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Paying for Your MBA Degree

Even MBA students need to discover the best financing options for their graduate studies. While an MBA may be one of the better financial decisions for post-college studies, schools must still be paid prior to admitting students for classes. If you’re looking for info on private lenders, federal aid, scholarships, and more this is the place to be. And, no matter how you fund your MBA studies, it's all but assured that you will graduate with a degree that will serve you well into the future.

How Much Does an MBA Usually Cost?

An MBA is not a cheap degree. Though each school has its own pricing structure, you can expect to pay around $40,000 per year, on average. And that’s the cost before various fees, books, possible travel expense, and your living costs. Those added dollars could add up to $30,000 to your MBA total. If you are a student in a city like New York or San Francisco, with a higher cost of living, your costs could be an additional $40,000 per year. Thus, a two-year program in an expensive urban center might set you back upwards of $160,000 for the two years. Naturally, there are online options and programs in more affordable areas to consider.

Keep in mind that cost should not be your primary concern when choosing an MBA program. Try to focus on attending the best, most well-respected program you possibly can. For instance, a Harvard MBA will surely set you back a lot more than a state school, but the rewards can more than offset the initial cost.

Get Specific

Though it's easy to estimate costs for a general MBA, things get trickier when you are seeking a specific concentration. These can involve added costs, may require that you take more prerequisite courses, or may involve travel expenses. For instance, if you decide to work towards an MBA that focuses on engineering or information technology, the program may need coursework that your undergraduate program didn't cover. Other programs in supply chain management or international business may feature terms abroad that will necessitate that you be a full-time student and that you cover rent for that period of time. However, some abroad programs are in conjunction with other universities that may offer student housing for an affordable rate, it just depends on what degree you’re trying to earn and what’s available.

Further, some programs offer concentrations that extend past the 2-year core MBA coursework. These are sure to be more comprehensive, but the added concentration will also add to your expenditures. However, the concentration will be worthwhile when it results in your dream job.

These tuition and other school expenses can all be accounted prior to enrollment, which will help you make your best decision. As for living expenses, those might be more variable, but you should be able to arrive at a reasonable estimated cost and structure a budget accordingly.

How Will You Pay For it?

Savings

It might be a good idea to try to fund your degree with cash as much as possible. Savings are a great way to pay for your MBA without accruing interest on top of the principal cost. Student loan interest can easily increase the cost of your degree. Since graduate school is all but inevitable for most professionals, you should start saving for graduate school as soon as possible.

One way to start saving is to purchase a house that can accrue equity while you work on your first job. You might even team up with other new graduates and pool your resources to purchase the best investment property possible. When you split the mortgage, you can save money on top of your equity. You and your team may not even need to sell in order to fund graduate school. The house can be then rented and used as an asset for future purchases.

Another way to save extra money is to pick up side gigs to help supplement your income. There are a number of opportunities that allow you to work at your convenience. With a ride-share gig, for instance, you can work on the days that suit you best. That supplemental income can help you meet or exceed your savings goals and attain the coveted MBA all the sooner.

Retirement Savings

One option for funding your MBA is to use a traditional IRA or a Roth IRA as a savings vehicle. The Roth IRA has restrictions, however, in that you can only withdraw a certain percentage for education without penalty. A traditional IRA, on the other hand, can be used in part or in whole to fund educational expenses. The primary caveat is that you, or the student in question, must be enrolled more than half-time in an institution accepted by the Department of Education.

Parents or grandparents can use their retirement plans to help with education, as well as spouses. Thus, if you are married, you could help your spouse with educational expenses, including books, from your IRA. Since their earnings are sure to rise after graduation, this sort of investment may pay off many times over.

However, prior to using your IRA to fund education, you should discuss this option with your financial advisor. IRS rules are always subject to change and you want to conduct your business under the current rules.

Fellowships, Research Assistant Positions, Grants, and Scholarships

One of the best ways to fund your MBA is to win a fellowship, grant, or a scholarship. You don't have to repay these funds, and some include interesting work opportunities in top firms. For instance, Goldman Sachs offers a fellowship that includes a summer associateship. You'll be paid for your associateship and you might even land a full-time job as a result. Goldman pays its fellows an additional $40,000 when they sign on for full-time work, plus you may also receive a signing bonus.

