The world of business is constantly evolving. Completing an online Master of Business Administration (MBA) program means building the advanced knowledge and high-level skills needed to capably serve in leadership roles. With this degree, you can confidently guide teams, departments, and companies and adapt as markets, industries, and circumstances regularly change.

Is an online MBA worth it? The potential for career progression and higher earnings, coupled with the advanced skills earned in this master’s program, means an MBA is still broadly valuable. However, the format and nature of these programs likely need to adapt to changing preferences and priorities among both prospective and current students.

Let’s take a closer look at the value of an MBA, the unique benefits of completing an online MBA program, and how to make the most of your time as a graduate student.

 

5 Benefits of an Online MBA Degree

The rise of accredited online programs has contributed to a changing landscape for graduate education. A quick look at the top online MBA benefits will explain why obtaining the degree through an online program is an excellent choice for many.

 

1. Career Advancement and Salary Increases

Online MBA programs prepare students for management and leadership roles in the business world. Depending upon the degree specialization, combined with professional experience, graduates may become eligible for roles such as auditing manager, business consultant, financial planner, and investment banker. Ultimately, top-tier leadership positions such as executive director or director of marketing and C-suite positions such as chief operating officer (COO) or chief information officer (CIO) are available to MBA graduates as well. 

The Graduate Management Admission Council (GMAC) reported in its 2024 Corporate Recruiters Survey that, adjusted for inflation, the median annual base starting salary for MBA-qualified candidates in U.S. companies was $120,000. Compared with $90,000 for direct-from-industry hires and $69,320 for bachelor’s degree holders, it represents a significant salary increase. 

 

2. Cost-Effectiveness

Affordability is one of the many benefits of an online MBA. While on-campus business school tuition can range from $50,000 to $100,000 a year, many online accredited MBA programs cost less. The average cost of an online MBA program is reported to be approximately $56,000, or $28,000 a year. This substantially lower rate makes enrolling less of a financial burden. Students find it easier to pursue higher 

 

3. Diverse Connections and Networking

Knowledge of global business and the ability to interact with a diverse group of people are imperative for future business leaders and managers. Online MBA courses often have a broad student body from different parts of the world, including fellow students and teachers from various academic and professional backgrounds. This immense variety of perspectives enriches student discussions and experiences. As students infuse personal experiences into online discussions and engage in collaborative learning, they build a diverse professional network that will stay with them long after graduation.

 

4. Work-School-Life Balance

One of the greatest concerns working professionals have about pursuing higher education is how they’ll manage their responsibilities. Most individuals need to work full time to provide for themselves and their families. Between work and personal obligations, those wondering about an MBA wonder whether they’ll have time to study. 

Fortunately, some online MBA programs are designed specifically for these individuals. Studying online and part time not only makes manageable schedules possible but also helps mitigate the cost of an MBA program. There’s no need to cut back work hours to complete classwork. This is a great boon for students who want to continue working.

 

5. Cultivating Versatility

Online MBA programs build versatility by providing students with a solid grounding in the principles of business. They offer areas of specialty — such as finance and business analytics — to further prepare students for leadership in the modern workplace. The online platform itself fosters a deeper appreciation of technology, which is crucial in the modern business landscape. As students master modern online communication methods and tools, they also have the opportunity to build global connections with fellow professionals. 

 

What Makes an Online MBA Worth It?

An MBA program is a major commitment. While thousands of students complete an MBA degree and graduate from business school each year, their success is the result of countless hours of dedication, discipline, and hard work. Students recognize the value of the knowledge and skills they cultivate and that the effort is worth it over the course of their careers.

 

A Traditional MBA Requires Full-Time Attention

If classes are mostly or only offered during normal business hours, as is the case for many on-campus programs, earning an MBA often means taking time away from your career. A traditional in-person MBA typically takes 18 to 24 months to complete with full-time participation. The income lost during this period is a major opportunity cost, and it must be factored into the overall cost and return on investment (ROI) of obtaining the degree.

Moreover, the traditional MBA programs’ in-person learning model doesn’t always align with the reality of modern life. Graduate school requires significant attention, which can mean one’s responsibilities outside of work may drop down the priorities list. Similarly, the structure of an on-campus MBA program isn’t conducive to students who can’t travel regularly or are unable to relocate for a two-year program.

