Affordability of Online vs. Offline Business Schools
The term “business” attracts more minds in the world today than any other profession or discipline. We see a large section of society working for the same, ranging from: successful business empires to entrepreneurs developing start-ups, from employees working in corporate cultures to skilled craftspeople developing their trades, from regional shops and local vendors to large showrooms full of products, entertainment, and groceries. We all are surrounded by business in everyday life and happen to be a part of it. The above things alone do not comprise “business,” but to realize that business is in almost everything around us and to visualize ways to make businesses connect and make lives easier is what only a business mind could imagine.
The Business Mind
We all are born with unique qualities and individual interests, and for many that is “business.” To groom the very same interest, people in huge numbers are enrolling in courses and programs related to business. And why not? The orbit of business is increasing beyond the mere buying and selling activities and the world is experiencing a massive change due to globalization and high connectivity, thus prioritizing the need for business education. Education and experience together are what makes the business mind. Education about business makes an individual learn the responsibility of leading and the importance of following a leader. It illuminates the power of speech (i.e., communicating with co-workers, authorities, and competitors and the world). To facilitate the same, business schools today offer a wide range of courses relating to business education and the most popular are the Bachelor’s and Master’s degree in Business Administration (MBA). The desire to be a businessman/businesswoman is majorly driven with the motive to earn, but the irony here is that most business schools demand huge “money” (tuition fees) before making an individual capable of earning. On the other hand, there are some online education platforms which serve the same purpose of educating masses with the desired business degrees with lesser fees.
What makes Online Business Schools less expensive and flexible than offline ones:
1. Online programs allow students and faculty to access learning platforms from any geographical location, thus eliminating the need for face-to-face instruction (involving infrastructure), use of hard-copy study and exam materials, and paying faculty for 6-8 hours of service in a day. This results in decreased resource utilization which allows for online courses to be not as expensive.
2. Online courses are strictly focused, yet interesting. Instructor feedback is targeted and efficient, resulting in increased student performance and access of information.
3. Online business schools, like the Atlantic Business School, offer an international learning experience and community. Students from all over the globe have the opportunity communicate and learn under the guidance of expert faculty based around the world.
4. Tuition fees for MBA programs average more than $60,000 USD, with top-ranking (two year) MBA business degree programs charging approximately:
· Stanford Graduate School of Business: $137,736 USD
· Harvard Business School: $146,880 USD
However, online business schools are able to offer lower tuition fees. The Atlantic Business School offers an affordable 2-year online MBA degree program for only $15,000 USD.
Written by: Dr. Stavros Sindakis (University of Sharjah, Anaheim University, University of Roehampton London) and Nipun Dhaulta (Institute of Strategy, Entrepreneurship and Education for Growth (iSEEG).