Online MBA or Not | PhD Student

Once you have decided that an MBA is for you, then you can decide if an online degree is right for you. There are a lot of different factors that will determine if you should get an online MBA. These factors include cost, time, prestige, and opportunities.

How prestigious or legitimate are online degrees?

Legitimacy for an online MBA program comes down to whether or not an employer would hire you based on where you got your degree. Not all online degrees are created equal. If you want to get a good education, you should look for an online degree from a university that is accredited by the Association to Advance Collegiate Schools of Business (AACSB). However, you might not need a degree from an accredited school to get the job that you will be applying for. This is something to consider because it will directly affect the cost of your MBA.

What are some factors to consider before getting an online MBA?

So let’s say you plan on getting an online MBA, picking the right school for you is very important, and there are several things to consider when you are pursuing an online degree. For instance, if you want an employer to be impressed by your education you would need to pick a prestigious school with a great reputation. This is important due to the fact that the highest ranked schools for online MBAs are accredited by the AACSB. Online MBA degrees have different requirements than traditional university requirements. A few of the requirements are that the curriculum must match with on-campus studies of the same material, and the courses must be taught by the same faculty as the on-campus courses. There are also some usual admission requirements for online degree applicants.

What are the opportunities a MBA will offer?

MBA degrees offer career advancement and a greater understanding in the field of study you are interested in. A MBA is an education that is hard to replace or exchange for an equivalent form of education, due to how unique each one’s experience is while getting their MBA, not only that but each online degree plan is different than any other degree plan. Also, most colleges offer some help when it comes to starting your own business.

Cost of an Online MBA?

Everyone is always asking how much something costs, and an MBA is no exception. There are the usual costs of tuition, books, and monitoring costs (laptop internet access, and so on), but most people really never refer to opportunity cost. This is the cost between what you chose and your second best option. For instance, you can go back to school and get $80K in debt or stay at your current employment and get paid $75k per year. When determining cost you must add up potential costs with lost income from pursuing your degree. This means that the overall cost of your MBA would be $230k due to lost wages. However, getting your degree sooner rather than later means that you will have a longer time to get a return on your investment. Some of these costs might not affect you if you can continue to work and get your MBA at the same time, this will be difficult but well worth the cost if you succeed.

So, Online MBA or not?

Choosing an online MBA depends on your plans for the near future. If you have a great job lined up maybe you should wait to get your MBA when it is more convenient for your situation. With the flexibility of online programs, the right program can help advance your career.

References

http://www.cbsnews.com/news/whats-an-online-mba-worth/

http://www.cbsnews.com/news/choosing-an-online-mba-program/

http://www.usnews.com/education/online-education/articles/2012/12/24/online-mba-students-may-face-challenges-with-degree-reputation

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