There are many MBAs available in Australia but it's important to know that not all MBAs are the same. This applies to online MBAs as well. With courses available at a number of reputable Australian universities, you can find the right MBA for you online.
If you’re at the stage of considering an MBA, we’ve compiled the information you’ll need to help with your decision making.
What is an MBA?
An MBA – or Master of Business Administration – is a graduate management degree that focuses on developing leadership, finance, marketing and strategy, along with accounting skills and knowledge.
MBA entry requirements do vary across institutions. Generally, you need either a bachelor's degree, postgraduate certificate and/or relevant work experience.
An MBA is a globally recognised qualification, and many employers look favourably upon an MBA on your resume. You may be an entrepreneur looking for crucial skills as you grow your business, you have leadership aspirations, or maybe you’re just looking to develop a holistic set of skills that will be recognised across different industries or countries.
Whatever your reason, there are many benefits to furthering your qualifications, and an online MBA might just be the thing for you.
MBA skill set
What skills does an MBA give you? When you study an online MBA, you develop a very specific set of skills. These include:
- Effective and powerful leadership skills that can be used to develop your own personal leadership style.
- Self-discipline skills such as time management so that you can balance the competing demands of the MBA with work and other commitments.
- Strategic thinking skills that allow you to approach goals with adaptability, creativity and measured risk-taking.
- Communication and interpersonal skills that you’ll need to articulate your ideas and business vision with clarity.
- Business management skills across a range of business areas so you can adeptly steer a business or team through any type of situation.
- Risk management skills in order to identify, quantify and mitigate risks.
- Data analysis skills to understand changing markets and trends, which will allow your business to have that competitive edge.
An MBA also gives you access to a network of contacts from across a broad range of sectors and industries. This network can add value to your skill set, as you can to theirs.
How do I choose the right MBA program in Australia?
Choosing the right MBA can seem daunting. We’re here to tell you that it doesn't need to be. For more insight into how to find the most suitable MBA course, let’s take a closer look at the following details.
Understanding MBA rankings
You’re not alone in wondering how online MBA rankings in Australia work. The rankings consider metrics such as reputation, class ratios and sizes, faculty citations, course delivery methods and professional development, among others. Each metric is then given a weight to determine the rankings.
The challenge with the different ranking systems is that they rarely align. The metrics used and their weightings aren’t consistent from one to the next. This means that a university can perform well in one of the rankings and not even appear in another.
The truth is, there’s more to choosing the best online MBA than rankings.
Why do an MBA?
The rankings might be helpful in making your decision. But the best place to start is by thinking about your motivations for doing an MBA.
You need to ask yourself why you want to study an MBA.
- Is it because you have leadership aspirations and want to learn how to become a CEO?
- Are you an entrepreneur who wants to learn the skills to start and scale your business?
- Do you want to step out of your comfort zone and challenge your thinking?
- Or are you planning to make a career change and want to develop the skills you’ll need to transition into your new role or industry?
Your motivation for studying an MBA should be at the forefront when making your decision. But if you’re in a position where you don’t know, that’s fine. You can start by thinking about how to plan your career path so that you can get the most out of your online MBA.
MBA courses in Australia
Once you know what your intention is, the next step is to get familiar with the different types of MBAs so that you can find the right one for you.
MBA vs. Executive MBA
Both an MBA and an Executive MBA (eMBA) are general management degrees and both highly regarded. If you look at an MBA vs. eMBA, what would be the differences?
In an eMBA, you tend to find more C-suite and senior-level employees. For this reason, the focus tends to sit at a higher strategic level. Admission to an eMBA also prioritises work experience in addition to other entry requirements.
An eMBA is most often delivered in a part-time format to cater to the more senior-level students in the course.
By comparison, the students in an MBA are typically more junior to mid-level. While work experience is also considered, it isn’t weighted as heavily as it is for an eMBA.
MBA specialisations
Not all MBAs are the same, which is why choosing one isn’t the easiest task. It’s important to look at different MBA specialisations and decide which is best to meet your goals.
Some MBAs focus on more generalised leadership and management. Others will have strengths in a particular specialisation, such as data analytics or global strategy.
Then there’s also the option to complete an MBA in a particular specialisation, such as accounting or managing and leading people. These MBAs offer additional specialised units in addition to the core MBA units, which remain consistent regardless of the specialisation.
Online MBA vs. traditional MBA
As a newer option, there has been much debate about the online MBA vs. on-campus MBA.
Online MBAs are becoming increasingly popular due to the flexible nature of the course’s delivery. You can choose when and where you study, often without the need to make campus visits.
The material in an online MBA is also often delivered in bite-sized videos that are interspersed with coursework to embed the learning. Online MBAs also incorporate the important group elements so that you can still build that powerful MBA network.
In contrast, the nature of a traditional, on-campus MBA is more rigid. This may suit some people but not all, particularly if you’re balancing your studies with a demanding job.
Being on campus does present more opportunities for building relationships and face-to-face connection. However, once again, it comes down to understanding your individual motivations and learning style.
Online MBA degree FAQs
If you’re considering an online MBA, here are some helpful answers to the most commonly asked questions.
How long does an online MBA take?
One of the benefits of an online MBA is the flexibility you have to complete the course. While you must still complete the MBA within a certain time frame, you do have the flexibility to work around your schedule.
So, how long does an online MBA take? Most online MBAs have a duration of two years when completed part-time. If needed, you can take breaks between each of the units but must complete the MBA in four to six years, depending on the university.
What’s the cost of an online MBA in Australia?
Generally speaking, an online MBA cost in Australia can be more affordable than a traditional, on-campus MBA. The costs can vary quite a lot, with the lowest figure starting at $16,000. The average cost of a traditional MBA sits at around $60,000.
While you may find more expensive online MBAs, the financial gain you can expect after completing your degree will continue to grow, making it a worthwhile investment. One of the many benefits of an MBA is an increase in salary or promotion. For more on MBA costs, take a look at our article discussing whether an MBA is worth it.
Is an online MBA challenging?
There’s no denying that any MBA course requires dedication and commitment. But how hard is an online MBA?
You’ll find that the course material in an online MBA is just as challenging as a traditional MBA. The main difference is that you have more flexibility with when and where you complete the course. As you don’t need to spend time travelling to classes, this can make the experience a lot easier. You can even take breaks in between modules when needed.
Is an online MBA worth it?
It is, especially if you can see that you will get a return on investment for your career. You may be wondering if an online MBA is taken seriously, and the answer is yes.
Since COVID-19, more and more institutions have begun shifting to online models of education. As such, online MBAs are booming and will continue to boom, as people continue to seek out better and easier ways to advance their careers.
Applying for an MBA
Once you’ve chosen the right MBA for you, the next step is to apply. How to apply for an MBA depends on the school and program you’ve chosen, but here are some general tips:
- Start by contacting the university. They will be able to guide you through the application process every step of the way.
- You will also need to gather your undergraduate transcript or any other relevant completion documentation.
- When updating your resume, ask the university admissions officers what they look for. They may prefer a particular formatting or length.
- Think about who you could approach to provide you with a professional endorsement to accompany your application. They should be trusted people who can testify your strengths and skills.
Your online MBA awaits
An online MBA is a flexible way to grow your skills and step outside your comfort zone. You can grow your network and develop confidence in your leadership skills. Browse a wide range of MBA courses offered by leading Australian universities and select the program that fits your professional goals and personal circumstances.