Top Online MBA Degree Programs

Top Online MBA Degree Programs

In this globally evolving world and job market MBA programs are considered to be one of the esteemed academic achievement/degree offering maximum financial benefits. 2 year full time MBA might yield you an average of 64% more wages as compared to those without an MBA degree. Not only this, it shows the impact on wages of even those who opted for part time programs of up to 55% increase in their salaries. Bureau of Labor statistics also agrees that positions that need a MBA degree in the job market, including Chief Executives, Marketing Managers, Financial Managers and Sales managers; have been in their list of top-25 highest paying jobs consistently. An estimated 22% of growth rate for Master’s degree holders is predicted.

Percent change in employment, by education category, 2010-20

SchoolandUniversity.com takes the opportunity to take you for a tour to the eternal world of MBA…

What is MBA?

MBA/ M.B.A - Master of Business Administration
The full form or widely known is MBA – Master of business in administration. A degree program originally invented or originated since 19the century in the United States of America. A varied range of people from all walks of life, attempt to attain this degree. Main motto of this degree program is to establish a co relation between the degree holder and the various aspects of business including:

  • Accounting
  • Finance
  • Marketing
  • Human Resources
  • Operations Management and many more
These programs are flexible enough in offering the students; general business courses during the entire program tenure. At times the students also select and focus probably one fourth of their study tenure on the selected subject.
Accreditation process is followed religiously by authorities keeping a tab on the services and operations of institutes and the programs offered. Evaluations are conducted by external entities for determining the requisite standard. On clearing this process the accredited status is been bestowed by the agency.

Evolution of a professional through the MBA degree:
MBA Core-Competencies
  1. Which are the basic types of MBA programs?

    The modern business schools nowadays are equipped enough to offer MBA degree programs which are crafted to suit requirements of students from all walks of life including; Full time, Part time, Executive and Online or distance learning – with specialized subjects.
    MBA Full time - Two-year

    These programs have tenure of two academic years/18 months of terms. Students here are a bit different as compared to other classes. It is so because they are the ones with considerable prior hand on work experience. They also attend classes in a regular manner in the weekdays like any other university students.

    MBA - Accelerated

    These programs are different from two-year programs. One can consider them to be one degree higher than the crash courses. Here the load of syllabus, classes and examination is far more intense than regular MBA classes. It is so because they practice fewer intervals in the program tenure and also amidst semesters as well. They do not observe three to four months summer breaks. They have seven to ten days off instead of the luxury of three to five weeks vacation between two semesters as compared to a regular curriculum.

    MBA - Part-time

    These programs are known and widely popular amongst working professionals who choose light course load; though it may last for a longer period. These programs usually have classes on weekday evenings, or post routine working hours during week days. Three years or more is the tenure for such part time programs.

    MBA – Modular

    Syllabus is similar to that of part time programs. They are usually use lock step method or set of courses where coursework is packaged together in slabs ranging from one to three weeks.

    MBA - Executive Programs (EMBA)

    Specially crafted and designed syllabus helps to meet learning requirements; especially for professionals at managerial and executives levels. The beauty of the program is that it allows students to attain an MBA or other business related graduate degree in a span of two years or less and that too while these professionals are employed full time. Applicants here hail from varied type and size of organization, profit and nonprofit, government and non government. These students here are the only lot who usually carry more than 8-10 years of working experience as compared to regular MBA students. Considering the popularity of the EMBA programs, the Executive MBA council came into existence in 1981 for enhancing executive education.

    Distance Learning MBA – Online MBA

    This the most widely acclaimed, popular and flexible program. Here the classes are conducted off campus. A variety of learning patterns and formats make it more famous. Enlisted are some of them:

    • Correspondence courses by postal mail or email
    • Live teleconference or videoconference
    • Non-interactive broadcast video
    • Pre-recorded video
    Blended Education - MBA

    It is one of its kind education system where the distance learning and face to face learning are blended in a manner which meets the syllabus requirements; keeping the time line in mind. There programs are opted majorly by working professionals who face time constrains for attending regular full time or part time programs.

    Dual Degree - MBA

    These are the programs offering combined degrees. I.e. MBA combined with maybe a MA, MS or a Juris Doctor. Dual programs are known for its cost effectiveness. They considerably cost less as compared to attaining 2 degrees. The basic idea here is to save time and cost involved while attaining two separate degrees.

