Master of business administration programs equips students for positions of leadership and entrepreneurship. Many MBA programs are two years long.
Students who study online and full-time, on the other hand, frequently graduate sooner. Earning an MBA from a recognized college can lead to more career opportunities and fantastic pay.
An MBA from a reputable management school can cost up to $100,000. Fortunately, students can pursue less expensive MBA options to boost their careers.
This article investigates less expensive alternatives to an MBA that provide comparable professional and financial rewards.
Why select an MBA alternative?
Though it is not always true that the MBA is in crisis, there are more options now than a few years ago.
Even business giants like Elon Musk do not feel an MBA is required to thrive in business. According to a Stanford University survey, nearly no entrepreneurs in small cities in the United States had or desired an MBA.
This is not to imply that MBAs are without advantages. You'll meet other professionals, participate in internships as part of your degree, and benefit from a demanding academic atmosphere.
Not to mention, MBA grads earn among the best incomes of any business graduate. The average starting pay for an MBA graduate in Europe is close to €80,000.
For some, though, the expense – both in terms of time and money – does not warrant the ultimate result. The MBA options listed below may take less time to complete, prepare you for a somewhat different corporate job, or provide more specialities than the typical MBA.
Is an Alternative MBA a Better Option?
MBA alternatives might be an excellent option for individuals who do not have the time or financial means to pursue a regular MBA. One of the most significant benefits of an MBA alternative is that students may pick a more affordable curriculum and join the job market quicker than with an ordinary two-year MBA.
MBA students are anxious about having enough money to finish school. However, the most challenging aspect of completing an MBA degree was paying for higher education while reducing student debt.
According to several surveys, concerns were, "The only issue I have is financial assistance because online programs take money and time" and "Paying the tuition expenses." An MBA alternative might offer students fewer time commitments and lower total tuition prices.
How to Pick the Right MBA Alternative
Determine your five-year objective:
- What position do you want to have after five years?
- How much money would you be happy earning throughout that period?
- Which degree or certificate will get you there?
- Do you wish to start your own business, or do you want to work for someone else?
- Discuss your ideas with your partner or friends to gain more insights and feedback.
- Conduct research on various programs to discover your potential possibilities.
Make a budget for your many options:
- How much would your preferred MBA program cost? Your second option? What is your tenth?
- How much would a different degree or certificate cost?
- Are you able to work full-time or part-time while studying?
- What grants and scholarships do you have access to?
- How long do you plan on repaying your loans? What is a reasonable interest rate?
Begin by asking specific questions:
- What skills are essential for success in your present or prospective organization?
- What job experiences, training, and exposure will most benefit your development of these skills?
- Do you want to advance in your current career or switch to a new one?
- Do you want to learn broad business methods or study a more specific field?
- Is an MBA required for your chosen profession, or are other options acceptable?
- Are the programs you're considering accredited, and will the credits you earn be accepted by employers or other educational institutions?
Answering these questions will assist you in eliminating what will not work best for you. Once you've narrowed your possibilities, consider contacting current students or graduates to obtain their "inside" scoop on a program.
What Are Some MBA Alternatives?
Most MBA programs contain business, management, and leadership courses. Some programs involve internships, which allow degree candidates to apply classroom ideas and concepts to real-world circumstances.
The MBA options listed below assist students in developing leadership and entrepreneurial abilities. These certifications demonstrate that the bearer is an experienced and qualified professional.
Entrepreneurship
If your ultimate objective is to create your own business, you may be able to bypass a degree or certification program and dive right in.
While MBAs give essential skills and expertise in finance, marketing, and business management, they are not required if you plan to start your firm. Of course, you must have the necessary skills, expertise, and assistance to get things up and running.
Starting a business is a genuine "trial by fire," unquestionably the riskiest MBA option. If you're considering this path, learn more about the suggested stages for beginning your own business.
You might also consider joining an organization that connects and develops entrepreneurs, such as the Entrepreneurs' Organization, the Young Entrepreneur Council, or Startup Grind.
If you want to establish a business but don't know where to start, you may always enrol in a degree program that teaches the principles of business formation and development.
The MITE curriculum focuses on teaching core business principles and procedures and information on technology innovation and funding. This degree program may be ideal for prospective entrepreneurs in the technology business.
MPA (Master of Public Administration) or MPP (Master of Public Policy)
The Master of Public Administration is the equivalent of an MBA in the public sector. The focus of this program is on public affairs and governance.
