Advantages of ONLINE MBA

Is it possible for you to earn an MBA from your home? It is indeed, and it is far easier than you may imagine. All it takes is strong self-motivation and a sense of diligence as well as the dedication to keep going in the face of the many distractions of work and family. There are few experiences more rewarding than finishing your MBA degree, and with online programs now available, you do not have to postpone getting it any longer. An online MBA degree program can be fit into your schedule so that you can complete it at your own pace and convenience.

Another advantage of a distance learning MBA program is the reduction of what you would otherwise spend on similar education. Let's face it, aside from the tuition you have to pay, higher education also includes a number of additional costs, such as travel to and from a university, and room and board.

When you are on an online program, you do not have to go anywhere, and so you will not incur any expenses on fuel and parking lot fees. Nor will you have to experience the hassle of public transportation or deal with traffic congestion. The value of the time and convenience you save is incalculable. Furthermore, you will not have to uproot yourself and move to a distant state or city to attend the program of your choice. That will save you more travel costs, and the expenses of room and board, not the mention the bother of moving and the interruption of your lifestyle.

It is also possible that you will save on tuition as well. Since an online MBA program does not require a classroom, the university will have that room for use in a different course, saving it money. This may be translated into a lower tuition fee, which you can take advantage of.

But the primary advantage of an online MBA program is the flexibility that it offers. You can adapt its schedule to fit your lifestyle, instead of adapting your life to it. You will not be forced to take a leave of absence from your job or spend any time away from your family. You will be able to do your class work at the hours that are most convenient to you. And you are allowed ample time in which to finish, up to five years for some online programs. All these advantages make taking an online MBA program very attractive indeed.

How Much Does A Top MBA Degree Cost?

What’s the most expensive two-year MBA program you can take? You might be surprised to learn it isn’t Harvard or Stanford, or Wharton or Chicago, or Dartmouth or Yale. Instead, priciest MBA is being sold by Columbia Business School. Columbia estimates that the cost of its two-year, full-time MBA program in New York is a whopping $168,307.

Harvard Business School Dean Nitin Nohria said earlier this week that the cost of a Harvard MBA is less than several other top rivals. “We are at the middle of the pack when it comes to the top ten schools,” he said in a wide-ranging interview with The Financial Times. By the estimates of the total cost of the degree posted on business school websites, he’s actually being somewhat conservative. Harvard comes in as the seventh most expensive MBA program among the top 20 U.S. business schools.

Not only is Columbia number one, but the school Columbia also ends up on another extreme end of this list of premium-priced degrees. Columbia reports the lowest percentage of MBA students who are receiving financial aid from the school–just 55%, well below the 81% at Duke, the 80% at Dartmouth, or the 75% at Stanford.

The total cost of the Columbia program includes two years worth of tuition, fees, books, and the estimated costs to live in New York City. But as often is the case, these numbers are often conservative. Yale’s School of Managment makes clear that its esimates assume a “modest lifestyle.” Cornell informs applicants on its website that its estimate of $11,250 a year for living expenses is “based on the cost of sharing a moderately priced apartment” at a cost of $700 a month rent and putting aside $425 a month for food.

Most MBAs at elite schools will find it hard to live on that budget, especially in New York, Boston, Chicago, or San Francisco. Indeed, perhaps to make these estimates more believable to applicants, Cornell goes out of its way to note, “It is much easier to live like a student when you are a student than to live like a student when you are earning $90,000 annually. If you were to reduce your student loans from $50,000 to $40,000 you would save approximately $121 per month in student loan payments.”

TOTAL COST ESTIMATES ARE VERY CONSERVATIVE.

In almost all cases, these “total cost” numbers–taken from the school’s websites–are very conservative estimates. Wharton’s $168,000 pricetag, for example, fails to include the cost of its Global Immersion Program, which ranges from $5,800 to $7,800, or the inevitable cost to join clubs, attend conferences and “parties,” which Wharton estimates at $860 a year. Those two omissions alone add 6% to the total cost estimate of an MBA degree. Stanford’s estimate of the total cost of its MBA degree doesn’t include a required “global study tour” which costs about $4,000. In most cases, you can expect the “total cost estimate” to be 10% to 20% higher, given your lifestyle preferences and desire to take full advantage of the MBA experience.

