A Master of Business Administration (MBA) degree is an academic pathway that develops the next generation of business leaders. An MBA earned degree is also a great way for professionals to reach for better job opportunities and increased authority which provides higher salaries.
An MBA is an in-demand graduate business degree offered with various academic tracks, of which finance is often one of the most popular specialties. Those interested in earning their Master of Business Administration degree now have the option of attending many of the same quality online MBA programs that were once only available delivered in a traditional on-campus format.
Still wondering if an online MBA program is worth it? The following narrative details the benefits offered to a student or a working learner who completes an online MBA finance program.
The Benefits Of An Online MBA Finance Degree
Increased Lifetime Career Earnings
Study after study confirms that earning an online MBA degree offers the potential to earn significantly more than those who only choose to complete a bachelor’s degree in business. A NACE survey from 2021 notes –
- The salaries for business graduates with a bachelor’s degree averaged approximately $58,800 per year.
- The salaries for business graduates with an MBA degree exceeded $87,970 per year.
According to a Poets & Quants comprehensive analysis based on data gathered through various salary comparison tools, MBA graduates generate impressive salaries over their career, reaching seven figures. Those who hold an MBA from one of the nation’s top 50 schools will earn $2.3 million more than non-MBA colleagues over the 3.5 decades of professional work following graduation.
More MBA Programs Are Now Offered Online
The Association to Advance Collegiate Business Schools, a preeminent accreditation agency, notes that in the calendar year 2020 to 2021, more students enrolled in an online MBA program (45,038) than attending classes on-campus (43,740).
And while this increase in online students is a higher education watershed moment, it is also a logical conclusion to the pandemic lock-downs. The AACBS also notes that there is a defined trend of online MBA programs that are now offered exclusively online:
- The number of accredited business higher learning institutions offering online MBA programs increased by 54% from 2012/13 to 2017/18.
- The number of accredited business higher learning institutions offering online MBA programs increased by 85%% from 2017/18 to 2021/22.
Online MBA Programs Are Designed For Working Learners
One of the fundamental benefits of attending an online MBA finance program is that the work required to complete the degree is offered in a flexible and convenient format which dovetails beautifully with the time constraints of working learners and busy professionals. Additionally, many midsize and larger companies offer tuition reimbursement as an employee benefit.
You Gain Unique Perspectives From Diverse Classmates
The online MBA programs often attract students with diverse education, experience, and cultural backgrounds. By enrolling students from around the globe, MBA students receive insight and different perspectives on business and finance.
You Don’t Have To Relocate, Which Can Reduce The Cost Of Your MBA Degree.
Many MBA applicants prefer to enroll in a top online MBA finance program but live too far to commute to a school of their choice. An online MBA degree program opens the door to many quality MBA online programs that allow you to attend without relocating, which may also entail leaving a job or uprooting an entire family.
An online MBA finance program may help you stick to your education budget without limiting schools based on their proximity. And note, online programs offered by public institutions of higher education often offer tuition discounts and flat-rate tuition options – even for out-of-state residents.
Is An Online MBA Program Worth It?
Online educational options have opened the door to many students who previously did not have the time or funds to reach a higher academic degree. If an MBA in finance is in your future, there is no better time than today to begin your MBA journey.
