Business is a remarkably competitive industry. Due to how popular of a field it is, it means that there are many people competing for the same roles and responsibilities, making it a really difficult profession to climb the ladder in and become successful. It’s an industry where workers need to do whatever they can to increase their value and make themselves more employable every day, and a great way to do this is to learn new skills, develop new traits and gain experience. However, one of the best ways to make yourself stand out above the competition is by obtaining qualifications, and one of the best qualifications you can get for a business environment is a Master’s in Business Administration.
An MBA is the gold standard in business academia and gives its students a solid foundation in key business skills, practical know-how in effective communication, as well as decision making skills. It’s a qualification that equips students with all they need to manage and operate their business and rise into a role of significant power and more importantly, wealth. These days, in an increasingly interconnected business world, obtaining an MBA either on campus or through online MBA programs has become a requirement; without it you’ll struggle to reach the highest heights of the industry.
What is it?
An MBA, also known as a Master of Business Administration degree, is a master’s qualification that prepares students to be able to lead in a variety of different roles in a company or organization. An MBA is usually very generalized, giving students an overview of transferable skills that can be applied into various settings, such as outlining the principles of leadership, communication, law, and accounting. They also offer ‘concentrations’ where students can take more focused courses that can be of great benefit to those that know what precise role they desire to enter once they graduate. A few of these courses include strategic management, marketing analytics, corporate finance and even supply chain management.
When you obtain an MBA through online MBA programs it essentially proves to employers and corporations that you are an educated member of the business or finance world and are well equipped, well trained and ready to lead within a department in an organization or even the business as a whole.
Why Do it Online?
Online MBA programs offer exactly the same standard of learning of traditional, on campus degrees, but allows you to do it from the comfort of your own home. These online MBA programs have exactually the same curriculum, standards, and courses on offer, meaning that you’re not missing out on anything if you choose to study this way. There are also usually the same teachers leading online courses through videos and live video chats. What’s great about studying this degree through online MBA programs is that if you’re committed enough and put in enough effort you’ll be able to complete the degree at a faster pace due to the asynchronous delivery and the many options there are to accelerate the course.
As it is online, partaking in the degree this way means that you can work on it at your own pace at times when it best suits you, making it super easy to fit round busy schedules and commitments. A lot of people like using online MBA programs at it means that they don’t have to give up on work or change much in their lifestyle to achieve and learn, and because you can study it wherever you want, from wherever in the country, you don’t have to spend money moving to a new campus and paying for student accommodation.
Types of MBAs
There are multiple types of MBAs that offer slight alterations to the topics covered as well as how they are taught. The differences between MBAs are:
These degrees offer students a broad education that provides an expansive business knowledge. It’s a great course that allows students to develop the basics and obtain skills that can be applied to pretty much any job role within the business world. This type of degree is perfect for individuals who want to obtain knowledge so that they’re competent in most areas of business, and is a qualification that produces well rounded graduates who particularly excel in leadership, communication and critical thinking, however they may lack specialized knowledge.
A specialized MBA is more focused on one particular field of business, making it a perfect alteration of the degree for those who are committed and certain of what type of business work they want to go into. Some of the specializations include finance, – which is great for aspiring accountants – marketing, human resources, and entrepreneurship.
Specialized online MBA programs are a fantastic option for students who may already be working for a company and want to move up the corporate ladder, as getting a degree in the appropriate concentrations will make you a stronger candidate for further roles and help you advance better.
Full-Time Online MBA
Full time online MBA programs can be competed super quickly in as little as two years. This is fantastic, as it allows students to quickly gain a qualification and enter the business world, meaning they can advance quicker. However, the tradeoff for this speedy passage is that it is far more rigorous and demanding, and only suits students who have the free time to do it, the dedication to stay on track, and don’t have other responsibilities to look after, such as a career or family. Taking this full-credit load demands a lot of time and responsibility and requires you to learn dedication to succeed. It will be stressful at times, but the reward of a quicker entry into higher business positions is super worth it.
These types of online MBA programs are a great option for those who already have other demands in their life as it’s far less strenuous and time consuming as it splits the load of a standard full time course over multiple years. Part time courses are more often than not offered online and allow students to take as many credits as they feel that they can comfortably manage. There are limits to how long a person can take to finish the course, but usually there’s plenty of time as long as progress is constantly being made. Earning a degree through these part-time online MBA programs can really reduce the stress of it all, while also making it more practical for working adults, or those who care for others.
