An online modern MBA helps you invest in your future
Is an online MBA worth it? Many are saying yes because a modern-day MBA leads to promotions, pay raises and better ROI
An MBA is still, and always will be, the quintessential way for individuals to advance their careers, get promotions and improve their bank balance. The latter also refers to that all too vital Return on Investment (ROI) debate. After all, it does not take a genius to work out that if you’re outlaying tens of thousands of dollars to earn a distance MBA, it may take a great many years to recoup your investment. Enter the global American online university and its flexible payment terms and methods of payment.
Getting an MBA is a great way to advance your career, and a growing number of people are choosing to do so via online MBA programs. They are worth as much as a traditional offline MBA, and when you factor in other elements, like the lower cost, it can be worth even more.
Is an online distance MBA worth it?
Top MBA recently released a report outlining that besides promotions and new career paths, one of the most appealing elements of an MBA program is the substantial salary increase that you can expect post-graduation.
According to the QS World University Rankings: Global MBA Rankings 2019, MBA graduates can expect a huge average salary increase of 77 percent. Of course, that is the result, but the fact of the matter is that you still must stump up the money to earn one.
When considering whether an MBA is in fact worth it, you will want to think about which university is best for MBA distance education. The traditional university experience has not changed in 100 years and is no longer fit for purpose, so you need to look at a next-generation 100% online university for leaders, not followers. One that takes a modern approach to learning, choosing to empower people from all backgrounds to take a different path and provide and educational foundation for lifelong success.
You’ll find that when pondering about a university there is a tick list. Is it progressive, is it modern, does it offer task and skills-based learning that’s more than just theory to help boost you career, and most critically, does it provide the opportunity for you to get ahead and stay ahead of the chasing pack of learners also looking to make their mark in business?
So, before venturing into the first day of the rest of your successful life, when embarking on your MBA journey also take a closer look at price and quality and how they may impact the value of your online MBA.
How much does an online MBA cost?
When considering the price of an MBA, take a closer look at what you’ll spend on the degree compared to its actual ROI. Essentially, you want to know, is an executive MBA worth the amount you’ll spend in terms of the increased income expectations as outlined above?
With a traditional MBA, you could easily pay $50,000 for the degree at a traditional university like Harvard. That means, if you wanted to achieve, say a 2x ROI, you would have to earn $100,000 over and above your current salary over about five years. That type of return is incredibly hard to achieve just from completing an MBA. But there is an alternative to having to go to Stanstead or Harvard.
If you look at the 7 most affordable MBA Online Programs as based on statistics from Business Because, the average cost of a Nexford MBA compares extremely favorably when stacked against them. And one needs to put that further into perspective as a Nexford MBA allows you to finish as fast as you want and pay less.
This is a massive consideration given the prevalence of student loans and those falling into heavy debt to procure a modern and first-class university education. The fact is that 44 million borrowers in the United States have $1.48 trillion of student loan debt. That is not a great platform to start your career from.
Courses & specializations to look out for
When considering which MBA course is best, it pays to carefully consider the quality of the curriculum and if it is answering the current and future skill sets that employers are looking for both now and in the future. Plus, it is also good to consider if that MBA will be good enough to help you to shine amongst those who either have not considered an MBA yet, or are earning one from a lesser online university. This not only makes it easier to find a job using your new skills, but it means you can apply those skills right away.
An MBA course should focus on teaching skills, not theory. The best programs will cover various topics, including finance, technology management, digital marketing, business law, and management.
Online MBAs have become more popular in the last year
If you look at 2021 compared to 2020, you will see that more people answered the question, “Is a distance MBA worth it and good for your future?” with a resounding yes. According to the Graduate Management Admission Council (GMAC), applications to online MBA programs increased by over 43% in 2020, compared with 11.6% for in-person programs and more of those applicants are beginning to reap the benefits financially. The pandemic played a large role in this and proves that online education is here to stay, including MBAs and other advanced programs.
The popularity of online courses, including MBAs, stems from numerous factors. One of the biggest is flexibility. An online MBA allows learners to choose how to pace themselves and affords them the luxury of being able to decide whether they want to work part-time or full-time. It is also easier to reach professors by email or online chat. The lack of in-person requirements gives the professors more time to answer student questions.
Traditional MBA experiences are rapidly becoming outdated
It is also worth noting that in addition to increasing the appeal of online MBAs, the pandemic shone a spotlight on the failings of traditional courses. Old school MBAs tend to be outdated programs that do not appeal to modern learners. Even worse, their pricing structure is also outdated, leaving most feeling like they are being ripped off.
Also, the traditional brick and mortar universities are finding that the change to online learning is not as easy as flicking a switch. Even when these traditional courses are moved online, you get the same thing, just digitized. A lecture via Zoom is distance education, not online education. That is also problematic as learners will still be receiving outdated information using outdated methods.
Choose a program designed for an online audience
MBA programs should be designed from scratch to fit the needs of modern online learners and be engaging. They should also be mobile-friendly, allowing learners to take their education with them wherever they go. Take an example of online banking with a 100-year-old bank vs mobile-banking with a recently launched fintech company. It should be obvious which experience the majority will be looking for.
Why a Nexford MBA over countless other ones?
Nexford’s programs are designed to be universally affordable and after carefully analyzing the requirements of employers, we set the curriculum based on competencies that would provide the skills employers are looking for now and in the future.
While the theory is mentioned in the courses, there are not many long theory-rich academic papers. Instead, the academic work involves creating marketing campaigns, solving business challenges, creating digital transformation plans, conducting financial analysis, and other tangible skills.
This focus on useful skills not only makes a Nexford MBA an obvious choice, but it is also why 98% of Nexford learners say they would recommend the university to others. To further show the quality of the program and its ability to teach students useful skills, consider that many learners from Nexford have gone on to work at Microsoft, HP, Boeing, Google, EY, and other top companies.
Remember that above all an MBA should give you the skills that they can directly apply to your current and future jobs.
Why be part of the norm? Be bold. Go your own way. Forget old school. Start your program on the first of every month and come celebrate getting a modern degree from an innovative 100% online university. To stand out in life you need to be bold, to advance in your career you need the right skills. This means you can’t afford to have an average degree from a traditional brick and mortar university.
Find out more about the benefits of a Nexford MBA and make an educated decision.
About the Author
Mark is a college graduate with Honours in Copywriting. He is the Content Marketing Manager at Nexford, creating engaging, thought-provoking, and action-oriented content.