Pursuing an MBA program is a decision you make when you need to get ahead of the current position you are in and you feel stuck. But not everyone has the liberty to throw away the existing position they are in and pursue their aspiration of doing a full time MBA. And also part time MBA doesn’t add as much value as full time MBAs do. So what’s the alternative? The alternative is to apply for a reputed and best Online MBA programs from renowned and top class MBA institutes around the world.
In this detailed article, we will discuss about applicants who should go for Online MBA, what online programs they should choose among the top-most Online MBA programs in the world, the advantages and disadvantages of Online MBA and the Cheapest and Free Online MBA programs that are available.
Who should go for Online MBA Programs?
The students who have just passed out from college after graduation are advised not to go for online MBA programs because if they want they can pursue MBA full time from any reputed institute right away.
What online MBA programs are best for the applicants?
Now there are a lot of institutes which are offering Online MBA programs worldwide and the offerings have been increasing gradually. Thus, it has become very difficult to choose which Online MBA programs you should choose in order to have the maximum return of investment.
To make your choice easy, here is the list of top ten Online MBA programs which are not only best in courseware but also in updating your skill and honing your business acumen virtually.
But one thing you need to keep in mind that the programs are no way cheap or reasonable. They are expensive even if they offer the course online. If time is a constraint for you but monetarily you are sound enough, then these are the perfect programs for you.
Carnegie Mellon University
The top most Online MBA program is provided by Carnegie Mellon University. This online program is currently accredited by Association to Advance Collegiate Schools of Business (AACSB). This institute offers MBA in mostly traditional specializations viz. in Entrepreneurship, in Finance, in Marketing and in Operations Management.
The campus is in Pittsburgh, Pennsylvania, US but you don’t need to be present in campus to successfully complete the program. The fee is quite high, around US $118,080 for the whole program which are divided into eight mini-semesters, each costing US $14,760 per semester. To be able to apply for this program you need to clear GMAT or GRE. The length of the program is 32 months approximately.
Indiana University is also one of the reputed Universities in the world which provides one of the top most Online MBA programs. This is also accredited by AACSB. The Online MBA program which Indiana University offers is having no specialization; rather they offer general MBA which includes all the foundational subjects like Law, Economics, Business Administration, Management Accounting and many more.
Campus is in Indianapolis, Indiana but there is no requirement to be on campus to attend or complete this MBA program. The fee is reasonable, around US $58,395. GMAT is required for attending this MBA program. Duration of this program is 24 months.
Arizona State University
This University is also one of the top-most universities in the world in offering Online MBA programs. This Online MBA is also accredited by AACSB. It offers four specializations – Finance, International Business, Marketing and Supply Chain Management.
Campus is situated in Tempe, Arizona and the Online MBA students have to visit the campus once during their MBA program. The fee for the program is even lesser Indiana University, around US $53,900. For applying for this program also, GMAT is required. The length of the program is also 24 months.
University of Florida
University of Florida offers a top-class Online MBA program which is also accredited by AACSB. It doesn’t offer any particular specialization, but it offers general MBA which covers all the basic, elementary subjects. Campus of University of Florida is in Gainesville, Florida.
Students of this Online MBA have to come to visit campus once for two days mandatorily. The fee is around US $59,696. GMAT is also necessary for any student to apply for this Online MBA. The duration of this Online MBA program is 27 months.
North Carolina State University
One of the amazing, world-class Online MBAs is provided by North Carolina State University. It is also accredited by AACSB. It also doesn’t offer any specialization, but more emphasis is given on Technology. Campus is situated in Raleigh, North Carolina.
This Online MBA requires mandatory visit to campus and also 3 days stay. Other than that this also offers a 10 day study trip abroad. Fee is very reasonable, around US $53,685. GMAT is mandatory. This Online Program is designed for 24 months.
Another world-class university which offers Online MBA program and it is also accredited by AACSB. Temple University also doesn’t offer any specialization for its Online MBA program. But it offers general subjects of a sound MBA program. The campus of Temple University is in Philadelphia, Pennsylvania.
The students must visit the campus at the time of commencement of the program. And during that time, they need to stay for at least seven days. Fee is around US $62,208. GMAT again is essential. The length of this program is much less than other Online MBA programs, and that is only 20 months.
Pennsylvania University provides Online MBA program which is also accredited by AACSB. This University also doesn’t provide any electives other than General business administration subjects. The campus is in State College, Pennsylvania. The students have to mandatorily attend the residency program for 2 weeks in the whole terms, once in 3rd term and another in 8th term. Fee again is reasonable US $59,312. GMAT is required. Time requirement to complete the program is 24 months.
University of Virginia
The Online MBA program offered by University of Virginia is very dynamic. It is also accredited by AACSB. University of Virginia provides two kinds of Online MBA, one Executive MBA and another is Global MBA. Campus is situated in Charlottesville, Virginia. This Online MBA requires weekend residencies in every month and four week leadership residencies that also include one trip outside USA.
