What is an Online MBA?
Once upon a time, fathers used to say with pride, “My son is a graduate.” Graduation was treated as a quite prestigious degree in that time. After some years, the job market made the students bound to think that graduation is not enough to get a high quality job. Then, they started running after the general Post Graduation degrees e.g. M.A., M.Com. or M.Sc. But today, those degrees have been almost drowned in the flood of MBA. The term “MBA” simply symbolizes money. A boy, who does not even know the elaboration and meaning of MBA, wants this very degree to acquire a “suited booted” corporate life and make money. Students of different disciplines plan to have this degree to secure an attractive job. Nothing but an MBA can give you the assurance of a handsome salary.
MBA is acronym for Masters of Business Administration. A regular MBA can be obtained by attaining classes physically. But there are also some internet based MBA programs that help you to get your MBA degree online. You don’t need to go to distant places or universities and spend your peak hours for it. Just find a suitable time and do this course without hampering your profession. This online MBA introduces you to the different fields of business studies like Accounting, Finance, Marketing and Management. Like a regular MBA holder, you can also gain knowledge about business administration through this distant learning course.
This online MBA program will give you fully institutional knowledge on business administration. A lot of reputed schools and universities are giving you the opportunity of earning this degree. Through this online MBA course, you can achieve MBA completion degree from a reputed university and later on, can attach the completion certificate with your resume. A certificate like this will obviously make your resume heavier and help you stand apart from the crowd while facing an interview.
A website “Poets and Quants” says that about 11,000 students are attaining online MBA program at approximately 90 institutions authorized by the Association to Advance Collegiate Schools of Business. These students have chosen this online MBA program to achieve this degree without hampering their job. Through this program, you will have the opportunity to communicate directly to your professors and also with your fellow classmates. You will not have to go to any campus. In this case, your PC is the virtual campus. So, online MBA serves you in getting this degree without going to any institutions physically. But you will get all those facilities and chance of communication that are available in a General MBA program.
So, don’t be so sad if your nearest friend achieves an MBA degree physically from a reputed institution. May be, you cannot achieve it going to any institution physically but you are getting the same lecture, same community and same environment through online service. The thing you have to maintain is that you should be able to operate computer. A good knowledge in English language is a plus point as this program is mostly run in this language. In one word, an online MBA program will bring this degree to you. You just have to make yourself qualified for receiving it. So what are you waiting for? Take your PC and open the window of success!
What to Expect from an Online MBA Program
You are certainly thinking of the ins and outs of online MBA and expecting a perfect program in a challenging environment. Let’s see whether there is any match between your expectation and the real program.
Length of the program is generally the main concern of the students. To earn an online MBA, you need to invest only eighteen months or two years of your life time which is like a drop of water in the vast sea. The full time studies are divided into some semesters with three to four courses each. You need to give approximately twenty hours weekly besides the lectures if you want a good feedback. The time you spend outside the class lecture, can vary from others as you will spend this particular time for studying, preparing assignments, attaining team meetings, getting ready for the presentations, reading textbooks and many more outside studies. So, you need to be disciplined and have good time management skill. If you can respect time, your online MBA would be more fruitful undoubtedly than the regular MBA.
As we have already said that there is no specific time schedule in this online MBA program, so you can access the lecture site all the time. You can rewind and forward the lectures and take them in your own way. But there are some certain periods when you should be online in time like if you want any web conference or chat with your classmates in a group projects. So you can undoubtedly expect flexibility of time in doing an online MBA.
You are may be getting tensed about the examination system. You need not to be worried as the exams are also taken online. There is a time tracker that tracks your time. A webcam also monitors you while taking the exam. You also have to create a group and submit assignments with your group people. Though these people are totally unknown to you, but you will have to work with them like each other’s colleague. It is to say that, by this process you are learning how to work cordially and effectively with a partner who is completely unknown to you. This practice certainly helps in your professional life when you have to work with your unknown fellow members.
