The acronym “MBA” stands for Master of Business Administration, and it is, by definition, a globally recognized diploma, enabling its holder to work anywhere in the world. The MBA is a business education program designed as an introduction to the fundamental aspects of business management, such as accounting, marketing, human resources (HR), operations management, and finance. Some MBA curricula allow the student to select a specialization, such as project management or technology management, which will account for roughly one-third of his/her studies. After completion, an MBA provides the worker with the expertise to hold key management positions with superior earning power in finance, banking, corporate and manufacturing sectors, health care, education, non-profits, and government.
There are five basic forms of MBA programs:
- Two-year (Full-Time) MBA: The full-time MBA extends over the course of two academic years (18 months of term time). Prior to admission into the full-time MBA, applicants are preferred to have acquired some applied work experience. Classes take place during weekdays.
- Accelerated MBA: This program is similar in course content to the full-time MBA, with main differences residing in a heavier course load and a narrower time frame between classes and examinations. The break interval is also shorter, generally doing without a summer break altogether.
- Part-time MBA: The part-time MBA may last over three years due to its course load being extended over a longer time frame. Classes are held on weekday evenings and on weekends, in contrast to the full-time MBA, in order to accommodate working students, which are usually professionals.
- Executive MBA (EMBA): The EMBA is designed with executive-level students’ needs in mind, allowing full-time work schedules and adjusting the course load to favor graduation within two years, or less. The clientele for this type of degree has a minimum of ten years of working experience.
- Distance learning MBA: Its most popular form is the online MBA. This curriculum format combines the personalized interaction and expertise exchange of conventional MBA programs with Internet technology to provide graduate-level business education over long distances or to a student body that requires more geographic flexibility and time efficiency.
The online MBA has several advantages on the other forms of the program. Aside from the above-mentioned place and time advantages, choosing an online MBA over a conventional MBA can save the student considerable costs by eliminating relocation problems (and with them, the emotional toll of having to spend time away from one’s family) and insurance fees, as well as reducing loan amounts, to state only a few. Another advantage worth noting is in the lower tuition fee. Because online courses carry little to no overhead costs, tuition fees tend to be lower. The additional network connection fee that is often charged for online courses represents a fraction of the on-location course fee.
The following are some of the best known universities providing online MBA programs: