Online MBA Programs

What is an MBA?

Have you ever seen the acronym ‘MBA’ on a job site and wondered what it meant?

To cut to the chase, an MBA is a business management qualification. MBA stands for Master of Business Administration, and it’s a postgraduate program that brings subjects like accounting, management, marketing, finance and even business ethics under one roof.

Traditional and online MBA programs are aimed at people who want to advance their careers and become influential business owners and managers. They’re the classic way to land one of the ‘C-suite’ roles, like Chief Executive Officer, Chief Operating Officer, or Chief Financial Officer.

If your career goals are to reach the very top, you should consider an online MBA program.

What are the benefits of an MBA?

They make you more money

Let’s not be coy: people get MBAs because they’re a great way to boost your salary.

A 2018 Wall St. Journal report, for instance, outlines how an MBA gives students the opportunity to switch careers into better-paying positions. You’re not stuck climbing the promotion ladder – they let you make your own career path. 

But that flexibility isn’t the only reason MBA salaries tend to be so high. MBA graduates are also always in high demand for their wide range of business skills the courses teach.

They prepare you for the real world

One of the biggest benefits of an MBA is their broad subject matter, which covers almost every aspect of modern business management. 

This lets you jump immediately into the corporate world, and the ability to specialize in certain fields, like entrepreneurship or marketing, means you can still target yourself towards specific industries.

Rather than just teaching specific techniques that will end up outdated, MBAs help develop lifelong skills like leadership, improvisation, strategic thinking and teamwork. These let you adapt easily to the constantly-changing demands of the business world.

They get you connections

In many ways, the networking opportunities they provide are what an MBA is all about. Your classmates will end up as high-ranking executives in almost any industry and country you can imagine – a useful list of people to make friends with!

Unsurprisingly, networking is a big part of business school culture. 

The first point on Bloomberg magazine’s 2018 school rankings, for example, was the strength of their alumni network. Many people take networking as seriously as the course itself, and choose their business school primarily for its alumni.

Just as useful, though, are the industry internships found in all major MBA courses. These get you out of the classroom and into the real world, and often become offers for permanent positions after the degree is done.

What is an online MBA program like?

MBAs are taught in universities and business schools around the world. 

You’re generally expected to have a degree and real-life work experience before you apply for one. For many courses, it’s a strict requirement. Imperial College Business School’s Global Online MBA, for example, expects a minimum of five years in industry.

If you’re interested in studying for an online MBA program, there are three main types to consider.

Full-time courses are most like ‘normal’ postgraduate degrees, and focus heavily on face-to-face classroom learning. They take between two to three years to complete and usually include an internship at a company.

Part-time courses focus more on self-study to fit the same amount of material into less time. London School of Business and Finance’s MBA program, for instance, only lasts a year and a half. They’re less exclusive, and great for people who already have day jobs, but tend to be more academically demanding.

Executive courses, as the name suggests, are for experienced professionals looking to move up the corporate ladder. They assume you already have some business skills, and so focus more heavily on networking opportunities. They’re often taken part-time to work around busy careers.

Who should get an MBA?

Although the field is changing, most online MBA programs are meant for people who already have a degree and a few years of work experience. As such, they’re best for people serious about advancing in their current careers, or switching to entirely new ones.

MBAs don’t always mean big pay rises, of course – though they are a great first step.

In many ways, studying an online MBA program is like a full-time job in itself. You can slow down the pace by studying part-time, but even they are still intense – there’s a lot of material to cover, after all. No matter what you choose, online MBA programs are a big investment, so you should make sure you have the time and energy to spare before starting.

A key benefit of getting an MBA is the wider perspective they offer on the business world, helped by the networking opportunities they provide. Business school contacts can get you roles and opportunities you wouldn’t otherwise, so you should go in with the mindset of meeting new people as almost as important as the course itself.