Today, a bachelor’s degree would not necessarily guarantee you a job because the competition for the few available jobs is getting tougher with each passing day. With an MBA, however, you would be able to eliminate a sizable chunk of the competition, and there is credible data to support that. According to a study carried out by the Michigan Ross School of Business, an MBA increases the chance of getting a job offer after graduation by a massive 81.9%. In addition, the median salary for MBA holders stands at $110,000 per year, which is a substantial amount of money in regards to salaries, while median signing bonuses currently stand at $25,000. These statistics show that an MBA can significantly improve your chances finding a job as well as an enhanced paycheck. Of course, in today’s technology driven world, if you are a busy executive, you can take online classes. Keep reading to find out pros and cons to completing an MBA online.
Unlike the traditional classroom based MBA programs, Online MBA courses offer greater flexibility. For instance, you do not have to take a study leave or even resign from your job to study for an MBA. Instead, you can report to work during the day and still attend classes in the evening. You can schedule classes to fit your work schedule. In addition, it is possible to continue with studies even if your work involves traveling outside the United States, as long as you have access to the Internet.
On average, online MBA programs are much cheaper than traditional MBA courses. This is because institutions that offer courses online have lower overhead costs. For example, institutions offering class based MBAs have to maintain a physical library, reception, finance and bursary office, student affairs office, administration, as well as boarding facilities. All of these offices and facilities require personnel. In turn, the institutions have to pass the cost of paying staff and other expenses to the students. On the other hand, institutions offering the same courses online do not have to contend with such expenses. The institutions can use cloud-computing platforms to set up the necessary infrastructure.
Shorter Time Span
The majority of traditional MBA programs run for between two and three years. In comparison, you can finish an online MBA program within 12 months. The shorter period means that you can get into the job market much faster.
Lack of Internships
An internship can make the difference between getting a job and wallowing in unemployment for years. Some online MBA programs do not offer internships to students. According to the National Association of Colleges and Employers (NACE), an internship increases the chances of getting a job by as much as 70%.
Some employers tend to trust MBA programs offered in a brick-and-mortar setting more. A study carried out by researchers from Walden University and the American Public University System shows this quite clearly. Participants in the study said that physical interaction between students makes a traditional MBA more valuable. Other factors include school recognition, real life scenarios during the study period, accreditation, as well as participating in class-based group projects. Some employers also feel that online MBA courses do not offer students as much guidance as traditional programs. Employers consider all of these aspects when interviewing candidates for job openings.
Although technology has made it easier to communicate with many people at once, face-to-face meetings still play a central role in networking. This is according to Kelley School of Business’s Eric Richards. Considering networking increases the chances of getting a job, an online MBA may not be the best option.
MBAs have literally become must have education qualifications in many industries. With this coveted qualification, it is easier get a pay rise or start a career as a consultant. With this in mind, online MBAs have benefits such as greater flexibility, affordability, and a short study period. Drawbacks include lack of internships, a less than stellar perception among employers, and networking challenges. The good news is most online MBA programs provide the same course materials used by students in a traditional classroom setting.