Why Get an MBA Online? Here's How I Decided... | My Online MBA Experience [ PART #1 ]
TLDRIn this video, the speaker shares his journey of deciding to pursue an online MBA, specifically choosing the iMBA program at the University of Illinois at Urbana-Champaign. He discusses his reasoning, including the affordability and flexibility of the program, as well as the potential benefits in terms of career advancement. The speaker also highlights the importance of considering one's current salary, expected salary post-MBA, and the cost of the program when evaluating the return on investment of an MBA education.
Takeaways
- 🎓 The speaker is sharing their experience with pursuing an online MBA in a multi-part video series.
- 🤔 The decision to pursue an MBA was influenced by the desire to enhance professional skills and remain competitive in the job market.
- 🏢 The speaker was initially deterred by the high costs and opportunity costs associated with traditional full-time MBA programs.
- 💰 The financial investment for top MBA programs was seen as not justified for the potential salary increase.
- 🏠 The speaker compared the cost of MBA programs to the median price of a home in the US, highlighting the significant financial commitment.
- 📉 The average salary expectations post-MBA were not guaranteed to offset the high tuition fees.
- 🔄 The speaker considered less prestigious MBA programs but found the salary expectations dropped even further.
- 📚 The speaker's research led to the discovery of online MBA programs offered through platforms like Coursera.
- 🌟 The iMBA program from the University of Illinois at Urbana-Champaign stood out due to its affordability and reputation.
- 💡 The iMBA program was chosen for its low cost ($22,000 for the entire program) and the employer's tuition reimbursement policy.
- 🚀 The speaker is now two years into the three-year self-paced online MBA track and shares their thought process behind the decision.
Q & A
What is the main purpose of the video series?
-The main purpose of the video series is to share the creator's experience with pursuing an online MBA, providing detailed insights to help viewers make an informed decision about whether it's the right path for them.
Why did the creator initially consider traditional full-time MBA programs?
-The creator initially considered traditional full-time MBA programs because many people he knew took this path to advance their careers, and he was curious about the potential benefits for his own professional development.
What was the primary financial concern with pursuing a traditional MBA program?
-The primary financial concern was the high cost of top MBA programs, which could reach up to $200,000, not including the opportunity cost of forgoing a salary for two years.
How did the creator assess the return on investment (ROI) for an MBA program?
-The creator assessed the ROI by comparing his current salary and projected future salary without an MBA to the average salary of MBA graduates, and then weighing that against the cost of the program.
What were the non-financial factors that influenced the creator's decision about MBA programs?
-Non-financial factors included the requirement to stop working for two years, the loss of professional work experience during that time, potential relocation, and the lack of flexibility due to increased personal obligations.
How did the creator come across the online MBA program at the University of Illinois at Urbana-Champaign?
-The creator discovered the online MBA program while using Coursera, where he saw that the platform was offering master's degrees in partnership with universities, including the iMBA program from the University of Illinois.
What was the main appeal of the iMBA program for the creator?
-The main appeal was the significantly lower cost of the program ($22,000 for the entire program) compared to other MBA programs, making it a more accessible and affordable option.
How did the creator's employer contribute to his decision to pursue the iMBA?
-The creator's employer had a tuition reimbursement policy, which covered almost the entire cost of the program, making the MBA essentially free for him.
What was the creator's primary motivation for pursuing an MBA?
-The creator's primary motivation was to further develop his skills and learn from professionals in other industries to apply to his current job, rather than changing careers or companies.
What does the creator hope to gain from having an MBA from a respected university?
-The creator hopes that having an MBA will give him an advantage or at least keep him competitive in the rapidly evolving job market, and not let the lack of an MBA hold him back in his career.
What can viewers expect from the rest of the video series?
-In the rest of the video series, the creator will delve into more details about his experience in the iMBA program, discussing different elements to provide viewers with a better understanding of what it's like.
Outlines
🎓 Why I Chose an Online MBA: Introduction to My Journey
Richard Walls introduces his multi-part video series detailing his journey through an online MBA program, focusing on his decision to pursue an MBA online, specifically choosing the iMBA program at the University of Illinois at Urbana-Champaign. He shares his background as a product manager working alongside MBA graduates, highlighting that not having an MBA had not been a barrier in his career thus far. Despite this, Richard considered further education as a means to secure his career's future. Initially deterred by the high costs and required commitment of traditional MBA programs, he sought alternatives that offered better flexibility and return on investment. This video sets the stage for viewers to learn from his experience and decision-making process.
🚀 The Decision-Making Process: Choosing an Online MBA Over Traditional Paths
In this section, Richard discusses the significant considerations that led him to prefer an online MBA over traditional, on-campus programs. He elaborates on the financial and logistical challenges associated with full-time MBA programs, including the daunting cost of up to $200,000 and the requirement to forego income and professional experience for two years. Additionally, he touches on personal obligations that make flexibility a crucial factor in his decision. Richard’s exploration of online education platforms like Coursera eventually led him to discover the iMBA program at the University of Illinois, which stood out due to its affordability and the reputable standing of the university. This realization marked a pivotal moment in his journey, shifting his perspective towards the feasibility and desirability of pursuing an online MBA.
📚 My Online MBA Experience: Learning, Growth, and Network Building
Richard reflects on his experience two years into the iMBA program, focusing on the diversity and richness of interactions with mid-career professionals from various industries. This diversity, he notes, enriches the learning experience by contributing to a collective understanding of business from multiple perspectives. He underscores the strategic importance of pursuing an MBA, not for career change but for skill development and remaining competitive in the job market. Richard's decision to apply to and eventually join the iMBA program was driven by a comprehensive evaluation of its value proposition compared to other MBA options. He closes by promising future videos that will delve deeper into specific aspects of his online MBA journey, offering viewers detailed insights into the program and its benefits.
Mindmap
Keywords
💡MBA
💡Online MBA
💡University of Illinois at Urbana-Champaign
💡Professional Development
💡Return on Investment (ROI)
💡Salary Expectations
💡Tuition Reimbursement
💡Coursera
💡Career Advancement
💡Flexibility
💡Reputation
Highlights
The speaker is sharing their personal experience with pursuing an online MBA.
This is the first video in a multi-part series about the speaker's online MBA journey.
The speaker chose the iMBA program at the University of Illinois at Urbana-Champaign.
The speaker was in a product manager role and enjoyed it, but started researching MBA programs out of curiosity.
The cost of top MBA programs in the US was around $200,000, not including the loss of salary for two years.
The average salary for top MBA programs is around $165,000, but it's not guaranteed and can vary.
The speaker was considering the return on investment (ROI) of an MBA, comparing their current salary to potential post-MBA earnings.
Lower-ranked MBA programs still offered reputable education but at a lower price.
The speaker was concerned about the two-year break from work and the loss of professional experience.
The iMBA program was discovered through Coursera, which partners with universities to offer master's degrees online.
The full iMBA program cost was $22,000, significantly lower than other MBA programs.
The University of Illinois has a strong reputation, and the iMBA program was a top 50 program.
The speaker's employer offers tuition reimbursement, making the MBA program essentially free for them.
The program attracted early to mid-career professionals from various industries, enriching class discussions.
The speaker didn't want to be held back by not having an MBA in a competitive job market.
The speaker has been accepted into the program and is about two years into a self-planned three-year track.
Future videos will delve into more details about the program and the speaker's experiences.
Transcripts
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