- 100% Online MBA programs
- Combination MBA programs
- Combines distance learning with classroom learning.
- Some classes can be taken online while others must be taken on campus.
- An example of a combination MBA program is Duke University's Fuqua School of Business
Admission rates for online MBA programs vary greatly depending on what school you're applying to. The University of Phoenix Online accepts almost anyone with a 2.5 GPA and previous work experience. On the other end of the spectrum, there are online MBA programs that have the same requirements for their online and classroom MBA programs.
The cost for online MBA programs varies greatly as well. Getting your online MBA can cost you anywhere from $3,000 to $30,000. Despite the major variation in costs of online MBA programs, there is no direct correlation between the cost and quality. Even at the high end of the cost range, online MBA programs are usually cheaper than classroom MBA programs. This makes affordability one of the major advantages of an online MBA program.
The Pros and Cons of Online MBA Programs
- You can learn at your own pace, making it easier to balance work and family with MBA program.
- 100% online MBA programs make it possible to get your MBA from anywhere you have access to a computer.
- Since you can get your MBA from home, there's no commute. This saves you both time and money.
- You don't have to quit your job to get your MBA degree, which makes the online MBA a more affordable option.
- Cheaper tuition gives you more flexibility in your job hunt since you have a smaller loans to pay off than someone in a classroom MBA program.
- Some schools with both online and classroom MBA programs will offer scholarships that are online available to candidates for their online MBA programs.
Online MBA programs are still developing and evolving. As more students enroll in online MBA programs and more schools offer online MBA degrees, more advantages will emerge.
- Distance learning isn't for everyone.
- Getting your degree online from home means that you have little personal interaction with your professors and classmates. This means that there are fewer networking opportunities.
- Career services are nearly non-existant for students in online programs.
- Many employers have a negative perception of an MBA obtained through an online program as opposed to a classroom program.
According to U.S. News & World Report, there is a stigma associated with online MBA programs since many employers lump highly structured MBA programs with inferior programs from for-profit universities. George Lorenzo, author of the Complete Idiots Guide to Getting Your MBA Online says that even though the content of traditional and online MBA degree programs are the same, employers don't see things that way.
In fact, in a study done by the Society for Human Resource Management, only a little more than a third of 450 HR professionals surveyed viewed job candidates with online degrees as favorably as those who got their degree through a traditional program. At the same time, if two applicants with the exact same job experience applied for a job, 55% of those surveyed said that it wouldn't matter whether the candidate's degree was obtained online or in a classroom. This is why it's important to seek out a more structured program that allows you to have more interaction with your classmates and professors.