The costs of non-U.S. MBA programs can vary widely, especially because in Europe one-year programs are especially popular. London Business School’s 21-month MBA program looks like a bargain if you believe the estimate: $134,152, with $77,854 of that going to pay tuition. The accelerated 10-month MBA program at INSEAD in Fontainebleau, France, costs just $102,714 (with about $73,000 of that for tuition). Of course, that’s the estimate from INSEAD for living expenses, food, and travel. Could you live in France on $30,000 over those ten months? Perhaps if you lived in a trailer or a tent.

School	TotalMBA Cost	Two-Year Tuition	PercentGetting Aid
1. Columbia	$168,307	$106,416	55%
2. Pennsylvania (Wharton)	$168,000	$108,018	76%
3. Stanford	$166,812	$106,236	75%
4. Chicago (Booth)	$165,190	$101,800	NA
5. Dartmouth (Tuck)	$162,750	$101,400	80%
6. MIT (Sloan)	$160,378	$100,706	71%
7. Harvard	$158,800	$97,200	63%
8. New York (Stern)	$157,622	$94,572	NA
9. Northwestern (Kellogg)	$156,990	$102,990	66%
10. Yale School of Mgt.	$151,982	$99,800	70%
11. Carnegie Mellon	$149,400	$105,000	81%
12. UCLA (Anderson)	$147,278	$97,854	80%
13. Berkeley (Haas)	$144,746	$95,274	68%
14. Cornell (Johnson)	$142,404	$98,544	70%
15. Virginia (Darden)	$142,000	$99,000	80%
16. Michigan (Ross)	$141,210	$107,600	72%
17. Duke (Fuqua)	$137,744	$95,920	81%
18. UNC (Kenan-Flagler)	$136,860	$93,176	73%
19. Emory (Goizueta)	$130,280	$84,800	85%
20.Texas-Austin       (McCombs)	$127,144	$90,256	75%

SOURCE: Schools

What can you deduce from the costs of these top MBA programs and the amount of financial aid for students arranged by their schools? The least expensive program is at the University of Texas at Austin. At a total cost of $127,144–more than $40,000 less than a Columbia MBA–it looks like a true bargain for a top degree. Then, add in the fact that the school is helping 75% of its MBAs with financial aid–versus Columbia’s 55%–and it seems as if it is a very smart investment, indeed.

The most expensive public university in the MBA game is surprisingly UCLA. Higher ranked B-schools at Berkeley, Michigan and Virginia are less expensive in total costs than the Anderson school in Los Angeles–largely because of the highest cost of living in L.A. than Berkeley, Ann Arbor, or Charlottesville.

The most generous school in terms of financial aid? MIT Sloan. The school puts together the largest average financial aid packages of the top schools: $130,418. That’s more than $15,000 more than Columbia and more than twice the size of Berkeley’s $67,052 (the lowest amount reported by any of our top 20 schools). Be aware, however, that financial aid is a rather vague phrase to describe a package of financial help. You don’t know how much of this money is merely a loan or a scholarship or fellowship.

HARVARD GIVING STUDENTS MORE THAN $20 MILLION A YEAR IN FELLOWSHIPS.

Such fellowships–typically used to lure exceptional students or to help students on the basis of financial need–can significantly lower the price tag of an MBA. Harvard effectively discounts the sticker price of its MBA by paying out some $22 million a year in fellowship money. HBS says that nearly half of every MBA class receives an average of some $25,000 per year in “need-based” HBS Fellowships that are granted only on the basis of financial need and not academic merit. The school makes these awards based on an analysis of an applicant’s income for the prior three years as well as the applicant’s assets.

Top 50 Online MBA Programs in US

AccountingGeneral ManagementHuman ResourcesEntrepreneurshipGlobal ManagementMarketingFinanceHealth CareProject Management