You might be thinking, in traditional MBA students can meet their teachers personally. This facility is surely not available in online MBA. You will really be happy to know that in online MBA, you may not meet your professor physically, but you will obviously have the chance to talk to him personally and discuss your problems. Nevertheless, your textbooks, ebooks, CDs, DVDs all will be supplied to you according to your syllabus. There are some particular classes that may vary in accordance with the program. But some classes like Accounting, Marketing, Finance, Management, Organizational Leadership, International business and technology etc are held commonly and all of you are given same lecture. But, as you have the freedom of choosing an area of your own, in that case you may take some more classes on the topic you are the most interested in. For instance, your aim is to serve as a Human Resource Manager or something related to human resource, then you will get opportunity of taking three to five classes more on that topic.
We know, your expectation to this online MBA is supposed to be high. But believe us, if you are really serious and passionate in it, you will get much more facilities and opportunities than your expectation. From their side, there will be no lacking. This online MBA program wants just one thing to you for bringing your success and that is Your 100% Co-operation and Strong Will Power. If you can give these, then an online MBA can be a bridge of blessing between your expectation and reality.
Online MBA and its cost
As an online MBA is equivalent to the general MBA, rather superior to some extent, you need to pay an amount of money for earning this valuable degree. Question must arise in your mind, “If it is an online program, then for what purpose I’ll have to pay?” It may be an online program, but you are getting the same facilities that a general student gets in institutional program. We can even say that you will get more facility than a campus oriented MBA program.
Please don’t get tensed about the cost. You will get full freedom so that you can afford it. There are different kinds of courses that demand different range of fees. Just chill and think which one will be most affordable for you. The cost of online MBA depends on the fact whether you want to do this course under a private or public school, the crowd that means the amount of students and also the technology which are used in this project. The cost may be $10,000-$91,000. In public schools, the tuition fee for online MBA is quite affordable. You can easily earn an MBA degree from Upper Iowa University or The University of North Dakota by spending $12,000-$16,000 only. There are also some schools that demand high tuition rate like $67,000-$77,000; for example Babson College, Syracuse University and also Thunderbird School of Global Management.
Generally below $25,000 is considered as a low price in case of online MBA. A tuition fee rate above $60,000 is thought of a high rate. If you make a wish to get an admission in the top schools for online MBA in USA, you have to cut a cheque of minimum $100,000. I know what you are going to ask. You are thinking, the MBA program which costs low tuition fee would be of below quality. You have almost decided that as you do not have that particular $100,000 in your bank, so it is meaningless to think of doing an online MBA in low cost. Please, for God’s sake, wash away that old, traditional wrong thinking! There are huge amount of public schools that run their program by public funding. So you are getting the opportunity to acquire your cherished degree, which is of obviously high quality as well as really in an affordable rate. Don’t even think that a high priced MBA school will surely give you high quality education. Rate of tuition fee cannot be the determining factor of the education quality. The most important thing is you need to choose the perfect school for you according to your financial condition, the facility given by the schools and the programs that are perfect to reach your goal.
You are surely curious about the fields where you are investing your money. A lot of students throw a common question. There are no campus and classrooms. They have their own computer and the study is fully online. Then what are the fields for which they are investing that much money? The question is really logical and you have the proper right to know the answer. Usually the fee of online MBA is not the same as the institutional MBA. A large part of your fee goes to the field of technological support. The hardware and software have a particular cost. You give an amount of money per semester or per course for the technical support, course management and distant education. You need to pay for the instructional support also that helps you know different online system connected to this MBA program. There are also online library fee, virtual academic advice and interactive tutoring fees.
You have to purchase some books also. Don’t be astonished! Though this program is internet based, still you may have to buy textbooks. So, notice carefully whether you have already paid for the textbooks with the final amount of money at first.
An online MBA student must have a computer, external hard drive, scanner and of course a smart internet service. Make sure that you have bought all those things before starting your online MBA program.
