Is it worth it to get an online MBA?

Discussion in 'Business and MBA degrees' started by pilecarls8, May 1, 2020.

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  1. pilecarls8

    pilecarls8 New Member

    Hi Everyone,

    For background, I'm 27 and I currently work in healthcare administration as a manager. I already have a bachelors in business management and only have $3K in student loans remaining. My current salary at my job is $75K.

    I have the option to acquire an mba from an online school. Between my work incentives and such, I'll only have to pay $4K for the mba out of pocket and it will only take me a year to acquire the mba while still working my current job. The mba wouldn't be from some top 20 school though and honestly, the only reason I'm thinking of going for it now is because of the low cost @ $4K that I would have to pay. I've seen some schools where it costs $100K and just on that alone, I've shut it down. I already have a family and I can't take on $100K in loans.

    Is the mba worth it? I keep reading mixed opinions everywhere. Living down south, a bachelors was enough. Now I'm living in Upstate NY and most people want an mba but will forego the mba as long as you have a bachelors + 5 years experience (I have about 8 years experience in my field currently).

    Thoughts?
     
  2. Marcus Aurelius

    Marcus Aurelius Active Member

    Which online MBA program are you considering?
     
  3. SteveFoerster

    SteveFoerster Resident Gadfly

    For four grand, you're almost certain to have positive return over the course of your career, so in that sense it's definitely worth it. I share MA's question, though -- which school? And is it $4K only if you go to that school?
     
  4. Vonnegut

    Vonnegut Active Member

    Agree with Steve, it will be hard to lose with a $4k costs. If it’s from a reputable state school, even if not Top 20, I’d jump on it, it will pay huge dividends for your career. If you have a reputable school for your bachelors, I’d be very cautious of which school is offering the MBA. It doesn’t always need to be a Top 20, but there are schools that could look unfavorably.
     
    SteveFoerster likes this.
  5. AlK11

    AlK11 Active Member

    At 4K I don't see how it wouldn't be worth it. Do you get a raise from your current job once you complete the program? If so, you'll probably make your money back in a year or two. If not, it'll be good insurance for the rest of your life in case you're looking for a job at some point. Like the others have said, what school is this degree going to be from? The school doesn't have to be a Top 20 school, but make sure that it's a respectable and reputable school.
     
  6. AsianStew

    AsianStew Active Member

    Hmm, I'm guessing the MBA is either from a Nationally Accredited institution or one of the Competency Based RA options. Other than that, it maybe from a local college/university that has a partnership with your company or union. Yes it is well worth it, I think it'll be a great addition for such a low cost, the ROI would be valuable and a good purchase as you'll get that cash back by the end of a few months of work because, most likely, you'll get a pay raise along with it!

    I would also refrain from getting the Ed.D until the "dust settles" unless you get a very affordable Ed.D that the company reimburses half the tuition or more. I have answered your question here on possible options (more links!): https://www.degreeforum.net/mybb/Thread-Ed-D-question?
     
  7. TEKMAN

    TEKMAN Semper Fi!

    Honestly, I would recommend you look for a top MBA program. It costs more, but the return on investment goes further. Unless you want to earn an MBA part of the job application requirement checkmark, then any MBA would work. Making $75,000.00 per year in upstate New York is decent. I am 36 and currently making about $160,000.00 include 401K and health insurance for my kids in compensation in Orlando, Florida. However, I am looking to make more and decide to apply to the Imperial College London - Business School's Global MBA program. The program is about $46,000.00, but I think the return investment on international collaborations and networking worth the money.

    Have you looked at MOOC's MBA's?

    Boston University's Questrom School of Business
    URL: https://www.bu.edu/questrom/admissions/graduate-programs/online-mba/
    Tuition and fees: $24,000.00

    The University of Illinois at Urbana Champaign
    URL: https://www.coursera.org/degrees/imba
    Tuition and fees: $22,000.00

    Macquarie University
    URL: https://www.coursera.org/degrees/global-mba-macquarie
    Tuition and fees: $21,000.00

    How's about Simon Business School of the University of Rochester? It is about $47,000.00
    URL: https://simon.rochester.edu/programs/ptmba/scholarships-tuition-pmba/index.aspx
     
  8. Vonnegut

    Vonnegut Active Member

    Carl,

    There are, as you’ve noted, there are a lot of factors and opinions as you’ve noted in your research and seen here. The more you share, the more likely you are to receive accurate info, but only you can decide what may be applicable. If you reveal your undergrad school and what MBA program you’re looking at, it might help. If you’d rather not, it’s understandable, I’d recommend you start looking at the MBA programs of those in the upper echelon of your hospital networks business department. Compare the program that you’re looking at, with what those in positions you’re hoping to achieve. A friend of mine has an MBA from Wharton and is a business operations executive at a midsize hospital network in the South, from how he’s spoken in the past, top tier MBA graduates are not the most common but even they recruit them occasionally. At smaller networks, I imagine it’s much less common. You can’t go wrong with a decent state school mba program at $4k.
     
  9. Acolyte

    Acolyte Member

    Any subsidized or free college is worth it IMO. I assume it’s a regular old RA School? Like a state college or such. With employer reimbursement, my Master’s cost me about 8K out of pocket.
     

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