Last Updated: August 08, 2021
MBA or Masters in Business Administration is a professional graduate degree that has gained prominence over the last few decades with a significant surge in applicants year after year. The most popular and common options chosen by candidates are the full-time and part-time versions of the course. But at the same time, candidates will be able to do the course online if they so choose to.
The online MBA course has been gaining prominence, especially during the pandemic due to the increase in the number of candidates who wish to switch their careers and those who wish to claim promotions and the like for themselves. The flexibility the online program offers and the increasing credibility of online programs are making it a less expensive and more feasible option for most candidates. While choosing an institution for an online MBA, candidates should ensure that the place is credible and that apart from the academic achievements the institution claims to have, they will provide the space for creating a huge network that can benefit the candidate.
Accreditation Requirements for Online MBA
Candidates who are choosing to do an online MBA will have to ensure that they are investing their time and effort in the right place. Checking whether the program has the required accreditation is the best way of understanding whether the program is certified. The kind of accreditation the program has also proved the credibility of the course along with the quality that can be expected. The accreditation can be either national or regional.
The most common accreditation that online programs have will be from the Association to Advance Collegiate Schools of Business or AACSB which focuses only on business schools. They offer two kinds of accreditation which are based on accounting and business. Currently, they have offered accreditation to over 799 business schools globally and are considered to be of international standards.
Admission Procedure for Online MBA
The application procedure for an online MBA is similar to that of a full-time and part-time MBA. The candidate will have to submit their transcripts, letters of recommendation, statement of purpose, GMAT/GRE scores, and even details regarding their work experience. These documents will have to be submitted online and will be verified by the institution that is offering the program. Online MBA programs are generally offered by institutions that offer the offline version of the same program.
Since the course will be conducted entirely online, most universities offer multiple dates in a year for candidates to begin the course. This also offers candidates the option of beginning the course whenever they want instead of waiting for a particular time in the year for applying.
Cost of Online MBA
MBA is in general an expensive course. This is one of the reasons why candidates choose to do the course after they have been permanently employed. While doing a full-time course can be a huge financial investment, candidates will be able to find affordable options if they look for part-time or online programs. This is because full-time programs will require payments to be made per semester or year whereas part-time and online programs have a fee structure based on the credits or courses taken by the candidate.
The top universities that offer online MBA programs often charge between $1,300 to $2,000 per credit. Candidates will be able to apply for financial aid though this is not often fruitful considering how aid is offered mostly to full-time MBA students.
Syllabus and Course Content for Online MBA
An online MBA is similar to both full-time and part-time MBAs offered in the country based on their curriculum. The core subjects that are dealt with can either be dependent on the specializations the candidate chooses or they will be provided with the option of doing a general MBA with a generic syllabus. Opting for an online program helps candidates both understand the general curriculum and at the same time specialize without any additional paperwork.
The curriculum generally includes subjects like statistics, accounting, finance, human resources, business analytics, management, international business, etc. The credit requirement for an online MBA is equal to a full-time MBA and hence can be anywhere between 55 and 65 credits depending upon the interest of the candidate and the time frame the candidate wants the degree to be completed in.
Benefits of Online MBA
Doing an online MBA provides candidates with a flexible schedule where they can do classes according to their own schedule. This is by far the most convenient option full-time working candidates can have since even while doing a part-time MBA program candidates will have to commute to the class on weekends. An online MBA program helps candidates take up the specialization of their choice and is often of a similar duration as that of a full-time MBA which can be anywhere between 1 to 2 years.
The different concentrations that are mainly offered by most online MBAs are finance, marketing, international business, human resources, consulting, etc. While doing an online course, candidates will be able to access different technologies that can aid them even after they have entered their ideal workspace. Candidates will also be able to have a diverse class system with classmates from different countries and backgrounds thereby helping them create a wide network that can be beneficial both during and after the course.
Candidates will be able to take classes wherever they are while pursuing an online program. They will also be able to advance their career while doing a full-time or part-time job without disrupting their work time and environment. They will be able to study under mentors they might otherwise not be able to approach.
Top Programs for Online MBA
While pursuing an online MBA program, it is essential that candidates choose the right institution that will help them flourish in the field and offer them opportunities academically and professionally. This is best done by opting for the top universities in the field that offer online programs. Candidates can choose universities based on the cost of attendance, faculty, alumni, job opportunities offered post-MBA, etc. All of these factors will have to contribute to the candidate’s future prospects career-wise. The top programs listed out by usnews for the year 2021 are as follows-
- Carnegie Mellon University- Tepper
Cost per Credit- $2,187
- University of North Carolina- Chapel Hill
Cost per Credit- $2,025
- Indiana University- Bloomington
Cost per Credit- $1,380
- University of Southern California- Marshall
Cost per Credit- $2,050
- University of Florida- Warrington
Cost per Credit- $1.247