  2. What are the admissions criterions?

    Usually MBA programs check for eligibility of students before admissions based on all, some or any of the following performances of the applicant:
    • Graduate Management Admission Test(GMAT)
    • Significant work experience as mentioned in the resume of the applicant
    • Educational records
    • Essays
    • References
    • Letters of recommendation.
    • Graduate Record Examination(GRE)

    Few schools might also show interest in knowing the interest and involvement at extracurricular activities in order to assess the applicant’s contribution in future to develop the school's diversity and do value addition to the student body as a whole. The process and belief of consideration and prioritizing the aforesaid qualifications tend to vary from institute to institute. One may come across schools which do not pay due regards to GMAT scores and some online MBA programs which do not require GMAT as eligibility for getting admission. Some schools show the tendency of accepting work experience instead of undergraduate degree.

    Institutes too have their own set targets for balancing the crowd and managing the funds. This leads them to make decisions with regards to male-female ratio and local-international student ratios.

    Program dynamics like type and length of work experience may prove to be crucial aspects for admissions. A few of the programs demand five or more years of work experience to be eligible to get admissions.

    Recent mantra which has flourished is Do MBA without GMAT. Students have started looking out for MBA universities in USA without GMAT or best online MBA no GMAT required. This happens to be a revolutionary decision by the authorities and stake holders in education filed.

  3. What are MBA Program components?

    Any of the MBA program has two main components. Core courses in the initial days of the program and elective courses which allows subject specialty or focused approach of students.
    Core courses are fundamentally regular. Further assignments in research methodology are lead by a dissertation or thesis. Some programs show the flexibility and allow students to take up Major Projects.
    1. First Year
      • Students obtain analytical tools required for educational learning pertaining to key management functions
      • Operational awareness of these functions.
    2. Second Year
      • In this phase students learn a specialized syllabus. “Business stratagem”; here the key factors are combined and included and presented as a thesis course. It has been observed that syllabus on topics covering business ethics is included at institutes in the first, second or both the years.
    Analytical Functional Specialization
    Accounting  Financial management  Entrepreneurship
    Economics,  Human resource management Finance : Corporate finance and investment management 
    Operations Research Marketing management International business
    Organizational behavior Operations management Management information systems
    Statistics   Management science
        Marketing
        Operations management
        Organizational design
        Project management
        Real estate
        Risk management and strategy
  4. Various types of MBA degree titles with description

    Widely known graduate business degree titles with description
    GRADUATE BUSINESS DEGREE
    Title Description
    Master of Accountancy (MAcc or MAcy) Postgraduate degree in accounting
    Master of Professional Accountancy (MPA, or MPAcc) Postgraduate degree in accounting
    Master of Bioscience Enterprise (MBioEnt) Postgraduate degree focussed on the commercialisation of biotechnology
    Master of Commerce (MCom or MComm) Postgraduate business degree usually focused on a particular area
    Master of Economics (M.Econ.)/M.Ec.) Postgraduate degree in Economics
    Master of Enterprise (MEnt) Postgraduate, technology & enterprise-based qualification
    Master of Finance (MFin) Postgraduate degree in finance
    Master of Health Administration (MHA) Postgraduate health administration degree
    Master of International Business (MIB) Postgraduate degree focused on International Business
    Master of Management (MM) Postgraduate business degree
    Master of Marketing Research (MMR) Postgraduate degree focusing on research in the field of marketing
    Master of Nonprofit Organizations (MNO or MNPO) Postgraduate degree for philanthropy and voluntary sector professionals
    Master of Project Management (MSPM or MPM) Postgraduate project management degree
    Master of Public Administration (MPA) Postgraduate public administration degree
    Master of Real Estate (MScRE) Postgraduate degree focusing on real estate
    Master of Science in Management Postgraduate business degree
    Master of Social Science (MSS) Postgraduate degree
    Masters of Management: Co-operatives and Credit Unions Postgraduate degree for co-operative and credit union managers
    Technology Management Masters of Business Administration (TMMBA) Postgraduate degree for managing technology businesses
    EXECUTIVE
    Title Description
    Executive Master of Science in Business Administration (Executive MScBA) postgraduate degree focusing advanced-level conceptual foundation in a student’s chosen field such as operational excellence in the biotech/pharma industry.
    DOCTORAL
    Title Description
    Doctor of Business Administration (DBA) Doctorate in business administration
    Doctor of Education (EdD) A PhD equivalent doctorate program
    Doctor of Management (D.M.) Doctorate in business management
    PhD in Management (PhD) Business doctoral degree
    D.Phil in Management (D.Phil) Doctorate in business

How to choose the appropriate MBA program?

