People interested in pursuing their Master of Business Administration often ask: Is it really worth it? Will all that time and money be a good investment? How long will it take me to reap the reward of that investment?
It’s not just about the tuition; prospective students have to consider moving expenses, the loss of income from quitting a job or going part time, and the opportunity costs (investments, promotions, etc.) in the months or years it takes to complete the program.
In light of these concerns, more and more students are choosing to enroll in online MBA programs, which typically cost less than on-campus programs. A reduction in costs means a greater return on investment (ROI). As an online MBA student, you’ll be able to maximize your ROI by gaining control of your schedule, removing commuting costs and taking advantage of lower tuition rates.
A recent study by the Graduate Management Admission Council found that graduates of online MBA programs regain their investment in two-and-a-half years on average. On the other hand, students attending full-time, two-year programs didn’t see their ROI until the third year after graduation.
Most prospective students know an MBA will be valuable to their careers but wonder which style of program they should choose. Deciding between on-campus or online programs can be simple when comparing tuition.
Move at Your Own Pace
One worry many applicants have about committing to a degree program is adding yet another responsibility to their long list of commitments. They fear their careers might take a back seat while they attend school. Luckily, online MBA programs give students control over their schedule. Students can attend school any time of day, any day of the week. This opens up the opportunity to attend school without having to sacrifice your profession.
Online MBA programs, like the one offered at Pittsburg State University, also allow you to move through the program at your own pace. For some, that means taking one class at a time and completing coursework on nights and weekends. For others, that means taking on more classes and finishing the degree faster. Either way, taking ownership over your school schedule — and not the other way around — allows you to determine your ROI.
Save the Commute
For others, earning an MBA seems impossible simply because of distance. According to CollegeBoard’s annual report, Trends in Higher Education, commuters attending a two-year institution can spend up to $1,800 on travel expenses. But the time and money spent on moving and commuting to an online program can be as low as $0. Just walk to your home office or the kitchen table.
Because online MBA programs give you the option of studying wherever you are, you can still attend the school you want to without having to uproot your family or disrupt your life. Without having to buy parking permits, invest in reliable transportation and plan trips home to visit loved ones, you can invest that money elsewhere and attend from anywhere you want.
Lower Your Tuition
Many online MBA programs, like the ones offered by Pittsburg State University, are more affordable than their on-campus counterparts. Universities save the operational expense of hosting more students on campus and pass some of those savings to their online students.
These are just a few of the ways students can increase their return on investment with an online MBA program.
Learn more about Pittsburg State University’s online MBA program.