Online MBA Programs, also known by the moniker “distance learning” MBA’s are becoming more and more ubiquitous. While the number of programs has exploded over the past few years that is not to say that all the programs are of the same quality or that all online MBA programs are interchangeable. Generally, the online programs fit into one of two categories; those that are ‘virtual’ schools such as the University of Phoenix and Devry’s Online MBA, and those that are given by established ‘bricks and mortar’ institutions such as the University of Maryland and Duke University.
Online MBA Programs that are given by ‘virtual’ schools are more plentiful than those given by traditional schools. There is a wide range of prices and time frames and for the person that is looking to get an MBA ‘on the cheap’ this is certainly the way to go. Tuition for online programs in the 2004 to 2005 academic year ranged from $9,120 at the University of Nebraska-Lincoln to $18,070 at the University of Colorado-Colorado Springs. In addition, many of the ‘virtual’ programs can be pretty lax in terms of deadlines for completing all materials and curricula for the degree.
This can be good for someone that plans to complete the program in parts or who works and wants to take a long period of time or even breaks between the different courses. Most, however do have a ‘maximum’ time in order to complete materials. Another thing to keep in mind is that ‘virtual’ programs tend to have somewhat lax admission requirements…some with the only requirement being a bachelors degree. Some of the more popular ‘virtual’ universities include the University of Phoenix, Devry’s Keller School of Management, Strayer University, Walden and Capella.
There is no question that Online MBA Programs given by established brick and mortar institutions are a different breed than those offered by the ‘virtual’ schools. But to be honest, they are also catering to a different audience. In general, those offered by traditional institutions have higher admission requirements, cost more and also have more rigorous curriculums.
The best online MBA program is widely considered to be Duke University’s Global Executive MBA, but the program is not entirely online and requires 5 two-week in-class sessions including time at the campus in North Carolina as well as two weeks each in Europe, South America and Asia. Compared to a full two-years on campus for the regular program, this might be a good tradeoff to get a top-notch nationally recognized MBA. Other well known schools that offer online programs but without in-class requirements or at least very little include Syracuse University, the University of Maryland, the University of Michigan at Flint and Univ of Mass at-Amherst.
While almost none of the Online MBA Programs says it is an ‘online program’ on the degree once it is received, it is hard to believe that ‘virtual’ schools would carry the same prestige and job-getting power as a well known nationally recognized school such as Duke, U of M or Syracuse. All of the programs whether virtual or brick and mortar require a heavy dose of self discipline and motivation. One of the benefits of being in a classroom with other students is the group motivation that being around other students provides. You might enjoy the luxury of doing your class work in your PJs but be prepared to keep yourself motivated.
Overall the Online MBA offers a good option for a wide variety of different situations while offering a range of quality programs depending on a person’s needs.