  • Select may be a full-time, part time or an online program which fits your timetable. Individuals who are looking forwards to work full-time and pursue an MBA degree hand in hand – part time programs or evening programs may be the right fit. Executive MBA programs also serve well but do not comprehend as regular MBA programs. A few of the online programs are designed for those who are not able to attend regular classes physically.
  • Specialization in finance, Marketing or Entrepreneurship; happens to be the next step. It will need additional classes offering all rounder education for that particular subject. Visualizing your future goals and deciding on the work of interest also is crucial. Individuals inclined towards numbers may opt for finance, candidates interested in owning a business may go for entrepreneurship.

    Career seeking post a graduate degree should be envisaged. Marketing executives need to select specialization in marketing, whereas specialization in Finance or Management would lead you to becoming a CEO or a CFO.
  • Students are advised to look out for schools offering programs which are strong enough to give your specialty a boost. All the MBA programs are not designed to provide specialization to all your subjects. Health care admin happens to be a specialization not been entertained by lot of schools.
    1. Intense research of the MBA programs is suggested. One may consider picking up programs which are highly ranked and termed prestigious; leading to considerable number of graduates in top management companies in the U.S. Cost of attendance and fitment in your budget should be given adequate importance before making a decision. Most of the private schools may cost more as compared to public universities.
    2. Location preference also needs to be factored in. One may find at least one school with all your prerequisites in near vicinity. While one selects a school; the city of the school should be considered. Individuals planning to study finance followed with internship at Wall Street…Yes…New York City would be the best option.
    3. The detailed description about the size of class, incoming median GPA – GRE- GMAT scores, range of student age and sex is called Class profile which is normally published online for aspiring students as a component of MBA program description. Advice is to select minimum one MBA program where your scores of GMAT and GPA, meet or are above the requirements and one program in the school you are seeking where your scores either meet or are lower than the requirements. This will help one assess the scopes of getting into a program and school of choice.
    4. Visiting the school admission counselor helps as a great idea. Feeling the campus atmosphere, knowhow of the neighborhood and surroundings would help you make a decision. Checking out dorms in the hostel and rented facilities is a good option for those who are moving away to attend school. A thought process which can help your Career Research, Career Development and Career advancement is the need of the hour.

What are the advantages of MBA?

We were been taught in the school “Look before you leap” and if that was for small causes; this happens to be the decisive moment of an individual’s future. Considering the advantages and disadvantages of getting into a MBA program is a better idea.
Career progression

Individuals with an MBA degree have that extra edge over other while being considered for Career advancement openings at their organization. The MBA degree is widely known and famous for increasing career opportunities and decreasing the time taken for enhanced salary and benefits. Being an MBA indicates or reflects a person’s dedications and hard work which enables them to achieve careers in top management.

Convenience

MBA degree happens to be a single dynamic turnkey to all the requirements of any of the industries or area of study. It is a common business degree which will enhance the skills of students pertaining to any business in this world for any specific field. MBA degree holders are equipped enough to hold top notch jobs or become successful entrepreneurs. The degree educates about the managerial expertise along with the intricacies of successful business. All these put together makes the candidate a right choice for prospective employers.

No turn down

Lately we have observed the meltdown with serious and unpredictable consequences making us learn a lesson in the job world called RECESSION. It showed us how the demand of workers and jobs can increase and decrease dramatically during meltdowns. MBA degree proved to be the only academic degree which provided sustainability as it is useful for designations and skills with respect to various fields. It provides a kind of job security to MBA degree holders. In this trend of globalization businesses will come and go, grow and fall, but for managing any of these situations, they need managers to manage the show which only MBA degrees may offer.

Expenses

The cost associated with the MBA degree happens to be one of the highest in the academic world as compared to other degrees. Students opt for Loans and end up paying more with interest on such loans. Hence this is a flag raiser for the all aspiring students that one you enter the Degree program, it is mandatory for you to perform up to the mark. On attaining the degree it will help you to earn high in order to forfeit the cost incurred on education.

Distance Learning

There is a increasing trend of online or distance learning MBA programs. Convenient and flexible for students, these programs lack at providing networking and face-to-face contact which are the vital components for earning an MBA degree. We all know that globalization needs; networking and being able to deal with people in person. Online or distance learning are conducted through Podcasts, chat rooms and Emails and miss out to provide personal interaction. Personal contacts and networking may be considered to be the key to personal skills development.


How to Get an MBA Degree?

