What Are the Benefits of Online MBAs for Millennials?
The Benefits of Online MBAs for Millenials
Millennials have become the most prominent generation in the United States labor force, as those aged 20 to 36 now make up more than a third of the workforce.1 Older millennials now occupy some companies' executive and founding positions, while many younger millennials are entrepreneurs themselves.
Some working millennials are also opting for online degrees to aid in their professional journey. Obtaining an online MBA allows them to earn a valuable graduate degree on a flexible schedule, in an online environment that is conducive to the learning styles of this tech-savvy generation.
Millennials are not just entering the workforce; they are also changing it with fresh ideas and different values. Below, we’ve outlined some of the benefits that this driven, aspirational labor force is bringing to their workplaces.
Trust is Paramount to Millennials
A 2017 study found that millennials whose managers took a sincere interest in them as people were eight times more likely to cite their workplaces as innovative and organizationally resilient.2 A high-trust culture that starts with genuine relationship-building helps millennials thrive and mirror the positive characteristics they project onto their employers.
Millennials Want to Learn from the Best
Millennials who graduate with online MBA degrees are more likely to pursue careers with traditional employers, such as banking and consulting companies, than to take positions with high-tech firms or pursue their own businesses—at least at first.3 Millennials are willing to spend the early years in their post-graduate careers with thriving, respected, large companies, so they can learn how top performers operate before striking out on their own or accepting more prominent roles with smaller businesses.
Millennials Want to Make an Impact Through Their Work
Another survey found that millennials crave the ability to exert meaningful influence on society, and the workforce is the place where they feel they can have the most influence.4 Millennials are thus attracted to companies that make social equality a part of their mission and give employees the ability to play a role in company efforts toward that mission.
An Online MBA Provides an Edge Over Peers
With all this in mind, pursuing an online MBA is an attractive option for a range of differently situated millennials: those working full time, those who want to work part-time while studying for a degree, and those who desire the flexible learning environment online study offers.
A study by the Graduate Management Admission Council found MBA graduates make an average of $45,000 more per year than graduates with only a bachelor's degree.5 The benefits of an online MBA for millennials are vast in today's competitive marketplace, from the ability to unlock more upward mobility, to the opportunity to pursue new career tracks.
Compared to other age groups, millennials don’t attain advanced degree in numbers as high as other age groups. The U.S. Census Bureau found that only 10.9 percent of those aged 25 to 34 have an advanced degree, compared to 36.1 percent of those the same age with at least a bachelor's degree.6 When candidates are competing against other millennials for the same position, having an MBA degree conveys to employers that the candidate has the operational knowledge and teamwork and leadership skills needed to succeed.
An Online MBA Can Fast Track a Career
Millennials are three times more likely to change careers than other generations because career satisfaction and engagement at work is so important to them.7 For millennials who want more satisfying, fulfilling careers, an MBA can lead graduates toward their ideal professional roles, and offer other benefits:
- Online MBA students can apply what they're learning to their current positions and improve their companies’ operations and bottom lines
- MBA graduates can apply to, and be competitive for, a greater range of positions
- MBA graduates can use their completed education to demonstrate to managers their knowledge and ambition to take on more in current roles, and thus request a pay increase
- MBA graduates may apply for roles in their current companies or in other businesses that utilize their new skills, and that would be more enjoyable than the work they're currently doing
- Online MBA programs also prepare entrepreneurial millennials who want to start their own businesses with the skills they need to be business owners
An Online MBA Keeps Millennials Connected
The results of a 2016 survey illustrate the importance of who you know in obtaining the job you want: a whopping 85 percent of jobs were filled via networking.8 For professionals who feel stagnant in their careers, or for aspiring business pros who need help connecting with the right referrals, online MBA programs introduce millennial students to a rich network of diverse business professionals. Online MBA students often study with peers from around the globe, and instructors can offer exceptional value in their teaching, insight, mentorship and referrals.
One consulting firm calls millennials “the inclusion generation,” based on research showing that 71 percent of them value cognitive diversity as essential in the workplace for innovation.9
Getting an online MBA introduces millennials to diverse students from around the world, exposing them to new ideas and innovations, while also presenting them with the opportunity to form meaningful relationships with faculty that can help shape their graduate careers.
For those who are interested in all the benefits of online MBA for millennials programs, the University of Kansas School of Business Online MBA program offers a multitude of benefits to millennials. Students learn in a collaborative, easy-to-use online environment and have the opportunity to network with more than 25,000 KU School of Business alums from around the world. Millennials enjoy the flexible online study offered by this school with accreditation by the Association to Advance Collegiate Schools of Business (AACSB), a distinction bestowed on fewer than 5 percent of the world's business programs.
To learn more about the online MBA program offered by the KU School of Business, schedule an appointment with an Admissions Advisor.
1. Retrieved on January 9, 2018, from pewresearch.org/fact-tank/2015/05/11/millennials-surpass-gen-xers-as-the-largest-generation-in-u-s-labor-force/
2. Retrieved on January 9, 2018, from fortune.com/2017/06/27/best-companies-millennials/
3. Retrieved on January 9, 2018, from economist.com/whichmba/millennial-mbas-changing-world-tomorrow
4. Retrieved on January 9, 2018, from deloitte.com/global/en/pages/about-deloitte/articles/millennial-survey-making-impact-through-employers.html#empowerment
5. Retrieved on January 9, 2018, from fortune.com/2015/05/19/mba-graduates-starting-salary/
6. Retrieved on January 9, 2018, from census.gov/data/tables/2016/demo/education-attainment/cps-detailed-tables.html
7. Retrieved on January 9, 2018, from news.gallup.com/businessjournal/211799/trends-disrupt-workplace-forever.aspx
8. Retrieved on January 9, 2018, from linkedin.com/pulse/new-survey-reveals-85-all-jobs-filled-via-networking-lou-adler/
9. Retrieved on January 9, 2018, from deloitte.com/us/en/pages/about-deloitte/articles/radical-transformation-of-diversity-and-inclusion.html