Universities frequently offer MPA or MPP programs as one- or two-year on-campus degrees, similar to an MBA. MPA programs are also available for graduates of undergraduate programs and individuals with a few years of professional experience.
Unlike an MBA, there aren't many institutions or universities that offer MPA or MPP degrees. Candidates may limit their selections depending on their intended location and budgetary limits.
If you want to work in public service or government, an MPA or MPP is significantly better than an MBA. This is especially true in consulting, where firms with central public-sector departments like McKinsey and EY welcome MPA and MPP graduates with open arms.
Online Accelerated Degree Programs
Accelerated MBA degree programs range in length from 12–20 months and require less time to finish than full-time programs.
They are available as wholly or hybrid online/offline degrees, giving students greater flexibility in how and when they take needed courses. They are also less expensive because they are shorter and do not have the same fees as full-time degrees.
In contrast to other options such as MOOCs, certificates, or small MBA programs, accelerated degree programs are fully recognized as Master's degree programs.
Some accelerated degree programs are also created as speciality degrees, combining an MBA program's most delicate business features with elements from another subject – such as technology – that may be more closely aligned with your interests and objectives.
This MBA alternative gives students a superb "real world" exposure through an in-depth capstone program in which they design and propose a company concept and then receive crucial feedback.
The MITE program is meant to give students a place to use their knowledge and abilities to tackle day-to-day and strategic difficulties using an entrepreneurial and innovative mindset.
The MITE program's course and requirements make it perfect for tech-savvy startup founders, forward-thinking company executives, and emerging intrapreneurs.
Mini MBA Programs
Mini MBA programs provide business basics – generally the most significant subjects and courses – for a fraction of the cost of a full-time MBA program (usually between 35-40 credit hours).
Depending on the institution, classes can be finished in as little as a week, and the entire micro MBA program can be completed in less than six months. Mini MBA programs are less costly than complete degree programs since they require fewer credit hours.
Mini MBA programs provide graduates with certificates rather than complete Master's degrees, so if you're seeking professions that require the actual degree, this isn't a choice.
A micro MBA is particularly effective for people who seek specific benefits from a school but are unable or unable to commit to a full-time degree. This might include:
- Professionals in their mid-to upper-level positions seek more specialized training to improve their careers.
- Aspiring professionals interested in full-time programs wish to learn more about the content before committing.
- Managers are interested in studying critical business basics but lack a degree or prior business school experience.
- Previous MBA graduates want to brush up on their abilities or catch up on current trends and practices.
Mini MBA programs may include courses in specialist disciplines such as Management, Business Administration, Executive Development, Digital Marketing, Supply Chain Management, and Developments in Healthcare or Pharma, in addition to core themes.
Admission standards are less stringent than those for a full-time degree. At the same time, specific mini MBA programs may require applicants to have established employment or "professional" experience to be admitted.
MBA Certificate Programs
MBA certificate programs are the most commonly used alternative to full-fledged MBA programs. They, like other options, offer a speedier and less expensive means of acquiring new skills than complete degree programs, which are sometimes planned to be finished in a single school semester.
Certificates are concentrated courses, similar to specializations in more effective programs. MBA certificate programs provide intensive training for specific job titles and career pathways.
Certificate programs typically demonstrate specialized abilities rather than basic business knowledge. Finance, human resource management, marketing, leadership, and business analytics are some of the more prevalent MBA certificate programs.
As such, they are helpful for students seeking a specialized MBA degree who want to check out the course (and earn credits toward a complete degree) and MBA graduates who wish to advance their business, management, or technical abilities.
Masters in Management (MIM)
Many business institutions offer Master in Management degrees, abbreviated MIM / MiM. They fall in between the traditional MBA and the specialized Master's:
- MIM programs, like MBA programs, aim to train students in general management. There will be more theory than an MBA but less theory than an MSc.
- Whereas MBA programs frequently require job experience, MIM programs often do not need one year.
- Tuition for MIM programs is often cheaper than those for MBA programs.
However, the distinctions between MIMs and MBAs or MIMs and MScs can be subtle and perplexing. The Financial Times, for example, publishes its "Masters in Management" rating regularly; nevertheless, the list also includes MA and MSc degrees in management. To ensure that the degree suits your job objectives, you should look at the university's reputation and course content.
Massive Open Online Courses (MOOCs)
Massive Open Online Courses are courses that anybody may take for free or at a small cost. MOOCs are provided by individual universities and businesses and through unique collaborations between higher education institutions or commercial firms.
MOOCs include various areas, from arts and languages to computer science, commerce, and management.
