Nowadays, a graduate degree is insufficient for success in an increasingly competitive corporate world. Employers look for highly qualified recruits with better skills. In India, demand for higher qualifications is at an all time high.
Sadly, it is not quite possible for everyone to attend classroom studies. Nor can every aspirant afford higher education due to the family’s financial constraints. Therefore, studying online provides a great solution to both these problems.
Why should I opt for MBA?
Of course, there are several other higher study courses you can take. However, let us look at some salient features of doing Master in Business Administration aka MBA.
- You acquire various soft and hard skills while doing MBA. These help you offer multiple skills to employers.
- Surveys in India and abroad reveal, employers prefer MBA degree holders while filling medium and top posts at companies.
- Most competent MBA graduates get jobs before they complete the degree. These jobs carry attractive salaries, albeit at entry level.
- Employment rates among MBA graduates from reputed universities are very high.
- Skills you gain while doing MBA comes handy while launching own business.
- Nowadays, MBA degrees offer specialization in various high-demand and high-growth areas including e-commerce and logistics. Hence, you can choose specialization based on your aptitude.
Distance MBA v/s Classroom MBA
Logically, full-time MBA course involving classroom study is always preferable. However, it is not possible for all students to physically attend classes or engage in group discussions and projects.
Financial and time constraints can deter you from doing a full-time classroom MBA. In such scenarios, doing MBA by distance education or even online MBA provides the right solution.
Usually, full-time classroom MBAs are of three years duration. Distance MBAs can be done with or without a time bar.
Types of distance MBA
Now, this can sound daunting to many. However, it is fairly simple. In India, you can do MBA by distance education in two ways:
- Online MBA
- Distance MBA without online support
Cost of distance MBA
Online MBA means you get all study material online. Group discussions, forums and chats, projects and all other vital features can be done online. You can also give the exam online. These courses can be rather pricey, depending upon which university you choose. Online MBA can cost anything between Rs. 80,000 to Rs. 1 million.
Distance MBA is usually done sans any online support. Here, you buy text books and study material from the university or bookstore. You may have to physically attend group discussions, projects and other relevant events. Exams are held at some center in your city or a nearby venue. Courses are inexpensive and cost between Rs.50,000 and Rs.200,000 depending upon the university.
Advantages of distance MBA
Regardless whether you opt for online or purely book based studies, doing distant MBA offers several inherent benefits. Remember, it will be your aptitude and skills that you acquire that matter.
Moreover, holding an MBA is different and applying those skills at work or own business involve hard work are two separate features altogether.
Advantage-1: Wider choice of universities
Firstly, distance MBAs offers you a great choice of universities. In fact, there are several foreign universities from the US, UK, Australia, Canada, Russia and other countries that offer distant MBA to Indian students. Alternatively, you can choose from over two dozen reputed Indian universities and colleges to do an MBA.
Obviously, MBA studies from foreign based universities will cost much higher. Courses offered by these universities are generally for online studies.
In contrast, distance MBA courses from Indian universities cost relatively lower. However, facilities offered will also be few. If you are residing in areas where Internet access is a problem, we recommend you do an MBA that requires studies with books only.
Advantage-2: Earn and learn
Unfortunately, thousands of students across India are unable to fulfill their dreams of getting an MBA degree due to paucity of funds. However, distance education helps you overcome this handicap.
Distance MBA studies offer ease and flexibility of studying at your convenience. Therefore, you are able to work and earn. Working gives you sufficient money to fund your degree. In addition, you also acquire vital skills and experience at workplace. Later, these skills and experience work in your favor while applying for better, lucrative jobs.
Advantage-3: Education loans are available for distance MBA
Furthermore, lender banks and financial institutions in India are fast waking to realities and advantages of distance education. The vast geographical expanse of India and need for higher skills due to Skill India, Digital India and Make in India initiatives make distance learning imperative.
Consequently, several banks in India now offer education loans for distance education too. You can work and avail an education loan from a reputed lender bank for doing distance MBA. An education loan permits you to opt for foreign universities that charge higher but whose degrees are well accepted in the job market.
Advantage-4: Specialized MBA of your choice
In addition to flexibility of universities, you also have the option of choosing your specialization. As we mention earlier, MBA courses now come in various specialization. A few examples are MBA with specialization in aircraft management, food and beverage, logistic chain, e-commerce, hospital management and digital marketing.
Additionally, a specialization of your choice might not be available at your nearest college or university for classroom studies. Hence, even if you have time and money, distance MBA will be preferable.
Advantage-5: Rapid use for own business
India ranks among countries with highest number of startups. If you have a running yet fledgling startup, distance MBA can work wonders. Additionally, an MBA will help you learn skills that are specifically useful for your business.
Such skills are vital to further your business. Further, you will gain immense advantage over competitors as you identify gray areas and plug them. Consequently, you can cut losses, boost profits and compete effectively. This advantage is not available to those doing classroom MBA.
Advantage-6: Help from networking
Of course, those doing classroom MBA will also have this advantage. It means, you can network with former peers and seek advice on work or business issues. However, the advantage you get with distance MBA is- you can network with people across the globe. Alternatively, you can have an alumni network in your own country.
Having a network of former peers is very useful. You can stay connected and exchange ideas or discuss latest developments in your specialization. Further, you can also learn of great jobs away from your home.
Advantage-7: Funding your startup venture or business
Nowadays, lots of fresh MBAs launch startup ventures. Primarily because it helps them utilize all skills and improve their financial status. Everyone wants to be rich fast. We all have innate talents. However, some of us lack adequate finances to launch a small business.
Banks and private lenders are more inclined to offer financing to your business ventures if you hold an MBA. Usually, funding would be available for the first year or two. And, this would be adequate to make your venture successful.
A word of caution
Meanwhile, we strongly recommend you study the job market for opportunities for MBA holders. Unfortunately, poor quality education doled by some unscrupulous institutes has defiled significance of this great degree.
A survey by the Associated Chambers of Commerce of India (Assocham) reveals, a shocking 10 percent MBAs find employment. Further, most MBA from such universities earn average Rs. 10,000 as monthly salary.
Ironically, an online MBA may sound great on your CV. However, it may not have given you the desired skills, if the course is done from a wrong university.