Looking to learn a new body of business knowledge? Qualify for a promotion or a new job? Advance your leadership skills? These are just a few reasons why many people who have a bachelor’s – whether in business, communications, economics, finance, accounting, or otherwise – decide to pursue a master’s degree.
The traditional “ticket to the top,” whether we’re talking about the corporate, non-profit, or government worlds, used to be the ultra-popular MBA, or Master’s in Business Administration. However, between rising expenses of tuition, and a trend towards diversification, MBA alternatives are popping up all over the master’s program radar. MBA programs are also swiftly losing that once-strong foothold on the business master’s degree market.
Why do some prospective MBA students consider an MBA alternative? Goodwin College outlines some of the top reasons below:
To get specialized
MBA programs offer a smattering of all of the skills that it takes to work in business. Generally, they cover the basics of accounting, finance, marketing, human resources, operations, microeconomics, leadership and ethics, in addition to electives. As you can see, MBA programs are meant to flex to various industries. For some, broad strokes might be exactly what they are looking for in an advanced degree program. Others, however, see the benefit in selecting a specialty from within that huge bucket that is “business.”
One specialized, and growing MBA alternative is a Master’s in Organizational Leadership (MSOL). As the name implies, MSOL programs place a huge emphasis on leadership, through data studies, talent management, organizational sustainability and strategy building, change-making, and other leadership-oriented courses. Degrees like this really dig into the science of leadership, which is fundamental to advancing in the competitive business landscape today.
Other popular MBA alternatives include the Master’s in Management, Master’s of Computer Science, Master’s of Finance, and Master’s of Engineering, among many more. Obviously, these are very specialized and career-oriented options. Your next step towards a master’s degree will depend on where your unique career goals, talents, and interests lie.
Why not stand out in the crowd?
Business.com tells us that, at one point in not-so-distant history, everyone wanted an MBA, “because all of the high earners and CEOs in the biggest companies” had one. Now, employers at these same companies are finding that every prospective hire has one! How can you expect to shine more brightly than so many other qualified applicants… with the same credentials? Just as job experience, internships and fellowships, and organizational associations show prospective employers the true side of your person and potential, wouldn’t you want your master’s degree to also demonstrate what makes you unique?
Because of value
One of the key reasons that people investigate MBA alternatives, is that MBA programs have gotten extremely expensive. Everyone wanted an MBA, meaning that schools needed to supply for the demand, and the cost has simply continued rising.
Interestingly enough, these rising costs are not at an equal rate to the rise of average income. MBAprograms.org found that the average cost of MBA tuition can be between $50k and $60k per year: and sometimes, these costs double for a two-year program. This is not to mention the other associated costs with going to school, such as books and supplies, renting an apartment near campus or paying to commute, and most importantly: possibly not working full-time while studying. These costs could accumulate to truly be unsurmountable, even with scholarship or financial aid considered. Why sink your life into a student debt hole, when programs at a better value do exist?
Goodwin College offers one of the lowest-costing tuitions for private, non-profit colleges in Connecticut. The costs are clearly outlined and transparent for all prospective students to make an informed decision. And better yet, the format offers a flexible schedule, which allows you to continue working, making a living, while going to school. In the MSOL program, you can take all of your classes online, or attend some in the classroom with a hybrid format. Students can earn their MSOL in as few as 20 months part-time. It’s no wonder that Goodwin College promises not to waste your time, or your money. Same accreditation at a fraction of the price? Sounds like a smart deal to us.
To get started!
Sometimes, making moves on your career path independently is the best way to gain experience. Take a lesson on success from accomplished business people like Conrad Hilton, the grandfather of Hilton Hotels, who said, “Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don’t quit.”
It seems like leaders, movers, and shakers, all agree that doing “the thing” – whatever it is that you want to accomplish – can often be the best way to learn first-hand about your character, what you like and don’t like, and what you’re truly capable of. Some business leaders didn’t spend time or money on a fashionable MBA. Rather, they went the other old-fashioned alternative route… and got started on their start-up.
Thinking that a MSOL might be the right MBA alternative for you? Consider calling Goodwin College today at 800-889-3282, or visit us online for more information about the program and how to apply.
Goodwin College is a nonprofit institution of higher education and is accredited by the New England Commission of Higher Education (NECHE), formerly known as the New England Association of Schools and Colleges (NEASC). Goodwin College was founded in 1999, with the goal of serving a diverse student population with career-focused degree programs that lead to strong employment outcomes.