The question we must ask ourselves is whether online MBAs really open the windows to business knowledge, facilitating access for anyone interested in doing a postgraduate course in order to be better trained for their work. This improvement implies being able to grow in experience and training, which always has a direct relationship with the fairly immediate possibility of promotions, job promotions, etc. in the same company, and in case there is no opportunity in this one, be much better prepared to compete in the market of new professionals who aspire to positions of responsibility in important organizations.
Many online MBA courses are still as expensive as conventional MBAs and attract mostly local students.
When the candidate obtains the certification that they have studied and completed their online MBA, it not only certifies that level of training that is expected of a postgraduate degree from an accredited business school: it also implies that during the duration of the course they have been dedicating a part time to the MBA and a longer one to his job.
In general, students of an online MBA combine both efforts, so that they can continue to grow in their jobs and also make the company grow, feeling committed, as well as grateful, and being able to incorporate teachings and new tools that are very useful for the tasks they carry out in their respective departments and/or teams.
Online MBAs are a clear demonstration of the potential of online learning, which has undoubtedly been a key element in democratizing business education, making quality training cheaper, more flexible and more accessible to a much larger number of people than expensive on-campus MBAs.
Economies of scale reduce the cost base of the MBA, as fewer professors are used with very high assignments, and they concentrate on large classes sometimes much more than they could be face-to-face.
Brooke Elliott, executive associate dean for academic programs at Gies, says, “People think scale is inversely related to quality, but it’s exactly the same title you’d get in person. We chose inclusion over exclusivity.”
In principle, many online MBAs could be much cheaper than they are, as virtual classes reduce overhead costs, such as physical teaching facilities. However, many schools still charge similar fees for their in-person and online programs.
“Online learning is inherently scalable, but quality online learning is expensive to produce,” says Nick Barniville, associate dean for ESMT degree programs, the European School of Management and Technology in Berlin.
What do the costs of an online MBA include?
Costs include paying instructors to design and update asynchronous course components, which students can complete as their schedule allows, plus professional services, regular residential modules, and extras like global study tours. Regular investment is also needed to keep IT infrastructure and software up to date, and to train teaching and support staff.
“There’s always a dilemma for a ‘premium’ Business School between a prestige pricing positioning and a strategy that focuses more on affordability, scale and scope,” says Barniville.
Some institutions say that smaller class sizes improve academic outcomes, underscoring a divergence in approaches to online learning.
Compared to campus students, financial considerations are less of a concern for online participants, because they are typically high-end professionals looking to increase their already significant earning power.
Although online learning could in principle be a global playing field, online MBAs largely appeal to local students. This is in part because some countries, notably China and the US, do not recognize online degrees from foreign institutions or restrict access to post-graduation work visas for foreign online students, rather than on campus.
Additionally, coordinating live conferences across multiple time zones poses a challenge for course administrators, and relatively few Business Schools have a globally recognized name. “You would have to spend a lot of money to get the brand off the ground overseas,” says Paulo Prochno, associate dean for online programs at the University of Maryland Smith School of Business.
While some Business Schools partner with digital platforms like Coursera to teach students in countries they probably couldn’t reach on their own, they have to share revenue with those platforms in exchange for hosting and marketing their MBAs.
A digital society and economy
Companies in the digital age require professionals with specific and multidisciplinary training, who are agile and flexible and capable of adapting to changes in an increasingly complex world with rapid changes in the environment.
An online MBA specializing in “Digital Business” can train futuristic and innovative leaders capable of managing change in volatile, uncertain, highly complex and changing environments. As they complete a program of this type, the candidate understands how a digitized company works and will be able to manage it to design growth strategies, acquiring solid knowledge of business and organization models, exponential technologies, strategic and financial planning, marketing, internationalization and leadership.
But there are also online MBA programs in which the acquisition of knowledge in areas such as digital transformation, Business Analytics, Digital Project Management, Digital Marketing, Entrepreneurs or the Executive MBA Online for senior profiles is intensified.
Online Global MBA
A conventional online master always has a special value, both for those who study it and for those seeking new professionals who are trained to make quick decisions in highly changing markets.
