An MBA is the New BA

Getting a master's degree in business online is hot. A bachelor's degree is not.

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Sure, you can find good work with a regular bachelor's degree, but if you really want to put your career into gear—and increase your earning potential, a one- or two-year Masters of Business Administration graduate degree is now de rigueur in the business world. And increasingly, there are many options for earning an MBA degree. The good news is that you can further your career with an online MBA degree or master's degree in business online without stepping foot in a classroom—and without quitting your job. An online degree allows you to continue working and gain experience while reaching the next level of education. But whether you decide to study at a traditional university or through an online MBA program, there are a few things you should keep in mind.

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Why Should I Get an MBA Online?

First, consider what an MBA degree will give you that you can't just learn on the job. The skills you will obtain while studying for an MBA will ensure that you have a general understanding and competency in the main management roles in any business, from accounting and financial management to marketing and organizational behavior. The theories and applications of these larger business concepts let you see the big picture in business, better preparing you to take on new roles and responsibilities that may present themselves, and allow you to grow with your company.

Salaries Grow with an MBA

Depending on what type of business you work for, the advantages of earning an MBA include a flexible schedule, the opportunity to travel, and of course, a higher salary on average than employees without an MBA degree. The Graduate Management Admissions Council shows that salaries can grow 50 percent or more with an MBA degree. Also, global demand for qualified MBA graduates is strong, especially with the growing population of aging baby boomer executives reaching retirement in the U.S. and abroad.

What's the Best Way to Get an MBA?

Once you've decided to take on the challenge of acquiring an MBA, what's the best way to achieve your goal? There are more types of MBA degrees available than ever before—some focus on finance, while some MBA degrees feature an emphasis in business development, marketing or management. While at a traditional university, you'll spend most of your time on campus for a one-or two-year degree, some traditional universities offer complete programs for the working professional that can be earned at night.

Although tuition for traditional and online MBA programs can vary greatly and the financial outlay can be daunting, there are many programs for financial assistance through most MBA programs. There are not as many scholarships available for these programs, because the universities believe you will be able to pay your loans back with your post-MBA salary increase. Federal financial aid is usually a good option, beginning with filling out the FAFSA, or Free Application for Federal Student Aid that can be found on the FAFSA Web site. And don't forget to find out if your current employer is willing to help fund your education.