When it comes to graduate programs in the business world, many people consider the MBA to be the most prestigious qualification of all. It’s easy to see why. Long considered the gold standard for ambitious workers who want to fast-track their way to a managerial or executive role, the Master of Business Administration is highly regarded by employers in all industries and all countries. However, this does not necessarily mean that an MBA is the best choice for you personally. Everyone is different, and your unique circumstances and preferences might mean that another path is more suitable for achieving your goals.
So how do you work out whether an MBA is the right option to pick? It’s an important choice to get right because graduate school is a big commitment in terms of time, effort, and financial cost. To help you out, this article will go over some of the key issues to consider when making your decision about whether or not to enroll on an MBA, as well as some of the alternative options available to you. These factors will apply regardless of whether you’re thinking about an online MBA or a program on campus. Hopefully by the time you’ve finished, you’ll have a better idea of whether an MBA is the most suitable qualification for you.
An introduction to the MBA
Before we start looking at how to know whether or not an MBA is right for you, it will be helpful to give a quick overview of the qualification itself. MBA stands for Master of Business Administration, and it’s a postgraduate degree that is designed to introduce students to a wide range of key business issues and practices. The curriculum is rigorous and academically challenging, providing you with the knowledge, skills, and experience you need to prepare you for high-level business roles within your chosen industry. As such, it bestows a large amount of credibility on graduates.
It’s possible to study an online MBA or attend a program on campus, and you also have the choice between full-time study and part-time study. You can expect a full-time course to take a year to complete and a part-time course to take two years to complete, with both study modes considered equally valid by employers. Now that’s all clear, let’s move on to the factors you need to think about when deciding if this is the path you want to take.
What topics do you want to study?
One of the most important considerations is what sort of topics you are genuinely interested in learning about. After all, if most of the online MBA curriculum sounds boring or irrelevant to you, then you’re most likely not going to enjoy the program.
An MBA is quite unique among business courses in that it covers a wide variety of topics rather than focusing on one specific area and gives you an overview of many different aspects and areas of business. This makes it an excellent choice if you want a strong foundational understanding of a wide range of processes, functions, and practices. Having said that, there are also specialist MBAs that focus more on one particular area of business, such as marketing, finance, healthcare administration, or entrepreneurship. Therefore, if you know there’s one specific aspect that you want to study in more depth, that option is still available to you when taking an online MBA.
The exact modules you study on your course will depend on the college you enroll with and the specific program you choose. However, the following list gives you a good idea of the sort of topics you can expect to cover:
Strategic planning and management
Human resource development
Management of organizational behavior
Workplace learning and professional development
Trends in healthcare administration and management
Accounting practices and analysis
Engaging digital customers
Venture capital finance
Business problem solving
Marketing science and strategy
Innovation and entrepreneurship
Investments and risk management
The legal environment of business
Climate change and business strategy
If the topics mentioned above spark your interest, that’s a great indication that an online MBA would be a good choice for you. On the other hand, if you only like the look of a few of them, it’s a sign that it might be better for you to take a different program. There are plenty of master’s courses that have a narrower focus and allow you to concentrate on just the specific aspect of business that you’re passionate about, as we discuss below.
What is your preferred way of studying?
It’s not only about the topics you cover; it’s also about the way that you study them. Learning and teaching styles can differ quite a lot, and you want to find a program that suits your personality and preferences. An MBA is slightly different to other master’s degrees in this respect. Traditional academic programs mainly require you to attend lectures, seminars, and tutorials, as well as do lots of reading, research, writing essays. An MBA, on the other hand, involves a lot of presentations, group work, case studies, and carrying out projects with real companies where you work on genuine business problems. This is true regardless of whether you take an online MBA or a course held on campus.
As such, it’s vital to consider whether this more interactive style of learning suits you when deciding if an MBA is the right qualification to choose. For example, participation is extremely important, which can be intimidating to shy students who hate public speaking. Of course, you shouldn’t be put off by this alone. It’s more than possible to overcome fears of speaking in public, and if you love everything else about the online MBA, then you shouldn’t allow your nerves to stop you from enrolling. The point is simply to be aware of what taking the program involves so that you can take the necessary steps to thrive in that learning environment. If you push yourself, you’ll find it’s a fantastic way to build your confidence, leadership skills, and teamwork.
