The global pandemic has prompted business schools across India and the world to introduce online MBA programs, even though online MBA programs have been around for several years. Many virtual learning platforms have gained popularity over the last few months with the introduction of globally accredited MBA programs. The total number of seats at IIMS is around 5000 plus compared to the number of CAT candidates reaching 1.92 lakh in 2021, which encourages students to seek alternative MBA formats. As a result, weighing the pros and cons of an online MBA and a Full-time MBA from IIM or alternative Tier 1 business schools has become a hot topic recently.
Jain University, NMIMS Global School, Amity University are some of the popular business schools in India which have come up with a UGC Approved Online MBA Program. In the last 5 years, AACSB – accredited business school offering online MBA programs has increased by 83%
The virtual learning platform comes with online MBA programs from leading business schools worldwide recognized by World Education Services (WES). According to a GMAC report, applications for online MBA programs have increased by more than 43% in 2020, compared to a mere 11.6% increase for on-campus MBA programs.
Here at Collegeworld, we have summarized the features of online and on-campus MBA programs and have tried to provide insight into whether an online or on-campus MBA program is best for you.
Tuition Fees, Expenses & Time Commitment
In terms of duration, on-campus MBA programs can be completed in 1-2 years, while online MBA programs can take up to 2 – 4 years as they are curated for professionals working together.
The Online MBA eliminates the cost of living and allows you to “learn while earning”. The Jain University Online MBA Finance Program costs INR 1,20,000 and the UpGrad Online MBA program from Liverpool Business School, UK costs INR 6,00,000. This is much cheaper than on-campus MBA programs from Tier 1 MBA Colleges such as the IIM Ahmedabad MBA worth INR 23,000,000 or the MBA in UK worth INR 29 lakh to 81 lakh. The online MBA program offered by the virtual platform also offers additional perks such as flexible EMI packages.
Top MBA Programs and Ranking
The best business schools and their ratings/accreditations are important in choosing between an online MBA or an on-campus MBA program. Whether you are looking for a top-ranked online MBA college or an on-campus MBA college, a good ranking ensures that the business school and the programs it offers have been accessed by industry experts and evaluated against a number of criteria.
Best on-campus MBA Colleges according to NIRF Ranking 2021
The National Institute of Ranking Framework or NIRF is a government rating agency for ranking all higher education institutions in the country. Based on five basic parameters, namely teaching, learning/resources, research practice, graduation results, outreach, and perception; NIRF ranks institutions under different umbrellas (management, law, medicine, etc) to help students choose the best MBA colleges in India.
IIM Ahmedabad continues to be the number 1 MBA college in India consecutively. IIM Bangalore and IIM Calcutta also continue to be on the list of top 3 MBA colleges for several consecutive years.
Top online MBA programs according to US News Ranking 2022
For 2022, US News conducted an extensive evaluation of top business schools offering online MBA programs; based on 5 parameters they have ranked the best business schools for online MBAs.
Student engagement: 30% weight is given to student engagement to ensure the online MBA program has a holistic approach and curriculum to provide campus-like engagement and student engagement through distance learning mode.
Expert Opinion: 25% weight is given to expert opinion or high academic standards to ensure that only business schools with good academic records are entered through the survey.
Faculty, Student Profile & Services: 15% weights are assigned to all 3 parameters to ensure that business schools offering online MBA programs have highly qualified instructors trained to provide students with an “on campus” teaching experience through distance learning mode, enrolled students have excellent academic performance in future past, and the flexibility of certain business schools to offer career, financial, and technology assistance during the program as well as after graduation.
Curriculum, Student Profile & Industry Experience
The popular college vs course formula applies when it comes to choosing between an online MBA or an on-campus MBA program. If the on-campus MBA program originates from a Tier 1 MBA college in India, students are more likely to choose an on-campus MBA as compared to a situation where you have the option of pursuing an MBA from a Tier 2 or Tier 3 MBA college or an online MBA from a leading business school in all over the world cooperate with certifications or management programs from business schools in India too.
Industry experience, diverse student profile, experienced tutors, hands-on lectures, and hands-on doubt sessions or classes are real benefits of an on-campus MBA program. Choose an Online MBA only if it has thorough selection criteria (ensuring that your peer group is someone with good work experience and sound qualifications that will allow you to have a holistic industry experience), experienced faculty, and gives you alumni status that college thereafter.
Curriculum-wise, the online and on-campus MBA programs are similar. The online MBA program has several semesters dedicated to residential lectures, internships, and industrial projects. The Online MBA gives you “global exposure” and experienced faculty from abroad without having to spend lakhs on living expenses. The on-campus MBA program has dedicated summer internships and placements that their top recruiters are known for.
Career opportunities are more or less similar in terms of online or on-campus MBA programs; remember you choose an online MBA program known for its top-class placement, recruiters from across the country, and job assistance after graduation.
The on-campus MBA program of Tier 1 MBA Colleges records MBA placements with an average CTC of INR 25 LPA. According to the College placement report of the top IIMs in India for the 2019-21 MBA/PGP/MBAEx batch, the average CTC is at INR 25 LPA and the highest CTC is at INR 83 LPA for IIM Ahmedabad, INR 80 LPA for IIM Bangalore and INR 87.36 LPA for IIM Calcutta.
In terms of Return on Investment or ROI, online MBA programs are beneficial, given that the college or virtual platform has a good placement record. The 2021 career trends report by UpGrad reports that 7.71% of online MBA students were awarded CTC over INR 25 LPA, and 7.86% of them received multiple job offers. Infosys, Cognizant, Wipro, Ernst & Young, GroupM, Flipkart, Vedantu, Paytm Money are companies that have been recruiting online MBA graduates in recent years.
Choosing between an Online or On-Campus MBA program is still an option. With the pool of options available with the recent introduction of a UGC-approved institution, online learning platform, or MBA from a global business school vs. the enduring reputation of on-campus MBA programs from Tier-1 MBA colleges; it has come down to what you would expect from your MBA. At Collegeworld, we offer genuine student reviews, up-to-date placement data, and admissions and exam updates. Collegedunia is your personal admissions assistant for all your admissions questions, getting information from leading education and industry experts.
Disclaimer: This content is distributed by Digpu News Network. No HT journalists were involved in the creation of this content.