Introduction:
We are living in an interesting time in history. If you had said to someone a few decades back that you could order food or hire a cab from your fingertips, you would have been laughed at. But this is the current reality. Just take a look at the start-ups related to the internet. Online food delivery sites such as Zomato & Swiggy, taxi services like Ola & Uber, online shopping sites such as Amazon, Flipkart and Myntra have opened millions of job opportunities. Large numbers of start-ups are moving into cyberspace to market, sell, or promote their businesses.
Unlike other media, the internet can be highly interactive. It can be personalised according to the preferences of its users. New technical buzzwords like Big data and AI are expected to shift the internet to its true potential.
Since its inception, the user base of the internet has been on the rise. Due to its adaptability to trends, it is a great medium for communication. But is it good for education?
Online education is as old as the internet itself. The first completely online course was offered in 1984 by the University of Toronto (Source: Adamas University), while the Internet was invented in 1983 (Source: USG.edu). Granted, online classes and degrees are a relatively new concept in the education sector. But people have been using the internet to quench their thirst for knowledge for a long time.
But when the COVID pandemic hit hard on humanity, just like many other sectors, the traditional education system too was forced to move online. Work-from-home schedules were introduced to corporate employees. Corporate companies have started trusting their employees with productivity in the work-from-home schedule.
Today, there are dozens of online education sites on the internet. Teaching skills, languages, history, and music to millions of people worldwide. EdTech start-ups like Skillshare, Coursera, Udemy, Byju's, KhanAcademy, UnAcademy and dozens of other sites are proving that online education will make up a large portion of education in the future.
What about an MBA?
When it comes to online degrees, some are not yet ready to be learned online. Like medicine, technical and law degrees. They need daily hands-on practice to master the subject. But the other degrees in arts, commerce, or management do not necessarily need hands-on experience in a real classroom. An MBA is one such degree.
The demand for online MBA programs is steadily increasing. The pandemic and the travel restrictions became catalysts for the rise in demand for online MBA programs. New technological advances like 5G networks and AI-powered smartphones are having a positive impact on demand.
Online MBA and a few concerns:
There are some valid concerns among the general population about online degrees.
Are they valid?
At first glance, it is right to wonder whether the degrees offered online are valid in the job market. If they help in joining a company. What does HR think of an online degree?
Most of the reputed business schools and top universities across the globe offer online degrees and MBAs. Hence, most corporate companies make no distinction between degrees earned through online, offline, or hybrid modes of delivery.
Companies trust universities with the quality of their education. If universities make a quality distinction between online and offline students, the reputation of the business school/University could be affected. That is something that no reputable university wants to happen.
The quality of education:
Some people argue that the quality of education of online students tends to be sub-par compared to traditional on-campus students.
But just because someone earned a degree online doesn't mean s/he put in any less effort than a traditional degree holder. In fact, online degrees are even harder considering the amount of dedication and self-discipline they require from the learner.
The skills and experience acquired:
There is a notion that online degrees will strip you of the experience and skills that a regular degree offers. But this too is questionable.
In a 2020 survey by GMAC (Graduate Management Admission Council), 81% of the recruiters said "working with others" is one of the top two skills they need in their candidates.
Considering that online MBA students have other commitments like jobs, they are required to sharpen their communication skills in their offices. They are already building relationships with their colleagues and employers. They are also probably networking online and offline for better job opportunities.
If we consider these, the claim that an online degree strips one of communication skills and relationships becomes baseless.
Who should enrol in a full-time offline MBA?
If you are in the early years of your career and financially secure, then a traditional MBA might be the better choice. The campus experience, the relationships you can create, and the experience you get while you are still young should not be lost.
Who should enrol in an online MBA?
If your current situation doesn't allow you to choose a traditional MBA, you could consider an online MBA.
You have a full-time job:
Many companies sponsor their employees' higher studies. For that, you must show loyalty and prove that you will become a future asset to the company. Companies are far more likely to sponsor an online MBA than a traditional one. That way they don’t lose out on the employee’s contribution while s/he is pursuing the program.
If you have a full-time job with a nice package, you might not want to miss the security the job offers. You don't want to go back to college for two years and sacrifice your current paycheck. If you are already in debt, then being unemployed for 2 years is going to be a struggle for you. In these situations, an online MBA will turn the tables in your favour.
You have a family to support:
A family needs commitment and security. Quitting a job without some sort of financial security for your family is a scary choice. Because of this, so many people are reluctant to pursue an MBA or higher studies. Even though they know it will bring them significant value and help in furthering their careers.
Toddlers and infants need constant care and attention from their parents. Similarly, elderly parents need emotional and physical support. If you have gone abroad or moved to a different city for a full-time MBA, your family will be deprived of your support. Even though they are financially secure.
You are struggling financially:
Because of the pandemic, working professionals across the globe face a somewhat similar struggle. It is financial. If you already have family commitments, the struggle is even harder. The traditional college fee for an MBA is quite expensive in all parts of the world. It is because of the structural costs associated with running a brick and mortar college.
But online MBA courses are relatively inexpensive. This could perhaps be because of their lack of buildings and maintenance costs. If you are struggling to afford the expensive fees of an MBA, an online MBA is a viable option for you.
