The Association to Advance Collegiate Schools of Business (AACSB) reports that the average salary in 2006 for an advanced business degree holder was $80,800. Bonuses added another $18,900 to the base salary. However, people who have only completed their bachelor's degrees in business could expect to earn around $45,723 per year. The numbers speak volumes -- it pays to get an MBA education. But the rewards are not just financial. Businesspeople turn to MBA and executive MBA degree programs to increase their chances of promotion, to prove to their employers that they can handle more job responsibilities, and to gain the skills they need for a mid-career change.
In the past, it could be difficult to find an MBA program to fit your schedule. Nowadays, a wide variety of campus-based MBAs, online MBAs, and weekend and evening MBAs available guarantee that you can find an MBA program to fit your schedule. The right business degree program for you should be a good fit for your academic, social, and, scheduling needs.
Advantages of Campus-Based MBA Education Programs
Campus-based MBA programs are the traditional way to complete your business degree. In a campus-based program, you will attend classes in business, economics, and finance topics during the morning and afternoon. Often, you are assigned to work on group projects with your classmates, and these groups might meet outside of your normal school hours.
Campus-based MBA programs are ideal for people who have a lot of time to devote to their studies. Many campus-based programs are full-time, so you must be willing to make a serious commitment of time and energy. In general, these programs can be completed in around two years. A major benefit of a campus-based MBA is the high level of interaction with professors and other students, both in and out of class. If you know that face-to-face interaction greatly enhances your learning, it might be wise to choose a campus-based program.
The biggest downside of a campus-based program is geography -- many people do not live close to business schools that offer campus-based MBA programs. They might be forced to move to a different town or to tackle long commutes in order to complete their degrees. Additionally, they require a greater level of time and dedication, as must tailor your work schedule to your MBA program's course offerings.
The Convenience of Online MBA Degree Programs
Online MBA degrees are great options for people with demanding schedules and jobs they need. All coursework for the business degree can be completed online, whenever you have free time. You are not tied to a college campus and course hours. Instead, you can set your own learning times, doing more coursework on days when your schedule is relatively free, and doing less on days that are packed with work and family commitments. Many students who are earning their MBA degree online choose to keep their full-time jobs--and their paychecks.
Students who thrive in social environments or who lack the discipline to keep up with their course work might not thrive in an online business degree program. Online MBAs require students to bring their own passion for business studies. If you are self-motivated and you are looking for a business degree that does not disrupt your busy schedule, an online MBA could be the perfect option.
Weekend and Evening MBA Options
Weekend and evening executive MBA programs offer some of the advantages of campus-based and online degrees in business, but they also have some disadvantages. Like online business degree programs, weekend and evening MBA programs can be completed during times when you are usually not working, so you can keep your job while you earn your MBA. However, weekend and evening executive MBA programs do have scheduled class times, and you must usually commute to a college campus for your classes. Weekend and evening MBAs offer the same face-to-face contact as traditional campus-based programs, but they can take longer to complete than traditional programs, usually around three years rather than two. Consequently, business degrees earned online offer more flexibility than weekend or evening degrees.
According to a 2006 survey of business school alumni conducted by the Graduate Management Admission Council, 58% of graduates of MBA programs reported that their experience was "outstanding" or "excellent," while an additional 27% called their experience "good." When you have completed your on-campus MBA or online MBA degree, chances are good that you will be pleased with the education you received.