Online MBA will give you relief from the daily campus cost. As you need not to attend classes and lectures going to campus physically, so it saves a huge amount of money. Just imagine, you are studying your dream course in your own bedroom without any disturbance! You need not to go distant countries or cities, pay for housing, gas, parking, meal and many other expenses. Comfort and quality, both are in your own living room if you choose online MBA. I know, you are smart and can easily realize after this discussion that, online MBA is much more comfortable and easier to earn than the general MBA degree, with the same quality education.
So now, if you do not have that much money, what will you do then? Will you quit? Will you escape? Remember, this is no world for escapists. If you think that you cannot even afford the lowest amount of money, you have chance to get loans. Golden opportunity! There are different kinds of student loans available around you. You can easily get Federal Stafford Unsubsidized Loan, Graduate PLUS loan and Private Education Loan. The first one will allow you to get up to $20,500/per academic year. The interest rate is 6.8%. The amount of loan given by the second one depends on the cost of your attendance and the other help you have received. The cost of other aid will be minimized from the cost of attendance with an interest rate of 7.9%. The third one is applicable for a private lender. If you want private education, then you need to research and find the way of getting this private loan in your own responsibility.
Are you still confused? If you are, then of course I would say, getting confused has become your habit! You have all the ways in front of you. Each of the way will be lucky if you choose it. I’m quite sure, your dream will come true. Just a little push can change your destiny. Open your eyes and strengthen the will power. The online MBA is knocking at your door, “Success is not so far! Success is really not so far!!”
What are the different Online MBA Courses available for you?
The courses, which are included in online MBA program, enable you to stay in the front line of the corporate world. Many of you have a vague idea about the courses of online MBA that it includes only the business oriented topics. But in fact, an online MBA helps you not only in learning the subjects of business but also leadership, communication and many more things like that. Let’s have a look at the courses that an online MBA includes in its syllabus.
While doing an online MBA, mainly you will encounter Accounting, Finance, Management, Marketing, Global or International business, Business Technology and a good number of business oriented courses. These are basically some sectors; these sectors contain the courses which you need to study.
Accounting has approximately five courses. Financial Accounting will show you how to interpret or analyze financial statements. The accounting methods and process can also be known by it. Managerial Accounting course is taught to develop students’ leadership and company management skills. The Cost Accounting course will make you familiar to cost-volume-profit analysis, variable cost, budget and also standard cost system. By attaining the Tax Accounting classes, one can get an elaborate idea about local, state and federal taxation of the people. The Forensic Accounting helps you identifying fraud, illegitimate methods and dishonesty that cause a great harm to the company.
Financial Analysis and Reporting is a quite well-known course of Finance. Through these classes, students learn financial reporting, determination of the future income of the company and also analyzing the data effectively. The Corporate Finance emphasizes the investment decisions, capital budget technique, financial planning and also company valuation. The course Risk Management contains fruitful methods which help students protect the company from financial losses.
Management mainly contains the courses that play a vital role in developing leadership and management power. Organizational Leadership thus teaches the students about cultivating diversity, coaching, networking, crisis leadership and also individual leadership. By learning Supply Chain Management, you will be able to learn the strategies for quality control, customer service and inventory management. Management Communication and Human Capital Management, these two courses, deal with the external communication, helping people to develop their career in a company and the nature of relation to the general people. There are also courses like Operation Management, Strategic Planning and Implementation and Project Management in this Management sector.
Marketing Management and Analysis, Marketing Research and Product Management, these are the three courses of Marketing sector. They deal with the pricing, consumer behavior, promotion and distribution. Students also become capable of identifying marketing problems. They gather data, do research, design products, label them and launch new products in the market.
The most attractive aspect of an online MBA is the Global or International Business. In this sector you will have read International Business Strategy, Global Leadership and Global Economic Environment. You will get an elaborate idea about the international business and its characteristics all over the world.
Don’t think that as you are studying Business Administration, you cannot get any technological knowledge. Business Technology has around three courses on technology. Information Systems for Managers, Introduction to Information Security and Information Security, Ethics and Policy are some courses which enable you to understand executive information, expert system, database management, security of the sensitive information of the companies, the ethical and legal issues of the company and also government policy.