 1 American Graduate School of International Mgmt. - Thunderbird
 2 American University - Kogod
 3 Arizona State University (Main Campus)
 4 Babson College - Olin
 5 Ball State University
 6 Baylor University - Hankamer
 7 Bentley College - McCallum
 8 Boston College - Carroll
 9 Bowling Green State University
 10 Brigham Young University - Marriott
 11 California State University (Sacramento)
 12 Carnegie Mellon University
 13 Case Western Reserve University - Weatherhead
 14 Center for Graduate and Professional Studies - Regis College
 15 Claremont Graduate University - School of Information Science
 16 Claremont Graduate University Drucker
 17 Clark Atlanta University
 18 Clarkson University
 19 Clemson University
 20 Columbia University
 21 Cornell University - Johnson
 22 CUNY Bernard M. Baruch College
 23 Dartmouth College - Tuck
 24 DePaul University - Kellstadt
 25 Drexel University
 26 Duke University - Fuqua
 27 East Carolina University
 28 East Tennessee State University
 29 Eastern Illinois University - Lumpkin
 30 Eastern Michigan University
 31 Fairfield University
 32 Florida Atlantic University - MBA Sport Management
 33 Florida State University
 34 Fordham University
 35 George Washington University
 36 Georgetown University - McDonough
 37 Georgia State University
 38 Gonzaga University
 39 Harvard University
 40 Hofstra University
 41 Howard University
 42 Indiana University (Bloomington)
 43 Iowa State University
 44 Kansas State University
 45 Kennesaw State University
 46 Kent State University
 47 Louisiana Tech University
 48 Massachusetts Institute of Technology - Sloan
 49 Miami University - Farmer
 50 Michigan State University - Broad

The 5 Biggest Mistakes Online MBA Students Make and FIX IT ASAP

An online MBA degree can help you get a better job, a higher position, and a pay raise. However, a simple mistake such as choosing the wrong school or failing to network with your peers could harm your chances of finding success.

If you want to do well in your online MBA program, avoid these common mistakes:

Mistake #1: Enrolling in a non-accredited online MBA program.

Avoid it: A degree from an unaccredited school may not be accepted by other universities and future employers. Before enrolling in any online MBA program, check to see if the school is accredited by the proper regional association.

Fix it: If you're already attending a school that isn't properly accredited, try to transfer to a school that is. Before applying to a new school, ask them to explain their transfer policy. With any luck, you may still be able to salvage some of your work.

Mistake #2: Not taking online MBA work seriously.

Avoid it: It's easy to do less than your best when an instructor isn't standing over your shoulder. But, don't dig yourself into a hole by neglecting your assignments. Good grades can mean a better chance at scholarships and a better chance at nailing your first post business school job. Make a schedule that allows time for school as well as family, career, and anything else that is important to you. Set aside time each day to complete your work without distraction. If you're still having trouble getting your work done, consider taking a lighter load. Remember that balance is key.

Fix it: If you're already behind on work, arrange a phone meeting to talk to each of your professors. Explain your situation, and your renewed commitment to complete your assignments. You may offer to do extra credit or participate in special projects to get your grades back up. If you find yourself slipping again, recruit family members and friends to help keep you on track.

Mistake #3: Ignoring MBA program peers.

Avoid it: Networking is one of the biggest perks of business school. Most traditional students leave their MBA program with a rolodex full of contacts that can help them in their new profession. It can be hard to meet people through a virtual classroom; but, it's not impossible. Start off your program right by introducing yourself to your peers and professors. Always participate in class chat sessions and message boards. When you complete a course, send a message to your peers letting them know that you've enjoyed meeting them and giving them a way to contact you in the future. Ask them to respond likewise.

Fix it: If you've let networking fall to the wayside, it's not too late. Start introducing yourself now. Before you graduate, send out a note or an email to students you may be able to work with in the future.

Mistake #4: Paying for an online MBA degree out of your own pocket.

Avoid it: There are tons of financial resources for online MBA students. Scholarships, grants, and special programs can help ease the cost of tuition. Before starting your first semester, get as much financial help as possible. Also, be sure to set up a meeting with your boss. Some employers will help pay an employee's tuition if they think the degree will benefit the company.

Fix it: If you're already paying for everything out-of-pocket, check to see what opportunities are still available. If your school offers access to a financial counselor, call her up and ask for advice. Many scholarships allow students to re-apply each year, giving you multiple chances to be granted cash.

Mistake #5: Missing out on work experience.

Avoid it: Internships and work-study programs provide students with real-life business knowledge, valuable contacts, and, often, a new job. Since many online MBA programs don't require that students spend their summers interning for major corporations, some students simply forgo this opportunity. But, don't let this chance get away! Call up your school and ask them what work experience programs are available or contact a company to ask for internship details.

Fix it: Most internships are only available to students, so be sure to arrange something before you graduate. Even if you already have a job you may still be able to get an internship for a brief period of time or during irregular hours.