It has been estimated that the number of brains missing from the job market by 2030 will be around 60-to-90 million, which simply translates into “a war for talent, and one of the weapons that corporations can use is to offer efficient, interesting, developing learning pathways”(BusinessBeacuse, 2018). As a result, the traditional campus methods of business education is getting challenged by strong environmental pressures including the technological forces.
Recent global surveys have shown that Executive MBA (EMBA) and online MBA programs have actually overtaken the traditional two-year MBA programme in terms of application growth. EMBA has been the perfect choice for professionals who have amassed a decent number of years of work experience and has the potential to improve and grow, at the same time furthering their careers. This realization has been noticed as a global trend and the skills taught in an EMBA, therefore, becomes much sought after. Why are EMBA programs attractive? There could be several key reasons for this:
Improvement in earning potential
Improved chances for change in career direction – McKinsey forecasts for 2030 clearly outline that 14% of the workforce could need to change occupational category as a result of automation (McKinsey&Company, 2017)
Insightful learning from peers with as much experience as you have, or even more
Readiness for higher organizational and leadership positions
Access to a global network
Direct application of learning in the workplace – Prestigious business schools across the world have indeed acknowledged the difficulty of remaining relevant in a 40-year spanning career after just a two years learning programme. Upskilling and staying relevant therefore becomes important.
If you thought that your MBA is 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. Online MBA is a perfect answer to all those woes. And all of the above happens without ever putting a hold on your career. This technology-based learning solution offers itself as a cost-effective alternative 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. That online MBA has become exceedingly popular in recent times can be clearly seen from some interesting statistics:
S. News published its ranking of 270 US-based online MBA programs in 2018. It had ranked only 180 programs in 2017. That’s the proof for a rapidly growing management education segment.
In 1988, there were just about 3 universities in the US offering online MBA. In 2018, there are 355 accredited online MBA degrees available from 207 US-universities offering MBA programs.
The online MBA programs can be of different types, ranging from a 100% online format to the hybrid format in which there is a mix of classroom learning along with the online hours. They appeal to the working category of adults for whom the flexibility and the outlook for job growth matters. 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 weekend or evening executive MBA classes. And yet another factor that aids the explosive growth in online MBA is the availability of different specializations – sometimes broader than the range of specializations that traditional MBAs offer.