Is an MBA Still a Good Investment in 2019?
A few years ago, businessmen and professionals instinctively sought an MBA degree for the purpose of boosting their careers and their ability to lead. During that era, an MBA degree was seen as the perfect degree for those who wanted to fill strategic roles in mid- to top-level management.
Today, however, the landscape has changed. Pursuing a higher degree, particularly an MBA, isn't the only way to acquire new skills and sharpen existing ones. There are short courses and programs designed for professionals who want to become better managers.
So, is an MBA degree still a good investment in 2019? This is an interesting question to answer, mainly because the answer is simpler than you think.
The Rise of Online MBA Programs
One of the reasons why an MBA is still one of the most popular – and valuable – degrees on the market is the wealth of online MBA programs that professionals can now take. Top universities from around the world are making their online courses available to more students, including students in Europe. There is no need to relocate or commute to attend the best business schools and universities in the world.
University of Redlands online MBA program is a good example of how a superb MBA program is now within reach no matter where you are in the world. You don't have to attend classes or move closer to the University of Redlands at all. You can take the program online and earn an MBA degree from this leading school.
Online programs offer some added benefits as well. For starters, online MBAs are substantially more affordable than the equivalent offline courses, so it is easy to see how investing in the degree offers a great return. You get all the benefits of a master's degree without the usual hefty tuition fees and expensive cost per credit hour.
Fast-Changing Market
Sticking with online MBA programs, it is also worth noting that online MBA courses are more receptive to market changes and industry needs. While the majority of online courses in business administration still follow the formal curriculum, sub-majors offered by today's best programs are more in line with market needs.
You can, for instance, get an MBA in digital marketing. Similar programs in data analysis, online commerce, international manufacturing, and other specific subjects are just as easily accessible. These subjects are introduced by top universities in answer to market demands.
The learning processes are being adjusted as well. There are more lecturers with market experience. Students can also learn from their experience as professionals. The combination results in MBA graduates possessing more relevant skills that boost their value on the market, mainly in a wide range of industries.
Value of the Degree
These changes clearly make an MBA more valuable than ever. With the programs offering relevant skills and helping students be more in line with market needs, there is no doubt that modern MBAs are incredibly popular on the market. Companies – the same companies who dismissed online students a few years ago – now prefer online MBAs to fill strategic roles.
If you are looking for the best time to pursue an MBA online, the answer is right now. Despite market uncertainties, companies are expanding to new regions and opening up new markets. The steady growth means there will be plenty of management-level opportunities by the time you earn your MBA degree.
Speaking of earning an MBA degree, read on.
Programs for Professionals
There is one other benefit of online MBAs that we haven't discussed, and that is its flexibility. Thanks to the lack of classroom sessions and brick-and-mortar facilities to visit, online MBA courses are far more suitable for professionals who want to earn a higher degree while maintaining a fulltime job.
Online MBA programs can be completed in 18 to 24 months. In some cases, students can choose to complete the course sooner by taking more classes and allocating more time for studying. It is also possible to extend the term of the program to make it more manageable.
This flexibility is perfect for professionals. If you are working a fulltime job and you want to pursue an MBA degree, taking an online course lets you allocate an hour after work every day, giving you the ability to earn the degree without sacrificing work and personal life.
The same flexibility is the reason why more stay-at-home moms and even high-school graduates are opting for online courses as opposed to offline programs. People have the option to pursue a degree while traveling, starting a business, and taking care of the family.
Bringing True Value
To top it all off, there are multiple studies that show the impact of an MBA degree in the lives of modern professionals. It is revealed that MBA graduates earn an average of 20% higher rewards at the same level. MBA degree holders are also 50% more likely to receive a promotion to mid- and top-management levels.
The rewards of earning an MBA degree can be felt earlier than you realize too. Mentioning your plan to pursue an MBA degree online to HR or your superior is often more than enough to heighten your profile at work. Having the initiative to pursue a higher degree means you are more than willing to do the hard work when promoted to a higher role in the company.
Companies are encouraging their talent to earn an MBA degree. More companies offer programs and incentives that help employees pursue higher degrees, including employees who want to earn an MBA degree online. Coupled with grants and financial aid targeting online students and professionals, and the cost of completing the program is no longer an issue.
So, is an MBA still a good investment in 2019? From the different factors we discussed in this article, it is easy to see how pursuing an MBA can produce a high return on investment. Whether you want to improve yourself as a business owner or you need a career boost immediately, enrolling in an online MBA program is the perfect step to take to move forward.