OnlineMBA Guide

MBA Programs That Make The Most Sense For You

Before you make the commitment to earn an MBA, you must first understand exactly what an MBA is, as well as whether it’s the right degree program for you. An MBA, or a Master of Business Administration, provides a graduate education in foundational business practices, such as accounting, finance, marketing and management. It is often a beneficial degree choice for working professionals who need to obtain additional education to reach their career goals and climb the corporate ladders of business administration.

Students can specialize the degree in fields as diverse as health care and sports management. Taking an interdisciplinary approach to learning, MBA programs are not only meant to deepen students’ understanding of business management, but also to further develop their critical thinking, analytical and problem-solving skills.

A Brief History of the MBA

Although institutions of higher education around the world now offer MBA programs, this degree is American born and bred. The first graduate school of management, the Tuck School of Business, was founded in 1900 at Dartmouth College. According to the school’s website, it was the original graduate business school to award the Master of Commercial Science degree, which later became known as the Master of Business Administration. This idea of a graduate business education quickly caught on and in 1908, the Harvard Graduate School of Business Administration enrolled 80 students in the first ever MBA program, according to its website. Throughout the years, MBA programs have grown in number and range of subject matter.

The MBA Today

There are various types of MBAs available through online business schools. The most common type of MBA is designed for students whose professional interests center on traditional business functions. These MBAs offer such concentrations as finance, accounting, marketing, human resources, economics and business administration.

For the student who wants to make his or her mark in a particular business specialization, there are MBAs with concentrations in areas such as international, sports management, entertainment and electronic. Those who would rather focus on developing certain qualities or learning about a particular approach within business can choose such concentrations as entrepreneurship, leadership, e-commerce, health care, or six sigma.

The goal of most business professionals is to obtain a management position, and to effectively manage an organization within a particular industry substantial knowledge about it is necessary. Management MBAs are designed to help professionals develop their industry expertise in such areas as health care, hospitality, IT and supply chain. There are also MBA concentrations for those students who want to become experts within a certain area of management such as operations, organizational, project, risk or global.

For those who would rather focus on a certain field, there are concentrations in criminal justice, education administration, health care and technology. MBA programs have much to offer to someone who wants to specialize within a certain area of health care with concentrations such as health information technology, health services, health care administration, health care management and nursing. Technology is another big area for MBA programs, with many schools offering concentrations in computer systems, information technology, network administration and security, and technology management.

And then there is the Executive MBA, which is designed to augment the working professional’s career. The EMBA is typically geared toward accomplished professionals with several years of work experience. The program consists of refresher courses on functional business administration as well as classes that focus on the development of leadership qualities, networking abilities and problem-solving skills.

What an MBA Can Do for You

There are many benefits of getting your MBA, with the most significant one being greater employment opportunities in business administration. In a Graduate Management Admission Council 2011 Alumni Survey, 93 percent of respondents said that they were employed and 55 percent reported significant satisfaction with career progress since finishing their management education.

Not only do MBA graduates have better employment options, they also earn more money than people who haven’t been awarded the degree. Of the alumni who graduated in 2010, 7 out of 10 reported that their starting salaries were either as much or more than they expected, with a median starting salary of $78,820. Out of all the alumni who responded to the survey, the median starting salary was $94,542.

If you are still asking yourself whether you should go back to school to earn your MBA, consider the following: Although a bachelor’s degree and work experience are invaluable commodities on any resume, a graduate-level education can guarantee employers that you have the knowledge, abilities and motivation that will be demanded of you in a higher-level position. An MBA gives you credibility and distinction that cannot be earned in the workplace alone. Taking graduate level course work in business administration will prepare you to work in a wide range of industries, automatically increasing the number of positions for which you are qualified. MBAs are recognized in most countries as respected business credentials, opening up a world of career opportunities for such degree holders.

Why an Online MBA?

Now that you’ve decided that an MBA is what you need to get your career to the next level, it’s time to begin looking at what type of MBA program would be the best choice for you. There are many options when it comes to formats: on-campus full-time or part-time programs; evening or weekend courses for working professionals; and accelerated programs for those who want to earn their MBA in the shortest amount of time. If you are looking for an off-campus program that won’t require you to be at a certain place at a specific time, an online program may be right for you. Online MBA programs offer a unique learning experience that can often be customized to meet personal preferences, schedules or goals. These types of programs can be a great choice for independent learners who prefer self-directed study in which they set the pace for course completion.

Online Versus Campus Learning

On-campus and distance programs are similar in that students are essentially receiving the same education in terms of courses, curriculum and objectives. At times specific assignments, papers or projects may differ as to better accommodate an online format. For example, a large project that may be assigned to a group of students participating in a campus program may be scaled down for the individual student enrolled in an online program.

One of the biggest differences between the two types of programs is the way that information is distributed and received. Campus programs allow for in-person lectures, face-to-face discussions and assignments that are turned in directly to instructors. In online programs, technology takes the place of physicality, allowing students to use the Internet to watch a streaming video lecture, participate in a class discussion via chat room or turn in an assignment by uploading a file. Online programs deliver the same content and require the same amount of effort from students as on-campus ones but in a different way.

The Pros and Cons of Online Programs

There are many advantages of an online MBA program, with the most prominent one being the ability to pursue your degree while maintaining your career. Whether full-time or part-time, those with demanding work schedules often are unable to take time out of their day to attend class. Online MBA programs are great for those looking for flexible scheduling options, as they are distributed through a virtual learning environment that is accessible 24/7. Professionals trying to balance school and work don’t have to be stretched too thin as they have the freedom to complete course work around their job obligations. Another advantage of online programs is that you don’t have to relocate to receive a graduate education. These days school choice is not limited by those located within a convenient mile radius but by those that offer an online MBA option. The number of schools offering online MBAs is increasing daily as more and more brick and mortar universities incorporate Web education into their business programs. With the power of technology, it no longer matters that you are a department manager for a corporation on the West Coast—you can still receive an Ivy League business education.

