Never mind the federal omnibus spending bill-tough economic times call for
personal stimulus plans. The recent downturn has caused many to seek online
business degrees in order to achieve their education goals, fulfill new career
objectives and increase earning potential.
Nothing raises that earnings potential bar more than an MBA degree (even when
earned through a part-time program). According to Salary.com's Salary Wizard,
the median salary for a portfolio manager is $107,614, while a marketing
director's is $140,768. While the cost of an MBA can range from $80,000 to
$130,000 for a two-year program, keep in mind that online offerings allow
students the flexibility to maintain a full-time job, which offsets some of the
cost.
The student demand, while lower than that for online undergraduate programs, is
certainly there. In their study, "Staying the Course Online Education in
the United States, 2008," the Sloan Consortium calculated that 14% of all
students taking online
courses
are pursuing graduate degrees.
Because of the value of and demand for online degree programs, schools are
taking notice and increasing online MBA offerings.
BusinessWeek tracks the top schools offering online programs through their
traditional Business School
Rankings & Profiles. Also, eLearners.com lists many programs, broken
down by industry type. Finally, Official
MBA Guide
offers a search form to research online MBA programs by selected criteria.
If the idea of an online business degree seems daunting, there are a number of
blogs and distance learning discussion forums that provide the necessary
inspiration and encouragement. Here are some places to find other online MBA
students that can shed some light on how they feel about the distance learning
experience:
- BusinessWeek's MBA Blog is a
comprehensive resource with many student bloggers constantly contributing.
Also, prospective bloggers can sign up and contribute directly.
- eLearners.com has a
robust blog network and active discussion forums geared toward online
education.
- Clear Admit
Blog
is a resource for those concerned with the MBA admissions process.
- LinkedIn and other
professional networking sites feature excellent contacts that can provide
advice on what an online business school has to offer.
The admission
program for an online MBA can be difficult, but may not involve all the same
requirements as a traditional MBA. While most schools require GMAT or TOEFEL
scores, other accredited online programs may accept work experience
instead. The requirements of Drexel University's MBA Anywhere program are
typical. Admission involves a Bachelor's degree from an accredited college or university
(GPA of at least 3.0/4.0), official transcripts from all post-secondary
educational institutions attended, a Graduate Management Admission
Test (GMAT) score of at least 550, a resume, a 500-word essay and two letters
of recommendation.
The best source for GMAT information is the test's official website, MBA.com. This resource
allows users to schedule a test appointment and includes free preparation
software.
Financing the education can be one of the most difficult hurdles for an online
MBA student; however, the Internet has made finding scholarship resources as
easy as a few mouse clicks.
- The U.S. Department of Education's
website
provides access to Federal Stafford and Perkins loans for graduate-level
students. There are two types of Stafford loans:
- Subsidized Stafford loans: The
government pays the interest on the loan while the student is in school,
during grace periods and during any deferment periods
- Unsubsidized Stafford loans: The
student is responsible for paying all of the interest that accrues.
- There are a number of websites to
look to for scholarships, including CollegeScholarships.org, Finaid.org and Fastweb.org.
- Colleges, universities and academic
departments offer their own in-house scholarships, so it's also wise to
check with each school about what programs are available.
- Check with your employer. Many
organizations offer scholarships or educational assistance because they
believe in investing in their workforce.
- Various associations and
organizations offer scholarships, including LatinoCollegeDollars.org, the American
Association of University Women and the United Negro College Fund.
Having an online
business degree
is a strategic tool that helps address the challenges of today's global
business environment while boosting an individual's competitive advantage
amongst a shrinking job pool. An online
graduate degree
offers the same relevant topics as a regular MBA, including global leadership,
decision-making, employment and management relations, marketing, organizational
effectiveness, diversity and strategic planning. Even specialized online MBA
choices are available, such as accounting, finance, global leadership and
e-commerce.
About eLearners.comŽ
The
eLearners.com website is one of
several high visibility, high-quality prospecting tools offered by
EducationDynamics, LLC. Since 1999, eLearners.com has been successfully
connecting learners to online education, including online degree and
certificate programs, specialized career training, and numerous online courses.
