerous online tools helping you succeed. Each online program is unique, so ensure that the program you choose supports you in the unique ways you need.
Adaptability to a Modern Environment
Blackman points out the advantage of an online MBA format that maximizes the technologies of day-to-day remote interactions via emails, text messages, and/or web conferences (2016). An online MBA format that uses these technologies on a daily basis may better prepare future business leaders than a traditional in-class MBA format does.
Of course, there are some drawbacks in an online MBA program, depending upon your learning style and/or preferences. When students prefer face-to-face learning, they may feel that an online MBA program lacks active interactions with other students and professors. Some employers may also still favor a traditional MBA degree over an online MBA degree.
The Decision
If you are young with time, money, ambition, and excellent qualifications, you are advised to go to a nation’s best business school. However, if you lack any one or more factors of the list and especially if you do not want to leave your current full-time job, an online MBA degree is a strong choice as it has a great potential to gain more popularity, offers quality education, and provides recognition to current and future employers.
References
Blackman, S. (2016, December 15). How to Figure Out Whether You Should Pursue on Online MBA or a Traditional MBA. Business Insider. Retrieved from http://www.businessinsider.com/how-to-figure-out-whether-you-should-pursue-an-online-mba-or-a-traditional-mba-2016-12
Smith-Barrow, D. (2016, March 16). U.S. News Data: Job Rates: Starting Salaries for MBA Grads. U.S. News & World Report. Retried from http://www.usnews.com/education/best-graduate-schools/top-business-schools/articles/2016-03-07/us-news-data-job-rates-starting-salaries-for-mba-grads
Yeaple, R. (2014, March 17). MBA Pay. Forbes. Retrieved from http://www.forbes.com/sites/ronaldyeaple/2014/03/17/mba-alumni-profile-2/#31e332f6503e
Best Business Schools (2017). U.S. News & World Report. Retried from http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-business-schools/mba-rankings?int=9dc208
The Best Business Schools (2015). Forbes. Retrieved from http://www.forbes.com/business-schools/list/
How Much Does an Online MBA Cost? (n.d.) All Business Schools. Retrieved from http://www.allbusinessschools.com/mba/online/cost/
Online MBA vs Traditional MBA (n.d.). Discover Business. Retrieved from http://www.discoverbusiness.us/education/online-mba/resources/online-mba-versus-traditional-mba/
