MBA is one of the most sought-after master's degree programs. MBA graduates are offered higher-ranking positions in companies worldwide. A study was conducted to understand why people chose to pursue a Master of Business Administration degree. Some said to better their life and develop potential, while some wanted to boost their income.
In today’s world, business school aspirants can choose between an online MBA or an in-person one. While the latter has been around for years, online education continues to grow.
Online MBAs generally offer the same learning opportunities with a few different perks. Let's understand the ROI of online MBA programs.
Is an online MBA worth it?
The answer to the question is subjective. If you prioritise affordability and flexibility, online business education is ideal for you. An online MBA promises a splendid return on investment if you are a working professional. Also if you are someone who wants to learn from a college in a different country but does not want to relocate, online education is the path for you.
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Online Business Education Benefits
Even though the online learning domain is fairly new, it does offer several advantages over an on-campus education. To understand the online business education ROI let’s draw a comparison between online and traditional MBAs.
- Cost: An online MBA is a pocket-friendly option compared to the traditional route. Not only is the program less expensive, but you also save money on transportation, housing, etc.
- Flexibility: You can choose any college, no matter the distance. You get access to lectures, which allows you to study at your own pace. Remotely attending classes saves you time, effort, and money. This is again a great advantage for working professionals who have to balance work and studies.
- New work mode: In today’s world, hybrid or work-from-home are popular. Studying in online mode helps you prepare for such a setting. You learn how to build and strengthen an online network. This is another great online business degree ROI.
- Skills: An online MBA can teach you skills that a traditional program might not. Networking online for two years with your peers and educators helps you learn people skills. It also teaches you time management. A person who can successfully juggle work and studies must be responsible.
Career Outcomes of Online Education
An online MBA opens doors to a plethora of high-paying job opportunities. Here are some of the business education career outcomes and the salaries offered:
- Chief Executive Officer (CEO): These are the highest-ranking executives in a company. CEOs are primarily responsible for making major corporate decisions, organising resources and workforce. They are the main point of communication between stakeholders and operations.
These professionals must drive portability, expand the company, and improve share prices. In several cases, CEOs act as the face of the organisation. Apart from this, they can also set the tone, vision, and culture for the workforce.
The average salary of a Chief Executive Officer in India is INR 30.7 LPA.
- Investment Bankers: These financial professionals work with individuals, companies, or governments. They help raise capital by borrowing money or issuing stocks. Investment bankers provide critical financial advice during large transactions such as acquisitions or mergers.
They also help their clients by identifying risks in projects. These professionals handle several financial processes within investment ventures that the organisation undertakes.
The average salary of an Investment Banker in India is INR 13.3 LPA.
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- Operations Manager: An Operations Manager oversees human resource relations tasks. They hire new eligible staff and train the team. Their primary goals are to boost employee productivity, maintain organisational standards, and ensure quality. These professionals ensure that everyday operations run smoothly across departments.
They also analyse cost and benefit ratios, run quality assurance checks, and monitor company budgets. Operations managers work to simplify employees' lives by creating solutions for automating repetitive processes.
The average salary of an Operations Manager in India is INR 10.7 LPA.
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- Chief Financial Officer (CFO): A CFO is a business's financial controller who handles everything related to financial planning, cash flow, and taxation issues. It is often the third-highest position in an organisation and plays a crucial role in the company's strategic initiatives.
These executives play a crucial role in amplifying a company’s financial state. Every financial decision made in an organisation is run through the CFO. They are responsible for maintaining the company’s fiscal and financial health.
The average salary of a Chief Financial Officer in India is INR 55.3 LPA.
- Marketing Manager: These professionals know how to get the word out - about a product, brand, or company. They work on developing customer interest in services and products across various media channels.
These professionals are in charge of managing a full campaign. They strategise marketing campaigns from start to finish. It is also their responsibility to find innovative ways to position the company, keeping in mind the resources.
The average salary of a Marketing Manager in India is INR 12.4 LPA.
- Management Consultant: In simple terms, these professionals are responsible for solving business problems. They help create business strategies and oversee strategic management to achieve pre-defined goals. They conduct in-depth analyses to understand the areas that are not working in the organisation.
With an online MBA, you can specialise in consulting. You can offer your valuable insights to the organisation to improve its workings.
The average salary of a Management Consultant in India is INR 26.9 LPA.
- Project Manager: A Project Manager plans, organises, and executes projects. They have to balance the company budget and deadlines. They communicate with stakeholders and see a project through its closure.
These professionals define the scope of a project and plan the project route and cost. They also manage project resources, assess risks, and document the progress of the project. It is also their responsibility to ensure leading quality from operations.
The average salary of a Project Manager in India is INR 17.4 LPA.
Conclusion
Pursuing an online MBA allows you to learn on your own time. You are the master of your own time, juggling all your responsibilities. Even though it is fairly new, as more and more people are enrolling in online MBAs, business education opportunities are boosting.
The online business education ROI analysis provided above will help you make an informed decision. However, if you want to get advice from industry experts, book a counseling session with Amity Online. Their mentors will help you navigate through different choices and choose the right path for you.
