Is an Online MBA Worth It?
Expert Contributor
Heather Morgan is a freelance writer and Retired Army Veteran. She earned an online MBA from Columbia Southern University and a Master of Science in Organizational Leadership. She frequently writes about leadership, self-development, and veteran issues, and is passionate about causes including community building and veteran advocacy.
The Master of Business Administration (MBA) has been the most conferred master's degree in the U.S. for years, and online programs comprise an increasing proportion of the total. Even before the COVID-19 pandemic, the application rate for online MBAs despite a decline in total MBA applications. This may be because students recognize that online degrees offer more flexibility than traditional degrees: most part-time MBA students are balancing work and family responsibilities with their studies, and these are exactly the students in online learning. Online degrees allow students to continue their education without needing to attend daytime classes or uproot their lives to move near a campus. Below, we examine how an online MBA might improve a student's career prospects.
Are Online MBAs Respected?
Research suggests that we've reached a point where most employers respect online degrees as much as on-campus degrees. A
Online MBA Programs are Typically More Affordable than Traditional MBA Programs
Online MBAs typically cost less than the in-person version at the same school. Public schools usually charge online students the in-state rate for tuition no matter where they live. This rate is lower than tuition for students who move from out of state to study on campus. For example, the University of Southern California estimates that its online MBA costs
For current business professionals, an online MBA can help you to make a career change within the industry to another business function. For instance, if you work in the Human Resources department, an online MBA program can allow you to specialize in Operations or Training and develop the skills necessary to transition to a career in that field.
For those who have an entrepreneurial spirit, a graduate degree in business can help prepare you to start and operate your own organization. To become an entrepreneur, you will need to understand operations management, finance, accounting, and marketing fundamentals鈥攁ll of which are required courses in most MBA programs. You'll also need strong strategic thinking, communication, and problem-solving skills, which are common outcomes of an MBA program. With a graduate degree in business, you'll be better positioned to succeed in whatever business venture you choose to launch.
Career Advancement With an Online MBA
In today's uncertain business environment where cutbacks and lay-offs can be necessary, it is crucial to have every edge available to market yourself. The same is true when looking towards advancement in your organization. Sometimes you need more than just your strong ethic and track record of excellent work. You need to have something that places you ahead of the pack, and an online MBA can do just that.
Getting an online MBA will show leaders that you are committed to professional growth and serving the organization in the most significant capacity you can. The variety of skills you'll learn through an MBA program make you a versatile asset 鈥� you can serve in several functional areas as needed. These are the type of leaders that top organizations are looking to promote to positions of greater authority and responsibility.
MBA holders are the type of leaders that organizations are looking to promote to positions of greater authority and responsibility.
Negotiating Higher Pay After Earning an Online MBA
Just as an MBA helps you advance in your career, it allows you to negotiate higher pay. Higher level skills such as risk management, conflict resolution, and strategic planning make you a well-rounded and valuable leader. Your company will benefit greatly from your newly acquired skills and knowledge, and they cannot afford to lose you to another organization that is willing to pay more. For this reason, negotiating higher pay to keep up with industry standards should be easier after earning your MBA.
It's important to be prepared before having a conversation about your pay increase. First, research salary averages for MBA holders in your industry and region so you have an idea of what the standard is. Next, review the skills you've obtained from your coursework and think about how you'll apply them to your work. Be prepared to communicate this as part of the salary negotiations.
Skills You Will Learn Through an Online MBA Program
An online MBA will help you develop skills that you will use throughout your daily responsibilities in your business career. Here are just a few.
Leadership
Although leadership style is a personal trait developed through experience and time, it is essential to learn about leadership theories and issues facing leaders in today's workplace. Your leadership skills will be strengthened as you conduct personal inventories, discuss leadership issues with peers, and research ways to best motivate employees.
Strategic Management
Strategic planning is more important than ever. Companies rely on leaders who can analyze data and make strategic plans that are mission-focused. An online MBA will give you the skills to recognize business opportunities and threats and to develop strategic plans that take your company where it wants to go.
Project Management
As organizations are becoming more cross-functional and conducting more operations virtually, leaders need to have excellent project management skills. An MBA will teach you how to design and control projects, lead a diverse group of team members, and meet deadlines. Project management skills are essential for any business leader to have; even those without the official title of Project Manager will undoubtedly manage projects in some way.
Global Operations
The business world has expanded enormously since the internet. No longer can we remain comfortable in our local bubble. Business leaders need to be prepared to operate and communicate with global vendors, customers, and colleagues. Through global business courses required in your MBA, you'll examine global business considerations such as cultural norms and international logistics. Expanding your vision of the business world and enhancing your ability to communicate effectively across borders and cultural barriers is a much-needed skill in today's global market.
Final Thoughts
All the factors we've discussed are important: cost and affordability, return on investment and improved job prospects, and the relative appeal of the online course format. An MBA is not necessarily the right choice for everyone, and the decision to earn this degree hinges on your personal circumstances and goals. However, this degree can boost a professional's career, and an online program provides a flexible and cost-effective path to achieving this accomplishment. By carefully selecting the best online MBA program to fit your career goals, you may make yourself a more attractive candidate to recruiters and potential employers and position yourself for greater success.