There are also drawbacks when it comes to online MBA programs. For the student who learns best by attending lectures and studying the course material presented in those lectures, an online program might not be the most beneficial choice as it may lack the structure, accountability or direction that is needed. Online MBA programs utilize tools such as streaming videos, interactive chat rooms and Internet discussion boards to distribute information and facilitate learning. Although this may be adequate instruction for some students, it may not be for others, so it’s important to take into consideration whether face-to-face interaction is necessary for you to have the best educational experience. If personal attention is what you are looking for, than an online program may not be for you. Another disadvantage associated with online learning is that you will be unable to take advantage of the perks associated with a traditional on-campus experience. For example, students who are seeking internship or recruiting opportunities during their graduate education may not get what they need through an online program as on-campus programs are more likely to provide career services or host hiring events.

The Perception of Online MBAs

The stigmas that may have been associated with online education in the past are almost nonexistent in today’s society. Over the years these types of programs have gained more credibility and recognition, making the online MBA a valuable asset in the corporate environment. Perhaps this is why more and more public and private universities are getting on board and adapting their traditional on-campus MBA curriculum to an online format.

An online MBA is just as valuable as one earned through a traditional program, as students are required to master the same curriculum, meet the same expectations and rise to the same challenges. When it comes to receiving your diploma, there will likely be no differentiation between MBA graduates who completed their course work on campus and those who did it online. Technology makes it possible to conduct business from anywhere in the world, so utilizing it to complete an MBA can be a smart business decision.

How to Choose a Quality MBA Program

If you’ve made the decision to earn an MBA, it’s paramount that you choose a high-quality program, one that will provide you with a solid business education, valuable academic experience and impressive professional credentials. Consider the following factors:

Accreditation

The most important thing to look for is a program that is accredited by a respected business organization. These groups thoroughly examine business schools and programs to determine whether they meet academic standards. In the world of business education, there are three well-known accrediting organizations that are recognized by the U.S. Council for Higher Education Accreditation, the U.S. Department of Education or both.

The most prestigious group is the Association to Advance Collegiate Schools of Business, which was founded in 1916 and is the oldest business school accreditor. The association has granted AACSB accreditation to 620 member institutions in 38 countries, according to its website.

The second group, the Accreditation Council for Business Schools & Programs, has been dedicated to its mission of promoting excellence in business education since its inception in 1988. Even though ACBSP is fairly young, it accredits 529 campuses and more than 700 MBA programs, according to its website.

The International Assembly for Collegiate Business Education, formed in 1997, is the newest of the three accrediting groups. IACBE accredits business programs and colleges and universities worldwide that demonstrate characteristics of excellence, with more than 230 member educational institutions in more than 20 countries, its website says.

Faculty

When it comes to an online MBA program, the importance of esteemed faculty members who are experienced, educated and innovative cannot be underestimated. Students should be wary of a program in which instructors act more as course managers doing administrative work than actually teaching. Ideally, there should be little to no difference between online and on-campus instructors when it comes to education levels, academic background and professional experience. MBA program faculty members are usually required to have a graduate-level education, professional work experience in an area relevant to business and a specialization or expertise in the course they are instructing. Additionally, online instructors have the added challenge of having to teach students using nontraditional methods, which means they have to make an extra effort to engage and motivate. Therefore, it is also extremely important that faculty members of online MBA programs are tech savvy as they will be required to use a variety of Internet tools to create lessons, direct discussions, distribute information and manage assignments. Once you find a program that you are interested in, spend some time researching the educational and professional backgrounds of faculty members. If you are unable to find enough information, don’t be afraid to contact the school and ask what credentials the online instructors possess and what training they have had to teach successfully in a virtual learning environment.

Curriculum

Quality online MBA programs will consist of the same, or extremely similar, curriculum as that of on-campus ones. Most programs consist of the same assignments, readings, research and activities as their on-campus counterparts. This ensures that there is little difference in education between the traditional and online student. Remember that earning an MBA online doesn’t mean less work, and sometimes may require even more academically from students in terms of activities as they are not required to be present for class time. You can check whether the quality of an online MBA program is the same as that of an on-campus one by comparing the two formats’ required courses, major projects, materials, assignments and examinations.

Technology

Considering that an online MBA program is delivered completely electronically, technology is a key aspect to consider. A high-quality program will take advantage of the most recent technological advances and utilize them to enhance the virtual learning experience. Most programs will be facilitated through a virtual classroom where students can conduct school related activities such as accessing course materials, turning in assignments, streaming instructional videos, participating in discussions, responding to lessons and keeping track of grades. It’s important that these systems have a user-friendly interface that is easy to understand and navigate, as well as an overall design that encourages interactivity, participation and communication. Many schools will let you take a look at the type of software, systems or other technological tools that are used in their online programs to help you decide whether they will provide you with an adequate learning experience.

Ranking

Each year various reputable publications, websites and organizations release their lists of annual college rankings. These rankings are designed to show how academic institutions stack up against one another in terms of faculty, instruction, reputation and student mix. While each publication or organization uses its own methodology to determine ranking placement, common factors include student selectivity, quality of faculty, curriculum, methods of instruction, student satisfaction and employment outcomes. Students shouldn’t choose a school on rankings alone, but they can be a useful tool when comparing MBA programs. A higher-ranked business school may be more likely to provide you with a quality education than one that is not ranked at all. Our next section will tell you more about MBA rankings.