Pros and Cons of Online Business Schools

Earning a Master's degree in business administration is a crucial step in advancing into upper management and executive positions. Firms value leaders who hold MBA degrees because they have both the theoretical and practical knowledge needed to make sound business decisions. Online business schools offer students a way to get an education without having to take a total break from work.

If you have a Bachelor's degree and experience in managing or owning a business, you can apply to online MBA degree programs. There are several advantages to earning a degree from an online business school as compared to a traditional B-schoool, though there are disadvantages too. Before you apply to traditional MBA programs at brick-and-mortar universities, you should decide whether an online business degree program is a better option.

Online Business Classes: Standard Curriculum

Accredited online MBA programs have high admissions standards and they expect each applicant to have a solid background in math and writing, as well as know the basics of economics and accounting. All students enrolled in online MBA prgrams take courses in

microeconomics
macroeconomics
banking and financial systems
business ethics
marketing and advertising
statistics
management theory
financial accounting
business law

Students may specialize in a particular aspect of business, such as accounting or advertising. Most online universities offer several tracks within their MBA degree programs, so students can pursue particular interests. The standard textbooks used by traditional MBA programs are also used by online colleges. Moreover, instructors at accredited online universities are highly educated business professionals who excel at teaching. Thus, students can be confident in the quality of their education.

Online MBA: Pros

Online business schools have lower tuition rates due to their lower operations costs.
Students can attend class from home or at work, thereby reducing their commute time.
Business professionals can keep their jobs while furthering their education.
Online universities allow students to complete the degree at their own pace. Students can choose an accelerated path, or take their time.
Most online business schools do not require the GMAT.
Among online degrees, MBAs are the fastest growing sector.
Many required textbooks are available as e-books.

Online MBA: Cons

Interaction with instructors or other students is more difficult.
It is more of a challenge to network at an online business school.
Though more professionals are earning MBAs online, there is still some stigma attached. Many employers favor degrees traditional schools.
Researching online business schools is more time-consuming; there are many non-accredited programs masquerading as bona fide universities.
There are fewer financial aid opportunities at online universities.

Career Outlook and Joint or Dual Degrees

People with MBA degrees are employed in almost every field, from medicine, engineering, and higher education, to finance and law. Joint MBA degrees are becoming more popular as companies seek managers with other professional skills. Some common dual degree programs are

MD/MBA (Doctor of Medicine)
MSN/MBA (Master of Science in Nursing)
JD/MBA (Juris Doctor)
MPP/MBA (Master of Public Policy)
MEM/MBA (Master of Environmental Management)

With a joint or dual degree, one can set policies and oversee complex operations within a specialized field. For example, the joint MD/MBA degree is ideal for hospital administrators who must understand both medicine and business. Students can earn the MBA portion of their joint degree online while attending graduate, law, or medical school.