This is not the end. You will also be get courses like Business Law, Business Research and Statistics, Business Policy, Entrepreneurship and Business Economics. In one word, you are getting a standard learning about business administration that makes you able to cope up with the corporate world of international level. See carefully, all the courses are different from one another. You are learning new and exciting elements while reading each and every course in online MBA. The online MBA gives you not only a theoretical knowledge about business studies, but also show you how to execute them in material world and gain success.
The Top Online MBA Programs of the World
Once you decide to do an online MBA, the question comes next to your mind is, “What are the famous schools of online MBA? Are they affordable?” While doing an online MBA, students usually want to earn this degree under a recognized and famous school. A renowned school increases the weight of the resume to some extent. Not only that, if you do not even get chance to do your online MBA under these schools, it is your first and foremost duty to know the names and activities of the schools which are in the top position right now. Here are the names of some schools that are considered the best according to the usnews.com.
Washington State University is a public university of Washington DC, USA and well reputed for its online MBA program. Their professional skilled teachers and environment of learning help you to obtain your MBA degree in a proper way. Here, the students are taught not only the leadership and business strategy, but also the global, ethical and social issues related to business. They encourage the students to think innovatively, solve their problems smartly and build strong networking. As it is a public university, studying here will cost only $29,250 (without textbook cost). Besides this amount, you will have to pay $50 for application fee and $150 for books (per course). I know, there is surely a sweet smile in your face now. Yes, this one of the best University for online MBA is quite affordable for you!
Arizona State University is also a public University of USA. It has one of the top ranked online business schools in the world. The most attractive feature of this University is its “one class at a time” structure. Students are divided into groups and they complete each course together in six weeks. To earn an online MBA under this University you will have to spend $53,900 including books. Application fee is $70 (domestic) and $90 (international Applications).
Indiana University–Bloomington (Kelley) is offering the same prestigious degree that the other regular MBA graduates are acquiring. It helps you to earn your online MBA degree in the most flexible way. This private school will help you obtaining your online MBA degree for $58,395 only.
Another renowned school for online MBA is Hough Graduate School of Business, University of Florida. The school has produced a good number of exceptional leaders of business by their influential research and proper education. You need to spend around $51,182 to get your online MBA degree from this private school.
Central Michigan University is another leading University which offer you online MBA program. Being a public university, you will have the facility of quality education as well as affordability. To earn an online MBA under this school, you will have to spend $28,185 and $50 application fee. You are cordially welcomed here with the assurance of a valuable MBA degree, proper learning and wide range of networking.
Reputed university or school does not mean a huge amount of money always. See, when you started reading this segment, didn’t you think even one time, “It’s of no use for me. I can never afford the money needed to obtain an online MBA under these top ranked schools.” Earning an online MBA under any well qualified school is prestigious. If you can give your best effort, plan for the future strategically and have a good networking skill then you will be succeeded without any doubt. So, remove your gloominess and look forward to your desired online MBA.
What are the careers after online MBA?
Those days are gone by when lots of Graduates and Post Graduates are usually seen roaming here and there for want of a job. A huge amount of bright students have suffered terribly after the completion of their studies. Staying unemployed, for years after years, is quite common scenery of those days. You are fortunate enough that in this present corporate world, you don’t have to worry about job. There are plenty of job sectors and opportunities around you. Now you need not to wait for jobs rather you get freedom of choosing your own sector.
But, a coin has its opposite side also. Have you ever thought about the quality and future of these jobs which are now “Uncountable Number” in the job market? Are you getting fully satisfactory job? Are they being able to realize your value and specialty? Now, we are telling you the fact. The rude fact is that, the job opportunity, industries and companies have obviously increased. Nowadays, it is comparatively easy to get a job. But unfortunately, most of these jobs are of poor salary. Specially, if you are from non-business faculties, then it is almost impossible to get a corporate job of handsome salary. In this present world, though all the students do not have a commerce background, they can still get good business oriented job. In this case, online MBA is the perfect choice. You all know that the road of the career of an online MBA holder runs straight to the success. Students earn this online MBA only for ensuring a bright future and prestigious job with a high salary range. Still, we’ll give you an idea about the career and prospect of an online MBA degree holder.
