The trend towards online-based master programs continues unabated. More and more educational institutions are developing broad-based digital learning concepts. Due to the corona crisis, which has kept the world in suspense since March 2020, the interest in online-based MBA courses is likely to increase even further.
Online MBA courses: A popular alternative to full-time business schools
It is still not clear when the COVID-19 restrictions in the individual countries will be lifted. This uncertainty also worries people who want to acquire an MBA title in the near future. Online MBA courses not only offer the advantage that no hygiene regulations have to be followed while studying the students can also study independent of time and can submit their records of achievement online. For this reason, it is foreseeable that the number of applicants for online MBA programs will continue to rise.
Another advantage is that the students can exchange ideas in a virtual classroom setting. The social dynamics of the classroom are simulated by live lessons, tests, discussions and group projects. At many universities that offer online MBA courses, attendance is mandatory only for exams and final exams.
Wide price range on online MBA programs
The price range for online MBA programs is enormous. For example, Indiana University Kelley School of Business students pay around $75,000 for their two-year degree. At the Sydney-based Australian Graduate School of Management (AGSM), an online MBA course costs the equivalent of $ 30,100. At the German Allensbach University of Applied Sciences, holders of a bachelor’s degree can get an online MBA degree for as little as $12,550 (18-month course) or $16,740 (24-month course), respectively. The course prepares participants for management challenges and is offered with or without a specialization.
An MBA is still a great boost for salaries
While the average cost of business schools are soaring, surveys show that 75% of those who earn an MBA switch careers – and they can double their salary by doing so. In partnership with Times Higher Education, The Wall Street Journal polled 7,000 alumni who earned MBA degrees on career-switching opportunities and their salary history. The results show that consultants who returned to companies like Deloitte Touche, Accenture or McKinsey received an annual boost of $82,000 (+102.5%). They increased their income by around 100 percent. Alumni surveyed in finance jobs made $150,000 (+114.3%) if they worked in the same sector before entering the online MBA program.
There is a small downer, however: The wage increase is not quite the same as with a traditional MBA degree. However, participants in online-based MBA courses do not have to quit their jobs or even move. Financing your studies is therefore easier to manage. Since the courses are usually completed part-time, the participants can quickly offset their study costs.