What’s it Like?
There’s no one universal description of what an MBA program is like, because there are so many different options to choose from. If you are looking for a degree online, in a public or private school, or one in a smaller institution, there’s a degree out there for you.
These programs usually take between 30 to 50 credits to complete, depending on which course you’re enrolled with and usually include either a capstone or research project as a final assignment. Do be weary when partaking in online MBA programs as there will be mandatory on-campus visits, so ensure that you’re still able to make the trip there every once and a while. For example, most courses need students to complete internships during their education, and these are usually going to be situated at businesses close to the university or college you are enrolled in, so you need to ensure that you can make these travel arrangements.
The admission requirements for this course differs between program and institutions, however they usually require a bachelor’s degree – with many wanting that to be in business studies – and a minimum GPA score of at least 2.0 but ideally 3.0. A lot will also require some work experience and for students to pass a test, demonstrating that it’s a tough and demanding degree to not only do but also to get into. Once you’re enrolled, you’re able to take up to five courses per semester, depending on how much work you want to give yourself and how fast you want to complete the course. When studying you can expect a lot of reading through theory, note-taking in both lectures/lessons as well as at home when organizing your notes, attending key lectures, seminars and talks, as well as a lot of testing. An MBA, both on campus or online is a lot of hard work for a couple of years, but the reward should really be worth it in the long run.
Benefits of Online MBA Programs
There are many good reasons to take online MBA programs that go far beyond the already discussed perks of being able to work round your schedule. The benefits this course can have on your future life is amazing, as it can literally open doors to better opportunities and in return, more lucrative salaries.
One great reason to do an MBA is that the quality of teaching is second to none. You’ll be able to get incredible advice and expert knowledge from your teachers and these courses allow you to build a good relationship with your lectures, giving you the opportunity to get a lot of knowledge and wisdom from them.
The skills you’re able to obtain are also super beneficial and can help shape you into a more successful and prouder individual. For example, after an international study on MBA alumni by Association of MBAs, 93% reported that they are more effective at solving problems, and 81% said they’re able to make better business decisions. The effects aren’t just business related to, as the course has been said to improve how students feel about themselves, as 85% said the MBA had a positive impact on their happiness, while an impressive 71% said they’re much more confident in themselves. These improved personal traits can make you far more employable and more likely to achieve success in whatever you do.
The MBA is also a great degree in helping you obtain high paying roles. In fact, the average salary of an individual who obtained an MBA is a fantastic $82,700 and can be even greater than that in some states, such as New York or Massachusetts.
Further Career Options
The career options available to those who have graduated online MBA programs is vast and plentiful, however here are some of the best jobs that suit the degree the most.
- Chief Marketing Director
A CMO is in charge of designing and implementing an organizations creative vision. They work with advertising, marketing and sales staff to promote a business’s products and goods, as well as to increase brand awareness. They have to be good at managing a wide array of different personnel, making communication and critical thinking skills vital for this role, which are characteristics learnt on online MBA programs. As well as this, CMOs also need great analytic skills as they have to analyze consumer data and spot trends to help inform key marketing decisions. As well as an MBA, CMOs will also benefit from having extensive experience in marketing and training in that field.
- Chief Executive Officer
A chief executive officer is the top decision maker in a corporation, meaning that people in the role need great communication and leadership. CEOs guide fellow executives, managers, and staff as they pursuit the organizations missions. A CEO is also a pretty public figure meaning that they represent the company’s values and brand. The specific duties vary from organization to organization, but common tasks include overseeing the budgets, setting policies, and managing human resources. There’s not many successful CEOs who haven’t at least completed online MBA programs, demonstrating how important it is to obtain one.
- Medical Director
A medical director oversees the daily operations of a hospital or other form of medical facility. In this role, the individual will lead and organize medical staff, oversee budgets, and generally ensure that there is a high quality of patient care. The medical director is also responsible for making key hiring decisions, implementing training programs and personal recruitment, making specific degrees in human resources really worthwhile for this role. With all these responsibilities, it’s clear to see how online MBA programs are beneficial, as they can provide the needed skills to help with this operation. However, in addition to the MBA, a lot of medical directors also obtain a healthcare administration degree, making it a tough role to get into due to the need of mastering two drastically different disciplines.