STUDENT-TO-FACULTY AND PEER-TO-PEER INTERACTION
Benefits: Regarding faculty and staff interaction, online programs may be able to offer students more instructor interaction than a traditional classroom. This is because of the ease of online course delivery and communication, as opposed to traditional programs where students typically wait until class time to communicate with the instructor.Quality online MBA programs provide educational opportunities through faculty and peer class interaction, mentoring, and networking. Some schools also offer online MBA students the opportunity to engage and network with each other through added in-person classes or multiple day conferences. These offer more opportunities for learning and networking in addition to what you get through online discussion groups and communication.
Online MBA programs can also incorporate virtual conferences.
What to Consider: Talk with previous students to see how much student-to-faculty and peer-to-peer communication took place during their courses. You will want to opt for teachers that have an open line of communication digitally, over the phone, and on-campus if classroom attendance is required.
You will also want to find a program that requires and encourages peer-to-peer communication and networking.
Side-note: it may also be helpful to investigate the online MBA instructors and staff to see where their experience and skills lie. You may find that there are multiple instructors at a certain school with strong backgrounds and expertise in a specific area of business that you really want to learn from.
AFFORDABILITY
Benefits: Many AACSB accredited MBA online programs provide a high quality and very demanding education at prices that are more equivalent to undergraduate college rates.According to the national AASCB database, the average in-state online MBA tuition is about $32,000 and the average out-of-state online MBA tuition is about $46,000.
In addition, highly renowned business schools are beginning to offer affordable, 100% online MBA program access to in-state and out-of-state students for equivalent tuition rates.
Traditional full-time on-campus MBA programs tend to fluctuate between $45,000 and $127,000.
What to Consider: Check multiple online MBA programs and even on-campus MBA programs to see how the tuition prices compare.
You should be able to get a high-quality online graduate education for between $28,000 and $42,000. Some schools will charge more, depending on their school’s brand, online MBA program perception, and what their program offers.
If the brand of your MBA degree is something that you value on your resume and you believe it will help you be more marketable with future employers, it may be worth it to you to invest more money in this area.
FLEXIBILITY
Benefits: Building a career and managing your way through a full-time MBA program is not easy, even with online programs.Typical on-campus MBA degrees are earned in about 2-2.5 years and most will not allow you to work during the program. If it is an executive or professional MBA, you will be required to attend long blocks of classes in the evenings and/or on Saturdays.
Conversely, many schools offer online MBA programs that can be completed by going full-time in about 1.5-2 years or part-time in 3-5 years.
The big draw with doing your MBA online is that you are able to continue working and can fit your school demands around your career and life demands. With online classes, you can virtually take class instruction and work with you wherever you go and can complete it within your schedule.
What to Consider: As you evaluate your options, consider the duration and flexibility of the program. What kind of time do you have to commit to your MBA program?
If your job is very demanding and you have family or other personal obligations that don’t allow you to spend more than 10-20 hours a week on an MBA, consider doing a flexible online program where you have more control over the pace and concentration of your program.
Additionally, you may consider talking with alumni of the MBA program you’re considering to see how they were able to make the program fit with their lives. Would they do it differently if they had to do their MBA over again?
If your career is highly demanding, an online MBA program should allow you to adjust your school work around your work schedule.