Other investment banks offer fellowships as well, and many are targeted at minority communities, including LGBTQ and various ethnic groups. There are also fellowships available for specific programs both home and abroad. Many of these fellowships are worth $10,000 and up, which can be fantastic news for any MBA student.

Some programs also offer research assistantships. These can be a fantastic opportunity to receive a stipend and gain valuable experience. Further, when you work through your MBA as a research assistant, your resume will gain a new level of prestige. These positions may be especially valuable if you intend to pursue academia at some point after graduation.

State Aid

Many states offer financial aid to MBA students. These scholarships and grants are often awarded to minority or underprivileged students, who tend to be underrepresented in MBA classrooms. There are also MBA scholarships that states designate specifically for female MBA candidates. Some states, and individual programs, offer scholarships for special concentrations.

For instance, you might find a scholarship that supports your focus on entrepreneurship or technology. Some states might also encourage students to focus on sustainability or international business. The options can be limitless but you should check with your program's financial aid office to discover what your state has to offer.

Employer Aid

While most graduate students must find ways to finance their education apart from their employers, the MBA is in its own class. Employers know that fostering MBAs among its ranks will benefit everyone. Clients are impressed and are more likely to trust a firm with a full roster of MBAs and the added expertise will benefit everyone. Thus, if you find a program that will directly benefit your current job or duties, your employer might be willing to provide tuition assistance. You may have to provide some evidence that the program's goals align with your specific business functions, on top of meeting other criteria, such as promising to stay with the company for a set period of time after you earn the degree.

Most employers agree to repay tuition costs provided that the student meets certain standards. Most often you must maintain a minimum GPA, such as a 3.0. Tuition reimbursement programs also may be structured or available only to those in certain MBA programs. One chief criterion for the program you choose is accreditation.

Programs that have a national accreditation, such as AACSB or ACBSP are more likely to receive employer funds. Though a regional accreditation might be accepted by your employer, those two accrediting agencies are among the best you can ask for in an MBA. There may even be employers who offer a tiered program that will reimburse a certain percentage for regional programs but more for an AACSB program.

Federal Financial Aid

Federal financial aid is, of course, available to MBA students. You’ll need to fill out a FAFSA form, which may be familiar from your undergraduate days, and you must also maintain a minimum number of credit hours, but the funds are available. These loans will begin accruing interest shortly after graduation, however, so make sure that you have a repayment plan in mind before you take out the loans.

Some loans allow you to start making payments while you're still in school. This may be helpful if you are still employed or are working with your employer's tuition reimbursement program. Thus, you can possibly dramatically cut your long-term debt obligations before you receive a cap and gown.

Federal Direct Loans : There are four separate types of Federal Direct Loan. All of these loans are available for Public Service Loan Forgiveness (PSLF) and have flexible repayment plans.

Direct Graduate PLUS Loans : This loan type will cover the full cost of your education. These loans are fixed-interest loans and do have an origination fee.

Federal Perkins Loans : This Federal loan is based on financial need and are available to students at any level or type of institution. The loan amount is determined by your school's financial aid department, if they participate in the program. Not all MBA programs support the Perkins loan program.

Personal Business School Student Loans

MBA students can also take out personal loans to help with business school. Federal Aid can only go so far, after all, and students often need help with books, living expenses, and travel, not to mention tuition. Federal loans will not cover the extra costs of school like travel and off-campus room and board. Most personal loans originate through private lenders, such as Sallie Mae, and will accrue interest on a variable or fixed-rate basis, depending on your loan terms. Keep in mind that you should always exhaust federal loan options prior to resorting to private lenders.

These private lenders do offer flexible lending programs, but they often have more stringent repayment plans and possibly higher interest rates, too. However, your situation may be best suited to these lenders, especially if your federal options have already been tapped.

