Online MBA programs have grown in popularity over the years and become one of the most sought-after graduate degrees. If like many professionals, you want to boost your career outlook with a masters qualification but don’t want to sacrifice work or family obligations, then an online MBA could be the answer.
Flexible online MBA programs allow you to get a masters degree on your own timeframe. You can move ahead in your career and boost your job prospects without making unwanted sacrifices to your professional or personal life. With that in mind, below are 10 reasons why professionals love online MBA programs:
1. Build your skills and knowledge
Online MBA courses are designed to teach students the required skills, capabilities, and practical knowledge to become effective leaders in the business industry. An MBA will build on your existing skills and help you become an expert in your chosen sector. Your MBA instructors will teach you core business skills such as leadership, communication, team building, networking, and strategic thinking. These transferable skills are extremely attractive to employers.
Online MBA courses equip students with versatile skills that are needed to move ahead in a broad range of careers. You can complete an MBA as a stepping stone to senior-level roles in a variety of industries including human resources, healthcare, marketing, and finance. An MBA degree can benefit many careers besides just business. Read this article by Princeton Review to find out what practical skills you will acquire while studying for an online MBA.
2. Move ahead in your career
Career advancement is one of the most compelling reasons to get an online MBA. While there is no guarantee that you will land a top executive position, many students secure senior-level positions soon after graduating from online MBA programs. A recent report found that 89% of MBA grads were employed after graduation.
An MBA degree is considered the gold standard of education in the business sector and professionals with an MBA are highly valued by employers. For that reason, getting an online MBA should help you move ahead in your career, climb the corporate ladder, and secure promotions with better pay and attractive job perks.
3. Boost your paycheck
A common professional goal is to increase salary and take home a bigger paycheck. You will be pleased to know that getting an online MBA can be a reliable way to boost your salary. In a recent survey, 90% of MBA graduates reported that the degree increased their earning power.
Business school graduates with an MBA typically earn more than their peers. The average starting salary for MBA grads was $115,000 in 2019, which is more than double what bachelor degree holders earn – according to businessbecause.com. The salary you receive will be influenced by the sector that you choose to work in. For instance, MBA grads working in technology can expect to earn around $112,000 per year whereas starting salaries are generally lower in non-profit organizations.
MBA salaries are high because graduates have the skills and knowledge to hit the ground running and achieve good results in a short space of time. Professionals who complete online MBA courses become valuable assets to their companies and employers are prepared to pay a premium to attract and retain MBA graduates.
4. Support a career change
Switching careers in later life can be challenging, especially when you are competing with ambitious graduates fresh out of college. Earning an online MBA can help you plan a successful career change and break into a competitive industry. Online MBA programs teach students a wide collection of versatile skills that are extremely attractive to employees. MBA graduates move on to successful careers in a wide range of sectors and industries.
If you’re considering switching careers, then an online MBA will develop your skills and help you impress hiring managers in your desired industry. Switching careers can be a great way to increase your earning potential, boost your job satisfaction, and develop new skills and expertise.
5. Improve workplace satisfaction
A poll by Gallop revealed that only 15% of employees are engaged at work, suggesting that 85% are disengaged and unhappy in the workplace. You spend a large percentage of your time at work, so it’s essential that you feel satisfied in your job role. Poor job satisfaction can harm your health and put you at risk of mental health issues like depression, anxiety disorders, and insomnia.
Professionals who complete online MBA programs tend to report higher levels of workplace satisfaction. This is likely to be due to several factors including high earning potential, career advancement, job security, and more responsibility in the workplace. Many people also get a great sense of fulfillment and personal achievement from earning an MBA qualification.
6. Access global job opportunities
Online MBA programs have gained prestige over the years and the graduate degree is internationally recognized. MBA graduates are in high demand all across the world and have access to global job opportunities in a wide range of rewarding sectors. Building overseas experience is a massive advantage in the modern business market, as many employers prefer candidates who have global experience.
7. Earn an MBA on your time
Many professionals would find it difficult or impossible to complete a traditional MBA program due to work or family responsibilities. Online MBA programs allow students to earn a masters degree on their time, without being forced to sacrifice their work or family obligations.
When you enroll in an online MBA, you will have complete autonomy over your learning schedule. You can study from the comfort of your home at a convenient time and tailor learning around your existing commitments. Many working professionals take online MBA classes at the weekends or in the evenings when they are free and complete coursework at their pace.
Having the flexibility and freedom to fit education around your lifestyle is one of the top reasons why professionals love online MBA programs and often prefer them to conventional brick-and-mortar courses.
