Online MBA Overview

Online MBA Overview

Just as companies must evolve in order stay current with emerging technology and industry advancements, business schools must keep a close eye on their curricula, in terms of relevance, delivery and applicability.  That’s why advanced business degrees aren’t what they used to be.  The world is more tech savvy than ever.  Today’s business landscape is implicitly international.  Gone are the days of stuffy classrooms, confined to the halls of brick-built schools.  Today’s MBA programs are necessarily vibrant, dynamic environments.  The classes, the instructors and the students are more diverse.  And the advancements are especially pronounced in online MBA programs, where students learn the principles and skills that will prepare them for business’ online reality. 

Whether you’re newly entering the field or building on your undergraduate business experience, you’ll find there are a lot of options open to your course of study.  Within most online MBA programs, you can usually choose to specialize in some specific arena.  Some examples of business concentrations are: Accounting, Business Information Systems, Finance, Human Resource Management, International Business and Project Management.  Specializing in an area where you’ve already amassed some working experience is a great way to improve your overall marketability. 

Back to business: What are the requirements?

So now you know what you’re looking for (an advanced online business degree); but do you know what schools are looking for in you?  Along with an almost limitless selection of programs, you’re going to find a range of admissions requirements.  Listed below are some fairly standard prerequisites.  If you’re not sure how they apply to your situation, you should contact the programs you’re applying to directly.  The schools’ Admissions departments should be able to walk you through the process, and help you determine if the program is a good match. 

·         Bachelor’s Degree – Before you can pursue your Master’s degree, colleges are going to want to ensure you’ve successfully completed undergraduate coursework.  Some institutions will admit applicants with non-business undergrad degrees, but they may require some additional “leveling courses,” or courses designed to catch up the non-business degree students with their classmates. 

·         Above Average GPA – MBA programs want to see that you did more than just barely pass your undergrad classes.  An above average grade point average demonstrates aptitude and tenacity.  Most schools will require a 2.5 or higher, on a 4.0 scale, but you should make a point to check individually with your prospect schools. 

·         Full Time Work Experience – In recent years, the statutes have changed on this issue.  MBA programs used to have stringent work experience requirements, but many are changing.  Some schools require that you maintain either full or part-time employment while you are completing their programs.  Again, it’s best to check with the schools individually.

·         Standardized Tests – Most schools expect to see your Graduate Management Admissions Test (GMAT) scores.  The GMAT is a standardized test that measures your verbal, math and analytical writing skills.  The test, which lasts several hours, requires registration and can be taken online.

·         Essay and Letters of Recommendation – These components of the application are truly yours to control.  With careful planning, drafting and peer-review, you can compose a topnotch personal essay, which may go a long way towards influencing an admissions committee.  Likewise, you can seek out your most professional supervisors and co-workers to ensure letters of recommendation that really wow the review boards. 

The cost of doing business: Points to consider

                If you’ve started investigating online business degrees, you already know there’s a whole host of options available to you.  MBA degrees are NOT all the same; different programs are better suited to different students.  Some variables you’ll want to consider are:

·         Cost – How much do you want to spend on your online MBA?  The answer may depend on the reason you’re pursing one.  Luckily, you’ve got a brain for business.  More than most people, you know about the need to crunch numbers.  Remember that it doesn’t hurt to shop around, exploring the full gamut of online MBA programs, and the financial aid plans they offer.  Your ideal program may not be the most cost-effective, and vice versa, but selling yourself short has its own hidden cost.  Try to keep everything in perspective. 

·         Timing – Different online business schools have different course schedule policies.  You may be required to take classes in a certain order, or at a certain pace.  The schedule may also be impacted by any degrees or coursework you’ve already completed.  You’ll definitely want to inquire about course transfer policies (whether or not the credits you have under your belt will be recognized by the school you’re considering).  You should also research the progression of the degree path, and make sure it’s a schedule that you can accommodate. 

·         Accreditation – It’s important for you to select an online business degree that has some form of accreditation – regional or national.  Accrediting boards have varying criteria, so you may want to look up the specific guidelines of the boards that have accredited your prospect schools.  While no board can guarantee how much you’ll learn, or how much your career will benefit, accreditation standards can be good indicators of a program’s overall intensity. 

·         Online Component – Exactly how “online” is your online MBA degree?  The term can sometimes be deceptive.  Some online MBAs are 100% online, meaning all the requirements can be completed via the internet.  Other programs might require periodic visits to a physical campus, or attendance at group projects and/or exams.  For obvious reasons, you should be very clear on these requirements before committing to a school.

·         Reimbursement potential – Most employers offer some form of reimbursement for employees who pursue advanced education.  Going back to the question of cost, you should definitely contact your HR department and find out what portion of the bill they’re willing to foot.  Like traditional MBAs, online MBAs will require books and supplies.  You should ask if these extras are included in your reimbursement package.  You should also be aware of any GPA minimums your employer requires.  In many cases, you’ll need to earn a B or better to ensure you get paid back. 

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