Online vs. Traditional MBAs

According to PayScale.com, the 2011 salary of employees with an MBA degree can range from $78,407 to $137,971 in New York (payscale.com/research/US/Degree=Master_of_Business_Administration_(MBA)/Salary), so it's not surprising to see why so many students want to pursue an MBA. But to say that a fat paycheck is the only motivation for earning an MBA would be unfair to the students who pursue it, and an unwarranted attack on the spirit of the program itself. There is a certain prestige associated with having an MBA on your resume. It reveals a person who has mastered not just the theoretical concepts of business, but is also a perfect combination of interpersonal skills, leadership qualities, strategic thinking ability, and an analytical bent of mind.

Is an MBA for Everyone?

There was a time when a master of business administration degree was the exclusive reserve of the crème-de-la-crème of the academic and corporate world. That was when only a few, top-tier universities offered this program and all of them had stringent entry requirements, not to mention exorbitant tuitions and fees.

The status quo has changed since then, especially since the introduction of online MBA programs. Now an MBA is not just the right of a select few, but an option open to many who have the willingness and intelligence to see it through.

But does that mean it's for everyone? Absolutely not. Whether you pursue a traditional MBA or an online program, you have to be dead sure of your own abilities, your suitability for rigorous academic discipline, and your genuine interest in expanding your skillset. All an online MBA offers is an opportunity for people whose schedules mean they cannot earn their degree in the traditional way. Remember that an MBA never guarantees miraculous corporate success and salaries.

Online vs. Traditional

The obvious question is which of the two is the better, more legit option—an online MBA or a traditional program? Unfortunately, there's no simple "tick the correct one" answer to this question. Both online and traditional MBA programs have their advantages and pitfalls. The job of picking one that's the best fit for you is, well, yours and yours alone.

So what are some of the things going in favor of an online MBA versus a traditional MBA? Here's the lowdown.

The biggest advantage of earning an MBA sitting in a classroom is that no one is going to question its credibility—there is still some stigma attached to online MBA programs. But things are changing, and employers are opening their minds and businesses to candidates who earn their MBAs the non-traditional way. If your degree is from an accredited institution, it is likely that it will be treated as legitimate and get the respect it deserves.

Another thing that the traditional MBA has going for it is the level of student-teacher and student-student interaction it facilitates. An online MBA, on the other hand, makes people independent learners by forcing them to do a lot of self-study.

As far as difficulty level and sophistication of coursework are concerned, there is not much difference between the two. Both styles of program generally follow the same rigorous curriculum and have the same level of complexity.

One feature that puts an online MBA ahead of a classroom-based program, however, is the flexibility it can offer. Managing a full-time job with a traditional MBA may not be possible unless you have the option of taking evening/night or weekend classes. Even this can wreak havoc on your personal life, if you have any left after attending classes several days a week. Most people find it easier to fit the flexibility of online classes into their schedule without drastically changing their lifestyle.

Which One is Right for You?

Online or traditional—what's your call? Do you want to take the road less traveled or do you prefer sticking to a familiar path? The choice is yours, and the primary thing you should keep in mind is that they're both means to the same end.