Diversity Rising for the Wharton MBA Class of 2021
With an increase in female students and U.S. underrepresented minority students, the new Wharton full-time MBA Class of 2021 represents an even higher standard of diversity for one of the world’s highest-regarded business schools.
Top 5 Paying MBA Careers: Insurance
Insurance is a fast-growing career field. In the next 12 months, 63 percent of insurance companies plan to increase their staff numbers, according to a recent industry trend report.
In fact, by 2020, almost 400,000 insurance jobs are projected to be available. When combining that with the fact that millennials aren’t very interested in working in insurance—only a third demonstrate any interest—it’s a great career field to consider.
There’s a wide range of jobs, across a broad spectrum of career paths, within the insurance industry, and compensation is higher than average. Entry-level professionals can expect to earn more than $50,000 a year, and that number only increases as you gain experience.
In this article, we’re breaking down the highest paid insurance jobs, the companies where you’ll earn the most money, the top MBA programs, and where you should live. Continue reading…
The Increasingly Competitive Online MBA Alternative
For busy career professionals who can’t afford to take time off of work or who travel or live away from a world-class university, an Online MBA program is a viable option. The latest programs offer incredible flexibility, rigorous curriculum, and a very comparable experience to an in-person MBA.
So, it should be no surprise that the online MBA is growing in popularity exponentially.
To better understand the landscape of the online MBA and to follow up on our first piece, The Online MBA: Which Programs Matter?, we reached back out to USC Marshall, UNC Kenan-Flagler, Michigan Ross, Indiana Kelley, and CMU Tepper. They allowed us to pick their collective brains even further to unravel the mystery around the online MBA.
The Evolution of the Online MBA
Just a few years ago, it seems, earning an MBA online was not considered a valid option. After all, what employer would take an online MBA seriously? It was only for those students who wanted an “easy” degree and didn’t want to go through the effort of a “real” full-time MBA program.
In 2011 when UNC Kenan-Flagler launched their online MBA program with 19 students, The Wall Street Journal wrote, “UNC Makes Risky Online Bet.” But times have changed, and so has the landscape of the MBA. While the full-time MBA isn’t going anywhere anytime soon, it does have some solid competition.
“Today that so-called ‘risky bet’ has yielded almost 2,000 graduates who are thriving in their careers and deeply connected to the UNC Kenan-Flagler community,” explains Kenan-Flagler Dean Douglas A. Shackelford.
An online MBA is not only a respectable choice, but a sought after choice. It’s all due to a better understanding of what an online MBA is and the perceptions of the quality and power of an online MBA.
“Online MBAs have certainly become a more viable option for students as the technology evolves and students see that they can get the same quality education remotely as they can on-campus,” explains Cindy McCauley, Executive Director of Online Masters Programs at CMU Tepper. “You no longer have to trade off learning from top faculty, or building a strong network, when you choose an online MBA program.” You get it all.
Benefits of an Online MBA
The surging economy has had a major impact on the growth of the online MBA. More so than ever before, professionals are reluctant to step out of work to complete a full-time MBA program.
There’s a segment of the business community—particularly mid-career and late-career professionals—who don’t want to put their career on hold for school, but they still want the benefits. These individuals need a convenient alternative that allows them to earn their MBA while still working. That’s where the online MBA comes into play.
Accessibility and Flexibility Are Hallmarks of the Online MBA
According to Patti Russo, the Managing Director of Part-Time MBA programs at Michigan Ross, online MBA programs offer two distinct features:
- Access
- Flexibility
“In terms of access, online programs extend a school’s reach to students who want to pursue a top-tier MBA program, but are not located geographically close to a school,” explains Russo. “The online program also makes earning an MBA really flexible by giving working professionals the opportunity to stay at their jobs while obtaining a world-class business education.”
Online MBA students can work around their schedule, taking time away if needed to pursue career advancement.
According to Ramesh Venkataraman, Chair of the IU Kelley Direct Online MBA & MS Programs, this flexibility especially comes in handy for professionals who have recently received a promotion or accepted a new position. Representing around two-thirds of the IU Kelley MBA class, these students cannot afford to spend time on campus, considering they don’t know where they’ll be at any given time.