You think you are too old to get back to college:
Most of the learners that study in traditional B-schools are under 30. It is because the B-Schools are designed for younger talents. Because of some common prejudices, your chances of getting into a reputable offline B-School drop significantly after the age of 30. Even if they admit someone over 30, the learner is likely to struggle to create a rapport with younger classmates.
If it is something you are worried about, an online MBA will offer you far more chances of getting admission and learning at your own pace. There are a few exclusive, "senior professional only" MBA programs offered by educational institutions like SNATIKA and a few US-based universities. If you have proven work experience, they will be your best bet.
You don't have time:
Time management is a critical skill in today's world. As humans, we cannot create more time. No matter what we do. Two years is still a long time for many professionals. They need to make the most of the time given to them. Be it for their families, jobs, or businesses. If you can't sacrifice 2 years for an MBA, then an online MBA comes as a saviour.
Granted, you will need enough motivation and self-discipline to complete the MBA without any fixed classes. But for those who can't afford 2 years of unemployment or 6-7 hours of regular study hours, online MBA programs offer flexibility.
You have a new business:
Being an entrepreneur has its own perks and curses. Until your business becomes self-sufficient, it needs constant intervention and monitoring to make your business a success.
Traditional MBA courses will get in the way when it comes to attending to concerns that need to be solved urgently. You must be able to make quick decisions when it comes to the survival of your business. Going to a full-time college will make you somewhat chained to the institution’s schedule.
But with an online MBA, you can prioritise your tasks. You will have the option of giving priority to an immediate business concern over your studies. You can make up for the studying by putting in some extra hours the next day.
You are a total introvert:
Introversion has been a hot topic for quite a long time. Introversion is a character trait where people need internal stimulation instead of external. In her bestseller book "Quiet", author Susan Cain meets an introverted student at the Harvard Business School. He shares the internal struggles that the highly stimulating classroom poses to introverts.
It comes as no surprise that most business schools are completely designed for extroverted students. Constant communication, meetings, parties, and interaction with people could lead to burnout and mental fatigue if you are an introvert. Introverts need constant alone time for introspection and functioning.
The perks of an online MBA
Credibility:
There are so many reputed business schools and universities that have been offering online MBA programs since 2017. The number of people enrolling in online MBA courses has significantly risen since the pandemic( Source: Fortune Education, GMAC survey for 2019-20)
Employers and HRs are now less interested in the mode of study. In a research by GMAC's Corporate Recruiters Survey 2021, 1 in 3 employers agreed that their company treats both online and offline degrees as equal. Regardless of the program delivery mode, an MBA is still one of the most sought-after qualifications in the corporate world. Universities offer the same teaching and degrees to all of their students.
Several reputed universities are offering online MBA programs. According to the Financial Times, the number of reputed B-Schools offering online MBA grew by 54% between 2012-13 and 2016-17. Hence, the credibility of an online MBA is global.
Cost:
A comparison between an online MBA and an offline MBA is never complete without costs involved. Such a comparison will prove the cost efficiency of the former. On-campus MBAs are far more expensive than online MBA programs.
The cost will rise dramatically if what you are seeking is an international MBA. Because of the extra expenses needed for travel, lodging, study materials, and food costs, an international degree will become more expensive than you think.
For popular universities like Oxford and Cambridge which are located in the more expensive zones of the UK, the costs will rise considerably.
If cost is one of your major concerns, an online MBA will be far more viable than an on-campus MBA. You won't be spending money on travel, food, accommodation, or study materials. Though there will be some additional costs for internet access, a smartphone, or a laptop, the cost will never be comparable to the on-campus MBA costs.
Flexibility:
The biggest benefit of an online degree is the flexibility it offers. An online MBA can be a game-changer, be it for an entrepreneur or a senior professional. You can focus on your business or keep your day job, and have a healthy family life without interfering with your learning schedule.
It doesn't matter if you are an early bird or a night owl, you can always find time for your MBA studies. If you have an internet connection, you can access your lessons from anywhere. Be it on a beach on your vacation or after lunch at your office table, an online MBA offers flexible learning schedules.
This is why applications for online MBA programs are continuing to grow. A report from Graduate Management Admission Council has found that online MBA applications went up to 24% compared to last year(GMAC report, 2019-2020).
Duration:
2 years is a long time when it comes to a busy professional. Giving up that monthly paycheque is a very difficult decision for most people, and impossible for many.
Most of the MBA programs in European countries are one year long. If you are lucky enough to have enough skills and proven work experience that are recognised by UK Masters degree platforms such as SNATIKA, you can earn your MBA in less than a year, in fact. The SNATIKA MBA is awarded by UK state universities and recognised all around the world. Our ISO-certified academic delivery process coupled with online format and British prestige can boost your career. Check out SNATIKA MBA's benefits now.
Conclusion:
So the question is, which one is better: an online or an offline MBA?
The answer is not that simple. It depends. It depends on you! You must choose which one is best for you. Because, in the end, only you know what is best for you. We have tried to help you with the details you might have overlooked. With these points in mind, you are now equipped to choose better than before.
Both modes have their own unique features and benefits. Which one is best suited for your current situation, is fully up to you. For younger learners with financial security, the traditional MBA might be a better option. For a busy working professional though, an online MBA will be the best option.