Why Get an MBA Online? Here's How I Decided... | My Online MBA Experience [ PART #1 ]

Richard Walls - Career Dev & Finance
11 Jul 202012:52
EducationalLearning
32 Likes 10 Comments

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
00:00
🎓 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.

05:00
🚀 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.

10:01
📚 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
MBA stands for Master of Business Administration, which is a postgraduate degree focused on business and management. In the video, the speaker is considering an MBA to enhance their professional skills and knowledge, and they ultimately choose an online MBA program due to its flexibility and affordability compared to traditional, full-time programs.
💡Online MBA
An online MBA is a flexible and typically more accessible version of the traditional MBA program, allowing students to complete their degree requirements through digital platforms rather than in-person classes. The speaker in the video chose an online MBA because it fit their professional and personal commitments, and it was significantly more cost-effective.
💡University of Illinois at Urbana-Champaign
The University of Illinois at Urbana-Champaign is a public research university known for its strong academic programs. In the context of the video, the speaker chose their iMBA program because of its reputation, affordability, and the flexibility it offered for working professionals.
💡Professional Development
Professional development refers to the process of acquiring new skills, knowledge, and experiences that contribute to a person's capability in their job. In the video, the speaker is interested in an MBA as a means of professional development to enhance their career prospects and remain competitive in the job market.
💡Return on Investment (ROI)
Return on Investment (ROI) is a financial metric used to assess the probability of gaining a return from an investment. In the context of the video, the speaker evaluates the cost of different MBA programs against the potential salary increase to determine if the investment in an MBA would be financially justified.
💡Salary Expectations
Salary expectations refer to the anticipated income one hopes to earn after completing a particular educational program or achieving a certain professional milestone. In the video, the speaker discusses the average salaries for MBA graduates and how these figures influenced their decision-making process regarding the pursuit of an MBA.
💡Tuition Reimbursement
Tuition reimbursement is a benefit provided by some employers where they pay for or reimburse the cost of education-related expenses for their employees. In the video, the speaker's employer offers tuition reimbursement, which made the cost of the MBA program almost negligible for them, significantly influencing their decision to pursue the degree.
💡Coursera
Coursera is an online learning platform that offers courses from various universities and institutions. In the video, the speaker discovered the iMBA program through Coursera, which partnered with the University of Illinois at Urbana-Champaign to deliver the online MBA content.
💡Career Advancement
Career advancement refers to the process of moving forward or up in one's professional career, often through promotions, skill development, or acquiring new qualifications. The speaker in the video considers an MBA as a means to ensure they remain competitive and potentially advance in their current career path.
💡Flexibility
Flexibility in the context of education refers to the ability to accommodate one's learning around other commitments, such as work or personal responsibilities. The speaker values the flexibility offered by the online MBA program, as it allows them to continue working and managing their professional and personal obligations.
💡Reputation
Reputation in the context of education refers to the standing and perception of an institution or program based on its quality, achievements, and the esteem in which it is held. The speaker considered the reputation of the University of Illinois at Urbana-Champaign, which was already established, as a significant factor in their decision to pursue the online MBA program.
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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Online MBACareer DevelopmentROI AnalysisProfessional BrandingEducational InvestmentUniversity of IllinoisCoursera PartnershipFlexible LearningPersonal FinanceCareer Advancement