Table of Contents
In this tech-driven era, the world is seeing a whopping rise in the number of Massive Open Online Courses (MOOCs). This has especially served as a boon for students who wish to pursue specialized programs, such as an MBA. Possessing an MBA degree can give you a colossal advantage and add immense value to your resume. MOOCs cover the gap between students and renowned institutions by collaborating with national and international universities. In September 2013, the Financial Times started its MOOC tracker, counting fewer than 30 MOOCs at the time. At present, there are over a hundred MOOCs available for a single course! They bring world-class education to the aspirants at their fingertips. But can an online degree really replace the traditional MBA?
What are the benefits of online learning?
Online courses have undoubtedly given students access to high-quality content. Besides, they give learners the added benefit of learning at their own pace within the comfort of their homes. This absence of physical barriers has proved to be a considerable advantage, particularly after the onset of a global pandemic like the COVID-19. Many people argue that executive education programs would be disrupted if companies began directing executives to MOOCs instead. These are a crucial source of revenue for business schools. Quoting from the Harvard Business Review, approximately 20% of the annual revenue at Wharton comes from executive education, while it’s 26% at the Harvard Business School and nearly half at IESE. Online programs have helped people of all age-groups acquire knowledge in spite of their busy schedules. Moreover, MOOCs serve as an extremely affordable option against the conventional method of instruction.
Will the online MBA degree replace B-schools?
Today, numerous platforms provide professionally certified courses on the web, and one may wonder if a time would come when these courses would entirely replace the physical classroom. Will the online MBA degree wipe out B-schools? However, experts beg to differ. In their opinion, these virtual programs do not pose a threat to the traditional setting. Instead, they compensate for each others’ limitations and work complementarity. For instance, top B-schools such as Harvard, Wharton, and IESE already offer specialized online educational programs at a nominal price. Further, with hybrid-learning becoming a trend, students can now opt for tailor-made courses that span multiple areas of training. It also gives instructors a chance to focus on refining the content of their class.
MOOCs diversify the student’s demographic
There are a number of causes why an online MBA degree will not replace traditional schools anytime soon. The Harvard Business Review analyzed data of over 875,000 students enrolled in nine MOOCs offered by the Wharton School. This study included a demographic survey with over 65,000 responses, and among the nine courses offered, four introduced the MBA core — Accounting, Marketing, Finance, and Operations Management. These business MOOCs did not appear to be cannibalizing existing programs but instead, seemed to reach at least three new highly sought-after student populations. This clearly shows that MOOCs are enabling institutions to diversify their audience and make their programs reach the remotest of areas. MOOCs also serves as an auxiliary source of revenue to these institutions. Students tend to perceive schools with supplementary online education with a more favorable eye when compared to those that don’t.
Wholesome learning goes beyond mere content
Apart from this, top-tier B-schools render way more resources than what can be issued online. The robust alumni nexus and other networking opportunities, along with a custom-built careers team are a few aspects of a B-school that cannot be imparted virtually. Furthermore, most of the initiatives launched online are inclined towards marketing a platform and don’t necessarily maintain parity with an orderly course. Leading international universities are not respected merely for their course content. They encompass other vital features such as the academic environment and aim to proffer a holistic experience to the candidates.
It has also been observed that not many applicants really complete the course after enrolling in it. When it comes to MOOCs, secondary factors such as computer literacy, self-motivation, discipline, and resourcefulness come into play. Not every student is comfortable with solitary study and physical isolation. Another point to add to the plusses of an offline B-school is the worth of its certificate. A traditional certificate is always valued more than an online one.
What are the perks of the traditional MBA degree?
MBA training comprises not just theoretical content but also requires candidates to hone their skills in management, leadership, and practical application. Close professional guidance and effective debating play a pivotal role in these heuristic courses. You would miss these facets if you choose to pursue an MBA degree online. Several people believe that the online mode still falls short in efficacy and isn’t sustainable at the present moment. Don’t forget to check out the pros and cons of an online MBA versus a full-time one here.
Finally, it all zeroes down to how you define an educational experience. There lies an enormous difference between simply procuring knowledge and gaining authentic experience. Though MOOCs cannot parallel the virtues of face-to-face interaction, they can certainly augment it. The key is in how these institutions strike the right balance between them. In the present scenario, it will still take some time for online degrees to replace the long-standing traditional ones altogether.