8. Slash graduate education costs
Cost is a huge factor to consider when deciding whether to invest in postgraduate education like an MBA. Choosing to earn an MBA online is an easy way to slash your graduate education costs and reduce student debt. Experts at topmba.com advise that an online MBA can cost anywhere from $10,000 to $80,000. This is much cheaper than the typical cost of an in-person program.
Online MBA programs are more affordable because business schools have fewer overhead costs. Students enrolled in an online MBA program also save money as they don’t need to relocate or commute to classes. You should also be able to work while you study, which will help you repay tuition fees and clear student debt faster.
You can make an online MBA even more affordable by applying for scholarships and grants. Many employers will also agree to provide tuition assistance, especially if you are a valued employee. Speak with your HR department to check whether your employer offers tuition assistance. Some companies even offer paid sabbatical opportunities for employee education, so don’t be afraid to ask for this benefit.
9. Leverage networking opportunities
Networking opportunities are another compelling reason why professionals choose to complete an MBA degree. Online MBA programs connect students all across the world and many students are influential business professionals with several years of practical experience. When you enroll in an online MBA program, you will join a highly respected field and have the chance to build your professional network.
Many online MBA programs also give students access to exclusive industry events, conferences, and webinars. Networking is fundamental to success in the fast-paced business world. Networking statistics show that “85% of vacancies are filled through networking and 95% of professionals consider face-to-face communication essential for long-term business”.
You can leverage the professional connections that you make on your MBA program to advance your career and make a name for yourself in the competitive business sector. Be proactive when it comes to networking and look for opportunities to connect with people in your industry. There are plenty of straightforward ways to grow your professional network. You could connect with professionals on LinkedIn or join a professional business association, for example.
10. Write a solid business plan
If your ultimate professional goal is to launch a startup, then getting an MBA can prepare you for the demands of entrepreneurship and help you write a solid real-world business plan. Even the most talented entrepreneurs can find it difficult to manage a team, especially if they don’t have previous leadership experience. An online MBA will equip you with essential leadership skills like effective communication, team building, and adapting to innovation.
Getting a graduate degree like an MBA will also enhance the reputation of your business by demonstrating your higher skill set and credentials. Having an MBA qualification may help you attract top employees, clients, and investors that will help you grow your startup and increase profits. You will also have the opportunity to build valuable connections, get guidance from experienced entrepreneurs, and grow your professional business network.
If you are interested in starting a business, then look for online MBA programs with an entrepreneurship concentration. This type of program will give you a good understanding of the methods and techniques used to launch a thriving company and prepare you for the demands and responsibilities of running a business.
Tips for students enrolled in online MBA programs
Online MBA programs are tough and require the same level of commitment as their brick-and-mortar counterparts. Here are some useful tips for students enrolled in online MBA programs:
Commit to your learning
An MBA is an advanced degree and earning the qualification is never going to be easier. You must be prepared for the course and fully commit to your learning. Recognize that you may need to make sacrifices e.g. you might need to give up your evenings and weekends to attend classes and complete coursework around your other responsibilities.
Make time management a priority
Good time management is fundamental to distance-learning success. Get organized early and determine how much time you will need to spend studying each week. Online MBA programs allow flexibility, but you should still stick with a regular study schedule. This will help you stay focused and engaged with your learning tasks.
Online MBA programs are convenient but many students find online classes lonely and miss the social interaction that you get with in-person courses. The good news is, technology has made it possible for distance learners to connect online and communicate via the internet. Take advantage of networking opportunities and focus on developing lasting relationships with your classmates, teachers, and alumni members.
Stay in good health
Don’t let healthy habits slip while you are trying to balance graduate education with work and other responsibilities. Make your health and emotional wellbeing a priority, no matter how busy you get. You should do the following to stay in good health while you study:
- Get between seven and nine hours of sleep each night.
- Include plenty of fruit and vegetables in your diet.
- Avoid eating junk meals and processed food.
- Be active and try to do some form of daily exercise.
- Drink lots of water and keep alcohol to a minimum.
- Take time out to relax, unwind, and recharge.
Online MBA enrollment numbers have surged in recent years and MBAs are one of the most popular graduate degrees. Online MBA programs are flexible and you will have the freedom to gain this prestigious degree, while still meeting professional and personal obligations. You can study for an online MBA while simultaneously building your career and learn at a place and pace that suits you.
This article has discussed some of the top reasons why professionals love online MBA programs. The key benefits of getting an online MBA are higher earning potential, networking opportunities, and career advancement. Follow the tips above to thrive on online MBA programs and take your career to the next level.