Online MBAs are growing in popularity.
But what is the benefit of an online MBA and how can you choose a good online MBA program?
Heidi Rivera of Money recently spoke to a few experts on what an online MBA can provide and how applicants can choose the right program.
Cost is the biggest benefit to an online MBA versus a traditional MBA.
For one, an online MBA doesn’t require you to relocate or find housing, saving you potentially thousands of dollars versus a traditional, on-campus MBA.
While many online MBA’s have costs similar to traditional MBA’s, there are select online programs that are more affordable and hold great value.
In addition to lower cost, an online MBA can offer students more flexibility by allowing them to schedule classes at their own pace. Additionally, according to Rivera, students in online MBA programs are likely able to keep their job while studying rather than take a two-year break from work to pursue a traditional, on-campus MBA.
CHOOSING THE RIGHT ONLINE MBA
Much like choosing a traditional MBA, the selection of online MBAs is vast.
However, experts say one of the first things applicants should do is figure out what their goals are and how an online MBA program can help them achieve those goals.
“It sounds obvious, but you’d be surprised at how overlooked this is,” Linda Abraham of Accepted tells Money.
Abraham recommends that applicants do research on a specific program’s curriculum, the faculty, and the school’s career support to see if they align with your career goals.
Additionally, experts recommend applicants to verify a school’s credibility. Typically, you’ll want to ensure a b-school is accredited by the Association to Advance Collegiate Schools of Business (AACSB).
And while cost of an online MBA is certainly lower than a traditional MBA, experts still recommend applicants to do a cost analysis of different programs.
“I encourage students to really dig deep before they make the investment,” Abraham tells Money. “Yes, the investment is less than with the full-time (residential) MBA program, but it’s still significant.”