Walden University - School of Management
Walden University has unique and flexible online delivery models, world-class faculty and customizable programs which are all geared to help adult learners achieve their career goals.
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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By Shannon Borg
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Get an MBA Online for the Skills You'll Need to Succeed
To reach your potential in business these days, a 4-year degree might not be enough. With more businesses cutting costs, a growing pool of qualified candidates and keen competition in the marketplace, more companies want you to have it all—smarts, experience, enthusiasm—and an MBA degree.
In a February-March 2008 survey titled "Talent Wars"—conducted by The Economist Intelligence Unit—of the 944 executives polled (587 from developed countries), nearly two-thirds expect qualified employee recruitment and retention to become tougher over the next three years. Over one-fifth see this as becoming "significantly harder"—and executive talent management is high on the corporate agenda.
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 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.
In addition to the inherent flexibility of taking a class from home, online business degree programs allow you to do convenient things like pause the video lecture if you find yourself behind in taking notes or need a quick break.
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 Online 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. A recent look at about 50,000 MBA salaries across the US showed a broad range of average incomes, from a low of $50,000 annually for a financial analyst, to about $80,000 for a marketing manager, and $125,000 and up for a chief financial officer.
The Graduate Management Admissions Council shows that salaries can grow 50 percent or more with an MBA degree. And even with the past year's lull in the economy, there hasn't been a huge drop in applications to MBA programs in recent years. Global demand for qualified MBA graduates is strong, especially with the growing population of aging baby boomer executives reaching retirement in the US 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, such as the University of Washington in Seattle, are offering complete programs for the working professional that can be earned at night.
Online MBA programs are gaining popularity and programs range from 100 percent online curriculum, as in Boston's Northeastern University online MBA program, to the distance learning MBA program at Colorado State University College of Business, which requires students to appear in person just a few times during the program, with the bulk of their study done online.
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.
Sources: Data from schools listed on AllBusinessSchools.com, February 2007; The Economist, www.eiuresources.com
University of Phoenix
University of Phoenix makes quality higher education highly accessible for working students through convenient campus locations and flexible online classes. Get a real-world education with real value.
DeVry University - Keller Graduate School of Management
DeVry's Keller Graduate School of Management provides high-quality, practitioner-oriented graduate management degree programs for adult learners. Courses are available days, evenings, weekends and online.
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