Why Online MBAs Are The Future

Just last week, the University of Illinois at Urbana-Champaign announced the closure of its full- and part-time MBA programs as the school intends to focus on expanding its online MBA program.

The move highlights the growth in popularity of online-format MBAs in recent years. According to 2016 data from the Graduate Management Admission Council, the majority of online MBA programs that year – 57% — reported an increase in applications. Compare that to just 50% in 2015. And rankings of online MBA programs show that they are available in all price points and lots of different formats.

Carol Trehearn, of AZ Big Media, recently discussed a few reasons why applicants should consider an online MBA.

“If you’re hoping to get your MBA while working full-time, running your own small business, raising a family, or even doing all three, you might feel that fitting classes in around your busy schedule is going to be impossible,” Trehearn writes. “The good news is that flexible study options are becoming increasingly available and popular. Online MBAs are rapidly growing in popularity, and for very good reasons.”

MORE CHOICE

Trehearn says an online MBA can offer students a broader choice in schools.

“If you’re unable to leave your job to study or have family commitments that must take priority, you’re probably worried about being limited to only the business schools in your area when it comes to getting your MBA, or even the prospect of commuting to a college outside of town,” she writes. “This is why studying for your MBA online can be so handy, as it allows you to choose from a much broader range of schools when it comes to where you’d like to get your MBA from.”

LESS MONEY

When it comes to paying for the online MBA, Trehearn says, there are many cheaper options than the traditional MBA.

“For most colleges, the cost to run online degree programs is relatively low compared to teaching students on-campus and for this reason, most can afford to drive tuition prices down to around one-third less than you’d normally expect to pay,” Trehearn writes. “And, it’s certainly worth the investment for an MBA degree where the potential ROI is massive.”

CREDIBILITY

With the rise of online MBAs, credibility of the online degree is certainly better than what it used to be.

“Many students wonder if studying for their MBA online will somehow mean that they will finish off with less of a degree than they would if they had studied for it on campus instead,” Trehearn writes. “However, the stigma attached to online degrees has long faded; online programs have become far more credible and trustworthy, and many employers are beginning to recognize the amount of self-control, self-motivation and commitment that online students put in to achieve their goals.”

For prospective students, knowing that the online MBA will carry the same weight as a traditional MBA can be huge.

“When you graduate with an online MBA, you will have exactly the same well-known and well-respected qualification that you would if you had studied on-campus, but with a far lower price tag and much more flexibility around learning,” Trehearn writes. “What’s not to love?”

Sources: AZ Big Media, Poets & Quants, GMAC