“We also enroll a large population of active duty members of the military and working professionals who travel often for work, and who need the ability to complete coursework while living or working abroad,” says Venkataraman.
For example, one UNC Kenan-Flagler student attended class from five continents thanks to his busy work schedule, but he never had to stop his education. An online MBA program means that you can attend class from wherever you are as long as you have a computer and Internet access.
“The online MBA is available to anyone, regardless of where they live,” explains CMU Tepper’s McCauley. “And it offers the same rigorous, analytics-based curriculum as the full-time program.”
Business is Global
The third crucial feature of online MBA programs is their ability to prepare students for the digital business world. As Russo says, “The business world is becoming increasingly more digital with individuals working virtually with others spread across the globe, and online curriculum will prepare students to succeed in this new environment.”
This thought is echoed by USC Marshall’s Vice Dean for Online Learning Programs, Sandra Chrystal. She explains that it was USC Marshall’s recognition of how global corporations rely on virtual teams and training to conduct business that sparked the creation of their online MBA.
“USC Marshall prides itself on innovation and continuous improvement,” says Vice Dean Chrystal. “We created a 21st-century multi-disciplinary integrated curriculum designed for a virtual platform, which mirrors business practices. Management communication and business analytics are components of all of the courses, and virtual team building begins immediately.”
More High Profile Players than Ever Before
The online MBA is also more competitive than ever before, which means the product offerings are better, according to IU Kelley’s Venkataraman.
“The increase in high-profile, credible organizations releasing rankings for online MBA programs have brought more attention and credibility to the online MBA space and, therefore, more interest in it by prospective students,” says Venkataraman.
A decade ago, few high profile top business schools offered an online MBA. Now, these same schools that were once reluctant to enter the online space are offering rigorous MBA programs, flooding the marketplace with exceptional curriculum, faculty, and opportunities.
And that change is being reflected in the rankings. Now, U.S. News & World Report, Princeton Review, and The Financial Times all release online MBA rankings. Students no longer have to choose between a well-ranked MBA and an online program—they can have both.
The students are also more high profile. An online MBA provides students with access to classmates who live and work around the globe and in a range of industries. This means that students can connect with a wider variety of individuals, building an expansive network.
It’s important to note that the class profile of an Online MBA program is more similar to an Executive MBA or part-time MBA program compared to a full-time program.
“Comparing the class profile of the online and on-campus programs is like comparing apples and oranges,” Kenan-Flagler Dean Shackleford says. “GMAT and GPA scores have little relevancy for evaluating them. They’ve been out of school for a long time and have significant work experience; what matters now is what they have achieved in those years—their career growth.”
Students Are Comfortable Online
Last, but certainly not least, is the change in how students perceive the online MBA. Applicants nowadays are used to technology and the increasingly digital world, so they’re not afraid of using technology for their education. In fact, they expect it.
“Students today are comfortable with online learning,” says UNC Dean Shackelford. “Even if they’re not digital natives, working professionals are accustomed to collaborating with remote workers and teams as part of their jobs.”
As for those students who aren’t as comfortable in an online environment and digital learning, an online MBA is a perfect opportunity to change that.
“Students will learn teamwork and leadership skills in a virtual environment,” said Michigan Ross’ Russo. “They will have to work remotely with their classmates on the course material and group projects, including our signature action-based learning experience MAP, which pairs student teams with global companies and organizations to tackle those entities’ greatest challenges.”
The Future of the Online MBA
So, where is the online MBA headed? What can applicants expect in the future? We asked USC Marshall, UNC Kenan-Flagler, Michigan Ross, Indiana Kelley, and CMU Tepper: “What is the long-term vision for your Online MBA?”
Here’s what they had to say:
Sandra Chrystal
USC Marshall School of Business Online MBA
“Although our Online MBA will continue to increase its diverse demographics, cohorts will not exceed fifty students. The number of cohorts may increase, however, and growth will be prudent. Since Marshall faculty teach all of these classes and Marshall instructional designers and production media teams create the asynchronous materials, the online MBA will consistently seek quality learning over larger enrollments.”
