If you lack the time, the ability to relocate, are not qualified for MBA Scholarships or approved for an MBA loan, don’t despair. Consider an online MBA program as it might be just right for you.
Pursuing a full-time MBA Degree without any financial assistance is quite burdensome financially – it may cost you around $150,000 for a 2-year MBA program (tuition, school fees, and living expenses). Unless the stars align just right in your favour, you’ll end up having to radically alter your entire lifestyle. Your job, your home, your friends as well as your family will be impacted by this decision.
The average cost for the top 10 online MBA programs in 2014 was around $57,0001. This is one of the main advantages of pursuing an online MBA degree as opposed to a traditional MBA degree. To add to this, you can continue working full time, live at home, and earn money while taking an online MBA degree. The chances that your currently employer will fund at least part of your studies is greatly increased if you plan to continue working while you study.
Once you’ve decided that an online MBA is the program that best fits your circumstances, you must consider which online MBA program is right for you. First, you must decide if the online MBA program is accredited by a recognized accreditation institution2. As well, online MBA programs offered by the top business schools should be strongly considered.
One disadvantage of getting an online MBA degree is that it is not valued by recruiters as much as a full-time MBA degree. The average salary increase of graduates from a top 10 ranking online programs in 2014 was just over 32%1. This is much lower than the 95.8%3 increase obtained by graduates of the top 10 full time MBA programs. Having said this, it is important to consider applying only to the best online MBA programs to increase the credibility of your online MBA degree.
And of course there are scholarships and fellowships which can be applied to Online MBA programs. To get you started, look here for a list of: Online MBA Scholarships