The Online MBA: What you need to know

Transcription

1 The Online MBA: What you need to know

2 CONTENTS Rise of the Online MBA 3 What to Expect as an Online Student 4 Advantages of a Distance Learning MBA 7 Choosing Online MBA Programs Online MBA Student Stories About TopMBA.com 15 2

3 Rise of the Online MBA Gone are the days when online MBA programs could be written off as lesser degrees or worse, diploma mill scams. The convenience they offer students coupled with advancements in accessible technology has allowed many of the world s top business schools to develop online or distance learning MBA programs that compare favorably to their existing oncampus offerings. The quality of available programs in the online MBA market has grown in recognition as a result, boasting approval from the three major accreditation bodies - AACSB, AMBA, and EQUIS. Availability reflects demand: According to a 2012 survey carried out by AMBA, almost a third of all MBA enrollments in the UK are now for distance learning courses, testament to the format s growing appeal. The pages that follow aim to pass on some key facts about Online MBA programs, so that you can make an informed decision as to whether the format is right for you. 3

4 What to Expect as an Online Student Online learning will not, by definition, be identical to its on-campus equivalent. But crucially, today s online student cannot be said to have had an inferior MBA experience, as schools seek to replicate their traditional MBA programs as far as possible. Top business schools make their online program as much like their oncampus program as possible with the same MBA entry requirements, same courses, and most of the same faculty. Larry Chasteen, director of the online MBA program, Naveen Jindal School of Management, University of Texas at Dallas. The online MBA is likely to be just as challenging as its full-time counterpart. The onus to keep up with MBA study lies firmly with the online student s sense of discipline particularly without the structure of regular on-campus classes and in most cases, continued professional obligations. So, if you were looking for an easy route to an MBA, this is certainly not it! 4

5 Getting the most out of the online MBA experience The MBA experience of an online student on a reputable program will have much in common with a full-time student, in terms of access to the school s alumni network, international travel opportunities and career resources. The online students have access to the same career counselors and coaches, recruiting companies, and they go to the same countries for their global experiences and undertake very similar projects. Ashok Soni, executive associate dean of academic programs for the Kelley School of Business. Teaching methods rest heavily on the use of technology to create a virtual learning environment. However, in many cases schools will deliberately draw on commercially available programs, such as Skype or Adobe, with which students will already be familiar and which they will likely use in their subsequent MBA careers. Distance learning allows students to learn using the same technologies that global companies use to conduct business worldwide, which is helpful in preparing them for global roles. Rebecca Henriksen, vice president of enrollment and student services management at the Thunderbird School of Global Management. 5

6 Delivery modes for online MBA programs While the vast majority of classes in online MBA programs will take place remotely, leading schools will have on-campus requirements. This may be for introductory sessions, particular classes or networking events, depending on your program and the amount of physical presence required will vary between schools. Programs that combine online and face-to-face study are known as hybrid or blended programs. Meanwhile, within online components you may also come across synchronous classes, where virtual classes take place in real time. Here, getting all students to log on at the same time allows for greater levels of interaction between the class and faculty. Of course, a chief attraction of online MBA programs is its convenience in fitting around an individual s schedule. As such, you should find that the majority of your class-time is asynchronous, meaning you can do the work as time allows you and advance at your own pace. The advantages of online MBA programs are discussed more in the following chapter. Online MBA Discover more about the online MBA experience and delivery modes on TopMBA.com. 6

7 Advantages of a Distance Learning MBA An online MBA is one of the most flexible MBA options out there. If studying fulltime simply isn t realistic due to work commitments, family priorities or financial reasons, then the flexible options for MBA study offered by the distance learning MBA can be a great alternative. This is particularly the case for those who live and work in regions in which access to quality business education is limited. Plus, as is the case with an executive MBA, remaining in work throughout your MBA study allows the online student to apply its principles to the workplace the moment they have been learnt in the classroom. Perhaps the strongest aspect of the course is the flexibility and the ability for students to advance at their own pace. Students can choose the methods that best suit them. They can listen to lectures while driving, watch lectures on their computer or download material for reading. Nigel Pye, assistant dean for the executive and distance learning MBA programs at Warwick Business School. 7

8 1. Flexible to your needs 2. Instant application in your work 3. Cut down on lengthy application procedures 4. Save money A few key features of a distance learning MBA Virtual classes operate precisely as a real seminar would, with just as much interaction and equal amounts of support from faculty members. Also, when taking in an online lecture there s the bonus of being able to pause, rewind and fast forward through passages whenever you wish. There may be a further benefit to all those not overly enamored by the prospect of having to prepare for the MBA admissions test of choice, the GMAT. For some online MBA courses, the GMAT is non-compulsory - an approach designed to facilitate the admissions process and attract more students. To see which leading business schools offer a route on to a fully accredited program without the need for the rigmarole of the GMAT, read the full article Online MBA, No GMAT Required on TopMBA.com Last but by no means least, is the issue of finance. Online MBA programs are usually cheaper than on-campus ones, since there are fewer infrastructure costs for the school to take on. They therefore represent a more affordable answer to the question of funding quality business education. 8