While most will seek out Sallie Mae for their personal student loan, there are many other lenders who provide loans to students. For instance, College Ave is a lender that offers a full suite of student loan options, including those for MBA students.

As with federal loans, many private, personal loans can often be structured in such a way that you don't need to start making payments until after graduation. Other private, personal loans may begin accruing interest and require payments more immediately. There are many online tools to help you discover the best loan type for your education, but you can always consult with a financial advisor to discover the best financing option.

Veteran Benefits

Veterans who seek to advance their education after they've served are eligible for the GI Bill. This program has been intact since World War II and serves to support veterans as they transition back to civilian life. There are many permutations of the GI bill and some will ask that you make decisions early in your military career that will result in certain benefits packages upon retirement. Furthermore, there are packages that cover either active-duty soldiers or reservists.

Not only are veteran soldiers covered by the GI Bill, but their families are also acknowledged by the GI Bills benefit package. That is, soldiers' families can also receive educational benefits. Both spouse and dependents of active duty soldiers may attend college or graduate school with help of the GI Bill. Keep in mind that these benefits have limits. However, if students plan carefully, the GI Bill can go a long way indeed.

Paying for Your MBA Degree is republished from online mba review.org

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What is a Dual MBA Degree? A Pros and Cons Guide

Graduate school is increasingly vital for success in today's marketplace. Bachelor's degrees are becoming so prevalent as to diminish their value to employers. While you can still forge a brilliant career with an undergraduate degree, you will likely need a master's degree if you wish to attain a seat in management or the corporate suites.

An MBA seems to be the degree of choice, especially for mid- to late-career professionals. However, even that is losing some of its power in the job market. Thus, academia is responding with a raft of dual degree programs that allow you to emerge with two master's degrees in virtually the same time it takes to complete one. You can show not only expertise in your chosen field, but bolster that with the business knowledge you need to thrive.

What Is a Dual MBA Degree?

Dual MBA degree programs are designed to allow you to graduate with two master's degrees in approximately the same time frame it usually takes to complete one, while still maintaining the same standards and curriculum as standalone graduate degrees.

Programs are popping up all over that offer students this option in an all-in-one package. That is, students are admitted to a single dual-degree program that meets all their academic needs. Traditionally, students would have to first complete an MBA and then go through a new application process prior to working on their second degree. This old method took much more time than the new, streamlined approach.

A dual MBA degree is a creative approach for students who know exactly the sort of career they wish to pursue. Frequently these degrees involve a lot of work and few, if any, terms off. Nevertheless, with a strong work ethic and a firm idea of one's goals, a dual MBA program is a fantastic way to launch a brilliant career.

Pros and Cons of a Dual MBA Degree Program

Pros

Some people call dual-degree holders a double threat. That's because they have mastered two professional fields and can thus perform multiple tasks and offer twice the skillset as a single-degree holder. With a dual MBA, you will have twice the number of professional opportunities available upon graduation. However, most enter a dual-degree program with the intention of making one field their primary and then using their other degree to inform their career. Thus, you might make business your focus, but then rely on your law degree to inform your investment banking activities. A full knowledge of corporate law will make you an expert deal-maker that any Mergers and Acquisitions team would love to have aboard.

An added benefit to a dual-degree program is the fact that you will vastly increase your network. For instance, most MBA holders form collegial bonds that help bolster their professional careers for years. In fact, a large reason people pursue an MBA is for the contacts and networking opportunities. Now, imagine if you had the opportunity to meet approximately the same number of people in your other favorite field? Not only would you emerge a double threat, but you'll have twice the professional network behind you.

Cons

A dual MBA program is not without its downsides. The chief problem is the sheer volume of work. An MBA is difficult enough, now imagine adding a law degree on top of that. Now, you'll have to complete both in the time it takes other students to complete just one. If you have a family, they are sure to miss you during your long hours in the library, and it will be impossible to hold a job during your time in school.

You will also have to shoulder the full brunt of the tuition expenses. Few employers will be willing to pitch in tuition reimbursement if you can't work for, say, five years. Employers might also look askance at your choice of a dual-degree program.

