Myths about MBA

According to Business Because, if you want an MBA to count, you need to go to Harvard

Or Wharton, or Stanford, or even INSEAD. Wrong! Yes, the brand name is important. Typically, top-tier business schools have bigger alumni networks and can set you up for success on a global scale.

But there’s life beyond the MBA rankings. Outside the elite, there’s plenty of value to be had in doing an MBA. Take Fox School of Business at Temple University, where if you get in you can almost guarantee you’re going to get a job afterward even if you’re an international.

MBAs are just egomaniacs bound for Goldman Sachs

In April, I met with Stuart Robinson, the new MBA director at the UK’s University of Exeter Business School. Stuart spoke of MBA students building family businesses, of small-scale social entrepreneurs, of an Australian student who runs a small farm in a remote area of Senegal— there are no big-shot bankers present here.

At Lancaster University Management School, I’m told there’s only one former consultant in the current MBA class. The stereotypes around MBA programs are outdated, and MBA applicants know it.

MBA programs are too expensive

Yes, MBA programs are expensive. If you want to join Harvard’s MBA class of 2020, you’re looking at paying more than $146,000 over the two years in tuition alone.

MBA=Success

You’ve spent sleepless nights studying after work, you’ve sweated through the GMAT or the GRE, you took the leap and quit your job, and you got into your first-choice business school. Now, you can relax; breath; smile. Success, respect, and hundreds of thousands of dollars lie in wait.

The MBA is the be-all and end-all of graduate management education

It’s the world’s foremost postgraduate management degree, but the MBA is expensive to do and expensive to run. Some business schools are shelving their MBA programs.

London’s Kings College Business School opened in 2017 with no MBA program on offer, while London School of Economics (LSE) offers an Executive Global Master’s in Management (EGMiM), marketed as the alternative to the MBA.

Online MBA is probably right for you

According to Business Because, you’ve got a two-year-old constantly latched to your side, a newly-hatched entrepreneurial venture at your fingertips, a sick relative’s needs to attend to, a volunteer commitment you’re unwilling to neglect, or a combination of several of these commitments.

Sound familiar? You’re in a position where giving up one or two years of your life to fully commit to a set schedule of classroom instruction and events is not ideal.

An online MBA offers students with significant outside commitments to continue to fulfill their obligations (and maintain their sanity!) while pursuing their studies on their own schedules.

Take the Online MBA from Birmingham Business School in the UK for example. Birmingham’s Online MBA is delivered 100%-online—no hidden residential weeks—it’s also accredited by AMBA—the first 100%-online MBA program in the world to gain AMBA accreditation—and, upon the course’s completion, students gain the exact same qualification and certificate that they would on the school’s full-time MBA, McdVoice.com.

For busy professionals, a traditional MBA simply will not offer the flexibility inherent in an online program.

It makes sense: eliminating the need for students’ tuitions to cover the cost of a physical academic presence and avoiding the cost-of-living expenses normally associated with a traditional MBA program will both dramatically drive down the cost of an MBA.

If you’re set on earning an MBA but are financially limited, an online MBA program may be a practical option to take a step forward without breaking the bank.

Students often enter an MBA program with a goal of getting to know other students and their industries, exploring options outside of their own areas, and subsequently making a career switch based on an extended exploration process over one to two years.

Exploring a significant career change can be quite difficult from an online perspective, without the presence of other students in the classroom to constantly offer their viewpoints in areas you may be newly discovering.

MSU MBA Pilots Admission Initiative

According to MSU Today, the Eli Broad College of Business will pilot an admissions initiative, targeting dynamic candidates with professional experience. For the first time, starting with the class of 2021, the Full-Time MBA will accept a select number of candidates without a standardized test score.

“We will launch this pilot to give prospective students of diverse professional backgrounds, who may not fit a traditional paradigm, the opportunity to pursue an MBA in a top program,” explained Glenn Omura, associate dean for MBA and master’s programs. “To partner with these students in their pursuits, faculty, and program administrators have innovated the curriculum to provide additional resources for students to both evaluate their potential for academic success and to strengthen their skill sets as they progress through the program.”

The pilot program will consider domestic applicants with progressive professional experience with strong communication and interpersonal skills. Candidates can apply to the program without a standardized test score but must meet additional select requirements to ensure their success in the MBA curriculum. These select requirements include an additional interview with a Broad Graduate Career Management panel and completion of non-credit online pre-requisite courses.

Trend data reveals that MBA applications across the country are down, leaving top schools competing with one another for candidates in a smaller pool than ever before. To get ahead of the impact this will have on business schools, Broad began conversations to come up with ways to continue to attract quality candidates. “We are putting in place an admissions process that will not only take a closer look at traditional MBA applicants who have taken a standardized test but also consider high-caliber candidates with significant work experience who have not taken a standardized test,” said Paul North, director of MBA admissions, stores near me.