The Rise of the Online and Part-Time MBA
The online MBA is growing in prominence as several business schools scale back on their full-time MBA programs
Biz Journals recently reported on how business schools are evolving with the emergence of online and part-time MBA programs.
“Full-time MBA programs are definitely getting smaller, but it’s not going away by any measure,” John Wells, senior vice provost for online education at the University of Massachusetts Amherst tells Biz Journals. “It’s more of a niche because of the viability of the online MBA.”
Business Schools Are Closing Full-Time MBA Programs
For a third straight year, applications to full-time MBA programs fell according to the Wall Street Journal. As a response to declining applications, a number of business schools have decided to focus more on part-time MBAs and online MBA programs.
The University of Iowa, Wake Forest University, Virginia Tech, Simmons College, and Thunderbird School of Global Management have all shut down their full-time MBA programs due to lack of enrollment. Last October, University of Wisconsin at Madison revealed that the school is seriously considering a proposal to shut down its full-time MBA program, Poets & Quants reports.
“Higher education, like business, is in an unprecedented period of accelerated change along several dimensions, including technology, globalization, and the changing expectations of students at all levels,” according to a statement by University of Wisconsin officials. “To advance our standing as a top business school, we must respond to this reality.”
Move towards online MBA and part-time MBA
At UMass Amherst’s Isenberg School of Business, flexibility has become a priority in order to remain relevant to students. The online program complements the full-time two year MBA program and allows students to finish up their degree online if they choose to. Consequently, students can also decide to start in the online program and finish up their degree in the full-time program.
“We have a growing number of students who start online and then come in residence after they decided to do a more fundamental pivot in their career. They want to come to the on-campus program to take advantage of our full residential experience,” Wells tells Biz Journals.
According to Wells, online and part-time MBA programs offer students the advantage of earning a degree without having to take time off from their career.
“Students still like to get that online MBA at a university or a school that has a full-time presence because it attracts alumni and guest speakers,” Wells tells Biz Journals. “As long as we capture that and deliver it online, the online students get to take advantage of that as well.”
Sources: Biz Journals, Wall Street Journal, Inside Higher Ed, Poets & Quants
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Applying to an Online MBA Program as an International Student
The rise of the online MBA has opened up opportunities for many students to continue working while earning a degree. Perhaps one of the biggest markets for online MBA programs is the international student population.
According to US News data, more than 20% of online MBA students at five schools were international.
In a recent article, Olena Reid, a US News contributor, discusses factors that international students should consider before enrolling in an online MBA program.
Diverse Student Body
The lure of business school is that you can meet people from all over the world, share ideas, and benefit from a diverse student body. With online programs, that becomes more difficult.
Reid recommends that international students interested in enrolling in an online program seek out those that attract a diverse student body. One way to measure diversity at a school, according to Reid, is to seek out faculty who have experience working with international students.
“In my online program, some professors assigned students to self-reflect on their cultural identities and differences – what they believe regarding how the learning process should work and how different cultural backgrounds affected the way students interacted in- and outside the classroom,” Reid writes. “At a minimum, I received a much better understanding of differences between my home country and U.S. business culture.”
In addition, international applicants can also check a school’s website and find demographics of the online MBA student body. Diversity, Reid says, can provide unique perspectives and discussions.
“As an international student, you will have a different cultural background from many of your online MBA classmates,” Reid writes. “This diversity can be desirable for schools, since it brings fresh ideas, sparks healthy debate and helps all students learn more about business in other countries.”
Seek Out Immersion Courses and Schools with International Faculty.
Since online MBA students typically don’t get to meet with other students, it’s important to seek out programs that offer international immersion courses or trips.
“School-sponsored international trips—also called global immersions or global residencies—are one way online MBA students can maximize their networking potential,” according to the Princeton Review. “Since online MBA students don’t see their classmates every day, these immersive experiences abroad mark a huge opportunity to connect in-person with other students, faculty, and business professionals.”
Reid says on top of immersion courses, applicants should seek out programs with international professors.
“International professors can also bring a different perspective to local business news that you can apply directly in your professional environment,” Reid writes.
Connect with Peers
Being in an online program doesn’t mean that you have to be disconnected from your peers. In fact, Reid says, there’s an opportunity to connect with other international peers who may share similar experiences.
“There is also a chance that, as an international student, you may not be entirely comfortable writing or speaking in English in front of the class,” Reid writes. “It can be helpful to connect with other international online students and share and discuss similar experiences.”
The biggest advantage to an online MBA program is that you can continue your career while taking part in your degree. With a diverse and supportive online program, you can have the full MBA experience and build a strong foundation for your career.
Check out our latest coverage on the most (and least) affordable online MBA programs.
Sources: US News, US News, Princeton Review
Top Jobs for MBAs in Healthcare
MBAs are in demand in health care.
As an industry, healthcare is showing tremendous growth. According to the World Bank’s data, the healthcare industry accounts for 17% of total US GDP.
