Master of Business Administration(MBA) is one of the most popular postgraduate programs. It is one such discipline that increases one’s chances of getting to the top positions in an organization.
There are plenty of reasons why MBA graduates earn higher salary, mainly because of the skills they learn during the programme. With an MBA, one develops
- Management skills
- Strategic thinking
- Self-discipline
- Time management skills
- Better communication skills
All in all, getting an MBA is highly beneficial if one is looking for an excellent career option.
There are many ways to get an MBA degree:
- Traditional method of going to the university
- Online MBA
- Part-time or flex program
- Executive MBA
Getting a traditional degree is undoubtedly advantageous, but it’s not the option for everyoneames. Maybe because:
- They have families to support
- Or they have to pay their Bachelor’s loans and can’t afford another debt.
- Or they are already in bond to serve some organization.
There can be a thousand reasons to why one can’t pursue a traditional MBA despite having benefits in the long-run.
On the other hand, most have a choice to get an online MBA degree, which is equally effective. In fact, online MBA gives one some extra alternatives an offline can’t. Here are those:
1. Flexibility:
Flexibility is the prime reason why people choose any online course over an offline course. Online MBA is no different.
Most of the online universities, such as James Cook University, provide the opportunity to access the course whenever the student wants. It means one can complete their coursework at their own pace & time.
If someone aspires to achieve an MBA degree despite having a 9-5 job, they can. Many people do their online studies after hours. Also, one doesn’t have to be in a specific state or a country to complete their MBA; one can learn while traveling as well.
There are people who got their degrees online while serving the nation. Lieutenant Colonel Scott Coulson is an example of that. He completed his MBA online while serving for US Military.
People starting their own ventures can & should definitely take an online MBA course parallelly. This helps them enhance their Management skills while building their business. MBA knowledge does come in handy while building an organization.
In short, the flexibility & convenience an online MBA provides is unmatched.
2. Affordability:
Affordability is a factor one must consider while opting for higher education. A collective debt of $1.5 trillion is owed by students in the form of loans, worldwide. An average student takes a debt of around $20k-$30k every year.
Online MBA as a unit is more affordable than a traditional classroom college. It is accessible due to two elements:
Cost of education:
While a traditional MBA can cost from $30,000 up to $100,000, online MBAs cost much less. These online courses can cost as low as mere $5000-$10,000.
One need not take a loan for such cost. Also, if one does, (s)he can pay it off within a couple of months given an MBA’s salary.
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- Individual’s earnings:
As discussed, an online MBA can be done after full-time job hours. In fact, most of the e-learners take this course while steadily earning.
This makes the affordability factor really kick in.
All in all, an online MBA is a low-cost investment with very high returns.
3. Diverse Network:
Online courses have enabled students to learn at any age, from any state, and with any background, according to a report.
There can be a Australian BBA with a couple of years of experience. There also can be an IT engineer working for Accenture in New York. There’s no limit to when & who can learn an MBA online. This diversity empowers education and helps students build a network with all sorts of people.
These diverse networks can be of help while shifting states, finding jobs, running a business, and much more.
And, all of these is possible due to a platform of education which can be accessed from anywhere in the world, by anyone.
4. Opportunities:
With an online MBA or a normal MBA, one can earn in excess of AU$100,000 per year. CEOs make multifold of that amount.
Depending on the specifics(marketing, finance, etc.) of the MBA, one is eligible for many posts like:
CEO,
CFO,
Accounting Manager,
Marketing Head,
Sales Manager,
and many more.
Other than a job, entrepreneurship can also use MBA knowledge & the diverse network built during the online course.
Knowledge of finance can help in budgeting & pitching. Knowledge of Marketing can help one promote their product/service Also, with an MBA degree you even go into healthcare by acquiring a certificate in healthcare administration.
Supply chain management, Information Technology, Operation Management, International Business, and almost every MBA expertise you have or any your network-member have can help in succeeding a business.
5. Mental Health:
This might seem a little too far-fetched, but an online MBA, or any online course in general, keep one’s Mental Health intact.
There are no cases of ragging, bullying, etc. if the same traditional education is online. Moreover, Introverts feel comfortable taking an online course rather than going to a physical location.
Of course, this applies to the rarest of possibilities, but it surely is a bonus of online education.
Final Words:
Offline MBA sure does have its own advantages, but so does an online MBA. While studying an online MBA,
- There is flexibility & convenience of learning from wherever and whenever one wants.
- The overall cost is comparatively very less. The average cost of an online MBA is less than one-third of a traditional MBA. Other costs like hostel fees, commute expense, etc. are not even a part of an online MBA.
- Advantage of earning full-income and having an MBA degree parallel is only possible with an online course.
- One gets to know & interact with diverse people while studying.
The best part is, despite having all these advantages, the opportunity for both offline & online MBA remains the same.