Why are they always wanted? Because they allow the candidate to position his career at a higher level as he acquires the advanced business knowledge, as well as the interpersonal and analytical skills he needs to negotiate, make bold commercial and strategic decisions to lead his organization to success. Not that he is meant to do it alone, although he can do it if he was already a team leader and now has full leadership responsibilities for the organization. What happens is that he has incorporated fundamental training such as teamwork, so that the people in his department, or in all areas of the company if he has the rank of general manager, are clear what interests their new leader is the contribution that each one can make in the value chain.
Because with its online format, the MBA has managed to give this leader a vision regarding the importance of what the empowerment of staff means, what skills should be enhanced by those who are in positions of decision-making and contact with clients, what is required of them quick resolution of problems without time for consultation with management. These types of leaders who enable empowerment become bold and visionary leaders, who like to face challenges, as well as problems as a team (together with the people they are empowering) in order to obtain more training and experience in what they do, it refers to dealing with the challenges of global business. And it doesn’t end there: these types of professionals always want to create a team that has enough autonomy and power to create business opportunities.
Online MBA for business experts
There are conventional global MBAs in online format designed for experienced managers, professionals and highly motivated entrepreneurs who want to achieve the following objectives:
– Develop a deeper understanding of the nature of management, organization and business.
– Master your knowledge and skills according to your specific career goals while continuing to work full time.
– Unleash your leadership potential together with your expert mentors and have a global network of relationships, knowledge about certain specialties and very particular experiences that are enriching.
– Develop the ability to adapt to all kinds of circumstances, teamwork skills and resilience.
Online and distance education is constantly growing
In addition, online MBA programs have been offered more frequently for distance study as of 2020 as a result of the pandemic. But it is that, in addition, the MBA degree under online format, offers the opportunity to combine academic knowledge with practical business management while having a flexible study schedule within a supported structure.
When looking for a fully online or blended MBA (lessons are partly taught on campus), it is important to pay attention to accreditation from leading international management education bodies, employability, competitive entry and quality of peers.
It’s another thing to look for programs well suited to your career interests and needs, as well as networking opportunities offered by schools. Even if fully online MBAs do not require students to be present on campus, the location of Business Schools can influence as well as the course curriculum. This is the case if the student plans to develop their management career within the European Union, which could make sense for them to attend an online MBA offered by a European institution.
How does the online MBA help in entrepreneurship?
An MBA in general, for which it is no less an online format, provides the necessary skills to grow companies from the start-up stage to going public. Because it trains students in the fields of finance, marketing strategy, operations management and data use to successfully scale in the company where they work or in their own business. Therefore, obtaining an MBA can be an essential investment in your business career.
The problem is that you want to further your business education, but don’t have time for a full-time MBA program.
The good news is that you can get your MBA online. Not worrying about the time you have to dedicate to your work and family, because you definitely do not have to include classes on campus in your busy schedule. In addition, this type of entrepreneurial professional seeks flexible schedules that are absolutely part-time, being able to obtain the title with this format in just two years and having balanced work and commitments in your personal life.
There are online MBAs that allow you to take your game to the next level, which means not only winning at work, but in all aspects of your life.
The better recognition and possibilities that open up to you, makes you gain confidence and making better decisions becomes a routine, because you know how to take advantage of data-based knowledge in strategic decision making. There are unique online MBA formats that allow you to study from anywhere in the world while accessing resources, especially when the school has an outstanding academic staff. Many schools prepare their online students for success with the support of a dedicated Student Success Advisor.
An MBA will give you cache
Since nearly 40% of Fortune 500 CEOs have an MBA on their resume, it’s safe to assume that attending Business School is great for your reputation. An MBA carries weight in terms of building your brand. It’s like an advertisement you’re making to the business world that you have the courage and entrepreneurial spirit that goes along with running new businesses. It is a differential value that marks that distance with the rest.
Because by studying at a Business School, your credibility will increase as you can confidently demonstrate your ability to think strategically, tackle problems and manage risks. You will leave no doubt that you can adapt to changing economic conditions and have the mindset to see opportunities everywhere.
The reach that an MBA can give
An MBA in its purest form, whether face-to-face or online, helps open some highly sought-after doors. Executive director Elissa Sangster of the Forté Foundation, a nonprofit organization focused on encouraging women to complete an MBA, says an MBA degree can help people break into certain highly competitive business sectors, such as technology companies of Silicon Valley or the financial industry of Wall Street.