Where the Healthcare Industry Gets Its MBAs
The leading school for MBAs in healthcare? Vanderbilt University’s Owen Graduate School of Management. 24% of graduating Owen MBAs found jobs in the healthcare industry, according to a 2016 employment report. That’s 7% higher than the next closest school among the elite MBA programs in the U.S. and Europe.
MBAs going into healthcare can expect to earn big incomes too. According to Poets & Quants, median base salaries for newly hired healthcare MBAs top out at $125,000. MBAs from Wharton, Harvard, and Stanford all report median sign-on bonuses of $20,000 as well.
Heath care consultant
The consulting sector yields the highest pay among full-time MBA grads in the Class of 2016, according to US News. The average salary for consultants is $126,919.
Phil Miller is the assistant dean of MBA and M.S. programs at the Carlson School of Management at the University of Minnesota—Twin Cities. Miller tells US News that some health care consultants can earn up towards $150,000. At Carlson School of Management, 25% of MBA students pursue a career in health care.
“In the last five years, a lot of consulting jobs have grown because a lot of firms need help in advising. More advisory services are definitely hiring our students,” he tells US News.
The job outlook for consultants is strong too. Job growth is expected to grow 14% from 2016 – 2026, according to the Bureau of Labor Statistics.
Pharmaceutical brand manager
One of the most traditional paths for MBAs in healthcare is to become a pharmaceutical brand manager,
According to Metro MBA, a pharmaceutical brand manager is the “hands-on manager of the branding concept and strategy in the ‘real world.’” Day-to-day, a pharmaceutical brand manager can expect to manage the brand and set marketing initiatives for the company.
Here are some of the typical responsibilities of a pharmaceutical brand manager, according to Metro MBA:
- Ensuring that quantitative and qualitative objectives are met
- Driving strategic development of the brand portfolio
- Identifying new products and packaging
- Developing and implementing consumer promotions
- Planning and monitoring marketing budgets
Average annual starting salary for a pharmaceutical brand manager is $67,555, according to PayScale. However, that number also includes non-MBAs. On GlassDoor, pharmaceutical brand manager at Novartis Pharmaceuticals report making between $127,781 and $153,956 a year.
Hospital Administrator
A hospital administrator is responsible for hiring hospital staff and workers. According to Top Master’s in Healthcare Administration – a resource for healthcare management – duties also include “creating budgets, instituting new policies and following any state of federal laws.”
PayScale reports average salaries for hospital administrators ranging from $49,787 to $173,429 with an average annual salary of $88,000.
Jeff McNish is the assistant dean of career development at the University of Virginia’s Darden School of Business. In an interview with US News, McNish says MBAs interested in hospital systems tend to be more driven towards the path because of its ‘altruistic nature.’
“Those students tend to place a lesser value on compensation as opposed to the quality of work they’re doing,” he tells US News.
Sources: US News, World Bank, Metro MBA, Bureau of Labor Statistics, Top Master’s in Healthcare Administration, PayScale, Poets & Quants
Strengthening Your MBA Application
Strengthening an MBA application requires careful construction and focus. But experts say one of the best ways to strengthen an application is to avoid repetition.
Ilana Kowarski, a reporter at US News, recently discussed ways applicants can strengthen their applications.
Avoiding Repetition
You might have one strength or accomplishment that you really want to highlight in your application. However, according to experts, it’s best to have a balanced application that highlights a wide variety of your personality and experiences.
Deena Maerowitz is a principal with the Bertram Group admissions consulting firm and former associate director of admissions with the Columbia Business School. In an interview with US News, Maerowitz says focusing too much on a single accomplishment or trait can come across negatively.
“You want to be able to cover different facets of who you are and not be repetitive,” she tells US News.
Think About Questions Admissions Officer May Ask
Your personal statement should illustrate your personality and fit to a program by answering questions that admissions officers are likely to ask.
Michella Chiu is an admissions consultant with the PROFEDVICE company. Chiu tells US News that essays and applications should answer three critical questions.
“A good compelling story, in a personal statement or as revealed by application materials, should always answer three questions: Why you? Why now? Why this program?”
According to Stacy Blackman Consulting, applicants should always review previous years’ essay questions to get a good understanding of the types of questions admissions officers are asking.
“Although many schools change their essay questions from year to year, by reading a prior year’s application, you will develop a good idea of the types of stories you will need,” Blackman writes. “Knowing that you will be asked to describe a leadership experience may motivate you take on a leadership role – in or outside of work. Knowing that you will have questions about community involvement will push you to finally become involved.”
Answer the Right Question
This may seem obvious, but it’s important to provide answers to the questions being asked. Experts say applicants too often get carried away in answering a question that they fail to address the right question being asked.
“Sometimes people write what they want to say rather than what the question asks,” David Simpson, an admissions director of the London Business School, tells US News. “Applicants need to be quite careful about shoehorning that information in where it isn’t being asked for.”
After you finish your application, be sure to review every aspect of your profile and ensure that information is not being repeated. Avoiding repetition, knowing what questions will be asked, and answering those questions directly will set your application up for success.
Sources: US News, Stacy Blackman Consulting
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