–Sandra Chrystal, Vice Dean for Online Learning
UNC Kenan-Flagler Business School MBA@UNC
“From the very start, our vision has been that the MBA@UNC is the same MBA program offered in a different format. We built the online MBA with the concept of no compromise: offering our MBA in a new format with the same quality (students, faculty, curriculum) and experience (deep engagement among our students and their professors to build lifelong relationships and networks) as our on-campus programs.
Now we are advancing that vision. First, we integrated all of our MBA programs’ operations, and now we are changing our processes so students can take courses in any MBA format we offer. We are blurring the lines of program format to meet the needs of students.
Our model is blended. You watch lectures recorded in high-quality format and meet for discussion in live classes on our platform where you see and interact with a small group of classmates and your professor. You also study together in person at our Global Summits—two in the U.S. and two in other countries every year. These small class sessions, group projects, and in-person summits are among the ways we ensure the UNC Kenan-Flagler culture is integral to our students’ experiences.”
—Douglas Shackelford, Dean, UNC Kenan-Flagler
Michigan Ross School of Business Online MBA
Patti Russo
“Our first Online MBA class is shaping up to be a group of highly diverse, very talented, and accomplished professionals. We are confident that future cohorts will be as well. In addition, the majority of students who attend Michigan Ross credit the program for widening not only their career prospects, but also expanding their worldview.
Our online students will join the Michigan Ross community, connecting them to a powerful global alumni network and tuition-free Ross executive education open enrollment courses for life.”
—Patti Russo, Managing Director, Part-Time MBA Programs
IU Kelley School of Business Online MBA
“The long-term vision for the Kelley Direct Online MBA is to continue offering a high quality, engaging, and rewarding student experience to students across the globe who are looking to progress in their careers and make a positive impact on their organizations and communities. We are pleased with the quality of candidates who have chosen Kelley Direct and will continue to seek out current and future leaders from a variety of industries to add to our powerful network of Kelley alumni.”
—Ramesh Venkataraman, Chair, Kelley Direct MBA & MS Programs
Cindy McCauley
CMU Tepper School of Business Online MBA
“We want our Online MBA program to provide the best educational experience and career outcomes for our students. We maintain a small class size to ensure that all classes are taught by our own faculty who teach in the full-time program and are not willing to trade quality for scale.
In our program, every class starts with in-person classes, so students can meet their faculty and connect with colleagues. Following these classes, students meet online in a format that allows faculty to see everyone in the class, and for students to interact as if they are in a classroom.”
—Cindy McCauley, Executive Director, Online Masters Programs
School v. School: UNC Kenan-Flagler vs. Duke Fuqua School of Business
The MBA application process is not for the faint of heart. Elite programs have increasingly required applicants to follow paths unique to their schools, which makes the process of narrowing down the options to find the right fit even more essential. Our School v. School series saves you the headache by offering a point-by-point comparison of two stand-out programs located in North Carolina’s Research Triangle: UNC’s Kenan-Flagler School of Business and Duke’s Fuqua School of Business. Read below to find out how the intense UNC vs Duke rivalry shakes down when it comes to business schools.
The Five Most Valuable Online MBAs
Choosing an online MBA program isn’t easy. Not only do you need to look at rankings, but you also have to look at what the program offers and how affordable it is. After all, the goal of an online MBA is a great return on investment. So, how do you find the most valuable Online MBA programs?
We’ve searched through the U.S. News and World Report on the “Best Online MBA Programs” to find which ones can give you the best experience at the best cost.
The programs on this list rank in the top 25 “Best Online MBA Programs,” and cost under $1,400 per credit.
The Five Most Valuable Online MBA Programs
Indiana University
Tied for first as the best online MBA program in the country, Indiana University’s Kelley School of Business is also affordable.
The Kelley Direct Online program offers the ultimate in flexibility. Students can take between two to four years to graduate and tailor their classwork to their goals. Online MBA students will cover such topics as business law and ethics, economics, marketing, finance, operations, information technology, and project management. They’ll also have the opportunity to study abroad in one of Kelley’s global hubs located in Botswana, Brazil, China, India, Myanmar, South Africa, and Cuba.
