We are living in an age where an MBA is a degree aspired by many. From a fresh graduate to a working professional, everyone wants to pursue an MBA. While it seems a good option for fresh graduates for a good career start, is it worth getting enrolled in an online MBA program for working professionals? We know you might be worried about your career advancement, especially during these uncertain times. That’s why we’ve created this comprehensive online MBA guide elucidating the following:
- What is an Online MBA Program?
- Benefits of Online MBA
- Disadvantages of Online MBA
What is an Online MBA Program?
An online MBA program is a convenient and advanced version of distance learning. In an online MBA program, the lectures are offered on virtual learning platforms. These programs allow students to learn at a pace that is ideal for them, without feeling stressed or hassled.
MBA has become a vital requirement for a business today. Organizations are on the lookout for MBA graduates with good leadership and management skills. However many people do not wish to quit their job but would like to pursue an MBA course alongside. For those learners, an online MBA is an ideal choice.
Refer to this blog – All You Need to Know About Online MBA Programs to learn more about the types of online MBA programs, specializations, job profiles, salary, top recruiters, and more.
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Benefits of Online MBA
An online MBA Program can help freshers, as well as working professionals, advance their careers. Here we have listed down the top 9 factors why you should enroll in an online MBA program.
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Flexibility
Online MBA programs have flexible academic schedules. Their coursework allows students to watch live video lessons, answer quizzes, and join discussion forums with classmates anywhere around the world anytime. Many online programs require around 14 to 18 months for completion.
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Cost-saving
By enrolling in an online program, you will not have to pay high tuition fees, which you would have to pay at traditional full-time programs at prestigious MBA schools.
There is no additional commuting which will save you some money and time. Also, there will be no on-campus expenses such as textbooks. Moreover, if you take the online route, you can continue to work during your program. This will make sure that you don’t lose out on your salary and can repay a part of your fee with a part of your salary.
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Expands your Knowledge
An online MBA program provides you with a vast knowledge of different topics. The core courses enable students to develop a holistic foundation in business disciplines such as finance, marketing, and accounting. The specializations, on the other hand, allow students to gain in-depth knowledge in specific areas they are interested in, such as business analytics, international business, and entrepreneurship.
Besides, you also get access to case studies from businesses in different industries, which improves business knowledge and problem-solving skills.
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Career Advancement
Career Advancement is one of the most common reasons for many people to pursue an MBA. At times, working professionals feel that they have reached a certain level in their careers, beyond which they need something to get to higher or managerial-level positions. An online MBA can help you with this. Earning an MBA online can also help working professionals get job promotions and salary hikes.
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Builds Managerial & Interpersonal Skills
With an online MBA, you can sharpen your managerial and business skills and achieve a new sense of professional fulfillment. It can teach you specific business skills, such as strategic thinking and leadership. These skills will help in boosting your confidence which can help you capitalize on new career opportunities or drive organizational change in your existing role. Online MBA programs focus on business management, leadership, and marketing, making it a valuable degree to have.
Hard skills and soft skills go hand in hand. In many jobs, technical skills alone are not enough to get the job done effectively. Soft skills are required in all careers to make hard skills valuable, which is why most online MBA programs help students to enhance their:
Interpersonal Skills: Teach how to work collaboratively with others.
Entrepreneurial Skills: Teach how to evaluate markets, set goals, and think creatively.
Communication Skills: Train students to communicate effectively with peers, superiors, and clients.
Thus, pursuing an MBA program for skill development makes sense. After all, most firms look for potential employees with not only skills to perform the job but also sound thought about making business decisions.
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Ideal for Networking
Networking with different people makes an online MBA program worthwhile. The professional network you develop while pursuing the program will extend beyond your peers and professors to include contacts outside of your program. You will be able to interact with working alumni, business leaders, and some other professional connections through online classes, virtual social events, or via an online portal.
With an extensive network, you will be able to understand even the change in the global business environment and discover new ways to adapt fast.
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High Salary Potential
Apart from expanding your career opportunities, online MBA Programs also prepare you for high-salary paying jobs in today’s competitive market.
As per a recent study, the pay of average MBA graduates was 50% higher than their position before earning their degree. Moreover, in the five years after earning their MBA, the average pay increased by 80%.
After earning an MBA, you can easily get a high-salary job. However, for that, you will have to choose your course providing institute and specialization wisely. The salary aspect also depends on the industry you choose and the company you join.
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Job Security
Nowadays, the job market is more uncertain than ever before. Getting fired is one of the biggest fears for employees, in today’s job market. Having an MBA gives you a benefit in the sense that your employer will be less likely to let you go.
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Strengthens Your Resume
An Online MBA can strengthen your resume by adding those specific skills to your resume that employers are looking for. Mastering all such skills will help your resume look better in comparison to other candidates. It would show that you have the knowledge and flexibility to keep up.
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Easily Switch Careers
Nowadays, it is difficult to find someone who stays with one company or even one industry throughout his or her entire professional life. Many professionals expect that they will switch jobs many times throughout their careers. While some professionals are keen to discover new workplaces with different tasks, some of them plan to start their own businesses. With an MBA qualification, it becomes much easier to make those transitions, as an MBA is proof of your expertise and your skills to switch careers or start a new business.
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Worldwide Recognition of your Credentials
An online MBA certification/degree is recognized throughout the world. On completion of your online MBA, your online certification/degree will be acknowledged worldwide and your credibility will increase among business people, opening doors to a variety of career opportunities.
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Disadvantages of Online MBA
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No Campus Experience
One of the major disadvantages of taking an online route to an MBA is that there is no campus experience, although they may include a few face-to-face classes. The atmosphere of on-campus learning can hardly be online learning.
Moreover, listening to a professor’s lecture or building enduring relationships with your classmates in an on-campus program cannot come close to anything that an online program can offer.
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Need for Greater Discipline
In an online route, you will need great discipline and balance your work and family commitments while pursuing an MBA. It will require you to find time in a busy schedule for your coursework by utilizing your time-management skills.
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Need for more Experience
It is worth considering that online programs usually require learners to have more work experience than is demanded by an on-campus program. As a fresh graduate or as someone with less experience, it would be difficult for you to enroll in an online MBA from a top business school.
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Recruiter Apathy
There is also the risk that your online MBA degree will not be as highly valued by employers as one from a traditional offline school might be. Prospective employers may ask you whether you completed your MBA online or on campus. If you have attended an online program of an accredited school, the doors may still open.
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Technology Cost
While online MBA programs may ask you for a lower tuition fee, you may have to invest in devices that make online learning possible, like a laptop and high-speed Internet.
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The Bottom Line
An online MBA can benefit you in various ways. It can help you develop vast knowledge, build soft skills, enhance your career path, build a professional network as well as help you land a high-paying job.
