The MBA is by far the most popular distance learning degree, with 103 accredited business schools offering this master's degree online. Since there are so many options, the student is well-advised to shop and compare, as total program costs range from $5,000-$100,000, and MBA degree programs vary greatly in quality, graduation rates, and career support.
A master's degree in business significantly enhances an existing career, and many companies will pay for their employees to get an MBA. Around 90 percent of MBA candidates pursue their degrees while working full time. They expect to see significant salary increases once they graduate, and hope for promotion or greater job mobility. Many MBA candidates specialize to develop expertise in a career focus, such as global marketing, e-business technology or risk management.
A QUALITY EXPERIENCE IN A TOP MBA PROGRAMTo ensure a positive educational experience leading to degree completion and a career boost, a prospective MBA student should check the program, its faculty, and his or her own readiness for advanced study before investing in master's work.
1. CHECK THE PROGRAM'S ACCREDITATIONAccreditation is of two kinds: academic and professional. Academic accreditation is conferred by an accrediting agency or agencies that set standards requiring up-to-date courses taught by qualified faculty to a diverse, well-prepared student body. It's also a good idea to make sure the accrediting agency itself is legitimate by checking its credentials with U.S. Department of Education. Professional business associations can act as accrediting bodies as well.
2. ASK ABOUT THE FACULTYAt accredited schools of business, courses are taught by qualified faculty who make ongoing intellectual contributions to the business field. Graduate faculty also mentor and encourage networking. The value of a student's MBA education is greatly increased by successful, dynamic faculty who are willing to open professional doors.
3. HAVE THE PREREQUISITES FOR GRADUATE STUDYCampus-based master's degree programs require students to have a bachelor's degree "or the equivalent" to pursue graduate study. Online MBA degree programs have flexible admissions standards as well. Prospective master's candidates in business must have strong analytic and mathematical skills (including calculus and statistics), clear oral and written communication abilities, information technology know-how, and a global business perspective.
Before students begin master-level degrees in business, they also need core business fundamentals. An MBA builds on the basic accounting, micro- and macroeconomics, marketing, and management foundations any undergraduate business major has acquired. Graduate coursework assumes this knowledge base.
THE MBA PROGRAM OF STUDYThe MBA began as a two-year advanced degree program that provided working managers with the additional training they needed to analyze and make predictions based on their practical working experience. Many campus-based MBA programs suggest that a master's degree candidate have at least three years of business experience before pursuing graduate study.
Today, the original two-year MBA has many variations. On-campus executive MBA programs allow busy managers to pursue a master's degree on the weekends. Part-time MBA programs take longer; accelerated MBA programs now take as little as 10 months. Online, self-paced MBA degree programs progress at the student's own pace.
1. MBA REQUIREMENTS IN SEMESTER HOURSRegardless of the pace of the master's degree program, accrediting agencies have set the following standards for MBA coursework: 18 semester hours of core business courses and at least 30 semester hours of graduate-level coursework beyond the core.
2. MBA SPECIALIZATIONAt least 12 of the 30 hours in advanced coursework can be in an area of special business interest. Both on-campus and online graduate master's degree programs offer specializations. Some popular areas of concentration are: finance, international business, accounting, business technologies, or supply chain management. Other specializations reflect local business interests: Students in southern California can get an MBA in entertainment; students in Nevada can study gaming management.
3. MBA COURSEWORKNo two master's degree programs in business will require the identical courses, though the courses they offer will cover the same subject matter. Some topics studied in MBA programs include business ethics, global and international issues, legal and regulatory constraints, business technology, group and individual dynamics, diversity, financial theories, and market analysis. Harvard made the case study method popular, and students should expect to contribute to group learning through collaborative projects--even if they're pursuing a master's degree by distance learning.
4. ANOTHER DEGREE OPTIONProspective graduate business degree students who are practical, experience-oriented learners rather than theoretical big-picture business leaders should consider the master's degree in management as an alternative to the more theoretical, number-driven MBA.
THE MBA GRADUATEA master of business administration has both the practical and the theoretical knowledge to solve problems in familiar and unfamiliar business settings. Thus, the MBA can innovate, coping with unforeseen business challenges and adapting to global business changes. Today, an MBA degree holder demonstrates the high-level management skills needed in unpredictable business environments. As a result, the MBA can significantly enhance the degree-holder's reputation and career prospects.
Thursday, April 26, 2007
Adults Buying into Continued Learning
More than 92 million adults participated in adult education in 2001, according to the U.S. Department of Education. What is more, the number of adults going back to school has increased by six percent from 1995 to 2001.
Why are more adults returning to the classroom? One big reason more adults are going back to school is to adjust to shifts in the labor market. According to the Bureau of Labor Statistics, the manufacturing sector has been declining sharply in recent years. Average annual employment in manufacturing dropped from 17 million in 2000 to slightly over 14 million in 2004. Meanwhile, employment in service-based sectors, such as leisure and hospitality, education, and health services, have grown at high rates since 1995.
Education is Key to Earning Higher WagesAdult education can also provide a means to increase a worker's earning potential. Those with high school diplomas or GEDs earned about 25 percent more than high school dropouts in 2002. Additionally, median weekly earnings of men with bachelor's degrees were about $1,100 while those with just associate's degrees earned less than $800 during the same period. Likewise, women with college degrees earned about a third more than women with only high school diplomas.
People are also changing jobs more than in years' previous. According to the Department of Labor, Bureau of Labor Statistics, Americans change jobs an average of 10 times during their working life. While the number of career changes people make is difficult to measure, the rise in the number of adults going back to school may be an indicator of increasing numbers of career changes.
Going Back to School is EasierEducation is also becoming more accessible and convenient to adult students. More and more colleges and universities are offering classes and professional seminars on nights and weekends to accommodate adult students who work. Increasing numbers of universities are offering popular courses online. The Internet has brought the classroom into the home, providing the opportunity for working people with families to obtain new skills and credentials without having to commute to a college campus.
In short, it appears that millions of adult Americans may be going back to school to learn skills that are in greater demand and which may also lead to greater job security and a more rewarding career.
Why are more adults returning to the classroom? One big reason more adults are going back to school is to adjust to shifts in the labor market. According to the Bureau of Labor Statistics, the manufacturing sector has been declining sharply in recent years. Average annual employment in manufacturing dropped from 17 million in 2000 to slightly over 14 million in 2004. Meanwhile, employment in service-based sectors, such as leisure and hospitality, education, and health services, have grown at high rates since 1995.
Education is Key to Earning Higher WagesAdult education can also provide a means to increase a worker's earning potential. Those with high school diplomas or GEDs earned about 25 percent more than high school dropouts in 2002. Additionally, median weekly earnings of men with bachelor's degrees were about $1,100 while those with just associate's degrees earned less than $800 during the same period. Likewise, women with college degrees earned about a third more than women with only high school diplomas.
People are also changing jobs more than in years' previous. According to the Department of Labor, Bureau of Labor Statistics, Americans change jobs an average of 10 times during their working life. While the number of career changes people make is difficult to measure, the rise in the number of adults going back to school may be an indicator of increasing numbers of career changes.
Going Back to School is EasierEducation is also becoming more accessible and convenient to adult students. More and more colleges and universities are offering classes and professional seminars on nights and weekends to accommodate adult students who work. Increasing numbers of universities are offering popular courses online. The Internet has brought the classroom into the home, providing the opportunity for working people with families to obtain new skills and credentials without having to commute to a college campus.
In short, it appears that millions of adult Americans may be going back to school to learn skills that are in greater demand and which may also lead to greater job security and a more rewarding career.
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