Is an Online MBA Degree Worth It?

By MVNU Communications | October 11, 2023

A Master of Business Administration (MBA) degree is one of the most marketable credentials you can add to your resume because it can prepare you to succeed in various careers and industries.

If you’re considering getting your MBA, you may wonder whether an online MBA is just as valuable as a degree obtained through traditional, in-person courses or whether it is even worth pursuing in the first place. Is an online MBA degree worth it? We will answer this question and more so you can make the right decision for your future!

Why Pursue an MBA?

An MBA is an excellent degree to pursue if you already have a bachelor’s degree (and possibly some professional experience) and want a boost to achieve your professional goals. Getting your MBA can empower you in several valuable ways:

You can become an entrepreneur

You may want to pursue an MBA to gain practical business skills you can use as an entrepreneur. Entrepreneurs identify gaps in the marketplace and invent new products or start businesses to fill these gaps. Starting a successful business is notoriously challenging, but the knowledge and strategic thinking you gain from an MBA program can help you avoid common pitfalls and enjoy a flourishing business.

You could qualify for a promotion

You may want to obtain an MBA to rise from an entry-level or associate-level position to a managerial or executive position in your company or another company within your industry. According to the Graduate Management Admission Council (GMAC), 9 in 10 recent MBA graduates surveyed in 2021 said their new MBA degree “offered them opportunities for quicker career advancement and resulted in a positive return on investment.”

It could change the type of work you do

If you’re not happy and fulfilled in the work you’re doing now and think you may be better suited to a business-oriented or administrative role, an MBA is the perfect stepping stone to get you there. For instance, you may be working in a clinical role in a health care setting and feel you’re ready for a change. Why not pursue an MBA in Health Care Administration to qualify for an exciting new career in the field you’re passionate about?

You could enjoy a financial return

With an MBA credential, you can improve your job security and increase your salary. The GMAC's 2021 corporate recruiters survey found that MBA grads from that year who accepted job offers could expect to receive a median base salary of $115,000! An MBA can even take you one step closer to being considered for an executive-level position, which often comes with an impressive salary.

Is It Worth Doing an MBA Online Instead of In-Person?

There are two ways you can obtain your MBA: Attend classes in person at a local college or university campus or complete coursework online.

There are a few reasons you should consider an online MBA program:

Flexible scheduling: Although some in-person MBA programs may offer night classes to help you continue working, you can’t beat the flexibility of an online MBA program that allows you to complete coursework whenever it fits your schedule.
Freedom of choice: When you’re not hemmed into schools in your local area, you can choose a program that is truly the best fit for you—even if it’s offered by a school in another city or state.
Like-minded classmates: If you’re a working professional, you’re more likely to learn alongside other experienced professionals in an online program because these programs tend to attract adult learners more than on-campus programs.

Some learners prefer the structure of a traditional in-person program, but there are no universal reasons why an on-campus program is superior to an online one. As long as you get your degree from an accredited program, it will be an incredibly valuable credential to include on your resume.

How Much Does an Online MBA Cost?

Another plus of online MBA programs is that they are often more affordable than in-person programs, especially if an in-person program would necessitate other costs, such as living on campus. Plus, an online program is more conducive to working while you get your degree, helping you further offset the costs of your schooling.

Overall, costs vary from institution to institution, so you can prioritize affordable online MBA programs. However, this shouldn’t be your only determining consideration as you choose a program to enroll in. If you’re concerned about your budget, talk to a student financial advisor to learn how you could take advantage of financing and scholarship options to make your degree more affordable.

It’s also important to remember that an MBA program isn’t just a cost—it’s an investment. As we’ve seen, this investment can deliver a substantial return.

Check out The Ultimate Online College Guide to learn more about financing your education!

Comparing MBA Programs Online

Not all online MBA programs will look alike. As you compare programs, look for these key qualities:

Accreditation: Accreditation lets other universities or employers know that the degree program you completed meets standards for academic rigor and is considered by a third party, known as an accrediting body, to be a valuable program of study. Degrees from accredited online MBA programs will carry more weight than those from non-accredited programs.
Concentration: Find a program with courses tailored to the field you want to work in. Pairing your core business courses with courses focused on finance, health care, business data analytics, or another field can help you gain valuable skills in the industry you’re passionate about.
Support: The most supportive online degree programs will give you access to faculty, staff, and learning communities to ensure you always have the resources and encouragement you need to succeed. No student should feel like they have to go it alone.
Community: Online learning doesn’t need to feel isolating. A community can enrich your experience and improve your learning, so look for an online program that prioritizes and builds community wherever possible. The best online MBA programs will leave you with lasting friendships and help you build your professional network.

The Final Word: Is an Online MBA Degree Worth It?

It’s smart to thoroughly think through a big decision like going back to school for a new degree. Is an online MBA program worth it? The final word is yes! An online MBA degree program is well worth it. An online MBA can help you open new doors in your career without having to take time off from work to do so. Ready to get started? Explore online MBA programs from MVNU!