MOOCs are exclusively available online, and the courses include video lessons, readings, examinations, and forums that are all delivered through a digital online environment. They are made available through broader venues that focus on professional development. Among the course providers are:
- Coursera is one of the world's largest open course providers, with over 3,900 courses and specializations.
- edX — With an open-source learning platform, edX offers over 2,500 science and humanities courses.
- Udacity - With a focus on technical and practical education, Udacity's courses are tailored to working professionals.
- Udemy - With over 150,000 free and paid courses, Udemy is the largest and most diverse online course provider.
MOOCs vary in length from a single week to several months, depending on the course's content and complexity. MOOCs provide certificates rather than degrees.
Therefore graduates will not be qualified for employment that needs a degree. While free MOOCs might provide personal growth and teach essential skills, only premium MOOCs will give academic credit — and no institutions or colleges are guaranteed to take such credits.
MOOCs may be used as an alternative to an MBA to examine potential businesses or study topics that interest you. They're a simple way to augment existing learning programs or acquire a certificate that may be necessary for your job.
Professional certifications (CFA, CPA, CIMA)
A highly regarded professional qualification, like an MBA, can advance your career. Popular ones include the CFA (Chartered Financial Analyst), CPA (Certified Public Accountant) or its local equivalents, and CIMA (Chartered Management Accountant) (the certification issued by the Chartered Institute of Management Accountants).
Professional certificates are often more akin to a specialized MSc or MA than to a "general management" MBA in terms of content. There are fees, but they are substantially cheaper than those associated with a standard MBA.
These professional degrees often need extensive study before tests. The certification body provides learning resources, and you may also purchase third-party books and materials.
You can study alone and wherever you choose, which is advantageous for people with solid self-discipline. But be prepared to put in a lot of effort! Don't be deceived into thinking that doing this while working full-time will be easy.
Work experience
We've discussed academic alternatives to an MBA, but perhaps you don't want to return to university and study while paying tuition but not earning a wage.
Work experience, on the other hand, is a possibility if you are astute! Washing the floors at your local grocery store is not the job you should be looking for. However, here are a few suggestions:
Employment in consulting: Many recent graduates prefer consulting since it allows them to obtain expertise in various firms and industries in a short period through project-based work.
Consulting firms frequently attract some of the brightest minds in their disciplines, allowing you to learn from the best. Some of these companies provide financial assistance for future academic studies. So maybe you'll earn that MBA after all!
Join a company's graduate program: Following the lead of consulting firms, many big enterprises now offer graduate programs in which new employees rotate through several divisions. This allows you to learn the ins and outs of various business operations.
Many great managers began their careers in such programs. A graduate trainee program is also a good alternative if you are unsure about your professional path because you will be exposed to various professions.
Specialized MSc degree (or MA degree)
An MBA degree is highly regarded, yet it is sometimes prohibitively expensive. So here's a secret: Many significant colleges and business schools also offer specialized Masters of Science or Masters of Arts degrees at lower prices. These degrees sometimes overlap with the more costly MBA degrees regarding course content.
MSc or MA programs are typically more theoretical and less hands-on. That can be advantageous if you are still in your early career and wish to expand your knowledge and skills in a specific field.
In such a case, depending on your intentions and aspirations, an MSc or MA may be a better alternative than an MBA. Specialized Business Master's degrees often have a topic concentration in one of three areas:
Finance, Marketing, Analytics, Logistics, or Entrepreneurship, for example, might be the functional focus of the degree. You will become an expert in that function throughout a year (or two years) of your degree.
Industry:
The degree might also be tailored to a specific sector, including a wide range of functional courses. Hospitality / Tourism / Event Management, Oil & Gas, Fashion, or creative sectors are typical examples of industry-specific Business degrees.
Region:
Especially with International Business degrees, there is typically a concentration on a specific area, such as China, Africa, or Latin America. Language lessons are sometimes included in such degrees.
Conclusion
An MBA is a terrific option if you're a seasoned professional wishing to change jobs or further your career. They provide networking opportunities, high-quality instruction, and a practical curriculum, and they can lead to various vocations. MBA graduates work in multiple areas, including finance, marketing, leadership, operations management, and others.
However, the expense, effort, and strain involved are unsuitable for many individuals. Even with the potential pay increases, taking two years away from a profession to complete your degree may be unsustainable.
As a result, you could consider MBA alternatives. A MOOC, Business Master, or Mini MBA will provide the same curriculum as an MBA but will provide additional benefits that the standard MBA does not.
