While online MBAs are a relatively new option for recent graduates and those with work experience, many candidates are embracing this option in the wake of uncertainty around physical classes due to Covid-19. The ongoing pandemic has accelerated the adoption of technology among universities, faculty members, and students alike resulting in new opportunities for learners to access high-quality education with increased flexibility and at a cheaper cost.
Affordable and accessible
By leveraging technology, without compromising on learning outcomes, an online MBA is significantly cheaper than a campus-based programme. Apart from the tuition fees, there are other avenues of savings in terms of lodging and other expenditures. The net cost of an on-campus MBA in India is around ₹16 lakh. This is quite significant and requires long-term education loans to cover the fees, especially for freshers. In comparison, depending on the domain and course, online MBA programmes start from ₹2 to ₹3 lakh, which is far more affordable for students who are yet to start their professional lives.
In addition, online MBAs are significantly more flexible compared to traditional campus-based programmes. Candidates can choose to learn from anywhere and at any time, according to their personal situation. Working professionals, as well as students from remote areas, can take these online degree programmes and access high-quality education without having to travel to a campus. Geography or time limitations do not have to hold back anyone who wishes to earn a master’s degree in business and management.
Level playing field
Many candidates also are not eligible to apply for traditional campus-based programmes because they have not taken the CAT examination. As most online MBA programmes do not require candidates to furnish CAT scores, they provide a great option for those candidates who did not have the time or resources to undergo CAT coaching over many months or years.
Moreover, under the New Education Policy, online MBAs are now recognised and approved by UGC. Candidates can now be assured that their online degree programme will be accepted by employers in both the private and government sector. This would enable candidates who complete an online MBA to become eligible for several jobs in these sectors that require an MBA. In addition to live lectures, online MBAs also provide candidates with digital and on-demand access to learning material, lecture videos, assignments, and discussion forums online. The best online MBA programmes will also provide hands-on and application-oriented projects, hackathons, business simulations, mentorship and career enhancement activities such as resume reviews, interview preparation and connection to job opportunities.
Flexible nature
The collaborative nature of the assessments and projects also enable candidates to have peer interaction and develop skills to work in teams. These activities will enable candidates to be job-ready and have their desired career outcomes.
In our increasingly digital world, an online MBA allows candidates to choose to continue learning while also working and earning. This improves the return on investment candidates have to make towards their education and career growth without having to compromise on learning and career outcomes. As more top-ranked institutes offer high-quality online MBA degree programmes, candidates can now learn from the best faculty and industry experts and get access to job opportunities they otherwise would not have had if their only option was a traditional campus-based programme.
(The writer is Co-founder, Great Learning.)