For many students, an MBA is the postgraduate program of choice, be it for the skills it teaches, networking opportunities, or to simply increase their earning capacity. As a means of advancing one’s career, it makes perfect sense. The degree equips you with the business decision-making abilities required by firms in countless industries.
That said, some students can be put off by the financial aspect of acquiring an MBA, while others may not have enough time to dedicate to the program. This is where online universities come in, giving you the freedom and flexibility of an exclusively web-based program that offers a number of concentrations to choose from.
Here are some more reasons to consider pursuing an MBA degree online.
Skills Development
MBA applicants range from aspiring young businesspeople to senior employees with years of experience. In the end, everyone walks away having learned numerous advanced and flexible management skills. These are just some of the common competencies you can expect to develop:
- Product and service development
- Leadership and people management
- Networking and relationship building
- Financial management
- Advertising
- Hiring talent and improving employee retention
- Gathering, interpreting and reporting company data
An online MBA program will allow you to explore cutting-edge industry trends, utilize the latest management techniques and challenge yourself to improve the business environment. In doing so, you’ll be equipped for just about any task, making it easier to tackle future career changes or business ventures.
Concentrations
Today’s universities have developed a variety of different MBA programs that specialize in certain aspects of the business world. This is great for students who are focused on entering a specific industry or area of business. For instance, the MBA online program offered by Redlands allows you to choose from four concentration tracks:
- Finance: Obtain an insight into the markets and gain an understanding of financial decisions made in the business.
- General Business: Develop a well-rounded set of modern business skills, namely around management.
- Location Analytics: Learn how to use spatial data to solve real problems and gain a competitive advantage.
- Marketing: Gain insights into different markets and master the principles of advertising.
Salaries
On average, graduates with an MBA earn far more than employees with a regular master’s degree. Compared to those with a standard university degree, MBA graduates earn twice as much. This is true for many career paths, including management, analytics, market research, human resources, and executive positions, among others.
Even if you’re looking to take your skills abroad, you can expect to earn a competitive salary with great benefits and job security. Here are the average annual salaries that MBA graduates make in different countries, according to the 2019 QS Jobs and Salary Report:
- USA: 102,100 USD
- Canada: 99,800 USD
- Australia: 98,400 USD
- Singapore: 82,700 USD
- United Kingdom: 92,400 USD
- Switzerland: 123,500 USD
- France: 98,500 USD
Starting a Business
Let’s say your sights are set outside of the career world. Perhaps you’re an entrepreneur at heart and would like to start your own business. In that case, an MBA is still a great choice. Consider the following reasons to learn why an MBA can help you become a successful entrepreneur:
- MBA programs and professors can teach you about the traps you should avoid to ensure the growth and stability of your business. You’ll effectively avoid suffering the consequences of making many common mistakes.
- You might come across fellow MBA students with a common vision. After all, it’s far easier to start a successful company when you have a reliable and knowledgeable partner who has your back.
- You’ll learn the essential communication skills required to run an organization. This can prove invaluable when negotiating with partners, sharing your vision with investors, managing employees and capturing the attention of your target audience.
- You’re not alone. The Graduate Management Admission Council conducted a survey which found that 85 percent of business school entrepreneurs found their own companies, while over half of them establish businesses in either the consulting or products and services industry.
Online Benefits
Studying for your MBA online comes with countless benefits over a traditional university degree.
It’s far more flexible, affordable and convenient. You can study it in your own time, which means it’s more than likely that you can still work and continue earning an income. Not only that, but online MBA courses are also accredited, receiving the same recognition as on-campus alternatives.
It should be clear by now that pursuing an MBA degree online is a wise decision. Consider your current career and business goals. Perhaps it should be your next step.
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Interesting related article: “What is an MBA?”