That is, employers might see a dual-degree as an indication that you are hedging your bets and might be looking to quit and pursue another field at any moment. You might find this attitude particularly common in jobs where your second degree is less useful, which leads to another difficulty. Not every job will necessitate a second degree. If you have a JD/MBA, not every position in business will need your legal expertise. Thus, that aspect of your training won't be useful, which may be frustrating for you. You also might not make as much money as you'd like, weakening the ROI on your dual degree.

What Dual Degree Programs are Available?

There are many degrees that are now paired with the lauded MBA. These options are thrilling for students who know they will need expertise in two fields if they are to achieve the successes they desire.

Ultimately, if you are planning a long career in nearly any field, an MBA will be helpful. After you have mastered your field and are looking to move into a managerial position, the administrative and leadership aspects of the MBA will be highly desired. Under a traditional model, you could choose a master's degree in your field and then later return for an MBA. On the other hand, some pursue an MBA that is paired with a concentration that suits their industry or profession. The dual MBA approach ensures that you have the skills to run an organization plus the expertise required in your industry.

JD/MBA

A Juris Doctor (JD) degree is a typical degree for attorneys. When combined with an MBA, students will have a head full of both law and business administration. This is a potent combination that can lead to extremely successful careers.

You might choose to become an investment banker who is able to work on high-level corporate transactions that involve deep knowledge of the applicable law. On the other hand, you could choose to be a Bar-certified attorney who specializes in corporate law. Either way you are sure to work on the same deals, just on different parts depending on your chosen focus area. This is a popular dual degree choice for aspiring mergers and acquisitions professionals. It's also popular for those who wish to work on public offering deals that involve government oversight and which demand lots of legal work. You'll need to focus your MBA degree on finance, but your hard work will be richly rewarded.

MD/MBA

It may seem incongruous at first, but there are top programs that offer a Medical Doctor (MD) degree in conjunction with an MBA. That is because there are many students who aspire to go beyond clinical work and into the business realm. Further, there may be aspiring business leaders that wish to excel in the healthcare industry.

The MBA portion of your education will enable you to effectively manage a private medical practice, but it just as easily could launch you into the upper reaches of hospital administration. You might also have a fantastic idea for a new medical technology or procedure that needs keen business acumen to ensure that its market debut is a stellar success for patients and investors alike.

In fact, you can opt to not practice medicine at all. Rather, you can leverage your medical knowledge to lend credibility and authority to a career as a healthcare management consultant. Other options include a career in health and public policy, where your deep medical knowledge can inform your administrative duties.

MPP/MBA

Market forces often inform public policy, and the reverse can also be true. A Master of Public Policy (MPP) is thus a perfect match for an MBA. The end goal of this dual degree is often for the student to attain a leadership position in government, an NGO, or a consultancy.

To complete this degree, you'll study all the courses pertinent to public policy. For instance, you'll study statistical analysis, data science, microeconomics, political science, and policy analysis. You'll also be steeped in MBA coursework, including topics such as organizational leadership, supply chain, strategic management, financial accounting, corporate responsibility, and business ethics, among others.

If you choose to take each degree separately, you'd spend at least four years in school. However, dual degree programs are geared towards a three-year timetable, yet demand that you take the same number of courses. To help you navigate the intense academic calendar, you'll have advisers for each part of your degree that will guide you towards the best courses for your career path.

MSN/MBA

Just as there are MD/MBA programs, so there programs that pair an MBA with a Master of Science in Nursing (MSN). This degree is a fantastic opportunity for a practicing nurse to accelerate their career into administration or some sort of entrepreneurship. There are many opportunities for MSN/MBA degree holders.

In fact, this degree can help you insert your overall philosophy of nursing into the administration arena. That is, your administrative decisions can be tempered by a deep sense of caring for patients and their well-being. Further, since nurses are at the front lines of healthcare, they often are the first ones to register inefficiencies and other organizational problems. With your MSN/MBA dual degree, you can conjoin best business practices, leadership, and your nurse's intuitions to help heal sick healthcare systems. Thus, you can ensure better outcomes for nurses, doctors, and patients alike. Along the way, your employers will applaud your leadership.