By studying Accounting, you may get achieve a position of an accountant, auditor, tax examiner and posts like this. Accountants analyze the financial information and keep appropriate records of it. In accordance to the U.S. Bureau of Labor Statistics, in 2008, approximately $59,430 is an accountant’s median annual income. The auditor’s duty is to check the financials whether there has been any mismanagement, fraud or wastage. The approximate median annual income of an auditor is $103,000 (info source: 29 June, 2013; indeed.com). Tax examiners examine whether the taxes are taken and calculated fairly. According to indeed.com, the median annual income of tax examiner in 29 June 2013 is $65,000 (info source: 29 June, 2013; indeed.com).
Many of you have passion about Economics. By focusing on Economics, you may get a job as an Economist, Financial Analyst and also Management Analyst. The Economist analyzes the resource distribution, data, identify the trends and also do wise forecast on the economic condition. The approximate highest median annual salary of an Economist is $327,000(info source: 29 June, 2013; indeed.com). The Financial Analyst gives the corporations, business and individual the guideline about the bonds, stocks, commodities and so many things. Their median annual salary is about $86,000(info source: 29 June, 2013; indeed.com). The job of a Management Analyst is to analyze the efficiency, structure and profits of an organization. Nevertheless, he needs to suggest about the way they can success. The median annual income of a Management Analyst is about $92,000(info source: 29 June, 2013; indeed.com).
The study of Environmental Management will help you to attain the job like Natural Science Manager, Environmental Scientist and also Conservation Scientist. The Natural Science Manager works in physical science, developing projects, overseeing research and also production activities. This position gets the median annual income of approximately $87,000(info source: 29 June, 2013; indeed.com).The Environmental Scientist finds the solution of the bad impact on environment and tries to resolve it. The annual median income of them is about $112,000(info source: 29 June, 2013; indeed.com).The Conservation Scientists improve the natural environment by aiding the landowners in implementing safeguards. Approximately $113,000 is their median annual income (info source: 29 June, 2013; indeed.com).
Human Resource has a bright future. After doing your online MBA, if you join as a Human Resource Manager then your median annual income will be minimum $93,000(info source: 29 June, 2013; indeed.com). As you are taught about leadership, so you can hold a post of Administrative Service Manager who looks after the administrative sector of a company. The Administrative Service Manager gets approximately $64,000 (info source: 29 June, 2013; indeed.com) of median annual salary.
A Marketing Manager promotes his company’s product to the target audience. His approximate median annual income is $163,000(info source: 29 June, 2013; indeed.com). The duty of an Advertizing Manager is to promote the product of the companies in a creative and efficient way. The median annual income of an Advertizing Manager is $89,000(info source: 29 June, 2013; indeed.com).
You have certainly heard about the post CEO that means Chief Executive Officer. It is the dream job of almost all the students of Business Administration. The CEO holds the top position of the company and suggests strategy and policies so that the company can reach to its goal. The median annual income of a CEO is $227,000(info source: 29 June, 2013; indeed.com).
A Project Manager takes care of a project from starting to end. He provides direction and suggestion. The median annual income of a Project Manager is minimum $107,000(info source: 29 June, 2013; indeed.com). A Computer and Information System Manager maintain the technological side. His median annual salary is more than $107,000(info source: 29 June, 2013; indeed.com).
Students interested in sports may have the job of a Sports Agent. The highest approximate median annual income of a Sports Agent is $118,000(info source: 29 June, 2013; indeed.com). The duty of a Purchasing Manager is to buy goods, products and service of a high quality with the lowest possible amount of money. The median annual income of a Purchasing Manager is approximately $90,000(info source: 29 June, 2013; indeed.com).
