A Master of Business Administration, or MBA, is more than just a piece of paper or even a qualification for a higher level position. The training you undergo in the process of earning your MBA give you a whole lot more than that and those benefits are even greater in an online MBA program.
Money Management Skills
One important way an online MBA program benefits you is money management skills. Whether managing the budget for a multi-billion dollar corporation or handling your household financing, being good at money management is about more than planning how to spend money and tracking when you go over budget. It is also about knowing the value of money spent in one area versus money spent in another
An online MBA program also affords you a series of networking opportunities. While any graduate program is bound to introduce you to established professionals in your field and put you in touch with a range of individuals, each sporting a unique background and bank of experiences, an online MBA program broadens that range even further. Your classmates will be from an even larger variety of places and professions and the companies with which you interact may reach even further. Leveraging those connections can help you develop a broad network you can access throughout your career.
One thing that separates an MBA program from other master’s degree programs is than an MBA helps you build specialized knowledge across management fields, rather than in a narrower niche. The skills and methods you learn will enable you to be an effective manager and introduce ways to approach the issues you encounter as a manager in a holistic fashion. For instance, you will learn about corporate financial management and how those concepts affect other areas of company management. In other words, it helps you see the forest for the trees and gives you the tools to put that perspective to use.
Time Management Skills
When you complete an online MBA program, you work at your own pace and are responsible for the product of your work as opposed to simply showing up a set time for classes. This type of time management and multi-tasking skill takes time to develop and will serve to benefit you throughout your career, but most importantly this skill set will help you move from general employee to manager. General employees are paid for their time, often on an hourly basis, while managers are paid a salary and often a bonus based on performance. It is an entirely different focus and an online MBA program is so self-guided that you are forced to develop that focus.
MBA programs often have a large practical element. This is often gained through case studies but may also involve working with an established company. An MBA program can help you develop the leadership abilities you would need to successfully take on a leadership position after graduation, and an online MBA program can build these abilities even more. As part of your degree, you will often be asked to work in groups. In a traditional setting, this might involve meeting after class but when you are in an online MBA program, you may have to connect with people across time zones, each with his or her own schedule. To be successful in your projects, you will have to manage yourself as well as your teammates’ contributions.