MSN/MBA programs can be focused to cater to your specific area of interest. You might choose to concentrate on issues related to information technology, management, health policy, or population management. If you choose to focus on IT, for instance, you might discover better ways to manage patient records so as to avoid harmful drug interactions.

Other Dual Degrees

Master of Healthcare Administration (MHA) / MBA

Master of Human Resources and Industrial Relations (HRIR) / MBA

Applied Economics (MS-APEC) / MBA

Master of Science in Business Analytics (MSBA) / MBA

Doctor of Pharmacy (PharmD) / MBA

MS in Engineering / MBA

Doctor of Medicine in Dentistry / MBA

MS Life Sciences / MBA

Master of Theological Studies (MTS) / MBA

What is a Dual MBA Degree? A Pros and Cons Guide See more on: @onlinemba

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How to Get the Most Out of the Online Experience

You may have been contemplating heading back to school for a while now but could never figure out the logistics. You might have a job and personal responsibilities that keep you busy already, so how are you ever fit in going to classes and doing homework? Not to mention, the closest school that has the MBA program you’re looking for is 30 minutes away. It just doesn’t seem possible.

But then you read about this school that is offering an online MBA program. You never have to set foot on campus, and classes can be taken from the comfort of your own home. Then you discover that other schools also offer similar programs. Suddenly you’ve gone from zero options to many. So, how do you choose the right program, and what’s the deal with online learning anyway?

Keep an Eye Out for Quality

Once you’ve decided that online education is the best path for you, finding the right school is the next step. You need to consider many things, such as programs, tuition costs, and the required time commitment, but one of, if not the most, important things you must consider is accreditation. In case you aren’t familiar with the concept, accreditation means that a school is recognized as a legitimate institution of higher learning. This is important because taking classes or getting a degree from an unaccredited school basically renders those classes and degrees useless, since employers want to hire people from schools that have proven they know what they’re doing. Also, if you need to apply for financial aid or student loans, the US Department of Education only grants financial aid and loans to students attending accredited schools.

But not all accreditation is equal. The two main types of accreditation are national and regional. If at all possible, look into schools with regional accreditation over those with national. It might seem like national would be more prestigious than regional, but it’s the other way around.

There are seven regional accreditation boards for four-year colleges and universities:

Accrediting Commission for Community and Junior Colleges (ACCJC)

Western Association of Schools and Colleges

Higher Learning Commission (HLC)

Middle States Commission on Higher Education (MSCHE)

New England Commission of Higher Education (NECHE)

Northwest Commission on Colleges and Universities (NWCCU)

Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)

WASC Senior College and University Commission (WSCUC)

Terminology

The online education world has not only heralded in a new way of learning, but new terminology has been created to explain it all. We have provided brief explanations into some of the more common terms you’ll encounter as you learn more about online learning and programs.

Asynchronous

The use of message boards, email, and the web for classroom education. Learning can occur both online and offline and allows students to learn at their own pace.

Synchronous

Online studies can occur through chat or live video streams of lectures. Students have instant access to their instructor and fellow students, which leads to a collaborative, fast-paced learning environment.

Blended/Hybrid Learning

Blended learning is the incorporation of technology into the learning environment, which can occur both online and offline. Hybrid learning is using the tools from all learning styles to create the best learning environment for students. The main difference is that blended learning combines online and offline learning, while hybrid chooses the best option based on the specific situation.

Course Management System

This is the suite of tools used by schools to manage and implement their online education programs. The tools typically include a website, message board, chat feature, and an electronic blackboard for posting assignments and student grades.

Discussion Boards/Forums

Discussion boards and forums are used to conduct online classes and convey information to students. Students also use boards and forums to communicate with each other, whether just to chat or to organize the next group project.

Virtual Library

Most online schools have virtual libraries. This is a database of books, magazines, and websites that can be used for papers and other school assignments. Many of the listings in a virtual library are peer-reviewed, which makes them ideal for use in papers that require strong references. Virtual libraries also offer books from all over the world.

