An MBA program provides you with a comprehensive and in-depth understanding of the business and management field; however, if you are among those inclined towards a more niche and specific field, then opting for an alternative to an MBA is the best option for you. A plethora of MBA alternatives are offered by the top universities in the world, from Mini MBA's to Online courses. Below, we have discussed the top 7 MBA alternatives that are offered by some of the best Business Schools in the world:
1 MASTER IN MANAGEMENT PROGRAM (MIM)
The master in management program is one of the best alternatives to an MBA due to its similarity with an MBA program, where both are focused on a general management study. The MiM program will have more theoretical concepts than an MBA but a more practical approach than an MSc program. This way, the MiM program offers a good mixture of both programs. Moreover, unlike an MBA program, srequiring prior work experience to get admission, a MiM program doesn't have such clauses under its eligibility criteria. Most importantly, an MBA program is designed for 2 years, while a MiM program can be completed within 1 year or 18 months and at a much lower price.
2 MINI MBA PROGRAM
The Mini MBA programs are designed to replicate the Full-time MBA programs by compressing the main coursework and topics to a 100-hour program. Many universities offer this online program, among which Rutgers Business School and McGill University are the most recognized. Rutgers University provides multiple Mini MBA programs and specializations in subjects such as Digital marketing, Bio-Pharma Innovations, Business essentials, Entrepreneurship, and Social Media Marketing. Here, each course contains 10 modules, including a final exam and capstone project. On the other hand, McGill University offers Mini MBA programs, which include essential topics in human resources, finance, executive development courses, advanced management courses, and strategy and marketing.
3 MASSIVE OPEN ONLINE COURSES (MOOC)
Some of the top business schools and business institutes offer these massive open online courses. They are mostly free of cost, but if you want to gain a certification, you can do so at the expense of a nominal fee. The Wharton School of Business, University of Pennsylvania, has collaborated with Coursera to offer free courses under the Wharton Foundation Series. This series contains modules thatfocused on foundational MBA topics such as financial accounting, marketing, human capital, corporate finance, and operations management. These courses are mostly taken up by students who want to use them as a catalyst for a full-time MBA program or if they want to get knowledge in a specialized field only. The best part about these courses is that they are taught by the top Wharton professors.
4 EXECUTIVE CERTIFICATE IN BUSINESS ADMINISTRATION
The University of Notre Dame’s Mendoza School of Business at Indiana provides an Executive certificate course in Business administration, which comprises many topics usually found in a traditional full-time MBA course. This eight-week online course is open for 24/7 access and includes topics such as marketing, finance, economics, accounting, management, and many more. Similar to the MOOC courses at Wharton, this program is also taught by the same professors responsible for training full-time MBA students in the university, thus maintaining a quality education through and through.
5 CREDENTIALS OF READINESS COURSE
This, again, is an excellent alternative course to an MBA program created and offered by the pioneers of the MBA program in the world, Harvard Business School. The CORe is designed using topics on accounting, business analytics, and economics. The most notable feature and benefit of this course is its credibility in the job market, and its role in the admission to a full-time MBA program. The mode of instruction is the same as used in the MBA classroom of Harvard, where students are exposed to creating solutions to a real corporate problem.
6 ENTREPRENEURSHIP
Entrepreneurship courses have gained immense popularity in recent years with the surge in small-scale companies and start-ups by young graduates and even undergraduates. This course has mainly become an integral part of most of the full-time MBA programs, which is why UCLA has formulated an online course named UCLA Extension surrounding
entrepreneurship through an 11-course series that includes 5 core modules and 6 elective modules. These courses are offered at a way cheaper rate than your full-time MBA course.
7 iMBA
The University of Illinois's The Gies College Of Business offers a popular online free, free called iMBA on Coursera that is free is pretty much the replication of a two-year MBA program. Students can get free access to all the resources and modules of this course, which are helpful for anyone who doesn't have much time to dedicate to a full-time degree or those who wish to learn about a specific field. Ifieldto attain a certificate or academic credit to boost your resume,, you can do so by paying a nominal fee.
CONCLUSION
After going through these MBA alternatives, you have a clear idea of how many courses and programs are available online that can work well substitute for an MBA program. These alternatives are built for students and professionals who are more inclined towards gaining knowledge and learning instead of the degree and brand associated with a formal MBA education. Working professionals who lack a specific skill set crucial for their role can most certainly get themselves enrolled in these short-term online courses, as well as students who want to strengthen their profiles for future admission in a formal business school under an MBA program. Lastly, these courses are a true blessing for those who are financially unstable but are very keen on gaining business acumen.
