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We all know that college degrees are valuable in today’s job market. But what if you don’t want to leave your day job and can only study at night after the kids are in bed? An online MBA might be the answer!
Is It Worth Doing An MBA Online: Key Considerations
There are a lot of factors to consider when deciding whether or not to pursue an MBA online. The most crucial factor is the return on investment (ROI). Is the degree worth the cost?
One way to look at ROI is to consider the average Salary of MBA holders. According to PayScale, the median salary for MBA graduates is $102,000. However, it’s essential to remember that this number will vary depending on your experience and industry.
Another way to look at ROI is to consider the program’s cost. An online MBA program is likely cheaper than a traditional program since you won’t have to pay for things like room and board or travel expenses. The average cost of an online MBA program is around $10,000. But, again, this number will vary depending on the specific program you choose. At Gururo, We have partnered with the world’s top universities to offer online and blended MBAs starting from just 2.5 Lakhs. You can check the details here.
So, Is It Worth Doing An MBA Online?
The answer to this question depends on your situation. Consider your goals, finances, and time commitment before making a decision.
Pros and Cons of an Online MBA
An online MBA can offer many advantages over a traditional MBA program, including greater flexibility, lower costs, and the ability to attend classes from anywhere in the world. However, there are also some potential drawbacks to consider before enrolling in an online MBA program, such as a less robust curriculum and fewer networking opportunities.
For many working professionals, the most significant advantage of an online MBA program is the ability to study while continuing to work full-time. However, online programs also tend to be more flexible than traditional ones, with students able to choose when and where to log in to complete coursework. This flexibility can benefit students who have other commitments outside of work, such as caring for young children or elderly parents.
Another advantage of online MBA programs is that they typically cost less than traditional programs. This is partly because online programs do not require students to pay for room and board or travel expenses. Additionally, many online MBA programs offer accelerated tracks that allow students to complete their degrees in a shorter time than traditional programs.
However, there are also some potential drawbacks associated with online MBA programs. One of the main concerns is that the curriculum offered by online programs may not be as robust as what is offered by traditional brick-and-mortar schools. Additionally, because students in online programs are not physically present on campus, they may miss out on meaningful networking opportunities that can help them launch their careers after graduation.
The Return on Your Investment in an Online MBA
A full-time MBA would have the below costs typically
- University / Tuition fees – 15 Lakhs for two years
- Living expenses for two years – 5 lakhs for two years
- Books and miscellaneous expenses – – 2 lakhs for two years
The total amount would be around 22 Lakhs for two years.
To do a full-time MBA, you need to
- Leave your job
- Loose 2 years of Salary – Assuming 10 Lakhs per annum and a 15% hike yearly, the total for two years would be around 21.5 lakhs.
- Loose 2 years’ worth of experience
- Start in the job market afresh, hoping for a better opportunity.
So to do a full-time MBA, on average, the total investment will be around 44 Lakhs (MBA fee + No Salary). We have not considered the loan and the interest amount for the sake of simplicity. But most people take education loans, another aspect that an MBA aspirant should consider.
Let’s understand the online MBA fees. Most online MBAs cost between 3 to 5 Lakhs, and there’s no need to leave the job. More than 90% of people have significantly improved their careers post-completion of an MBA program from Gururo.
Suppose someone does a full-time MBA from a low-rank school or executive programs from a top B school. Top B school’s MBA programs with high competition at the time of entrance(CAT, GMAT) have a significant value. In contrast, the executive programs, which anyone can join by paying the fee, will have less value. The salary increments are insignificant for people doing executive MBAs or full-time MBAs from low-rank schools.
When someone does an online MBA, there are significantly high ROI.
Therefore, an Online MBA is the preferred choice due to the high ROI unless you are doing the MBA from a top B school.
Before enrolling in an online MBA program, research and choose a program that fits your budget and meets your career goals, with a little effort, you can find an online MBA program that provides a great return on investment.
Why Choose to Take an Online MBA Rather Than a Campus One?
There are several reasons why someone might take an online MBA rather than a campus one. One key reason is that students can often complete an online MBA in a shorter period than a campus MBA. This is because you can study at your own pace and don’t need to take time off work to attend classes.
Another reason is that an online MBA is often more affordable than a campus MBA. But, again, this is because you don’t need to pay for accommodation and travel costs.
Finally, an online MBA allows you to study around your other commitments. This means you can continue working while you study, which can be beneficial if you want to gain experience in the industry you want to work in after completing your MBA.
Career Opportunities After online MBA
Many career opportunities are available to those who have obtained an online MBA. Many graduates go on to work in upper-level management positions in various industries. Others find success in entrepreneurship, starting their businesses. There are also many opportunities for online MBA graduates to work in the public sector, such as in government agencies and non-profit organizations.
Those with an online MBA often can command higher salaries than those without one. In addition, having an online MBA can give you a competitive edge when applying for jobs. It can also help you advance more quickly in your career once you are hired.
The Personal Development Impact of an MBA
There are many benefits to pursuing an MBA, both professionally and personally. One of the most significant personal development impacts of an MBA is the ability to think strategically. An MBA gives students the skills and knowledge necessary to think critically about business problems and opportunities. This ability to think strategically can also help individuals in their personal lives, whether making decisions about investments or planning for their future.
In addition to learning to think strategically, an MBA also gives students exposure to various business concepts and tools. This exposure can be beneficial in both professional and personal settings. For example, suppose an individual is looking to start their own business. In that case, they will better understand what is required for success after completing an MBA program. Additionally, even if someone does not plan on starting their own business, they may still find that the knowledge and skills gained from pursuing an MBA are helpful in other areas of their life, such as managing their finances or making career choices.
Pursuing an MBA can positively impact many aspects of an individual’s life, both professionally and personally. If you are considering pursuing an MBA online, weigh the potential benefits against the cost of tuition and make sure that it is the right decision for you.
Conclusion
Considering an MBA online, it’s essential to weigh the pros and cons carefully. While there are some definite advantages to earning your degree online, there are also some potential drawbacks that you should be aware of. Ultimately, whether or not an MBA is worth doing online depends on your circumstances and goals. Therefore, consider all the factors carefully before deciding to ensure you’re making the best possible choice for your future. An Online MBA is the preferred choice due to the high ROI unless you are doing the MBA from a top B school.
