All these years, the debate was limited to online MBA vs part-time MBA. Or online MBA vs Executive MBA. Traditional, full-time, classroom MBA programs weren’t dragged into the discussion.
Recently, a top academician (the Dean of Haas Business School) looked into his Crystal Ball to make a radical prediction that seems to be rocking that very pedestal. If his forecast turns true, half of the business schools in USA will close down in the next 10 years. Shocking enough? Vinay Paramanand reports.
We have seen the advent of Online MBA programs while browsing through MBA related sites. Some find it the best way to get an MBA degree, specially when there are personal or financial constraints due to which they cannot attend the regular classes.
Well, some do have reservations about whether online MBAs are really worth it. The concern stems from the fact that in the online MBA vs regular, traditional MBA, the virtual ones do not offer peer interaction, real world experience and the same immersive experience compared to their full-time counterparts.
However, all said and done some (including some influential movers and shakers from the academic field) believe that Online MBAs are here to stay.
Let us look at what is happening around the globe in this space. For starters, Richard Lyons, the Dean of University of California Haas Business School (among the top ranking and most respected business schools in USA) is of the opinion that Online MBAs could very well dominate the traditional MBA learning.
Dean Lyons points out that the revenue generated by students pursuing either Part Time MBA or Executive MBA (here’s a list of the best Executive MBA Programs) constitutes the larger portion of revenue to the University.
These programs could face stiff completion from online programs for the same students interested in part time or executive MBA. He concludes that most business schools of USA could be wiped off in 5-10 years.
The prospect of an online MBA is also important if we look into the cost factor to the University. The University could save a lot of money (though that depends on various factors) on an online program. Students too have an advantage, they could do this while they work, be offered a course in their preferred language, informal setting and importantly have the brand name of the college on their resume.
Some tier 2 and tier 3 schools such as Kelley Business School, Eller School of management have already begun Online MBA programs. These schools plan to add more students by offering a virtual environment to interact with employers (Yes, that’s right!), and online mentoring program. Some go a step further and offer 3-4 days residency class to give the feel of a classroom atmosphere.
There are several reasons why online MBAs weren’t considered to be on par with full-time MBAs.
There is buzz that the prestigious B-schools such as Harvard, MIT and Stanford are gearing up to offer Online MBA programs as MOOCs. So, what is MOOC?
Wiki defines MOOC as “A Massive Open Online Course is an online course aimed at unlimited participation and open access via the web. In addition to traditional course materials such as videos, readings, and problem sets, MOOCs provide interactive user forums that help build a community for students, professors, and teaching assistants (TAs).”
Examples of some successful MOOCs would be:
In simpler terms it is an online course, offered over the web and meant to be informative, interactive to all parties concerned, just like a classroom course would be.
MOOC uses the internet and latest IT technologies to offer video lectures, an advanced form of classroom lectures for its students, and online assessment of students through quizzes and questionnaires. Plans are also afoot to make them interactive.
Giving the MOOC phenomenon more power is the entry of senior academicians. Mr. Richard Levin, Ex-President of Yale University has joined “Coursera”, so you can imagine how serious they are about getting into the online MBA programs space.
Kenan Flagler, for instance, has launched its new online MBA program “MBA@UNC”. Georgia Tech is offering MS program though online mode now. The success is not restricted to USA alone, non-US Universities such as HKUST, University of New South Wales are in the list too.
It is apparent that other (financially sound) business schools would jump into this. Many not-for-profit organizations such as Bill and Melinda Gates Foundation, American Council on Education, Universities such as Harvard, MIT, Stanford, UNC, Universoty of Texas at Austin and even prominent venture capitalists have shown interest in this sector. India can’t be far behind with IIT Bombay joining this list!
It will be soon rather than later that everyone will be vying to cash in on this opportunity. Online programs are the next big thing. It would offer a prospective student a chance to learn from a reputed school just sitting in his/her chair at home.
A word of advice if you are thinking of enrolling for an online MBA program. Don’t get carried away by the hype. Verify the credibility of the course being offered, the college involved, the money(it would be largely self-financed for most students), the time invested. Consider the flipsides as well, of not interacting with peers and losing out on internship opportunities and networking.
If your focus is on gaining knowledge rather than a certificate / degree, try out these Free online business simulation games.