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Can an online Corporate MBA be more affordable?

The affordable options for Corporate MBA programs online

Simply by deciding to enroll in an online Corporate Master of Business Administration (CMBA) program, you could significantly lower your costs. When comparing an online program with a program at a brick-and-mortar institution, the relative affordability of an online CMBA is clearly apparent. First of all, you remove the cost of relocation that an in-person program would require if you do not live nearby. Even if a reputable CMBA program is located in your area, consider the cost of gas or public transportation, as well as the valuable time spent in traffic instead of at work, and you'll quickly notice the savings – both in money and hassle – of an online degree. In addition, online degree programs typically have significantly lower overhead costs than those pursued traditionally. As a result, many online programs can deliver the same level of quality in their course content at a fraction of the on-campus MBA tuition.

CMBA cost-saving options

If the online CMBA program you are considering still seems too costly, you can take several measures to further rein in your expenses. Your first consideration should be whether you've really picked the program that delivers the most value for its cost. Most hiring experts agree that the highest return on your MBA investment comes from just a few top-tier business schools. These institutions deliver exceptional value to graduates simply because of their name recognition. However, besides those few highly selective institutions, many other programs are of considerable value in your future employers' eyes.

Funding your CMBA tuition

Once you've identified the school you want to attend for your online Corporate MBA education, think creatively about how you can close the gap between what you can spend and the actual tuition cost. If you're currently employed, it's possible that your employer might partially or even fully reimburse your tuition. Putting junior management through continuing education is a standard practice at many well-established companies, as it can instill company allegiance while grooming younger individuals for greater responsibilities in the future. Also, most accredited online CMBA programs are eligible for federal financial aid. You can also research scholarships from the university itself as well as independent scholarship programs that focus on corporate education and achievement. For many students, the advantages of an online CMBA over an on-campus program are very clear. Not least among the perks is the lower tuition usually associated with an online CMBA program. Nonetheless, any serious program will still require a significant investment of time and money. If you can minimize your outlay at the beginning and choose a program that's well-suited to your long-term goals, the investment should more than pay off in your future.


Sources:

US News & World Report, "How to Choose among Accelerated, Executive, and Online M.B.A.s"

The Telegraph, "Online MBA courses ‘no longer second-rate' "


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