According to the U.S. Bureau of Labor Statistics, the employment growth rate in management positions will touch 8% between 2021 to 2031, leading to the creation of about 883,900 new jobs over the decade. This will create a plethora of opportunities for Master’s in Business Administration (MBA) aspirants to pursue the courses in their interested specialization, and build a bright career in the management sector. One of the ways of leveraging this potential is signing up for an online MBA program. In this blog, we’ll discuss how it can help you achieve your career goals and how to make the right selection.
What are the Benefits of Online MBA Programs?
To start with, let’s understand the advantages of doing an online MBA program.
- Flexibility: An online MBA program gives you the freedom to pursue the course from anywhere in the world and at your convenience. In addition, online MBA programs provide flexible learning schedules, with coursework that allows you to watch live video courses, participate in discussion forums with classmates, and take quizzes at any time and from anywhere.
- Credibility: The reputation of an online MBA school is impacted by its accreditations. When hiring MBAs, most employers prioritize candidates with degrees from well-respected institutions. Thus, it is essential to consider the legitimacy of an online MBA program whenever one is contemplating such a move.
- Cost Efficiency: One of the major advantages of online MBA programs is their affordability. Fees for online MBA programs are lower than those for offline MBA programs. This is primarily due to their cheap operational expenses. Payments can be made on a monthly basis, making longer online MBA programs more accessible.
How to Choose the Best Online MBA for You: Factors to Consider Beyond Rankings
The total number of accredited US colleges and universities with fully online MBA programs increased from 284 to 526, between 2016-17 and 2020-21,an 85% surge. Given this growth, here are the criteria to consider to help you make the right choice.
1. Admission Process
The application procedure for an online MBA differs across universities. Most colleges and business institutions provide direct admission (based on under-graduate results) while others conduct their own entrance exams. Due to the restricted number of seats, some B-schools have different requirements for admission, which may involve presentations and online interviews. Hence, before submitting an application, candidates must thoroughly understand the admissions process and see what works for them.
2. Course Curriculum
It is important to research the courses offered in the MBA program of your choice. After that, you may review the B-school’s curriculum to ensure it meets your needs. If the school and program are legitimate, this shouldn’t be a problem, but it is still a good idea to learn as much as possible about the curriculum.
3. Careers and Placements
Numerous business schools that provide online MBA programs also offer career placement assistance. This will assist you in narrowing down your search. If you don’t know where you want to work after getting your MBA, you might be able to find an online school that offers its graduates career placement, resume preparation, or job-search advice. Choosing a business school that offers internship and placement possibilities is therefore crucial.
4. Program Fees
Online MBA programs have proven to be a lifesaver for many aspirants because a regular MBA is known to be expensive worldwide. Due to financial constraints, many candidates have given up on their plans to pursue management education. Such candidates can take online MBA courses with low fee rates.
You may learn a lot about an online MBA program by talking to past students. They are likely to give you a balanced view of the pros and cons, so that you can make an informed decision.
What Can You Do With an MBA?
You’ll have a variety of opportunities in various roles across several industries and at businesses of all sizes, after completing an online MBA program.
Here is the list of some industries who give prefer MBAs
- Health care
- Consumer products/services
Retail, transportation, education, engineering, real estate, property management, and the media are all viable options for an MBA graduate, in addition to the fields listed in the GMAC poll.
MBA graduates work in a number of departments in organizations because of their broad expertise, including
- Executive offices
- Human resources
- Research and product development
- Data analytics
- Business development
- Information technology
- In-house counsel
Though specific titles may vary with organizations, the following are some positions that are typically filled by someone with an MBA.
- Accounting manager
- Finance manager
- Financial analyst
- Budget analyst
- Data analyst
- Investment banker
- Investment fund manager
- Marketing manager
- Market research analyst
- Human resources manager
- Sales/business development manager
- Program manager/director
- Brand manager
- Product manager
- Project manager
- Operations manager
- Risk manager
- Supply chain manager
Further, in the context of the C-suite and other executive and managerial roles:
- General manager
- Department/division director
- Department/division executive director
- Chief executive officer
- Chief operations officer
- Chief financial officer
- Chief marketing officer
- Chief technology officer
- Chief information officer
Questions to Ask Yourself as You Consider Your MBA Options
If you have carefully considered the key distinctions between full-time, on-campus MBA programs and online MBA programs but are still unsure which is best for you, the answers to the following questions can help you make a decision.
- Do you want to pursue an MBA program while working full-time?
- Are you planning to complete a summer internship?
- Do you want to skip the GMAT?
- What are your career goals?
- Are you in a financial position to pursue an MBA?
- What are you planning to get out of your degree?
Online MBA Career Path
Another reason to get an MBA is good compensation. Of course, remuneration will vary depending on a number of criteria such as location, previous employment history, and type of business.
Here is a list of typical jobs which require master’s in business administration with their average annual national salaries from the U.S. Bureau of Labor Statistics (BLS) to give you an idea of what you might expect in terms of pay package.
1. Accountants and Auditors
- National average: $69,530
- An industry with the highest average salary for this type of position: Finance and Insurance ($74,140)
2. Market Research Analyst
- National average: $63,230
- Industry with the highest average salary for this type of position: Publishing ($79,450)
3. Budget Analyst
- National average: $75,240
- Industry with the highest average salary for this type of position: Professional, Scientific, and Technical Services ($82,360)
4. Financial Analyst
- National average: $84,300
- Industry with the highest average salary for this type of position: Securities, Commodity Contracts, Financial Investments, and related activities ($100,180)
5. Financial Managers
- National average: $125,080
- Industry with the highest average salary for this type of position: Professional, Scientific, and Technical Services ($140,040)
6. Human Resources Managers
- National average: $119,120
- Industry with the highest average salary for this type of position: Management of Companies and Enterprises ($124,540)
7. Sales Managers
- National average: $121,060
- Industry with the highest average salary for this type of position: Finance and Insurance ($152,590)
8. Marketing Managers
- National average: $129,380
- Industry with the highest average salary for this type of position: Advertising, Public Relations, and related services ($123,640)
9. Operations or General Managers
- National average: $100,410
- Industry with the highest average salary for this type of position: Professional, Scientific, and Technical Services ($137,950)
10. Chief Executives
- National average: $183,270
- Industry with the highest average salary for this type of position: Professional, Scientific, and Technical Services ($208,000)
While these figures can help you get an idea of your earning potential in your desired field or encourage you to consider a new field, it is also important to note that these numbers may vary.
Making the commitment to attend an online MBA program is a significant step to boost your career path. It adds value in your resume, makes you an appropriate fit for the job role, and offers you the management position that you always desire to attain. You can enroll for Emeritus online business management courses to enhance your career in the management field.
By Riku Ghosh
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