The fee of University of Virginia is very much high. Executive Online MBA costs around US $124,900 and Global MBA costs around US $134,900. GMAT is mandatory. The duration of this Online MBA is 21 months.
University of Maryland
This University also provides one of the best Online MBA program in the world. It is accredited by Middle States Commission on Higher Education. It doesn’t provide any particular specialization, rather focuses on general foundational subjects. The campus is in Adelphi, Maryland. Students for Online MBA program offered by University of Maryland don’t need to visit campus at all.
The fee for this program is relatively at lower side, around US $29,148. GMAT is not required for applying for this Online MBA program. Minimum time commitment for each student of this program is 24 months.
This Online MBA Program is also one of the world class online MBA programs in the world. It is also accredited by AACSB. North-eastern University provides many alternatives for specialization viz. Finance, High Technology Management, Sustainability, International Management, Healthcare Management, Innovation & Entrepreneurship, Operations & Supply Chain Management and Marketing.
The fee is on the higher side, around US $67,250. GMAT is mandatory. Duration of this Online MBA program is 24 months.
Advantages and Disadvantages of Online MBA Programs
There are several merits and demerits of doing Online MBA and both are important for you to know so that you can decide upon whether you should go for Online MBA at all at first place or not. Let’s begin with advantages.
Merits of doing an Online MBA program
Convenience: The first thing what Online MBA programs provide is the convenience. You can at your own pace read, do assignments, give exam and complete MBA with flying colors. You don’t need to stay anywhere like full-time programs and you don’t even need to attend any lengthy lectures after long office hours.
You are free to attend the virtual classes at the end of the day at your home or in the weekends in your favorite chair. Though the cost of Online program is not that less, but still it is still a viable option when you are looking for a convenient and at the same time a reputed option.
You don’t need to leave your lucrative career: What is the disadvantage of a full time MBA program is that you need to let go of your lucrative career in order to do the MBA. But if you decide to do an Online MBA, you don’t need to leave behind your lucrative career and you can simultaneously do both, your MBA and your job.
You will get worldwide recognition from a reputed B-School: If you a full time MBA from any second tier MBA B-Schools, then you will not be recognized worldwide. But in Online MBA you have the opportunity to get accredited by the world-recognized University without leaving your home. And your degree will be valid almost in every country in the world.
You will get a reasonable hike in your knowledge, expertise and in your career: You will not only get convenience, a world-wide recognition, you will also get a reasonable hike in all areas – in career, in knowledge, in perspectives and in honing business skills.
You will be provided with all the materials, assignments and exam that a full time MBA student usually receives and thus by using and reusing the materials, doing assignments and giving exams, you will be able to equip yourself with all the management skills you require.
Demerits of Online MBA Programs
As every program has their own advantages, it also has its own disadvantages. Let’s look at demerits of Online MBA Programs.
Cost: Even if you opt for Online MBA programs, don’t assume that the cost of the programs will also be reasonable or cheap. Rather the fees for Online MBA programs are also as expensive as the full time MBA programs. So, even if you opt for Online MBA program, you need to make sure that you are financially ready to go for the program. Though you can get partial help from the University or Bank, but a part you may have to put forward in order to pursue Online MBA.
Reputed B-School needs campus visit: Even if it is Online MBA, if you go for a renowned university to do MBA, you need to visit the campus once or twice in the whole term which may even include a little bit of extra money and change of plans. Though all University doesn’t require mandatory visit, but for most reputed Online MBA programs, campus visit is imperative.
Cheapest and Free Online MBA programs
There are a lot of Online Programs which can be called. But their numbers are very meagre in comparison with the costly MBA programs. The following are the four cheapest Online MBA programs in the world which you can explore.
- Eastern New Mexico University: The cost of this generalist Online MBA program is US $4,217.40. The duration of the program is 12 months. And GMAT is not required for applying to this program.
- West Texas A&M University: The cost of this second-most cheap Online MBA program is US $4,439.82. The electives are Computer Information System, Marketing, Health Care Administration and Administration. Duration of this program is 12 months. GMAT is not required.
- Fayetteville State University: The cost of this Online MBA program is US $5,630.40. The electives offered are Finance, Marketing, Project Management, Entrepreneurship, Healthcare Management, Management and International Business. Duration of this Online MBA program is 12 months. GMAT is required for applying for this Online MBA.
- Chadron State College: This is also a generalist Online MBA. The fees for the program is US $7,920. The duration of the program is 36 months. GMAT is not required for this Online MBA.
Free MBA Courses
There are lot of avenues in today’s world as the evolution of Online World. Few courses are offered free and you can also attend video-based lectures without expending a dime. But it is difficult to find a comprehensive MBA program for free.
However, you can go for individual courses like Human Resources, Accounting 101, Principles of Marketing, Leadership Lab etc. You won’t get any credit score or certificate from any University, but if you would like to update your skills you would be able to do it easily.