Articles

How An Online MBA Degree Is An Inexpensive Career Move

2010-10-03

Making the decision to change careers can be a daunting task involving many considering factors. For many, getting an MBA becomes a part of that decision, but due to the cost, a career change quickly becomes out of reach. Consider an online MBA as an inexpensive alternative to the more traditional MBA path.

When compared with an on-campus education, the online MBA is much cheaper. A typical MBA program could consist of many additional costs such as books, housing, meal plans and parking. Not to mention, gas and car wear and tear driving to school. Multiply these expenses by the two to four years it takes to complete an MBA program, and you have saved thousand dollars. An online MBA does not incur these costs; however, some universities will charge fees associated with an online program to help recoup some of the technology expenses incurred by the school. In addition, the credit fee could be higher than an on-campus degree, but in the end, getting an MBA online is a much cheaper option.

Also take into account the convenience cost savings you earn with an online MBA. Flexible study hours, attending classes from home and taking tests online make getting an MBA online popular for individuals who have families and are working while earning their degree.

These types of programs also give universities an opportunity to tap into an incredibly large market. No longer does a student have to live in close proximity to the school. If a university can provide the right support structure both technically and academically, students will flock to those programs. In addition, universities are now offering a wide variety of MBA specialties. Getting an MBA is no longer just about a vanilla business degree; MBA programs are now being offered in information technology, commerce, health care, industrial administration and many other specialized paths. This provides many options when choosing a new career.

Lastly, studies have shown that salaries, on average, go up 35 percent with an MBA. A $50,000 salary would increase $17,500 per year, paying for the degree in two to three years. Financially, changing careers with an online MBA now makes the most sense.

The online MBA has become one of the fastest growing types of degrees. It creates a unique win-win scenario for both student and university. Schools are no longer bounded and can reach a global audience promoting their brand. Students receive the same high-quality education and teaching as brick-and-mortar classmates but with a smaller investment. Getting an MBA still takes long hours of studying and dedication but the online MBA has made it more cost-effective and advantageous to those looking at making a career move.