Is an Online MBA Worth It? Pros and Cons

Are you thinking about pursuing your Master of Business Administration (MBA)? Perhaps you're wondering whether to complete your degree online or in person. Although you may believe an online degree fits into your life better than a traditional degree, you should consider whether an online MBA program is worth the time and money.

There are many good online MBA degree programs. These programs can help nontraditional MBA students pursue further education and advance their career opportunities by developing a broader skill set and completing a highly valued credential.

Keep reading to find out more.

Is an Online MBA Worth It?

Whether an online degree program is worth it to you can depend on various factors. Let's take a closer look at some of the benefits and drawbacks of online learning.

Pros of an Online MBA

An online MBA from a reputable school of business can offer many benefits for the right kind of student. Some of the pros include:

• Flexibility: Online MBA students typically enjoy greater flexibility than in-person learners. Full-time and part-time options are available. Students can progress through some online programs at their own pace. This flexible learning environment makes it easier for working professionals to get their master's degrees.
• Accessibility: Traditional MBA programs often require you to attend classes at set times on campus, meaning you must be local or able to commute and available at specific times. Online MBA programs are far more accessible, allowing you to complete your degree from anywhere and on a schedule that works for you.
• Affordability: Some of the best online MBA programs provide high-quality education at a more affordable price than in-person programs. Tuition, fees, or other program costs may be lower, and you typically save money on commuting or living expenses when you study online.

Cons of an Online MBA

Though online MBA programs have some significant benefits, they have drawbacks too. The cons your online education may include:

• Lack of structure: Online degree programs may be too flexible for those who thrive in a more structured learning environment. They require that you have a high level of self-motivation and good time management skills to succeed.
• Limited face-to-face interaction: Though online MBAs may require in-person internships or residencies, on-campus MBA programs provide more opportunities for interacting with professors and peers. Interaction in online programs is far more limited, leading to a learning experience that may leave you feeling isolated or unsupported.
• Limited networking opportunities: Many MBA students worry that an online business degree won't provide the same opportunities to network with peers and industry professionals as a traditional on-campus program. They will still have opportunities to connect with others via virtual platforms, but these conversations likely won't be in real-time and may have limitations.

Key Differences Between an Online MBA and a Traditional MBA

Both online and in-person MBA programs provide an increased earning potential and opportunities to pursue advancements or career path changes. However, there are some key differences between the two types of programs. These differences include:

• Connecting with peers and faculty members: While you can have meaningful conversations and discussions in online programs, developing relationships takes more effort.
• Completing assignments: Online programs are more self-directed than in-person programs. You will probably still have deadlines and group projects, however, you'll have to rely on your time management and organizational skills to keep up with your coursework.
• Work experience: In many cases, those enrolled in campus-based MBA programs are recent bachelor's degree graduates with less work experience. According to U.S. News and World Report, those enrolled in online programs may be older and have more work experience.

How To Decide Whether an Online MBA is Right For You

Not sure whether you want an online or traditional MBA experience? Follow the tips below to help you determine which type of program is right for you.

Evaluate Your Career Goals and Skill Set

What do you hope to accomplish professionally? If you're looking to advance your current career, for example, you may want to enroll in an online program while you continue working in your current position. On the other hand, if you are inclined to prepare for a career change while increasing your skills in another business area, you may have the time and availability to pursue an in-person program.

Consider Program Flexibility

When pursuing higher education, you may want to choose a program that provides plenty of flexibility, enabling you to keep working or balance school with family or other commitments. Generally speaking, online MBA programs are more flexible than in-person programs, so studying online may make the most sense for you.

Reflect on Your Financial Situation

Funding your education is an important consideration. Your company may be willing to pay for your MBA but may have certain requirements you have to meet, such as pursuing an online or campus-based program. If you're responsible for paying for your MBA, getting an online degree may be cheaper than an in-person degree, as fewer fees may apply and you won't have added expenses for commuting or living on campus.

FAQs About Online MBAs

Do you still have questions about becoming an online MBA graduate? Let's look at some frequently asked questions you may be wondering about.

Do Employers Care if Your MBA Is Online?

Generally speaking, employers don't care if you got your degree online or in-person as long as it comes from a reputable school. Accreditation and reputation are important; confirm any school you choose is accredited by a Department of Education-recognized organization and the AACSB. Also, make sure the school has a good reputation.

What Is the Job Market Like for Graduates of an Online MBA Program?

There are several career opportunities for MBA graduates, including those who complete online programs. They often enjoy a much higher starting salary than those only holding a bachelor's degree. Furthermore, the job market is expected to grow exponentially over the next several years, providing good job security.

Is an Online MBA Worth It?

If you attend a reputable school, getting an online MBA can be worth it. These programs provide the same high-quality coursework and opportunities for specialization as in-person programs, often in a more accessible format and at a lower price tag.

How Long Does It Take To Complete an Online MBA?

There are different types of online MBAs, and some can be completed more quickly than others. Full-time MBA programs typically take about two years to finish, part-time programs may take three or longer, and executive MBAs can be completed in as little as a year.