While online colleges were once derided as lacking the credibility of traditional colleges with classroom settings, online colleges have become more respected in recent years. Getting your degree in business, finance, communications, English, and many others in an online college, while still representing a fraction of the whole student population, has become a smart financial decision, rather than just throwing money away.
To go along with the online trend, many traditional colleges–even the Ivy League colleges such as Princeton and Yale–offer online courses for those who will pay, even if those wanting to take the course are not students at the University. And even though many of these courses will not lead to degrees, some courses apply for a certification program.
In the latest Global Shapers Survey, nearly 78% of respondents around the world reported taking online courses. And 40.5% of respondents said online education was as strong as traditional learning in a classroom. This holds true for many programs, including the economical and necessary Masters in Business Administration.
The Masters in Business Administration or MBA for short is a master’s degree in business management or administration. While the average age for people apply to get an MBA is 33, it is often necessary to move forward in a company, to take on roles and responsibilities that demand the supervision of employees and directing the moving forward to a common goal.
Courses typically include: accounting, applied statistics, business communication, business ethics, business law, finance, managerial economics, management, marketing, and operations in a manner that is most relevant to management analysis and strategy.
Accreditation organizations oversee the quality of MBA programs and make sure that that quality is consistent from University to University. Schools have been apt to allow for distance learning and online learning as part of their MBA programs. This is due to the fact that many individuals starting an MBA program already have jobs and are looking to supplement their job with the MBA.
This has made the online learning component of graduate school more relevant. According to the Aslanian Market Research and Learning House, 91% of online students were employed when starting their MBA program. This shows the value of an online learning program. Students are able to study online while performing their full-time or part-time job duties in the present.
And admission to MBA programs are highly sought after. There are even the weekend MBA program and the part time MBA program, along with the online MBA program. A Masters Degree Business is one of the most coveted masters degrees available. A Masters Degree Business ensures an individual credibility when they apply to managerial positions or positions with higher up on the chain of command.
The statistics show how much a value it is to have a Masters Degree Business:
- More than 50% of MBA graduates worldwide are senior managers or board directors.
- Online MBA graduates from July 2015 to June 2016 earned an average salary of $97,000.
- 44% of students in one survey graduating from an MBA program reported improvements in their employment standing.
It’s true that a Masters Degree Business can help, often to the tune of tens of thousands of dollars. It can lead to better employment ranking within a company, lead to future promotions or more consideration for positions that have not just more pay but more responsibilities and ability to make an impact within a company. And while they take time to earn, it’s possible they can be done online at a reduced cost to the student.
If you are considering getting a MBA, it’s important to understand that the process may take two years or longer, depending on the program and the pace you are making. While many of the programs here in America and around the world are in a traditional classroom setting, there are many online programs out there. In fact, online students generally consider an average of three online programs before making their decision.
And while it may be costly to sign up, there is always the possibility of financial aid or a scholarship to help ease the financial burden. Many students find that doing a weekend, online, or night course helps, as they are able to keep their jobs.