An MBA will broaden your view of the world
A Business School attracts students from all corners of the world. This means that the group of people you will meet will bring a diversity of thoughts to business practices and any problem-solving situation. Through this international lens, you will gain a deep understanding of global trends and market dynamics and cultivate a global mindset.
The ability to think globally is about developing the skills to work effectively with business leaders and organizations with cultural differences. According to research from the UK Business and Economics Centre, fostering an international perspective improves the bottom line. Therefore, it makes good business sense to think globally and act locally.
Diversity of thought can lead to innovation and creative ideas by challenging the status quo. According to Deloitte’s report The New Frontier of Diversity: Diversity of Thought and the Future of the Workforce, diversity of thought can help protect against groupthink and expert overconfidence, increase the scale of new insights and help organizations identify the right employees who can best address your pressing needs and issues. In a global economy, exploring management approaches in different cultural contexts opens the door to new opportunities.
An MBA will build your support network
Most people who commit to an MBA are ambitious, self-motivated and purpose-driven. With personalities like these, any Business School becomes a powerful incubator for like-minded people. In addition, MBA programs provide access to some of the best university and Business School professors and professionals, as well as industry experts in entrepreneurship and innovation. This type of connection is invaluable as it creates a future network of business partners, equity partners and other collaborators, as well as strategic alliances. After all, it is commonly known that people do business with people they know, like, trust and value. Additionally, access to global industry experts, faculty, and alumni also creates an opportunity to be mentored by the very best.
An MBA essentially helps you compile the best business address book you could ever want.
Being an entrepreneur is fundamentally about venturing into unknown territory. By building relationships with trusted peers and professionals during an MBA, you’re more likely to have a ready support network with whom you can trade, exchange mutual references, and ask for advice when the corporate roller coaster gets a little rough. These relationships will not only give you a competitive advantage, but they will also become life rafts for your business.
An MBA will sharpen your skills
According to the SME Association of America, 30% of new businesses fail within the first two years of opening, 50% within the first five years, and 66% within the first 10 years. One of the most common reasons companies start to falter is poor financial and operating frameworks. While products and passion may be at the heart of entrepreneurship, many entrepreneurs fail to thrive without the right structures, strategies, management, and business plans.
An MBA can help entrepreneurs get ahead in business by developing essential foundational knowledge and practical knowledge of business administration.
Lessons learned in finance, governance, operations management, strategy, data-driven decision making, marketing, and organizational leadership and management are the skills needed to thrive in a competitive marketplace.
Whether it’s taking steps to manage cash flow from operations, navigate tax laws, create a legal structure, manage employee relations, or establish an organizational framework through a business plan, an MBA will give you the skills to solve complex business problems.
Entrepreneurs wear many hats, from marketing to sales management and business development to social media execution.
Taking an online MBA will provide you with access to capital and talent; exposes you to different disciplines and case studies; it gives you the creative space to think big, as well as the environment to fail safely.
MBAs are well trained in leadership skills
There is more than just a sales and marketing strategy involved in getting your business startup off the ground. You should also know how to recruit the right people, work with the media, and troubleshoot customer service issues.
While entrepreneurs are leaders at heart, they must lead a team to achieve certain goals for the business. Therefore, employers should also think about cultivating leadership skills in their employees.
When deciding whether to fund a startup, many venture capitalists look not to the idea but to the founders. MBA graduates score highly on the criteria of being qualified leaders. This is because an MBA program emphasizes leadership skills, such as negotiation and decision-making, skills that are essential if you want to be an entrepreneur who can successfully grow a business.
You need to know about technology, accounting, finance, tax and business law
While some entrepreneurs may be bookkeepers by profession or have an accounting background, most are unfamiliar with the financial aspects of running a business. Earning an MBA will help you understand the financial side of things and teach you how to think strategically about your business. It will help you think of your business as a complex system that is scalable and can be expanded to include multiple products or services and run by a variety of people who share the same vision.
As your business grows, you will need to hire people who can handle the accounting and administrative side of things. An MBA will help you discover the best way to delegate work within your company so that everyone has a clear idea of their responsibilities.