Another key aspect of an MBA is networking, not only with your fellow students but also your professors and other industry experts. You’ll have many chances to attend events and meet key business figures, so if you enjoy getting to know new people and forging new relationships, then it’s a great program for you. In fact, one of the major benefits of taking an MBA is all the different doors it opens for you. Whether it’s participating in prestigious competitions, studying abroad, undertaking an internship, or even setting up your own company, the possibilities are endless if you’re ambitious, driven, and dedicated.
How much experience do you currently have?
In addition to thinking about whether or not you want to take an online MBA or campus program, it’s also important to consider whether that option is currently open to you. Unlike the majority of master’s courses, MBAs are aimed at those who already have a few years of professional work experience under their belt, as opposed to fresh graduates. The reason for this is to ensure that each student can bring valuable insights and knowledge to the classroom, helping everyone to get the most benefit from the program.
This means that if you have only just completed your bachelor’s degree or don’t have any relevant business experience, you might not be eligible for an MBA, or you might not be in the best place to get the most out of it. Don’t worry if you have your heart set on the program, though, because nowadays, there are colleges offering MBAs specifically for new graduates and those with no relevant experience. If you enroll on one of these, you can feel confident that the curriculum will be designed to meet your needs.
For those who have been working in business for a long time or are already in a managerial role, an executive MBA might be a good choice. These programs have been created for people who already have a substantial amount of experience and background knowledge in business. They also tend to schedule their classes in the evenings and on weekends so that you can take the course while continuing to work a full-time job.
What are your future career aspirations?
Another key aspect to consider is why you want to take an online MBA and exactly what you are hoping to get out of the program. A large part of this is thinking about what your career goals are for after you graduate. A helpful exercise is to spend some time looking at how you would like your career to develop over the next three to ten years and then figure out what you need to do in order to achieve those aspirations. Of course, your goals might change over time, but this is still a useful practice. It’s worth remembering that because an MBA has quite a broad curriculum, it can be helpful in almost every industry.
Once you know what sort of role you’re aiming for, have a look at job postings and also the backgrounds of the people who currently hold those positions. If you find that an MBA is either explicitly required or that most of the other people applying for similar roles already have a degree, that’s a strong indication that doing an online MBA or campus program will be advantageous or be necessary for you. If it turns out that another qualification is more common, then it might be worth looking into that one instead.
Even if you are more of an entrepreneur and would rather work for yourself, taking an online MBA can still be highly beneficial. This is because it will provide you with all the business knowledge you need to start up your own company, as well as valuable networking opportunities where you could meet potential business partners, mentors, and even investors. The credibility having an MBA brings can also help you to stand out from the crowd when it comes to attracting funding or finding people to work with.
Lastly, it’s well worth noting that no matter what your career goals are, doing an online MBA will help you to some extent. This is because you’ll not only gain specific business knowledge, but you’ll also develop a wide range of transferable skills that are useful in every job role. For example, you’ll find that taking the course improves your communication and presentation skills, your leadership and teamwork, as well as your critical thinking, decision making, and problem-solving abilities. You’ll also work on your time management and organization, plus gain the confidence you need to network and put yourself forward for opportunities.
Alternatives to an MBA
Don’t worry if reading this has made you doubt whether an online MBA is the right option for you. There are plenty of alternatives out there that might be a better fit. For instance, if you know that there is one specific aspect of business that you would like to study in-depth, then taking a specialized master’s course in that field is a great choice. There are all sorts of subjects available, including marketing, management, finance, business analytics, international business, and business communication.
Alternatively, budding entrepreneurs might prefer to simply learn by doing. If you want to set up your own company, it’s more than possible to do so with no qualifications whatsoever. It might take some trial and error, but you can put the money you’ll save on tuition fees directly into your business and dedicate your time to building your company rather than academia (although some self-directed study will, of course, be necessary!)
If you want some external input, try talking to college admissions tutors and current or previous MBA students to get a better feel for the program and have your questions answered by experts. However, at the end of the day, no one can tell you whether an online MBA is the right choice for you. It’s a personal decision for you to make after careful consideration of the factors we’ve discussed here. Good luck!