An MBA is one of the most advantageous degrees as it helps to boost the salary, networking opportunities, skill enhancement, and overall career advancement potential. However, students face various hurdles with the traditional campus-based MBA programs, and therefore, decide to pursue an online MBA. Numerous business schools offer accelerated programs and coursework deductions to experienced professionals and provide them with the opportunities to complete their MBA degree in a year.
What is an online MBA?
An online MBA focuses on strengthening the knowledge and skills necessary for having a successful career in business. Online MBA students study the core aspects of business management, strategic decision making, and big-picture thinking.
The core coursework for an online MBA degree includes Finance, Accounting, Marketing, Economics, Business Law, and Management. Some of the major specializations of an online MBA include an MBA in Healthcare Management, Business Analytics, Entrepreneurship, International Business, Management Information Systems, Real Estate, and Banking Management. For students to pursue their MBA online, it is mandatory for them to have around 2-5 years of work experience, and they should commonly be working in areas like Operations, Consultation, Finance, and Marketing.
The curriculum of an online MBA is as meticulous as its on-campus counterpart, where the instructors tailor the coursework to online platforms. Through technology, students can perform a location-independent study, and therefore, the degree opens a variety of engaging educational opportunities for its prospective students.
Cost of online MBA programs
Usually, the rates of tuition fees for on-campus and online MBA programs of a particular school are mostly the same. But, online MBA programs offer other cost-saving benefits, which include lesser fees, the opportunity of paying in-state tuition irrespective of the geographic location, and cheaper transportation costs. Government MBA schools usually cost less than private business schools. But, if you are looking for financial aid, then private schools often offer more packages for financial aid to the students. It is important for students to research all of their online prospects for identifying the ideal Business School for them.
Benefits of doing an online MBA
Online MBA programs offer increased flexibility and provide access to various resources, and therefore, the students enjoy a host of benefits through this program. Some of the benefits that make online MBA programs more attractive than traditional on-campus programs are mentioned below.
- Accessibility: Students can easily get access to online lectures and other study materials anywhere in the world. They can also choose the best study locations that suit their learning style, and can even carry on with their MBA studies through job transfers, travel, relocation, or other life changes without missing out on any deadlines.
- Flexibility: Flexibility means that the students can work their studies around their existing schedule, without changing their schedule. This allows the students to live their life comfortably without missing out on any important schedules.
- Diversity: Online MBA programs are specially designed for those students who are focused on globalization and international business, and therefore, the programs offer a multitude of opportunities that allow the students to network with other fellow students from all around the world.
- Technology: Online MBA programs offer easy access to all the syllabus, curriculum, reading lists, assignments, announcements, and textbooks in digital format. Therefore, they make the students free from the worry about losing, misplacing, or forgetting their study materials. For a lot of students, the online formats offer chances for class discussions with fewer interruptions and increase the likelihood that all students can be heard.
Best options for an online MBA
With a plethora of options available to students for pursuing an online MBA, it is evident that the student will face a little bit of dilemma before finalizing the course that he/she wants to pursue. Two of the most promising and famous courses of online MBA are in the fields of Healthcare Management and Banking Management. While both areas are different from each other, it is essential to know about the courses.
MBA in Healthcare Management
An MBA in Healthcare Management is the right career choice for people who have good communication skills and in-depth knowledge about the health care sector. This course is a good field for people holding a bachelor’s degree in the streams like Health Science, Physiotherapy, Biotechnology, Medicine, Microbiology, etc. This course is concerned with disciplines like policy, facilities management, and accounting. Various excellent institutes offer an online MBA in this course. Some of the job profiles that students get after pursuing this degree are:
- Assistant Operation Manager
- Claims Manager
- Hospital CFO
- Pharmaceutical Production Manager
- Hospital CEO
MBA in Banking Management
MBA in Banking Management revolves around the functional areas of Banking and Finance. This online MBA course covers fields like Quantitative Methods, Accounting and Finance Economics, Rural Finance and Information Technology, Treasury Operations, Risk Management, International Banking, Investment Banking, etc. The MBA in Banking Management course focuses on providing the required managerial skills to the aspiring managers in the Banking and Finance sector. It also provides technical knowledge of core functions, behavioural skills, and the ability to analyze and evaluate strategies and implement solutions. Some of the job profiles that students get after pursuing this degree are:
- Merchant Banking
- Risk Manager
- Investment Banker
- Asset Manager
The better option for an online MBA out of the two
Commenting on which course is better is difficult, as both the courses are very different from each other and apply to a different group of individuals. It is recommended that the student should follow his/her interests and succeed in the specialization of his/her choice!