Why An Online MBA Program is Trending Among Working Executives?

According to a recent study conducted by Korn Ferry, it is projected that the world will face a shortage of human talent, exceeding 85 million people by 2030, approximately equivalent to the population of Germany. If not addressed, this talent scarcity by 2030 has the potential to lead to unrealised annual revenues amounting to around $8.5 trillion.

Yannick Binvel, president of Korn Ferry’s Global Industrial Markets practice stated that “Governments and organisations must make talent strategy a key priority and take steps now to educate, train, and upskill their existing workforces”. 

As a result, the traditional campus methods of business education are getting challenged by strong environmental pressures, including technological forces.

Recent global surveys have shown that Executive MBA (EMBA) and online MBA programs have actually overtaken the traditional two-year MBA program in terms of application growth. 

A report published by Forbes mentions that graduate students enrolled in online MBA programs now outnumber those in full-time, on-campus MBA programs. 

EMBA program has been the perfect choice for professionals who have amassed a decent number of years of work experience and have the potential to improve and grow, at the same time furthering their careers. 

This realisation has been noticed as a global trend and the skills taught in an EMBA, therefore, become much sought after. Let’s learn more about the latest online learning trends for working executives, addressing skills gaps, and preparing for the evolving job market by 2030.

Why the surge in online MBA programs?

Let’s now look at the reasons why an online MBA Program is trending among working executives. Several key factors contribute to the rising popularity of online MBA programs among working executives:

• Increased Earning Potential:

Recent studies indicate that individuals with MBA degrees experience an improvement in their earning potential, making online MBA programs an attractive option for career advancement.

• Lower cost compared to a full-time MBA:

It’s no secret that traditional MBA programs can incur substantial costs. On the contrary, online programs typically come with more budget-friendly options, featuring lower tuition fees and potential savings in commuting, accommodation, and other on-campus expenditures. Online MBA courses cost an average of 25% less than on-campus courses.

Online MBA students entering the program can continue their full-time employment, ensuring a steady income while advancing their education.

• Adaptation to Changing Career Landscapes:

Online MBA programs offer professionals the flexibility to pivot their careers without interrupting their current roles. According to a report by McKinsey, during the pandemic (2019–22), the US labour market saw 8.6 million occupational shifts. By 2030, activities that account for up to 30% of hours currently worked across the US economy could be automated—a trend accelerated by generative AI.

• Learning from Experienced Peers:

Online MBA programs provide an opportunity to engage with peers who bring diverse and substantial work experience to the virtual classroom, fostering insightful learning and networking opportunities.

• Preparation for Leadership Positions:

The skills taught in an EMBA or online MBA are tailored to prepare professionals for higher organisational and leadership roles, aligning with their career aspirations.

• Global Networking Opportunities:

The online format facilitates connections with a global network of professionals, enabling cross-cultural collaboration and exposure to diverse perspectives. Numerous online MBA programs offer access to on-campus resources such as career services and alumni networks, expanding your professional connections beyond the virtual classroom. 

Engaging in online forums, webinars, and collaborative group projects can additionally enrich your network of professional contacts.

• Direct Application of Learning:

Recognising the challenge of staying relevant in a rapidly evolving business landscape, online MBA programs emphasise the direct application of learning in the workplace, ensuring immediate practical benefits.

Is getting an online MBA worth it?

If you thought that your MBA degree was worth it only if you slog it out on a physical campus with peers and faculty around you, and burn some deep pockets, then it’s time to move on. An online MBA degree is the perfect answer to all those woes. And all the above happens without ever putting a hold on your career.

Contrary to the notion that an MBA degree is only valuable when pursued on a physical campus, online MBA programs have proven to be a worthwhile and cost-effective alternative. The flexibility offered by these programs allows professionals to enhance their skills and credentials without sacrificing their careers, eliminating the need for relocation or disruptions in employment.

This technology-based learning solution offers itself a cost-effective alternative to the traditional on-campus programs. Faculty complement the rigorous syllabi by adapting their teaching to an online platform. Forget the unnecessary hassles of giving up a career, relocating to a new place, and the pains of undergoing the placement process.

Your well-settled career will get a further boost with the additional degree that you acquire through an online MBA. 

Advantages of online MBA programs

What are the advantages of pursuing an online MBA for working professionals?

There are several benefits of pursuing an online MBA program for a working professional. Some of these benefits are: 

• Flexibility
• Accessibility
• Networking Opportunities 
• Cost-Effective
• Study While You Work

The online EMBA programs can be of different types, ranging from a 100% online format to a hybrid format in which there is a mix of classroom learning along with online hours. They appeal to the working category of adults for whom flexibility and the outlook for job growth matters.

The demand for flexible learning options, extending beyond traditional in-person evening or weekend deliveries, appeals to individuals across various industries. 

Flexibility comes from the fact that these programs allow you to attend a class even when you are on the road or maybe even navigating a ship on the seas. This is precisely the reason why they have become even more popular than the weekend or evening executive MBA program classes.

And yet another factor that aids the explosive growth in online MBA courses is the availability of different specialisations – sometimes broader than the range of specialisations that traditional MBAs offer.

Read More- Online MBA – A panacea to mounting MBA debt

Wrapping up on online learning trends for working executives

As the business landscape continues to evolve, online MBA programs stand as a strategic choice for working executives seeking continuous learning, career advancement, and adaptability in an era marked by technological advancements and changing occupational landscapes. During the pandemic, more people became comfortable with the concept of online learning.

The statistics and advantages underscore the increasing relevance and popularity of online MBA programs, making them a formidable force in shaping the future of executive education.

If you would like to open up a world of opportunity by earning WES Approved one-year online MBA, get in touch with us at info@ebsedu.org or visit the below links to learn about all MBA Courses from Eaton Business School: International MBA | MBA Specialization in Business Analytics | Freight Forwarding MBA Courses | Project Management MBA | MBA Healthcare Management Courses | HR Management Courses.