- Cost: $1,330 Per Credit (out-of-state)
- Ranking: #2
Arizona State University
Ranked as the 5th best online MBA program in the U.S., Arizona State University’s W.P Carey School of Business won’t break the bank either.
The Online MBA at ASU is designed to work with students no matter where they live. The program is incredibly flexible with just five weeks per class and 17 total classes. Interested students can expect to take classes covering a range of topics including strategic management and global thinking. Classes start in either January or August with students taking the same curriculum taught by the same faculty as the full-time and part-time programs.
- Cost: $1,216 Per Credit (out-of-state)
- Ranking: #5
University of Florida
Ranked at 6th overall, the University of Florida Hough Graduate School of Business also offers an affordable online MBA program.
The UF Online MBA offers the ideal balance of work, life, and school commitments. Students can graduate in just 24 months without visiting campus, with courses taught by the full-time MBA faculty. Students cover the same topics as their full-time brethren with courses on financial accounting, economics, and more. There is also an optional Global Immersion Experience opportunity.
- Cost: $1,255 Per Credit (out-of-state)
- Ranking: #6
Lehigh University
Ranked at 19th on the U.S. News and World Report list, the online MBA at the Lehigh University’s College of Business and Economics is incredibly affordable.
The Online Flex MBA at Lehigh University is AACSB accredited and places high emphasis on maintaining excellence. Students can complete the program in as little as 16 months while taking classes on a variety of topics including managing financial and physical resources, corporate entrepreneurship, international business, and marketing. Students can also choose to pursue a concentration in one of six fields including: corporate entrepreneurship, finance, international business, marketing, project management, and supply chain management.
- Cost: $1,075 Per Credit (out-of-state)
- Ranking: #19
University of Delaware
The University of Delaware’s Lerner College offers the most affordable online MBA on our list while still ranking in the top 25.
Last but certainly not least, the Lerner Online MBA is designed to provide students with the decision-making skills and analytical tools to succeed. The program is entirely online with a customizable curriculum that can be completed in as little as 16 months. In addition, students can choose between five concentrations including business analytics, finance, healthcare, strategic leadership, and international business. Each course is seven weeks long and taught by a Ph.D.-qualified faculty member.
- Cost: $812 Per Credit (out-of-state)
- Ranking: #22
Runner’s Up
- University of Texas at Dallas: The Naveen Jindal School of Management’s Online MBA program is ranked #6 in the nation and costs $1,402 per credit (out-of-state).
- Hofstra University: The Zarb School of Business Online MBA ranks 36th on the list and costs just $1,596 per credit (out-of-state).
- Syracuse University: Ranked 42nd, the Syracuse University Online MBA costs just $1,500 per credit.
Why U.S. News & World Report Changed Its Rankings Methodology
For prospective MBAs, the most difficult step towards a business school degree is knowing where to start. And for many, the most obvious is researching the near-endless amount of college ranking sites. After years of scandals and much-publicized doubts, however, the authority of these rankings may be in question.
In a recent Philadelphia Magazine op-ed, writer Sandy Hingston asks, simply, “Can We All Agree Now That College Rankings Are Bunk?”
Hingston’s critique, which highlights in relative inexactness of the college ranking sites, is not the first of its kind. In 2011, popular New Yorker writer Malcolm Gladwell wrote wrote about his issue with college rankings. In “The Order of Things,” Gladwell notes that the outcomes of students sometimes do not match college reputations.
Principally, Gladwell, the author of the massively popular 2008 book Outliers: The Story of Success, found fault in how publications like U.S. News & World Report conducts rankings. He writes, “the magazine sends a survey to the country’s university and college presidents, provosts, and admissions deans (along with a sampling of high-school guidance counselors) asking them to grade all the schools in their category on a scale of one to five.”
