Key takeaways:
- Many institutions offer online Masters of Business Administration (MBA), a graduate degree.
- Core coursework covers finance, entrepreneurship, marketing, and more, and students can choose a specialization based on their goals.
- To find the right MBA curriculum for you, review admission requirements, cost, specialization availability, and other factors.
An MBA can help you advance your career in business. With various specializations from Finance to Entrepreneurship, these programs cover both the fundamentals and advanced coursework. Online MBA programs allow you to attend courses around your busy schedule, making it ideal for professionals who need to work while advancing their education. To help you decide if this graduate degree is right for you, we’ve outlined what you can expect from an MBA below.
What is an online MBA program?
A Master of Business Administration, or MBA, is a graduate degree. They typically require 30 to 60 credits and take one to two years to earn, depending on the program and the student’s enrollment status. The coursework covers broad business topics, but students can also choose a specialization based on their career goals.
Many universities now offer MBA programs online, including accelerated options. They allow you to attend classes and complete coursework on your schedule, no matter where you are. As a result, online MBA programs are perfect for working professionals with a busy schedule.
What are the benefits of getting an MBA?
An MBA can change the trajectory of your career and open the door to new opportunities and higher income. Here are just a few benefits you might reap by obtaining yours:
- It could help you advance your career. An MBA helps to prepare you for management. With one, you could receive promotions or better job opportunities.
- You have a higher earning potential. Employees with a bachelor’s degree make $1,543 per week, according to the U.S. Bureau of Labor Statistics. Those with a master’s make $1,840 per week. Salaries increase by an average of $45,000 if you have your MBA.
- Those with a master’s have a lower chance of unemployment. Employees with master’s degrees have a 2.2% rate of unemployment, compared to a 2.5% for those with bachelors. 86% of MBA students had full-time employment by the time they graduated.
- You learn hard and soft skills. Classes cover the skills needed to do the paperwork, but also teach leadership and emotional intelligence. These are transferrable and can help you succeed in a variety of careers.
- You can enter new careers. If it’s time for a switch, an MBA can help you join new fields or move elsewhere in your current industry.
What are the benefits on getting an MBA online?
Many are hesitant to obtain a higher degree because of their family, work, and life responsibilities. However, the benefits of pursuing your MBA online might have you rethink the situation.
- You don’t have to relocate. Since it’s all online, you don’t need to move everything across the country to attend your courses.
- There’s plenty of flexibility. You can attend your classes when it best suits you, whether that’s on the weekends, evenings, or during lunch. You don’t have to leave your career to make specific class start times.
- You can do it at your speed. Universities offer MBA programs that you can finish in as little as 12 months. If you need more time, you can spread out the courses and take them when it’s ideal for your schedule.
- There’s a lower total cost. In-person MBAs cost an average of $17,058 in tuition and fees per year in 2020 with average total expense being closer to $61,800. By comparison, online MBAs were just $10,964 per year. Some of the affordable options start at just $9,718.
What will you learn in an online MBA program?
MBA programs include core, or foundation, courses and specialization classes. A large portion of the curriculum covers general business management skills and knowledge, including:
- Accounting
- Business ethics
- Business operations
- Business strategy
- Communications
- Data analytics
- Economics
- Finance
- Human resources
- Leadership
- Management
- Marketing
- Communications
What courses are in MBA programs?
You can expect to take about seven to nine core classes and four to five electives within your specialization. Here are just some examples of courses you might see in your program:
- Global Strategic Management (PennState World Campus): “Integrating multiple functional business areas to resolve global business problems and improve organizational performance.”
- Predictive Analytics/ Data Mining (Indiana University): “This course on data mining and predictive analytics provides students with both the conceptual underpinnings of a broad variety of data mining models as well as experience with analyzing real data sets.”
- Foundations in Marketing (Washington State University): “…designed to provide students with a broad overview of the principles of marketing, from both a theoretical and managerial perspective.”
- Corporate Strategy (University of North Carolina): This course covers the fundamentals of corporate-level strategy as opposed to business-level strategy. “Business-level” (business) strategy deals with achieving and sustaining a competitive advantage in a discrete and identifiable business.
Common MBA specializations
Most MBA graduates choose a specialization that reflects their career goals or interests. Available options vary between schools, but these are common options:
- Accounting
- Artificial Intelligence
- Business Analytics
- Consulting
- Entrepreneurship
- General Management
- Finance
- Healthcare Resource Management
- Hospitality
- Human Resource Management
- Information Technology
- International Business
- Marketing
- Sports Management
- Supply Chain Management
How to choose an online MBA program
If an MBA sounds right for your career and education goals, you’ll want to find the right program. Here are a few tips:
Review requirements
Some universities allow you to pursue an MBA without a bachelor’s in Business or similar. However, others do require the related degree, minimum undergraduate GPA, certain undergraduate prerequisites, or professional experience.
Compare universities
As you did with undergraduate school, you’ll want to create a running list of MBA programs that fit you. Your options should offer your desired specialization. List the pros and cons of each school, including the length of the program, job placement rates, class schedule, and more. Some online MBAs are much more affordable than others!
Consider admission chances
As you did with undergraduate school, you need to consider your chances of gaining admission to your desired program. Plan to take the GMAT or GRE, though you may qualify for a waiver. Applications typically require your undergraduate transcripts, a professional resume, recommendations, and an essay. You may also have to attend an interview.
Research acceptance rates and what each school is looking for in a student to determine your own chances of an acceptance letter. Have a list of safety, reach, and match schools.
Think about cost
Getting an MBA isn’t cheap, but it can be affordable. So consider:
- Researching affordable MBA options.
- Filing FAFSA for access to federal aid.
- Searching for scholarships.
- Exploring employer tuition reimbursement programs.
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