Source: KPMG Report: Online Education in India
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The Growth of Online MBA
A growing number of MBA programs are becoming blended, combining on-campus activities with distance learning, or even digital. International Flex EMBA, which is fully delivered online, gives the chance to attend some classes via streaming for a more flexible experience. Students aspiring to online MBA programs can score good scores in the standard entrance exam like the CAT/MAT/GMAT.
The online MBA remained high in status and appeal. As per the Graduate Management Admission Council (GMAC), in 2019, overall, nearly 9 in 10 programs reported their applicant pools were equally (63%) or more (24%) qualified compared to the previous year.
And in 2021, the majority of online MBA programs will increase by nearly 80%. On the demand scale, almost 77% of US MNCs look forward to hiring MBA graduates. The demand for specialised business master grads and MBA professionals in the Asia Pacific market is rising.
On the local front, online MBA in India provides specialisations, besides finance and marketing are in IT, Supply chain, Strategy, data, and every new technology the market rides. The disciplines also scope the students to seek the desired domain job overseas.
We see a growing trend in online MBA courses recently. Most focus on lifelong learning. Some tailored for working professionals, such as EMBA for working executives, 12-month online Executive PGPM, etc. Online MBA programs usually require two years of full-time study to complete. However, many schools also offer accelerated timelines for their programs that allow students to graduate within 12-18 months.
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In the past decade, the rise of online MBA degree courses continued considerably. The count is significant in top business schools. For example, the intake at the University of Illinois Gies College of Business grew from a few hundred to almost 4,000. Another brand, the Jack Welch Management Institute, had seen the rise of more than 40% over the past three years. The statistics for Washington State University’s Online MBA program and Indiana University’s Kelley School of Business posted their intake rise for 2021 as 111% and 77%, respectively.
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According to the data captured at IIMA, the average age of online MBA students who started a program during that period was 34 years old with prior work experience (average, 10.5 years).
One of the significant trends that ought to shape business education, as per Federico Frattini, Dean of MIP Politecnico di Milano Graduate School of Business:
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2022 Trend
The 2022 hiring trend, as per GMAC, In Wave II, the proportion of recruiters reporting plans to hire MBAs in 2022 (89%) is at a similar level as Wave I (92%). Before COVID-19, 92% of firms expressed their interest in hiring MBA graduates in 2021, but the figure fell to 77% in Wave II. However, on their hiring plans for 2022, 89% of employers stated they were considering hiring MBA graduates. It was the same as the salary trend.
These statements of intent show that the acceptance of online degrees is rising in the industry. Any authentic online MBA course follows a syllabus similar to that of a regular campus course. The old stricken stigma of incompetency is no more abstract than the race when the employer selects the best managers.
In the recent pandemic phase, the learning avenues in distance learning opened more opportunities for aspirants to upgrade skills and professional developments. The aspirants enrolling for online MBA programs upshot is remarkable. W. Brooke Elliott, the associate dean at Gies College of Business, who oversees the program iMBA, quoted a 30% increase year over year. Another pro about online MBA is the affordable fees. Aspirants also benefit from the flexibility offered and plan the program that suits them.
Digitisation Challenges
The intensification of digitalisation in the education sector is a revolutionising process that is already underway. Recently, for example, we recorded a growing interest in flexible and customised programs. With the potential of technology, business schools are changing their offer to meet this new need. Like Oxford HIVE (a hub for International Virtual Education), the introduction of online facilities seamlessly connects people worldwide in a virtual learning environment.
The benefit of a digital classroom keeps the student and teacher connected through one click. The digital evidence of learning flow helps both students and course providers a mine of resources to continuously improve and catch up with standards.
The challenge of providing the same networking and bandwidth level in online courses as in campus-based ones is addressed with the ever-developing infrastructures. The majority of institutions have invested in improving the bandwidth and networking afforded by online programs. The mix of “blending” MBA programs featuring digital and real-world aspects is also practised to connect to feel real. For example, Imperial College’s Lefevre invites their students to campus for a week to cultivate a strong bond.
