Many graduate students who are hesitant to join MBA still debate whether it is still worth the job – whether it’s online MBA or not. Elon Musk, according to founder believes that an MBA is not required – “I think there might be too many MBAs running companies…there should be more product or service itself, less time on board meetings, less time on financials.”
“I am not a fan of getting MBAs,” Mark Cuban, the billionaire businessman, also stated that an MBA is not required, but that there are many MBA alternatives that are affordable, and that many MBAs that are now available online are equivalent to an in-person MBA.
Furthermore, he believes that actual work experience is more valuable. ” I think an MBA is an absolute waste of money. If you have a hole in your knowledge base, there are a ton of online courses you can take. I don’t give any advantage to someone in hiring because they have an MBA.” In response to a Reddit question, he responded.
Even among successful businessmen who do not hold an MBA, many agree that the degree is worthwhile.
Not all MBA degrees are well paid, according to Poets & Quants. For example, the University of Pennsylvania was ranked first for annual earnings net of debt payment with $169,200, and Northwestern University was ranked second with $168,000.
Management Consultant is described as one of the most popular careers for MBA graduates, mostly hired by McKinsey and three big consulting firms, starting from internship to full-time jobs, making satisfying salaries, as well as the HR manager, which allows more than 85 percent of candidates to move up the management ladder after graduating. Many companies now require positions with traditional MBA knowledge as well as soft skills in communication and analysis, and MBA grad school focuses on these skills for their roles.
According to Fortune Education, the University of Virginia’s Darden School of Business, which fortune announced that its class of 2022 MBA graduates had a 21% increase in their starting median base salaries compared to the previous class year, earning a median base salary of $175,000, with 92 percent already having been offered a job.
“Our graduates bring tremendous value to the firms that hire them, and this value is directly correlated to the salary increase,” Jeff McNish, the assistant dean of Darden’s Career Center said to Fortune, “employers who hire Darden students treasure their confidence and resiliency – the 21-month MBA experience – including the case method, collaborative culture, and rigorous curriculum – prepares our recent alumni to jump right in and solve challenges facing organizations today.”
The Darden was also ranked as the No. 12 executive MBA program in the country, with more than 80% of the class of 2022 being promoted or landed a new job, with a salary increase that increased the average by $180,500.
Because it differs from the in-person MBA program offered by universities and colleges, some argue that the online MBA program is not worthwhile. Students who have chosen an online MBA program, on the other hand, think outside the box. Taylor Stratton, an iMBA student at the University of Illinois Urbana Champaign – Gies College of Business, says she does not regret her decision to pursue an online MBA.
The flexibility of an online MBA has allowed me to continue to advance in her career while also pursuing an education that will open more doors for her in the future – and she never regrets her decision to choose this online MBA that offers the most flexibility at an affordable cost.
According to inside higher ed, 45,038 students enrolled in online MBA while 43,740 enrolled in person during the 2020-21 academic year. W. Brooke Elliott, executive associate dean for academic programs at Gies, mentions that an online MBA saves money while also providing flexibility when compared to a traditional MBA.
“If you look at the learners that you draw, they’re diverse in ethnicity, gender, background and experiences, in where they live in the world,” said Elliot.
Now, top Business Schools are moving online – Hass School of Business at University of California, Berkeley also proposed a new option that allows a cohort of students to earn their MBAs online as part-time, with optional in-person opportunities.
“Ging online is a way to make higher education accessible, there are millions of people that we don’t serve as academic institutions. And I think if we come together and change the way we think about education, we can do a real social good.” Said Elliot.