The salaries, which we have mentioned is not the exact amount. It may differ from company to company. Not only the company, the salary can be wholly changed according to your performance. In business sector, if you work hard and show your efficiency, no one can stop you from achieving success. The posts mentioned above, are some of the major ones that are popular in the job market. There is huge number of jobs for you that offer you really attractive salary. And this opportunity can be picked only then, when you will be blessed with an online MBA. Please, try to realize your value, passion and capability. Don’t get lost in the crowd; rather make yourself visible and attractive so that everyone can differentiate you from the common crowd. Polish your talent by getting an online MBA. We are sure, even you will be surprised after discovering yourself in the position which is still a dream of the general students.
Networking Tips for Online MBA Students
How do you communicate your friends? What are the ways you follow to keep the communication spontaneous in your surroundings? I probably know the answer. You will certainly say the communication is natural. You go to campus, attain classes with your friends, have foods, gossip, go for long drives and perform many more activities! This is why; you do not need to give an extra effort to keep the communication sound. But, while doing the online MBA, networking and keeping communication should be given more priority than anything else. As you have no campus and the whole study system is internet-based, so keeping connection in this virtual world would be a bit complicated. Experts have given several tips and suggestion that would help you to keep this virtual communication sound.
If you ever get chance to meet your group mates face to face, don’t miss that chance. The experts have suggested making an evening with your online friends with tea or coffee.
You already know that in online MBA, you have to communicate your friends through email, conference calls, video chats and through many more media. So, try to be friendly with them. Give your best effort in that discussion. Try to create an influence on them so that they can remember you quite well. A positive impression in this discussion ensures your firm position within your friends.
Networking only with your friends and group mates is not enough. Expand your area of familiarity; get introduced with the former online students and alumni. You will get advice, help and even job opportunity if they find you bright.
Maintaining a good relationship is really a useful networking. As you do not have any campus, so those classmates are your best friends and you need to learn enjoying with them in your own way. Stay connected with your friends while doing your online MBA, you will never feel helpless; rather your friends will come to your aid when it is necessary.
Success Stories of Famous People Who Pursued Online MBA
“I needed a program that I could do on my own time and from any location……”- Joe Bloise, a retired army person, expressed his feelings while telling us his success story. He emphasized that without online MBA, it would be quite impossible for him to earn an MBA degree as he was serving as a military on those days. After doing his regular job, it was quite easy for him to study for the online MBA as he got the freedom of studying in anytime. In 2009, Joe left the military and was hired in the post of research associate in McQueen, Associates and Ball. Now, he can say proudly that he is a graduate in Business Administration. He is so grateful to this online MBA that, he cannot but say, online MBA has opened his eyes of thought. After earning this MBA, he discovered the value of his talent once again.
Kate Scott is a bright employee of Wendy’s International. In a stage of her professional career she became aware of the fact that without an MBA, her hardship is meaningless. If she can add an MBA to her resume, then it will help her to ascend in senior level. So, she decided to do an online MBA. She had to manage her schedule with great efficiency. “Online MBA is the right decision”- this fact became more prominent when she was expecting her second child. In that period of pregnancy, she could quite comfortably manage her office as well as online MBA studies. She was quite satisfied for the program. She also thinks herself lucky enough to get some helpful, cordial and meritorious friends while doing this online MBA.
Patricia Watson, a creative architect, considered online MBA as a way of broadening her business skills. She wanted to blend her creativity and business foundation so that she can be successful in her new job in Merck. In the middle of her online MBA, she was promoted to a challenging and attractive position; Portfolio and Strategy Analysis Manager in the Global Real State Service of Merck. After earning the online MBA, she did not need to look back. A number of opportunities knocked her and she responded. Now she is an asset to that Real Estate Company. She emphasized much on the group works of online MBA. She said, “This was supplement to the course material and provided a broader education while increasing my network.”
Definition of success varies from man to man. First, find out your expectation and how far you want to go. An online MBA will certainly bring you success as it upgrades individual’s educational level. From the success stories discussed above, you can obviously realize one thing that, if you want an MBA degree keeping your professional position intact, online MBA is the best solution for you. The thing you have to keep in mind is the time management. Hope, you have got your inspiration. If this story gives you even a bit inspiration, we will be inspired to write about your success story after a couple of years as well. Let’s hope for the best!