9 Potential challenges in online MBA study a) The online MBA experience can be susceptible to technical difficulties because of the relative newness of technology used and participants inexperience with it. However, issues of this nature are likely to be resolved quickly as you will find that most programs have technical support staff that can be contacted 24/7 via phone, , or instant messaging. b) There is not as much face-to-face time between students and teaching faculty. But, schools will almost certainly require you to be present at a number of learning events, making it quite distinct from a MOOC (massive open online course) or solely online business management course. c) An online student must have a strong sense of self-motivation and discipline to keep up a regular routine of studying. As you are not always required to view lectures at specific times, it would be easy to fall behind in your workload, especially if something more immediately pressing presents itself in your regular working or personal life. On-campus elements of the course can go a long way to keeping students on track, by allowing them to see their progress in comparison to others. Learn more about the pros and cons of distance learning MBA study on TopMBA.com 9

10 Choosing Online MBA Programs Because of rising interest among MBA applicants, there has been a proliferation of such programs in recent years. However, with little or no regulation of this stillyoung sector, the quality of these programs varies greatly. Choosing the right distance learning MBA program is therefore clearly a chief consideration for prospective students. How attractive is a given program to prospective employers? How well established and competitive? What services are on offer to students, and how well equipped is each program to cater for their needs? How large and diverse is the student intake? QS Distance Online MBA Rankings These are the questions that QS seeks in answer in its online MBA rankings; the world s first truly global ranking dedicated exclusively to distance learning and online MBA programs. Only programs offered at accredited business schools which have passed a minimum threshold for recognition among international recruiters in QS s annual employer survey are included. Programs must also have already graduated students to be included in the final online MBA rankings. 18 indicators ranging from completion rates to year of establishment and employer reputation are taken into account using the proportions detailed in the infographic below. 10

11 Indicators used in QS s online MBA rankings by % of total. See the QS Distance / Online MBA Rankings and learn more about its methodology on TopMBA.com 11

12 Online MBA Student Stories What do online students and graduates say about their motivations for taking the course and about the distance learning MBA experience? Often, they re looking to break new ground in management, adding to their skillsets with the ambition of progressing to leadership positions within their current organization or industry. They re also keen to start applying principles garnered from the course right away. It s all about the practical application of academic theory to the business and management environment. The beauty of the distance, flexible and online approach is that you are working alongside your learning and applying what you learn on a continual basis. Simon Constable, University of Strathclyde Business School online MBA student. Many an online student simply wouldn t have been able to consider taking on an MBA without its emphasis on flexibility and adaptability around an ongoing full-time career. Having said that, the compulsory on-campus elements of most leading online MBA programs can help reinvigorate a person s motivation to put as much into the course as they can. 12

13 One of the things about distance learning is you really do think to yourself am I struggling? and then when you come and talk to people you realize you re not doing so bad after all! Angus Condi, Open University Business School, online MBA graduate. When most MBA study takes place in isolation, the sense that all members of the online student body are in this together is important. Indeed, meeting others be it through virtual classes or at the designated meet-ups offers the opportunity to learn about differing industries and approaches to business, opening up a person s perspective. The rewards for hard work and sacrifices made in your personal life are thankfully pretty tangible. Online MBA students often receive a promotion after graduation, sometimes even during the course. Here, the benefits of being able to instantaneously demonstrate a program s effectiveness to employers in their existing roles are obvious. On graduation, Kelley Online graduates end up with an average of 30% increase in salary. Approximately 70% received a promotion while in the program. Clearly, the program carries a certain cachet. Ashok Soni, executive associate dean of academic programs for the Kelley School of Business. A wide range of students and alumni discuss their experiences of MBA study on TopMBA.com 13

14 Epilogue The online MBA is clearly designed to cater for rather a different demographic than either the full-time or executive MBA and therefore offers a different experience by definition. If its structure feels right for your professional circumstances, then you can take comfort in the knowledge that today s online MBA programs closely resemble their more traditional counterparts for faculty, teaching methods and networking opportunities. While it remains to be seen how employers view the degree, having the name of a reputable school on your CV and the skills and knowledge attained on an MBA certainly can t hurt your chances! Check out QS s online MBA rankings for this year s best options around the world. The global job market is competitive, and online degrees offer affordable access to high quality learning in areas of the world where there are very limited options. Allan Scott, MBA director at Aberdeen Business School. 14

15 More information on career trends, as well as detailed reports, admissions advice and resources to help you Have your say in the TopMBA.com community forum. choose the right school is available at TopMBA.com TopMBA.com is the website for MBA and executive communities around the world. Articles and blog posts source expert insight into a range of topics for those with an interest in the world of postgraduate business education. These include: firsthand accounts of what motivates MBA students and where the qualification has taken MBA alumni; breaking trends and research in business education discussed by faculty members at leading international business schools; breakdowns of the different MBA and specialized MBA programs available; international and regional career trends that could have an impact on post-mba careers; admissions tips and advice about taking the GMAT or GRE, as well as the opportunity to learn about scholarships and sources of financial aid. TopMBA.com is also where you will gain access to the latest business education research from QS, with global business school rankings and employment reports produced each year. QS organizes the largest business education events in the world, the QS World MBA Tour, the QS World Executive MBA Tour and the leading postgraduate studies information event, the QS World Grad School Tour, among an extensive product range including print and online publications and software solutions. Join us on 15