MOOCs – Massive Open Online Courses

These are online courses that allow for unlimited participation. Schools such as Harvard and MIT, as well as corporations such as Microsoft offer courses for students who want to learn a new skill or hone skills they already have.

Expectations

As your contemplating going back to school, there are a few things you should expect and a few things you probably think are true which aren’t.

Don’t Expect Online Courses to be Significantly Easier Than Campus Courses

People tend to think that an online class is a piece of cake. However, the opposite is often the case. First of all, you don’t meet with an instructor in a face-to-face setting, so you have to have the self-discipline to be successful. Second, online courses often cram a semester’s length class into six weeks, which can be a demanding course load.

Know What’s Expected BEFORE You Start Your Online Degree

Online courses often condense a semester’s class into six to eight weeks, and that makes for a fast-paced course. When you have to keep up this pace for 18 to 24 months, you’ll want to find out how many papers, exams, and discussion questions you’ll need to complete the program successfully.

Decide If it’s Really for You

Online courses aren’t for everyone. Some people thrive in a more traditional setting but find online courses isolating. They can also be more demanding than traditional classes and require more self-discipline.

Know if You Can Meet the System/Browser/Software/Internet Access Requirements

Most schools will walk you through the system requirement steps to make sure your computer is capable of running the programs and loading the websites required to take courses with them. The system requirements are also often listed on the school’s website in their FAQs.

Ask the School About Internship Possibilities (If this is pertinent for you)

If an internship is a requirement for your program of study, ask if the school sets up the internships or if you are responsible for finding your own. If you have to set up your own, ask the school if they have contact information for companies that are known for utilizing interns.

Ask About IT Support for the Online Platform

It’s a good idea to find out who you can turn to if you have problems with the online platform. It’s best to find ut before you have any issues

Time-Management

When you’re going to school, working, and taking care of a family, time management isn’t a suggestion; it’s a requirement. Here are some suggestions about how to better manage your time.

Make a Learning/Study Plan

Before you start your first class, take a look at your requirements, and make a learning and study plan. You’ll want to set aside at least an hour a day for discussion questions, reading the material, preparing for exams, and writing papers. By creating a plan, you’ll know you’ve set aside enough time to take care of your schoolwork amidst your other responsibilities.

Plan for Child/Eldercare

Even if you’re taking classes online, you’ll still need uninterrupted quiet time to complete your assignment. One way to make this happen is to arrange for childcare or eldercare if you have kids or are taking care of elderly family members.

Create a Routine and Stay Organized

Online courses required a lot of self-discipline, and one way to stay on track is to create a routine and stick with it. The steady routine will also help keep you organized. If you always work on discussion questions at your desk at 6:30 Wednesday evening using the study materials in your blue binder, when Wednesday rolls around, you can grab your binder and get to work.

Work Ahead/Pace Yourself

Where online courses are concerned, it’s better to work ahead where possible. Falling behind in an online course can be a disaster. At the very least you should pace yourself, so you’re keeping pace with the course, but if you can get a little ahead in certain areas, that’s not a bad idea.

Self-Test

Quiz yourself on the material to make sure you understand it. If you aren’t doing well on the quizzes, you can ask your instructor for extra clarification.

Do Your Most Difficult Work First

If you have discussion questions to answer, three chapters to read, and a paper to complete, choose the most difficult work and knock it out first. Which one is more difficult is entirely up to you.

Make the Most of Your Downtime

When you have some downtime, enjoy it. Don’t fill it with other things, just enjoy the moments when you don’t have anything to do. Catch up on sleep. Read a book. Hang out with the kids. Grab a beer with friends. Do something you enjoy and recharge while you have the chance.

Location, Location, Location

This isn’t just true about real estate. Finding a good place to study and get work done can really help keep you motivated.

Find A Place Without Distractions

When it’s time to buckle down and write that paper or study for the exam, you’ll need to find a place where you can work distraction-free. This could be a local coffee shop or library, or it could be your kitchen table at 3 am.

