A large number of online MBA programs now have an on-campus residency component that requires students attend sessions on the campus to enhance their online learning. Some schools require that students spend several weekends on the campus each year, but other programs allow students to spend five to seven days on the campus once a year instead. Those some students taking online classes don’t like the idea of also attending campus sessions, many MBA programs with a concentration in finance use these sessions to help students and to track their progress.
Practical Projects
U.S. News & World Report writer Farran Powell points out that many employers now look at resumes and expect to see a concentration listed on resumes where the job seeker earned an MBA. A concentration in finance is a must have to work in a bank or another type of financial institution. Employers know that these job hunters took the time to study finance at an advanced level. Those individuals also have more experience because of the practical projects they do during a residency. Schools use these programs to provide students with the top skills that financial institutions look for in new employees.
Work Experience
Online MBA programs limit what students can do to what they can complete online. Doing a residency allows those students to gain some real life work experience. Many sessions require that small groups of students work together on a project based around a specific industry or company. They might work on creating a budget or on creating a plan to help a company avoid filing for bankruptcy. Some of these programs go a step further and actually pair student groups with real local companies. Those students can attend meetings at the company’s headquarters and work with actual employees.
Peer Learning
A common reason why many MBA finance programs have a residency component is because those schools want to encourage students to learn from their peers. While some students may have limited experience working in the finance sector, other students may have years of experience. Those with more work experience can share stories with others and give them insider knowledge that only comes from working in the field. Working with their peers can help students better understand their course material and see issues from different perspectives too. This helps them learn how to look at an issue from all possible angles.
Progress Checks
When a student signs up on an online program, he or she is responsible for all the work done and submitted. Colleges have no way of knowing if those students did all their work on their own or if they had some help. There is a risk that a student might pay someone to complete the program too. That is why some finance programs now have an on-campus residency requirement. Schools use these sessions as a way to check on the progress of students. Professors can see if the students really understand the course materials or if they need any extra help.
As the number of reputable colleges and universities that offer online programs for MBA students grows, so too will the number of students enrolling in these programs. Most online MBA programs allow students to choose a concentration in a subject like finance and enhance their knowledge through on-campus residency.