Word "Common" is frequently used for MBA as a prefix. Common fix for all requirements, common for all fields, common for all industries and so on. But attaining the MBA degree is not a common man’s goal; instead it happens to be a very important and crucial decision of an individual’s life. A degree program offered that is offered by a lot of universities and colleges across country. The process may tend to differ slightly from institute to institute.
  1. Completion of undergraduate education is mandatory but taking up a business degree at undergraduate level is not mandatory in order to get admission for MBA degree. Usually MBA programs seek students from diverse backgrounds and varied work experience. This helps the institutes in providing versatile degree holders to the market increasing their credibility and success ratio. For traditional business degree routes.
  2. A few of the business schools have two years of work experience as a prerequisite for admissions. Hence it is advisable to check out on such requirements well in advance and start working towards gaining experience for two or more years. This ensures the successful consideration of your application by business schools.
  3. Sincerely study and take the GMAT – Graduate Management Admissions Test as this is one of the factors considered by MBA programs while considering individuals for admissions.
  4. Evaluate and give a thought to your so called reasons for selecting a MBA degree. The careers thought of and life goals can act as motivators and help you in deciding the schools you would want to apply for the admission. Business schools may have their own designed subject specialties or it may be a general business management.
  5. A predefined approach towards the concentration or specialization will help you to apply.

How to prepare for MBA entrance exam?

Graduate Management Admission Test is the exam considered as admission test for nearly all MBA institutes in the United States of America. It is one of the renowned best forecaster of success for graduate business programs. This entrance exam mainly evaluates logical and reasoning subjects, organized forecast and groundwork; of course. Well prepared candidates with a knowhow on handling verbal, mathematical and analytical writing questions tend to score more as these are the basics on which they are tested on.MBA-Degree

  1. Regularly studying preparation materials will lead you to the exam date. Try and attend study groups and taking up prep courses. One can also take assistance from official MBA exam preparation books. Cramming up will not be a good idea; instead studying consistently over a period of time will enhance your remembrance skills to help you do better at the exam.
  2. Downloading the free of cost training software from MBA.com is also a useful idea. It comprises of two full-length test and assessment segments to test your skills.
  3. Get well acquainted with the test format of GMAT. The test is one of its kinds and is computer adaptive. Here the questions will tend to be a bit difficult initially followed by easier ones if you answer wrong and tough if you answer correctly. Tough question are ranked high if answered correctly. Randomly asked questions will not allow you to rectify the answers once submitted.
  4. Self assessment also helps. Creating a test taking surrounding and writing up a full length trial test in an isolated location free of diversion would give you the correct picture of the areas of improvement. Go to the extent of avoiding food breaks and talking to anyone till the time you finish your paper. Coach yourself and your mind to attain the timelines in which the question paper needs to be concluded.
  5. The examination tenure is of 03 hours and 40 minutes which includes a five minute optional break. There is a penalty for incomplete papers and hence it is advisable to answer incorrectly instead of not answering.
  6. Arithmetic, Algebra and Geometry – solve the questions at maybe a free online open source or with the help of a review guide at the official website may do lot more help than anything else. Practice using the scrap paper as you will be doing on the day of exam and also make sure to practice more and more objective questions; yes..It is more likely that you would get objective questions at your GMAT exams and not lengthy questions. Graphs – Line, circle and Bar graphs as these are amongst the usually asked questions in the exam paper.
  7. One can conduct analysis of argument and issue questions from the official MBA website as they are amongst the weighted components of the exam paper. Smart work here would be to think and get mentally prepared for answering the type of questions and not trying to attempt all the questions. This exercise would helps to get a fair idea of the type of questions one may encounter in the GMAT exam paper.
  8. Practice grammar for the enlisted through a online open source resource or GMAT prep guide:
    • Among versus Between
    • Elliptical verb phrases
    • Fewer versus less
    • Misplaced modifiers
    • Parallel sentences
    • Pronoun-subject
    • Run-on sentences
    • Subject-verb agreement
    • Uses of adverbs and semi-colons
    • Verb tenses
    • Who versus Whom
  9. Ensure to understand the question appropriately before answering and for this if required; read the question twice, but keeping in mind the timelines.
  10. Conceptual reading may comprise of three main subjects; Business, Social Science and Science and will be mainly in the form of tone, factual, main idea or inference. This the segment where one is supposed to read an essay and answer the questions related. Preparing notes on the scrap paper while reading the essay is recommended which will help you with details while answering the questions and you do not waste time reading the essay finding for particular details while answering particular questions.

How to Calculate the ROI on MBA Program?

To reemphasize on the fact stated above; that taking up an MBA program from an appropriately reputed and accredited institute may cost a fortune. Now once the initial formalities is done; it would be a smart move to calculate the ROI – Return on investment. This is done in order to assess the break even and also to make sure that your income is more than what you have invested in making yourself sellable and skilled. * This is an illustrated calculation which may tend to change on the basis of state, Institute, degree program selected and Job market scenario.