According to Technavio, the pool of MBA graduates will see an increment of USD 2.28 billion between the years 2021 and 2025 in India. Over the last few years, online degrees have seen more acceptance due to various advantages that they bring along.
In the year 2021, Nirmala Sitharaman, Finance Minister of India announced that top universities and institutes listed under NIRF will offer online courses and this announcement led to a gateway of opportunities, especially for the working professionals. After this declaration by the finance minister, a huge wave of students enrolled in online courses and thus contributing to the economy and their careers.
What are the advantages of an online MBA?
As reported by Renub Research, the e-learning industry will observe a drastic increment by the year 2026. In numbers, the industry will be USD $8.6 billion large.
Universities are leveraging this industry and making big money out of it but it’s a win-win for both sides; students as well universities. Following are some advantages of online MBA courses: –
The last few years have increased enrolment rates in online MBA courses and these numbers increased since March 2020 as soon as COVID-19 hit the economy. During that time, e-learning platforms saved the providence of India. As reported by News 18, Shafi Vikraman, a man from Thiruvananthapuram utilized his time effectively and completed 145 online certificate courses not only from India but from the Ivy League Universities. The man has set an example for all the people who lacked confidence in online courses.
Opportunity to multitask
Universities like Narsee Monjee Institute of Management gives the opportunity to work and simultaneously do their online MBA course. There are many other universities that have the same criteria for example – Amity University, Chandigarh University, Dr, DY Patil University, etc.
Online MBA courses are thoughtfully crafted for the working professional so that they can execute their knowledge in their current job and as a long-term goal they can apply for better high-package jobs or get a promotion in their current company.
Online courses have more reach
Online courses have more reach than regular courses. For regular courses, the students have to relocate to a specific location and look for suitable accommodation that proves to be heavy on the pocket. On the other hand, online MBA courses can be opted from anywhere anytime. In addition, these online courses are industry-aligned and focus on helping students gain the most in-demand skills. Not to forget, the career advancement services and placements do come along as a major hallmark of the online courses.
Online courses are also not restricted to only high-scoring students because they offer opportunities to others and also value the work experience gained by them.
ROI of online MBA
Despite the factors listed above and well known to all, there is still a lack of confidence in online MBA courses. Hence here are some facts and figures that will make you believe its importance.
The ROI of an online MBA degree can vary on various factors, such as: –
- Graduating University
- Placement and Networking assistance etc.
The investment in online MBA colleges varies from where you do your course, for example – you have to invest 1.40 Lakh to take admission in Narsee Monjee Institute of Management but you have to invest INR 58,000 to take admission in IGNOU online MBA. But NMIMS also offers career assistance, interview preparation, and an Alumni portal for the students. Similarly, other universities have different USPs, and it should be an integral factor to look into while choosing a course. Although there are subjective factors that come into play for instance – interview, and exam which depends entirely on the student. Despite that Glassdoor has suggested that the average package of a beginner who opts for an online MBA degree can be approximately 3.60 Lakhs per annum.
Reports have also suggested that the salaries can also vary with specializations. According to Career 360, the average salary of a Sales Manager is INR 5.00 lakhs, a Brand Manager earns INR 9.00 lakhs on an average and a Marketing Manager has an earning potential of INR 6.50 lakhs. These are a few listed salaries but the opportunities after pursuing an online MBA are limitless.
Other aspects to take into consideration are placement opportunities and accreditations. Often, students tend to miss out on this information. If you are opting for an online course and your university is not accredited then your time, energy and investment can fall flat to their face.
World recognized brands and companies are keen to offer jobs to students who pursue their MBA via online mode because they also have previous work experience which helps the companies onboard new and fresh talent. Top recruiters of online MBA are – Microsoft, Google, Adobe, Infosys, Wipro, Amazon, Flipkart, Nestle, etc.
Most universities in India have initiated offering online and distance MBA courses. Among the top are: –
- Narsee Monjee Institute of Management
- IMT Ghaziabad
- Dr. DY Patil University
- Chandigarh University
- Amity University
These universities are in popular demand among the students. They are also accredited by national and international bodies that prove their authority in the domain.
Online MBA: an Overview
According to Hayden Noel, a professor from Gies College of Business; “The training you receive in an MBA Program prepares you to deal with ambiguity and provides a buffer against uncertainty. You would be better equipped to take advantage of changing opportunities post-COVID. You will also become more effective as a leader and better understand the different functions of your organization.”
India is ranked 2nd for e-learning after the US. Students and hiring companies have also acknowledged these degrees. As much as regular courses are popular, in a certain way they cannot beat online courses because they require a huge investment of money and time. The only factor while choosing your online MBA courses should be a good and in-depth analysis of the university from where you will pursue your degree and their career assistance opportunities.