Gather All Your Resources

When you’re ready to start working on assignments, you don’t want to have to get up every few minutes to find materials you need to work. Gather all your materials together before you start working, so everything you need is within arm’s reach instead of on the other side of the house.

Work When/Where You’re at Your Best

If you do your best work in the early mornings, then get up early and get your classwork done before the family wakes up. On the other hand, if you thrive between the hours of midnight and 3 am, then arrange for the family to be settled in so you can be your best night owl self. Even if you only have a few precious hours between when you get home from work and the kids come home from school, if those are your golden hours, take advantage of them.

Turn Off Phones or Devices While in Your Study Space

You’ll want to create a study space that is as free from distractions as possible. If you need to keep your cell phone on for emergencies, put the ringer on vibrate. Other distractions such as television should also be muted or turned off. If you must have some sort of background noise, instrumental music from a streaming service is a good option.

Take Your Schoolwork Everywhere

One of the perks of taking online classes is that you can study anywhere. Your courses literally go with you wherever you go because you can access them from a laptop, tablet, or other mobile devices. So, while you’re sitting at dance class, you can answer discussion questions, do research for a paper, or ask your instructor questions.

Seek Support

Although attaining your goals is possible without help, it’s easier when you’ve got other people in your corner.

From Your Employer

Asking for support from your employer might seem like a daunting task, but in many ways, they’ll also benefit from your success. If you need to scale back your work hours so you can complete a course, explain that it’s a temporary request so you can be a better-educated employee. Some employers even offer tuition reimbursement, so that’s another inquiry you might want to make.

Make the Most of Academic/Student Resources

Most online schools offer resources for their students such as access to tutors, study labs, and health and wellness programs. If you need extra help academically or otherwise, tap into these resources.

Make Connections - Communicate with Faculty and Other Students

All students and faculty have email addresses, and many schools offer instant messaging between students and instructors. Taking classes online can feel like a solitary endeavor, but in reality, a classmate is only an email or instant message away. Make sure you exchange this information with your classmates and reach out when you need to. And if someone reaches out to you, help them out.

From Your Family (Spouse, Children, Friends, etc.)

Having the support of your family and friends can be the difference between success and failure. It’s not necessary to have that support, but it definitely makes things easier. It’s much easier to get assignments done if your spouse is willing to cook a couple of nights a week or keep the kids at bay for a few hours. If your kids are old enough to understand, they may even be willing to help out for the time necessary for you to finish a class.

Participate as Much as You Can

When it comes to online classes, you’ll get out what you put in. Participating in class discussions not only helps you learn, but it also helps you get to know your classmates better while they get to know you. Some weeks you might participate more or less than others but try to spend as much time chiming in with responses as you possibly can. It will help you be a presence in the class, learn more in the process, and eventually get a better grade.

Self-Care

The chance for burnout is real. Here are some things to consider that will help you keep yourself in a good place and on track.

Know Your Motivation and Keep it in Mind

Why did you decide to return to school? Are you starting a new career or honing skills you already have? Are you going for your MBA so you can move into management? Remember why you started the journey so that on days when the road is tough, you’ll remember why you’re on it and it will keep you pushing forward.

Take Breaks (If you burn out that could be it for your school year)

Most online programs allow you to take breaks between quarters. The number you are allowed depends on the school and the program, so check with your advisor for your options. If you start to feel like it’s all too much, taking a couple of weeks to step back and recharge won’t hurt.

Don’t Overcommit in Your Personal Life

Although you might be tempted to coach the little league team, run for PTA president, or be the troop’s cookie mom, these might be activities that you’ll have to put on hold while you're in school. Taking on additional time-consuming activities while taking care of your normal responsibilities and going to school can quickly lead to burnout. Unless it’s an activity you thoroughly enjoy, you’ll want to keep the personal commitments to a minimum.

Stay Positive

Keeping a positive attitude is a must. There will be times when juggling everything is going to be hard, and you won’t want to do it. When your friends are going on vacation or enjoying some down time, FOMO might kick in. When this happens, remember why you’re in school in the first place, and think back on what you’ve already accomplished. This is often motivation enough for you to keep moving forward toward your goals.

