Accredited Online MBA Programs

You've read about financial moguls who have it, of entrepreneurs who have earned it and of successful executives at Fortune 500 companies who consider a Master of Business Administration (MBA) paramount to advancement to senior-level positions. Is it your turn to add an MBA to your resume?

What is Accreditation?

Accreditation ensures that an institution or program meets the quality standards of an accrediting body. There are three major agencies that specialize in accrediting business schools:

Association to Advance Collegiate Schools of Business (AACSB)
Association of Collegiate Business Schools and Programs (ACBSP)
International Assembly of Collegiate Business Education (IACBE)

When selecting an online MBA program, it is essential to attend an accredited school as it will allow you to learn from top instructors and collaborate with high-quality students in a virtual environment as well as make you more marketable to potential employers.

Getting Started: Prerequisites for Online MBA Programs

Admission requirements vary greatly by institution and can include:

Official transcripts of all undergraduate coursework and proof of completion of undergraduate degree in any academic field
Specific scores on standardized tests, such as the Graduate Management Admissions Test (GMAT)
A resume, completed application (including a non-refundable fee), statement of intent and letters of recommendation
A minimum grade point average (GPA)
Access to a computer and Internet connection. Because all classes will be taught online, most universities have standard computer requirements, which typically include a fully equipped computer with high-speed Internet access

Online MBA Program Specializations

In addition to the general courses, such as finance, accounting, economics, marketing, business law and management, you can choose one or more areas of specialization. Some examples include:

Finance: Coursework can include investment management and analysis, international finance management and managerial economics
Marketing: Coursework can include marketing research, statistics, marketing communication and international marketing
International Business: Coursework can include international marketing and export management, international financial management and global business environments
Management: Coursework can include services management, human resources management and organizational development

Tuition, Financial Aid and Duration

Because of the flexibility of accredited online MBA programs, coursework can be completed in two to five years. Financial aid in the form of government grants and loans are available for some online programs, but tend to be more limited. Scholarships are usually restricted to those awarded by private donors or the institutions themselves. Fill out the Free Application for Federal Student Aid (FAFSA) to see if your online program makes you eligible for need-based student aid. Private loans, such as those offered through Sallie Mae, are also available for some online programs.

Pros and Cons of Online MBA Programs

An online MBA program is ideal for those who live in an area without easy access to a traditional university or those who are employed and require a flexible class schedule. Students who thrive in online MBA programs are typically highly motivated and self-disciplined and interact with professors and fellow students through extensive online activities. Students and professors answer and ask questions via e-mail, participate in private discussion forums and turn in assignments electronically.

The downside of an online MBA program is the lack of business relationships and friendships that can be formed while spending several nights a week in a classroom together. If you truly enjoy that interaction--and learn best while surrounded by lively discussion--then an on-campus MBA program might be the better option for you. Before you choose an online MBA program, you should carefully evaluate the coursework, the available specialties and conduct independent research on the university's reputation, job placement services and the earnings potential of its graduates.

Earning an online MBA is a substantial amount of work. You will be required to do extensive reading and complete team-based activities for every course. You should be able to allocate at least 15 hours a week to your studies (including class time). Start your research today and find the accredited online MBA program that fits your needs and goals. In two to five years, you will be able to add that coveted MBA degree to your resume.

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Accredited Online MBA Programs

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