In regards to the scoring system, Gladwell cites numerous incidents that say reputation weighs too heavily. This is important considering that personnel often do not know what other schools are actually like. To illustrate, he brings up a different ranking from the time, with much different results:
“In an article published recently in the Annals of Internal Medicine, Ashwini Sehgal analyzed U.S. News’s ‘Best Hospitals’ rankings, which also rely heavily on reputation ratings generated by professional peers. Sehgal put together a list of objective criteria of performance—such as a hospital’s mortality rates for various surgical procedures, patient-safety rates, nursing-staffing levels, and key technologies. Then he checked to see how well those measures of performance matched each hospital’s reputation rating. The answer, he discovered, was that they didn’t. Having good outcomes doesn’t translate into being admired by other doctors. Why, after all, should a gastroenterologist at the Ochsner Medical Center, in New Orleans, have any specific insight into the performance of the gastroenterology department at Mass General, in Boston, or even, for that matter, have anything more than an anecdotal impression of the gastroenterology department down the road at some hospital in Baton Rouge?”
He goes on to say, “reputational ratings are simply inferences from broad, readily observable features of an institution’s identity, such as its history, its prominence in the media, or the elegance of its architecture. They are prejudices.”
In addition, Gladwell notes important economic distinctions that many college ranking sites ignore. For the sake of simplified ranking, small private schools are compared to massive public institutions and scored equally. But doing so overlooks the economic makeup of enrolled students, funding, and much more.
A Modern Change for U.S. News
Seven years later after Gladwell’s critique, U.S. News & World Report continues to refine its rankings method. The publication’s new changes aim to emphasize economic mobility. This comes just one year after Politico revealed that the upper-echelon schools continually reward students that are already wealthy. That discovery may not be “groundbreaking,” but the data is still jarring. Many of the country’s most well-known institutions enroll more students that come from the top 1 percent of income-earning families than the bottom 60 percent of earners.
Why is this important and why did U.S. News & World Report need to change? Like Gladwell said seven years prior, prejudices feed the rankings and the economics factors are biased. And the amount of inequality it expanded may have been profound.
The Politico study outlined these key factors in the previous U.S. News ranking formula:
- Student Performance
- Lower Acceptance Rates
- Higher Performance on Surveys
- Alumni Donations
These factors weigh heavily for students from more affluent backgrounds. U.S. News, like many of its popular ranking competitors—such as the Financial Times and Bloomberg—rely on similar scoring systems, which often left the economically disadvantaged out of the equation.
The aforementioned 2017 Politico report points to the lengths some schools and state governments went to meet the U.S. News standards:
“Colleges go to great lengths to rise in the rankings. The president of one school ranked in the top 20 said the college caps classes at 19 students, simply because the rankings reward schools for keeping classes under 20 students. In some states, the rankings are built into accountability systems for university presidents. Arizona State trustees put a bonus pegged to the rankings in the president’s contract. In Florida, Gov. Rick Scott set a goal to ‘achieve the first top-10 research public university and a second-ranked public university in the top 25.'”
Robert Morse, U.S. News Chief Data Strategist, says of the changes; “There is an active and ongoing debate about how to best measure quality in education, and we pay close attention to that debate. Over time, our ranking model has put more emphasis on outcomes measures … As part of this evolving process, we’ve wanted to measure whether schools were successful at serving all of their students, regardless of economic status.”
The publication will begin accounting more for social mobility and rewarding of Pell Grants. As well, Morse says, schools that enroll a higher percentage of lower-income students will get more credit for graduation rates. In total, “13 percent of a school’s rank is now dependent on the economic diversity of its campus.”
Will Other College Ranking Sites Follow?
The changes for U.S. News‘s rankings may cause a slow sea change for its competitors. For its undergraduate ranking, SAT/ACT scores now factor less in the overall score. This, like many of the highlights indicated above, is because standardized tests are highly correlative with income. The acceptance rate boost is being completely removed as well.
The dismissive stances from the likes of Hingston and Gladwell likely will not be re-mediated immediately. After all, college ranking sites will likely remain among most popular resource for school research. However, a more modern evaluation can pay dividends in the long-term. And for U.S. News‘ prime competitors, following suit may be an unavoidable remedy.
The next annual U.S. News ranking of the country’s best business schools will arrive early next year. Whether the new changes will weigh heavily in the rankings remains to be seen.