Reward Yourself

When you achieve something, reward yourself. If a class is giving you problems, make a deal with yourself that you’ll go on a shopping trip or go someplace fun. If you get a good grade on an exam, take the family out to dinner to celebrate. If you earn a reward, then collect the reward. You deserve it.

One last thing.

If you’re nervous that a full-time class schedule might be too much for you to handle, look into starting out as a part-time student. This way, you can ease your way into the online class world and up the number of credit hours you take a bit at a time.

How to Get the Most Out of the Online Experience See more on: onlinembareview.org/

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Some Misconceptions About the MBA Degree

Of all graduate degrees offered by institutions of higher learning, the MBA is probably the most popular. An examination of some of the questions about the MBA degree on the popular site Yahoo Answers (answers.yahoo.com) reveals that there are many misconceptions about the degree. Here are some of the most common ones.

Myth: One must have an undergraduate degree in business to enroll in an MBA program. Fact: The MBA degree was originally developed in response to needs created when engineers and scientists were promoted into management positions and found that being skilled in one field or background does not make one skilled in management. Universities responded by creating the MBA degree. Although about 40 percent of MBA students have undergraduate business degrees, the preference is for other undergraduate fields because good managers need a broad background beyond just business education. Majors in mathematics, engineering, and the sciences are best but all other majors are acceptable. I have taught MBA students with backgrounds in history, music, languages, medicine, law, dentistry, psychology, and many others.

Myth: MBA programs only accept students with considerable work experience. Myth: It is best to get the MBA degree immediately after the undergraduate degree. Fact: MBA programs prefer students with 2-4 years work experience after the first degree. Although most programs boast that they require students with work experience, many accept students right out of college if they have good grades and a high GMAT score. Some MBA programs are designed specifically for new college graduates without work experience. But in those programs you don't get the benefit of learning from other students who have work experience. A lot of valuable learning takes place through class interaction. Also when you graduate, your job offers will be about the same as a business undergraduate gets because you have no work experience, and you've been two years out of your undergraduate field so it's hard to get work in that area.

Myth: The MBA degree is available in a variety of academic fields. Fact: It is common to see questions such as "Which schools offer the MBA in pharmacy?" or "I want to get an MBA in aviation management." or an MBA in finance, marketing, accounting, or human resource management. There is no such degree. Universities don't grant MBA in information systems, or MBA in finance. They grant the degree Master in Business Administration, or they offer the MS in finance, MS in marketing, etc. The MBA is a general degree preparing students for management positions in any level of a business, up to CEO. MBA students study accounting, finance, marketing, management, statistics, economics, strategy, policy, and other courses. Many MBA programs offer concentrations in these and many other fields, but that amounts to only 2-3 courses in your chosen field in the second year of study. Many students avoid a concentration and take a variety of elective subjects to gain a broader background. You don't become a specialist in a field with 2-3 courses. It generally takes a year of concentrated study which is attained with the degree Master of Science in finance, pharmacy, mechanical engineering, or other specialization.

Myth: The MBA degree is worth the cost and effort only if it is earned from a top-tier school. Fact: The top-tier MBA programs receive many more applicants than they can admit, and may reject 90 percent or more of highly qualified applicants. It is true that graduates from the top-tier schools get the highest salary offers upon graduations. But many other very good MBA programs provide a valuable degree with great financial benefits. The average salaries in some of the most lucrative undergraduate fields (business, accounting, paralegal, and nursing) range from about $41,000 to about $53,000. On the other hand, MBA graduates in 2010 earned a median salary of about $79,000 not including a $13,000 median sign-up bonus. Moreover, career advancement with an MBA degree tends to be much faster than with only a bachelors degree.

Prospective MBA students searching for MBA programs to which they can apply should consult the Official MBA Guide before deciding on a program. With more than 2,000 MBA programs listed worldwide, the Official MBA Guide is the most comprehensive data base of program information. It is a free public service and features a search engine that enables candidates to specify their preferences and criteria to obtain a ranked list of MBA programs that satisfy their needs.

Source: Some Misconceptions About the MBA Degree

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