If you’re a management aspirant, employed and wondering whether or not an online MBA is worth spending your hard-earned money on, then you’ve come to the right place.
In many ways, distance learning is advantageous over a full-time course, especially for a working professional. The best advantage is the price.
A lot of professionals pass out of distance learning programs with knowledge, experience, contacts and of course, a Master’s degree in Management.
Most with their pockets a lot lighter than if they’d opted for a classroom program. It’s not just about the tuition fee, though. There are a lot of other ways in which the actual monetary investment you make on an online course is surprisingly lesser than any other program.
Here are seven ways in which the cost of an online MBA might surprise you.
Tuition Fees of an Online MBA
The biggest advantage of an online MBA is how little it costs when compared to a full-time classroom program. Students often have problems choosing between schools simply because of the tuition fee. Even the most affordable business schools cost a lot more than an online program.
An online program, however, gives you the flexibility of paying per module or according to the number of courses you’ve taken, at a much lesser price. The payment procedure is easy as well. Considering that you skip a lot of procedures and running around that is part of an application for a full-time course.
Avoid Boarding and Lodging Fees
Applying to a university means paying for boarding and lodging, on top of the already hefty tuition fee. This is usually pretty expensive too.
Hence, a lot of students end up taking financial loans to cover the total cost of tuition and lodging. Choosing the distance learning program helps you cut off all these costs.
So, you only get to pay for the coursework, learning material and certification or degree. A lot of universities allow lifetime access to the study material as well. This increases the value of your investment in the course.
No Hassle for Financial Aid
As mentioned before, a lot of students often end up taking hefty loans to try and cover the total cost of getting an MBA from a business school.
The other option is to look for scholarships or financial aid, which is difficult to attain unless you are extremely meritorious. And a lot of business schools might not even offer the option of such programs.
Even if you do qualify, the procedure of attaining the necessary paperwork and ensuring that the funding for your fee is attained every semester is an additional burden.
An online MBA negates all of this hassle and lets you learn according to your comfort.
Most students migrate to other countries or locations farther away from their hometowns within their nation. At such, it becomes difficult to travel to and fro to visit their families.
The cost of these visits is expensive and adds to the existing costs. A distance learning program not only removes the concept of travel but also helps you study from some of the best universities in the world without having to move from your house.
No Additional Expenses for Online MBA
Apart from the above expenses, full-time programs also means a constant supply of books, stationery, and other expenses like food and clothing.
Going digital ensures that most of the material can be availed online within the cost of the program. If you miss out on lessons, you can access them later, at your convenience.
It also helps you avoid all additional expenses, since you get to learn from the comfort of your home.
Continue to Generate Income While You Learn
The most important advantage of an online MBA is the ability to earn while you pursue higher education. This is extremely difficult to do while enrolled in a full-time MBA.
Even if you manage to land a paying job, the income would not be the same as what you could make if fully employed. So distance learning helps you meet your expenses without having to worry about the future or having to take loans.
A lot of organizations help extremely efficient employees with such courses and can even fund your program if they find it advantageous to the position you hold in the company.
So, make sure you consult or try to find out if such policies exist before enrolling in an online MBA.
One of the best advantages of pursuing an MBA through distance learning is that, since you’ve already undergone the college experience during your Bachelor’s degree, there is no fear of missing out.
As a working professional, you will continue to gather experience as you pursue your online degree. In many ways, you can also try to implement concepts at the workplace.
It also helps you avoid compromising on the quality of life due to budget cuts that occur when you pursue a full-time program.
Since you continue to earn while you learn, you also get to invest your income in yourself. Also, you can tend to other expenses you need to lead a comfortable life. With this, no worrying about loans or the next bill.