Thankfully, the online MBA has emerged as an effective alternative.

 

More Flexibility With an Online MBA

An online MBA combines an on-campus program’s challenging and valuable learning experience with a less rigid approach to how learning content and tools are delivered.

While many traditional programs require students to complete their MBA in a certain length of time, online students have the freedom to schedule either part-time or full-time classes. An online degree with part-time or asynchronous participation can make it easier to complete coursework and projects. Instead of a full slate of classes each day, students can adjust their schedules to balance their responsibilities.

An online MBA can be worth it for ease of access and can also offer some additional advantages. When you complete a graduate business degree online, you don’t need to live close to campus or temporarily move to attend classes. Instead, you can study from home or anywhere that offers a reliable internet connection. It’s also worth considering programs with multiple start dates. You have the opportunity to apply throughout the year, and terms start regularly rather than just a few times a year.

 

Making the Most of Your Online MBA Program

Finding a program that supports your career goals and allows you to better balance the important aspects of your life during your time as a student is crucial. How do you know whether a specific MBA is the best choice?

 

Options to Go Beyond General Topics

An MBA covers the breadth of modern business management and leadership, building broadly applicable and valuable skills and knowledge. If you have a highly defined career path in mind or already specialize in a certain area, a program concentration can offer opportunities for more targeted learning. Classes that explore management concepts related to finance or analytics, for example, can better prepare you to lead teams in those areas after graduation.

That said, a general MBA is still a valuable asset. If you don’t have a specific area of focus for your career or are interested in general management more than leading a particular department or taking charge of a single business function, a general approach is likely the better choice.

 

Effective Student Support

Comprehensive student support starts with advisors offering prospective learners information about their options and continues throughout your career as a student. To facilitate learning and engagement, St. Bonaventure University Online is committed to maintaining an excellent student-faculty ratio of 10-to-1 throughout the online MBA program.

That support continues after graduation. St. Bonaventure University Online has relationships with top accounting firms that will seek out our graduates, for example. Graduates can also tap into our extensive alumni network to build contacts in their chosen field and seek out various career opportunities.

 

An Eye to the Future

Innovation is key to business success, and rapidly evolving technology is driving change across industries. With the proliferation of new technologies such as artificial intelligence (AI), cloud computing, and emerging cybersecurity needs, today’s business leaders need to understand how the landscape may change going forward.

Effective online MBA programs don’t plunge students deep into the minutiae of these innovations. Rather, they help individuals cultivate leadership skills to adapt to and optimize new tools, from data visualization to data analytics.

 

Affordability

Price is among the most important considerations for nearly every MBA student. Finding a cost-effective program that balances the cost-to-benefit ratio is crucial to realizing positive educational outcomes while avoiding financial stress.

Plenty of financial aid options are available as you build your plan for your return to higher education, including the following:

• Federal Direct Stafford and Direct PLUS Loans, designed specifically for graduate students
• Alternative loans from major lenders
• Graduate assistantship programs, which are available for online programs
• Employer tuition benefits
• Private scholarships

Not all of these options may be available to you. Take the time to explore the resources for which you qualify and consider how they can help support your efforts to earn an MBA.

 

Accreditation

A handful of agencies accredit MBA programs, but one of the top credentials is awarded by the Association to Advance Collegiate Schools of Business (AACSB). AACSB only accredits leading business schools and is a clear sign of quality in terms of educator qualification and available student resources. Look for a program that meets AACSB’s strict requirements.

 

Move Forward in Your Career With an Online MBA from St. Bonaventure University Online

If you decide an online MBA is worth it, you should find the right fit for your needs. St. Bonaventure University Online’s MBA program offers a flexible yet rigorous learning environment designed to challenge students while taking their needs as professionals and people into account. Our robust financial aid options, AACSB accreditation, and commitment to supporting students all distinguish our program as a compelling choice for professionals interested in advancing their careers.

Our MBA program’s concentrations can empower you to learn about the areas of business operations that are most relevant to your goals. You can pursue a general track in your MBA or choose from one of the following focus areas:

• Business Analytics
• Finance
• Marketing

Are you ready to transform your career with an MBA? Get in touch with one of our enrollment advisors to get started.