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Study Business Online: 5 Options Beyond an MBA Program

By U.S. News & World Report

An MBA isn’t the right move for everyone who wants to study business online.

For James Spinelli, vice president at the financial services firm Great Valley Advisor Group, a master’s degree in finance made sense because that’s mainly what he focuses on at his job. To compare, an MBA generally explores business on a broader scale.

“I’m not using this to try to shift out of what I’m doing into a new space,” says the 31-year-old Pennsylvania resident. “It’s more along the lines of trying to master or fine tune the skills that I already have.”

[Learn how to choose between an MBA and M.S. in business school.]

Raising two young children on top of his career, Spinelli also needed a flexible program. He is currently pursuing the online finance M.S. from the Indiana University–Bloomington Kelley School of Business.

An MBA may be a fit for those aiming to switch fields or move into managerial positions. But there are other online learning options for those who want basic business knowledge or concrete skills.

Here are five types of online business courses and programs beyond an MBA.

1. Free online training: Across the internet, there are many free recorded lectures by university professors, companies and business leaders on various topics. Course lengths vary.

Websites such as Coursera, FutureLearn and Alison allow users to sample classes — including in business — at no charge. Another option is the U.S. Small Business Administration, which offers free online classes in finance, management, marketing and other topics.

These self-paced online courses, experts say, are a good option for those who want to develop basic insight into certain subjects or gauge their interest in business before getting an MBA. But don’t expect much — if any — interaction with faculty and classmates.

2. Massive open online course, or MOOC, certificate programs: Companies such as edX and Coursera, among others, typically create online classes in collaboration with well-known universities. Generally, MOOCs are available for free, but paying allows students to receive certificates of completion, either for individual or series of courses. Paying may also provide extra features such as additional course materials and feedback from instructors.

[Discover how to build business school skills without pursuing an MBA.]

EdX, for instance, has a professional certificate program in digital marketing with the University of Pennsylvania’s Wharton School. Students complete four five- to six-week self-paced courses for $585 each.

A MOOC certificate enables students to update skills while also receiving a credential for their resume — all with less of a time and financial commitment than an MBA, says Masha Tarasyuk, who leads content strategy for business courses at Coursera.

At the same time, “A MOOC is still by nature an individual experience and light on actual networking,” Gilles Daquin, a data analyst in Tokyo who has earned several Coursera business certificates, said via email.

3. Other types of paid classes and smaller credentials: Beyond edX and Coursera MOOCs, there are online options for low-cost credentials in business. Udemy, an online library of more than 55,000 online courses, allows users to pay between $10 and $200 for most course certificates.

HBX at the Harvard Business School is another example, offering standalone courses in areas such as finance leadership and entrepreneurship — typically around $1,000 or higher. There’s also a three-course online program called CORe — standing for “Credential of Readiness” — costing about $2,000 for the noncredit version and covering analytics, economics and accounting.

[Explore how to weigh noncredit and for-credit online university courses.]

Patrick Mullane, executive director of HBX, says he sees HBX certificate programs as an opportunity to improve skills “but in a very defined area where you feel you might have a gap.”

4. Graduate certificate programs: Some universities offer graduate-level business certificates online, sometimes referred to as “mini MBAs,” for students to either gain general foundational knowledge in business or master specific subject areas. These provide greater insight than free online courses, experts say, but require less time and money than an MBA.

Online certificates may be either noncredit or for credit. A for-credit program may be structured so that the certificate is actually a portion of an MBA curriculum, allowing students to transfer credits if they decide to eventually pursue the MBA, says Vickie Cook, executive director of the Center for Online Learning, Research and Service at the University of Illinois–Springfield.

“It allows students to really focus where at that particular time, to answer a direct need, and then if they have additional needs later on, they can move in that direction,” Cook says.

5. Specialized online master’s degrees: An online master’s degree specializing in a particular business field — such as the one Spinelli pursued in finance — is another online option.

“They’re intended to give depth in the discipline for somebody who’s already in the area for the most part,” says Ramesh Venkataraman, chair of Kelley’s online MBA and M.S. programs.

Trying to fund your online education? Get tips and more in the U.S. News Paying for Online Education center.

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Study Business Online: 5 Options Beyond an MBA Program originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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